Can I trade cryptocurrency with FX trading knowledge?

Symmetrick

hero member

Activity: 517

Merit: 11957

Quote from: Bamjos on April 06, 2022, 05:32:00 PM

I must admit that I'm truly a newbie in both trading and cryptocurrency at large. I took some courses on trading some months ago, those training were majorly on foreign exchange (trading currency pairs). I've not been able to perfect my strategies though, but I'm curious about cryptocurrency trading, would there be need to learn it specially or general trading knowledge can help in cryptocurrency trading: can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

Charts, price movements, levels, trendlines, etc., they are the same everywhere. When I learned to understand all these charts, I used stock market training material and the knowledge gained from these materials perfectly suited the crypto markets as well. The difference between the crypto market and the forex markets or stock markets is that here the market is open around the clock and events are developing much more dynamically than, say, in the stock market. Cryptocurrency has always been famous for its insane volatility. The only disadvantage, as for me, compared to the stock market, is that you can not prepare for trading and analyze the current situation while the market is closed. Here you have to analyze right away, while the auctions are already going on.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: palle11 on April 14, 2022, 02:35:38 AM

Quote from: 19Nov16 on April 13, 2022, 11:41:56 PM

even the analysis we use is always the same, maybe the difference is price fluctuations which are like a roller coaster if we trade in crypto, and I think this is what makes us prefer crypto trading than FX trading.

About the analysis of FX and crypto is always the same if you are talking on that and the reason is that crypto is not regulated and bitcoin is not owned by any government as it is decentralised. What drives the cryptocurrency market is not the same with FX. However they both are very volatile but FX fluctuation can be determined to the direction it is going because they are particular news on a particular currency.

FX thing is really dependent when it comes to fundamentals most of the time thats why when you are a FX trader then you should really make yourself get used to be aware or expose of anytime
with real time events happening around specially on finance or economic matters because this is where you do mostly able to find out yourself to be that effective unlike on crypto market that it could
really move out without depending with these fundamentals which it is really making such move without any particular reason.Speaking with volatility is the main difference in terms of level of
% on where it could possibly move on a single day.

Benefactor

hero member

Activity: 1260

Merit: 504

The fundamental contrast here would just be on the objective market, so that is something different you need to concentrate without any preparation also reading up all the language for the crypto stuff if you truly have any desire to dig profound. The distinction among Forex and Cyrpto exchanging is in the resources exchanged. Remember to decide the trade you need to use to exchange and should be ready to do KYC on the trade that requires it.

palle11

sr. member

Activity: 2366

Merit: 332

Quote from: 19Nov16 on April 13, 2022, 11:41:56 PM

even the analysis we use is always the same, maybe the difference is price fluctuations which are like a roller coaster if we trade in crypto, and I think this is what makes us prefer crypto trading than FX trading.

About the analysis of FX and crypto is always the same if you are talking on that and the reason is that crypto is not regulated and bitcoin is not owned by any government as it is decentralised. What drives the cryptocurrency market is not the same with FX. However they both are very volatile but FX fluctuation can be determined to the direction it is going because they are particular news on a particular currency.

19Nov16

sr. member

Activity: 1722

Merit: 252

Of course, if we have ever traded in FX, there will be many similarities with crypto trading, even the analysis we use is always the same, maybe the difference is price fluctuations which are like a roller coaster if we trade in crypto, and I think this is what makes us prefer crypto trading than FX trading.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: justdimin on April 11, 2022, 04:03:28 PM

Quote from: Bamjos on April 06, 2022, 05:32:00 PM

I must admit that I'm truly a newbie in both trading and cryptocurrency at large. I took some courses on trading some months ago, those training were majorly on foreign exchange (trading currency pairs). I've not been able to perfect my strategies though, but I'm curious about cryptocurrency trading, would there be need to learn it specially or general trading knowledge can help in cryptocurrency trading: can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

I have a friend who did this. He was in the finance world, got in during summer of 2017, when the price first got up, at the BCH fork period. Then he stayed here for a long time, up until around late 2020 he turned his 40k dollars into nearly one million dollars, which was already astounding, but then during 2020-2021 period when the price started to skyrocket, he turned that into few million dollars instead.

