Can I trade cryptocurrency with FX trading knowledge? - page 3.

Lanatsa

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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?

If you already have some Forex trading experience then dealing with crypto wont really be that much hard compared when you are a complete newbie but
here are the things that you should consider or be mindful.

1. Volatility
2. Fundamentals (this market is highly reactive to this)
3. Dont anticipate or expect that TA's does precisely works or the price follows because this market could fucked you up anytime.

Having TA knowledge is already a plus.All you do need is to familiarize yourself.

TimeTeller

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Quote from: serjent05 on April 06, 2022, 06:05:15 PM

I think what is important here is the foundation of your trading knowledge, since you already grasp the basics and probably had advanced knowledge on trading, you can use that to trade cryptocurrency. You just need to change the variables like information, the kind of cryptocurrency you are trading, etc.

The concept from fx trading can help the OP in crypto trading.
I even started trading in crypto without the knowledge of fx.
So yes, it is possible for him to learn the ropes here.
He can start small, and try a reputable exchange in the beginning of his journey like binance.
They have very good liquidity. And also, start with top alts, don't be tempted from this meme or hype up tokens.

naira

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Studying specifically is certainly a good solution to find out according to the stages. But that's not enough, you have to be creative. Creative here what I mean is not relying on special guided learning. You should also look it up yourself and study additional information. For example in this forum will be available a lot of readings for reference. Because to learn about cryptocurrencies you have to be information literate and you shouldn't be lazy about the ins and outs of updated growth in the crypto world itself.
Given that if you want to know cryptocurrency, then you will be faced with thousands of information and thousands of various cryptocurrencies. In addition to filtering which ones are suitable and which are not to invest in, try to focus on getting to know, learn and know the purpose of the crypto, such as studying CoinMarketCap top 50 projects.

serjent05

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I think what is important here is the foundation of your trading knowledge, since you already grasp the basics and probably had advanced knowledge on trading, you can use that to trade cryptocurrency. You just need to change the variables like information, the kind of cryptocurrency you are trading, etc.

Oshosondy

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What is mostly matters is that you know about trading orders already, you know about indicators and the basics. Both forex and crypto trading are very similar but with few difference. I will advice you to learn more about trading, even you are newbie in forex trading, that means you need to learn more. Start with like $50, trade each time with like $11 from the $50 and learn more.

Use the money you can afford to lose to trade, trading is highly risky. Know that cryptocurrencies are highly volatility.

Bamjos

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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?

Topic: Can I trade cryptocurrency with FX trading knowledge? - page 3. (Read 332 times)