What reasons do you have to back up your suggestion for someone looking to trade, to opt for crypto trading instead of Forex?
EDIT: This chat is meant for those who are in favor of crypto trading, not for people who are against it or feel indifferent.
As long as you know what you are doing there isn't much difference. As long as you make money, it means your strategy works fine. I don't like to trade forex because I don't understand it. I can't come up with an educated guess no matter what strategy I follow. Trading bitcoin is easy. Buy buy buy till your stash gets big, and sell some when the price hits a new ATH. It is a no brainer strategy which you can't do with forex. I know some people make big money from forex trading but it is not my thing. Everybody should stick with what they understand best and it is crypto for me.
My recommendation is that both of these are financial markets that that requires knowledge although in terms of technical ability they both uses similar analysis or techniques such that someone with the knowledge of technical analysis from forex can implement that to crypto. But whole trading strategy is beyond just technical analysis which is where most traders who jump from one into the other fails to understand.
There is fundamental analysis which is mostly based on the fundamentals knowledge you have on that market someone who is deeply into crypto cannot have the broader knowledge of the forex market and a shallow fundamental knowledge most at times affect trades, so personally I usually tell people to stick to their niche if you have been in crypto and just wish to start trading then stick to crypto. If youre into forex stick to it before jumping ship. Although there are people that do both but it requires sufficient knowledge for both.
Other than this they both different just that cryptocurrency has many pairs when compared to forex and it is 24/7 trading no weekends like forex or country time closes
Depends on who is interested in it. If they are someone who was previously a forex trader, then you can explain the differences in trading between the two and the potential profits gained. But if they are new traders interested in crypto without any experience in forex, then you can obviously provide them with a lot of knowledge about the advantages of this trading. One reason we can use is the potential for profit, but without ignoring the risk of loss due to price fluctuations.
Both crypto trading and forex are very risky. I do not have a recommendation for this. Anyone that is interested can learn both and choose any that they like. But I noticed that my friends that know about the two prefer forex. I learn about crypto trading alone and I prefer it but I may be wrong.
What that is important is that both are very risky and can lead to loss of money while aiming for making money.
To avoid spams or answers unrelated to the question, which is simple and straightforward, I should make it clear on the topic that the discussion is for those who would recommend crypto trading, not those who won't or have neutral opinions.
I don't trade forex so obviously, there's a bias part on me but with experience. I always tell my friends that based on my experience, crypto trading or even investing is much better. But of course the latter part is different from actual trading. And before they dive into crypto, they're free to test out the waters first and the same goes for the forex. Because who knows that even if I address them to crypto and suggests to try it out if they are not for it, they will never be and if they are for the other side of the market, much better and vice versa.
In this case, you will only hear what you want to hear yourself. To get more complete information, you need to know not only about the advantages of trading on the cryptocurrency exchange, but also on Forex. But it is obvious that almost everyone prefers trading cryptocurrencies, because you are asking this question on Bitcointalk. I can also guess what kind of answer you would get if you asked this question to those who trade Forex.
The opportunity them explore something new and their dedication.
In all aspects trading or non-trading related, I am always happy to help someone who is good and has dedication in life, plus for those people who are not spoon-feeding.
That's why every time someone is asking to me, I share what I did or experienced in trading, which is more in self-learning. But I still answer every question they ask that I know and within my knowledge.
Does it really matter if you chose from both? They still require equal knowledge and experience before one would be able to trade them properly.. both forex and crypto trading requires knowledge of the market trends and chart patterns. Though we know that forex requires more experience compared to that of cryptocurrency.. so if I'm to advice someone who is wanting to trade crypto, then I'll just tell them to understand the market in general. Everything takes time and if one is ready to learn trading he would have to give that time to the market so he can become mastery of it.
The biggest advantage with crpytocurrency trading, is traders can have access to public ledgers, on-chain data, check rich lists, and more, sometimes they can have free, open access to many good on-chain analysis websites.
This is a very big contributors for cryptocurrency traders to track, analyze and can guess possible actions and scenarios from founders, core team members, rich list wallets, and can make their decisions to join or not. If they see big risk of rug pull for example, no reason to start trading.
I don't recommend trading, it's risky.