That is how he got rich and I believe that it is certainly an amazing achievement. All he had with him was his previous Forex trading knowledge, and he used those charts and TA to make this kind of profit in the crypto world as well.

Without a doubt that is an impressive story, however he probably had a deep knowledge about the markets and back then the average level of the ones trading this market was relatively low, now that the market has more volume and adoption more people like your friend are coming to the market, increasing the average level of the traders and at the same time lowering the potential profits they can obtain, but still this shows how you can easily transfer your skills from other markets to this one without too much of a problem.

justdimin

hero member

Activity: 3164

Merit: 675

www.Crypto.Games: Multiple coins, multiple games

Quote from: Bamjos on April 06, 2022, 05:32:00 PM

I must admit that I'm truly a newbie in both trading and cryptocurrency at large. I took some courses on trading some months ago, those training were majorly on foreign exchange (trading currency pairs). I've not been able to perfect my strategies though, but I'm curious about cryptocurrency trading, would there be need to learn it specially or general trading knowledge can help in cryptocurrency trading: can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

I have a friend who did this. He was in the finance world, got in during summer of 2017, when the price first got up, at the BCH fork period. Then he stayed here for a long time, up until around late 2020 he turned his 40k dollars into nearly one million dollars, which was already astounding, but then during 2020-2021 period when the price started to skyrocket, he turned that into few million dollars instead.

That is how he got rich and I believe that it is certainly an amazing achievement. All he had with him was his previous Forex trading knowledge, and he used those charts and TA to make this kind of profit in the crypto world as well.

jostorres

hero member

Activity: 2562

Merit: 586

Quote from: Webetcoins on April 10, 2022, 02:08:56 AM

Whether crypto, forex, stocks, etc. all types of trading, their goal must be the same and that is to earn. We can only achieve that if we buy an asset at a lower price and sell it at a much higher price so the answer to the op's question is yes. It is normal if you can't perfect your strategy because the truth is there no perfect in this world, much especially in crypto trading because prices here are so volatile. You can try to formulate another strategy and use that when the market turn sideways.

Basic knowledge in crypto is enough but yes a general knowledge is much better because crypto trading is more complex and there's more terms that you will need to familiarize

The main aim of everything is making profit by buying the assets at a lower price and selling them at higher price. But, how do you know when to buy and when to sell or are you just going to be jumping in at any price and hoping that you made the right choice and expecting profit? It doesn’t work that way, you will need the knowledge that would help you do that.

If he has learnt about indicators and other strategies that are involved in trading, then he’s good to go. Same thing applies to cryptocurrency, except the volatility part, so would be good he also looks into learning a bit more about crypto before he starts.

wiss19

sr. member

Activity: 2296

Merit: 348

Quote from: Bamjos on April 06, 2022, 05:32:00 PM

I must admit that I'm truly a newbie in both trading and cryptocurrency at large. I took some courses on trading some months ago, those training were majorly on foreign exchange (trading currency pairs). I've not been able to perfect my strategies though, but I'm curious about cryptocurrency trading, would there be need to learn it specially or general trading knowledge can help in cryptocurrency trading: can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

Yes, in some ways the knowledge that you have got in FX trading would help you, but it is not all that you’re meant to know because there is still a lot of things for you learn. Why I said it will help you is because of the orders, indicators and stuffs like that, they are both similar.

But, right now I would say that if what you would prefer to trade is Crypto, then divert your area of focus in your study to cryptocurrency, because there are still some things you would have to learn, though you’re now good to an extent. It’s good to know more specific things on what you’re about to do.

