Responsible Gambling Tips for Forex Trading

Gambling, particularly of the foreign exchange variety, can be a dangerous pastime if not conducted responsibly. As with any activity that involves risking money, there are some basic measures that should be taken to safeguard against financial losses. Here we provide some tips to help ensure that forex trading is done in a safe, measured, and responsible way.

What Is Responsible Gambling?

Responsible gambling is a way of engaging in gambling activities responsibly, with the aim of avoiding negative consequences. It involves setting limits in terms of the amount of money and time devoted to gambling, understanding the odds involved, and recognising signs of obsessive gambling behaviour. In addition, all information related to responsible gambling should be subject to regular and periodic review and updates, in order to ensure accuracy, relevancy, and compliance with best practice.

RG Plus: Custom Responsible Gambling Solutions

Established in 2015, RG Plus is a custom solutions provider specialising in the development of responsible gambling programming. They conduct jurisdictional reviews, identify the best applicable measures for reducing risk and harm, ensure policy updates, and provide staff training and support. By providing operators with a range of tailored services, RG Plus is helping them to meet socially responsible gambling practices.

National Council on Problem Gambling Standards

The National Council on Problem Gambling (NCPG) developed standards in order to help guide discussions among all stakeholders regarding internet gambling. The standards focus on policy, staff training, informed decision-making, assistance with players, self-exclusion, advertising and promotion, prevention of underage gambling, game design, and more. These standards form the basis of RG Check’s process for accrediting internet gambling websites, and are constantly assessed and updated.

Responsible Gambling Tips

The NCPG’s responsible gambling tips are seven basic guidelines that all players should follow in order to reduce the risk of problem gambling. These include: “Don’t chase losses”, “Treat it as entertainment”, “Exercise great care with alcohol”, “Set a budget and stick to it”, “Take frequent breaks”, “Don’t borrow to gamble”, and “Choose a licensed gambling site”. Following these tips should help reduce the risk of problem gambling and ensure that players are aware of their own personal gambling limits.

Scoping Review of Game-Based Responsible Gambling Tools

A recent scoping review has shed light on the effectiveness of game-based responsible gambling tools. The review identified several key findings, including the need for improved staff training and greater awareness of the risks associated with gambling activities. The review also indicated that there is a lack of evidence-based research to support the most effective games-specific responsible gambling practices. Overall, the findings suggest that operators should review and update their responsible gambling approaches on an ongoing basis.

Conclusion – Helping Promote Safer Play

It is important for all operators of online gambling activities to ensure that they are upholding responsible gambling standards and practices. This is true both from a legal and ethical perspective, but also with respect to creating an environment that helps to promote safer play. The NCPG’s website offers a wealth of information on responsible and problem gambling, with quizzes, facts and myths, and helpful advice on how to gamble responsibly. Playing safely should be the goal of all who gamble.

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