Crypto trading has a better appeal than forex trading. Crypto trading is in my estimation better than forex trading for two reasons which of course everyone who is young would acknowledge.
Aside having the beginner level experience you can start trading crypto with just a little amount of money. So with crypto trading you don't need to worry about a huge entering level. The second reason is that it is on 24/7. You can trade anytime any day without fear that the market would close online forex trading. The one concern is the stability of crypto when compared with Forex.
Hey Rruchi, wish you would be this active in BSFL hehe.
Anyway, my disclaimer first is I don't recommend anyone trading. Period. I have done it all. From forex to crypto. I got burnt in forex badly, got 50/50 in crypto.
But if I recommend anything, its actually this place right here on BTT, but to look at the TA posts of certain users only. These to me are on Speculation thread actually rather than Trading
Outside, on Twitter, there are some good ones but they are all paid by someone Follow a free course where there is no sponsor.
I know the advantages of crypto trading and forex trading. I am trying to keep the discussion specific to know if there are any other personal reasons asides the obviousones why a crypto trader here in this forum will have for choosing crypto trading ahead of forex trading.
It is the exact reason why they prefer crypto trading, I like to know.
Expect me shortly
Since 2013, I have constantly told everyone I know that they should invest at least $10 monthly every month.
My reason was that this is the future and $10 are not so much for a monthly payment which eventually turned out to be a great idea.
Most of the forum participants do not even know about the existence of Forex, and the decision to trade cryptocurrency is the only solution for them. As for me, I left Forex at a time when cryptocurrency trading was not yet available there.
Both trading and forex are something that need to be studied both fundamentally and technically, so I think it should be based on what someone wishes to do because these two both have risk, so you can recommend it to someone to do it. I feel like it should be something of choice, and if you can be able to teach the person then you can, but dont recommend it to anyone regardless. I feel like it may be a problem after the person realises the whole risk in trading and he may not be able to do it.
But if I have to choose for myself, I will choose crypto trading over trading forex because of the risk and some personal reasons.
Same here but I think we can easily say that because we are exposed here? And then for someone who is the opposite, or are not here in the forum and the same question will be asked on a forex forum, they will also say that it was forex. Before cryptos exploded like this, it must be the adults are the ones who built an interest with them. Now, cryptos are already famous and there are now new additions which are more user-friendly and eye-catchy that young people can get attracted to.
We must study first before we begin trading cryptos due to their level of risks but indeed that all can always start as a beginner and eventually their ranks can only climb higher the more exposure they get in the market. Forex must be more stable and is less risky but I think their interface is much harder to understand than what we currently have here in cryptos, so it still needs a better understanding before things get started. Cryptos are so far free market which is why we have a 24/7 working market as you said there. This makes us to earn even better or faster but it is also a good thing to have some rest times, especially if we are not that good yet, in order to avoid a lot of losses.
When dealing up with markets on which it is really that unpredictable and could potentially blow up your trading capital then it will always be that recommended that you should really be wary at least with those probabilities on which i could say that this is the most important thing that you would really be needing to consider first. Im also a Forex trader wayback in 2017 but on the moment that i have known crypto
on which the level of volatility on what makes it interesting because potential profit is so much bigger or multiple folds on what you could earn in forex, but same goes into those potential loses that you might be able to encounter or experience too. If you can be able to bare up with the risks then go ahead but if not then stick with forex or stocks.
Speaking about on how its been traded then it will really be just that the same on which you will really be needing up those indicators or tools on which this will really be that something relevant when dealing up with these markets. It is really just that differs when it comes into that kind of situation on which it is really that reactive when it comes to fundamentals on which we know that it could neither give out some effect to
crypto or not, but in forex on which news and events is really that something relevant or significant on which you would really be needing to watch for.
Yes that is the situation in the past though. I think things are changing and the awareness is increasing now with trading forex here unlike few years ago.
Anyways, in relation to what OP asked, I think both crypto and forex are risky and having same trading pattern but one thing that is challenging in forex trading is manipulation that looks more than what you observe in crypto. This manipulation is frustrating and most times comes through fundamental which is news feed that can suddenly change the trend and direction of the market. But if you are trading decentralised coins, you will hardly feel manipulation.