Vaskiy

legendary

Activity: 2646

Merit: 1106

DGbet.fun - Crypto Sportsbook

Every form of trade have the same basics. So, it is possible to get involved into trading with the knowledge acquired out of forex. You should also keep learning about cryptocurrencies, because it is something completely different from the forex market in terms of the market variations. One of my friend who is stock market investor got into cryptocurrency trading. He found it difficult to predict the market, slowly he started to learn and now he's good with it. So, it takes time to make better position in cryptocurrency trading.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: Bamjos on April 06, 2022, 05:32:00 PM

I must admit that I'm truly a newbie in both trading and cryptocurrency at large. I took some courses on trading some months ago, those training were majorly on foreign exchange (trading currency pairs). I've not been able to perfect my strategies though, but I'm curious about cryptocurrency trading, would there be need to learn it specially or general trading knowledge can help in cryptocurrency trading: can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

You can in fact trade this market using the knowledge you have accumulated from other markets like Forex, however it requires some adjustments, the most important of all is that since the volatility of this market is greater than what you can see in the forex market then the size of each one of your trades needs to be lower, as there is the risk you could lose too many times in a row and deplete your capital way too fast, but other than that your trading skills can translate really well in this market.

Woodie

hero member

Activity: 1834

Merit: 879

Rollbit.com ⚔️Crypto Futures

Yes you can as trading concept is all the same, but some adjustments will need to be done as forex assets such as currencies etc have several factors which affect them and won't apply with cryptocurrency assets.
As a crypto trader one needs to know what kind of news will have some major impact on these assets and the alike but overall your FX trading knowledge can be applied here.

iv4n

legendary

Activity: 3248

Merit: 1179

Quote from: tvplus006 on April 10, 2022, 03:52:06 AM

Quote from: Bamjos on April 06, 2022, 05:32:00 PM

...can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

Despite the apparent similarity of forex and the cryptocurrency market, there is a major difference, which lies in the higher volatility of the cryptocurrency compared to fiat. So taking this into account, you will be able to use the knowledge gained earlier when trading with cryptocurrency.

To volatility is higher, but the base is the same, you try to buy at lower and sell at higher prices! Any mistake will lead to money loss, in forex, and in crypto! I would say that forex and crypto trading are very similar, but what can happen in crypto for one week in forex someone needs to wait months!

If someone has some base knowledge about the trading he will understand crypto trading a lot faster, many things are almost the same, but as we said the circle is just faster, so that means in crypto changes happen more often! This is good for most of the newcomers, at least it's possible to make some nice profit a lot faster than in forex trading!

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: Bamjos on April 06, 2022, 05:32:00 PM

...can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

Despite the apparent similarity of forex and the cryptocurrency market, there is a major difference, which lies in the higher volatility of the cryptocurrency compared to fiat. So taking this into account, you will be able to use the knowledge gained earlier when trading with cryptocurrency.

Webetcoins

hero member

Activity: 2100

Merit: 546

Leading Crypto Sports Betting & Casino Platform

Whether crypto, forex, stocks, etc. all types of trading, their goal must be the same and that is to earn. We can only achieve that if we buy an asset at a lower price and sell it at a much higher price so the answer to the op's question is yes. It is normal if you can't perfect your strategy because the truth is there no perfect in this world, much especially in crypto trading because prices here are so volatile. You can try to formulate another strategy and use that when the market turn sideways.

Basic knowledge in crypto is enough but yes a general knowledge is much better because crypto trading is more complex and there's more terms that you will need to familiarize

CryptocurencyKing

hero member

Activity: 1288

Merit: 504

Trading has come to be one of the most exploited field around us these days, as much more money could be made off it from the comfort of your home and you wonder where or whom they are making this money from?
Inexperienced forks like yourself and me too. Yeah, I do get it wrong some times.
When it comes to trading cryptos with knowledge from Foreign Exchnage trading, its not entirely different. General knowledge of buy low and sell high applies but, there are different elements to them.

Like, the forex market operates mainly based on news. Once America or as we had it then, Trump makes one of his speeches on his Tweet handle, you could observe the market taking a different turn.
When it comes to cryptos, a whole different scenario plays out. What happens here isn't completely certain but, you watch out for innovations like halving and for sure FUD and what have you to exercise caution and you should be good with indicators and technical analysis.

Although, you could always buy and hodl to escape several uncertainties.

taufik123

legendary

Activity: 2716

Merit: 1855

Rollbit.com | #1 Solana Casino

Not very familiar with Forex trading because I started with crypto trading. But some that I know Forex and crypto both have a way of analyzing with technical analysis and Fundamental analysis. Not much different.

The striking difference is the time for trading, Forex cannot trade 24 hours non-stop, only during business hours can trade on Forex Saturdays and Sundays are holidays. As for crypto, of course, 24 hours full time, no holidays. Crypto volatility is also greater than Forex, because crypto has a higher risk, High risk High Return.

sarmrakib

full member

Activity: 1292

Merit: 101

Vave.com

Quote from: Bamjos on April 06, 2022, 05:32:00 PM

I must admit that I'm truly a newbie in both trading and cryptocurrency at large. I took some courses on trading some months ago, those training were majorly on foreign exchange (trading currency pairs). I've not been able to perfect my strategies though, but I'm curious about cryptocurrency trading, would there be need to learn it specially or general trading knowledge can help in cryptocurrency trading: can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

Forex and crypto are bit different about it prices .You were saying that you have taken few courses on Forex trading it means that you are not much experienced there as well .So that what you need to do ,learn more and study on it surely you will have lots of idea on both .Crypto is much and more volatile market from Forex so that here is the chance a lot to earn and also you may loose your fund to early .There are many more concern on this two but i suggest you to go with crypto and you will have lots of video on youtube and blog about crypto and difference with Forex as well .After having a good knowledge you may start with small fund and surely you will have good idea.So you may start to do your study on crypto trading .

Mauser

hero member

Activity: 1974

Merit: 534

Quote from: Bamjos on April 06, 2022, 05:32:00 PM

I must admit that I'm truly a newbie in both trading and cryptocurrency at large. I took some courses on trading some months ago, those training were majorly on foreign exchange (trading currency pairs). I've not been able to perfect my strategies though, but I'm curious about cryptocurrency trading, would there be need to learn it specially or general trading knowledge can help in cryptocurrency trading: can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

Any trading course helps you with crypto currency. There are a lot of subjects in trading which are the same for all types of assets. For example, risk management and controlling your emotions when making investment decision are very important in trading Fiat currencies and crypto currencies. If you have a good trading strategy in the FC you can try to copy it to bitcoins and other cryptos. Just make sure to monitor your trades closely, there is no guarantee that it will also work. The future prices in fiat currencies are much more fixed than crypto prices. This higher volatility creates many opportunities for traders, but can also bring bigger losses. The fiat money is so stable because of central banks that guarantee interest rates. So if currency A can get a 2% risk free interest in 1 year, while currency B has 0% interest from the central bank than we know today currency A will be stronger in 1 year. Such predictability we don't have in the crypto world.

fauzan Ichsan

full member

Activity: 1246

Merit: 102

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

basically forex trading and cryptocurrency is the same. if we follow a chartist analysis, both have the same basis. But what makes the difference is that sometimes we can't use technical analysis on new coins or coins that have a small market cap, because they are prone to hype and analysis can't work well. Even in crypto there are indicators that are the same as forex and form support and resistance, so I can combine them to create a framework. I often use this analysis on bitcoin, ethereum and bnb, On the other hand, for short-term trading, of course, I choose a smaller time frame, so it can be used for daily trading

Topic: Can I trade cryptocurrency with FX trading knowledge? (Read 331 times)