Is Forex trading a good way of making money ?

justdimin

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Quote from: TheUltraElite on August 03, 2022, 10:28:01 AM

Quote from: Johnyz on July 29, 2022, 05:41:04 PM

Any market can give you profit, especially if you already know how to trade and with Forex its really possible. The good thing here is that, we have the general rules in trading, what works in crypto trading can also work in Forex, maybe you just need to adjust the timeline but it is still same in principles. Trading with forex might become more risky, don’t jump in if you still have no confidence on trading, better to learn first especially with forex.

Yeah I dont think your last time would make much sense to the OP or people making similar statements like the OP, because they are here for the quick gains and not for learning how to trade with skills taking their time.

The reality of people losing money in things like forex or people jumping from one market to another is that they are frustrated with the bearish trend on one and want to get more greens on their charts. This shows the lack of patience and the inability to become a pro-trader in either of the markets.

Definitely learning a new type of trading is good thing. But for such people it is far from learning something new, but only about making money and thats why they get it wrong.

Not learning how to make a profit, and still asking good way of making money? I mean people who are looking to make a quick buck will always end up being upset about that fact, it will be trouble for them. On the other hand we are talking about something that is much more reasonable on teaching how to trade, either on crypto or on forex, because it will take a while and it will not be simple.

I believe that making money on forex is harder than making money on crypto, but if you go down the ranking order, small cap stuff could be equally hard, or if you do high leverages on bitcoin then that would be hard as well so it is not an easy task.

Hamphser

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Quote from: Issa56 on August 03, 2022, 04:19:52 PM

Quote from: Len Saldua on July 22, 2022, 02:49:47 PM

I think FOREX might be a good thing to get into since the currency market is extremely volatile right now. Probably more profitable than Stocks and Crypto during this bear market. Also, very easy to get latest information on financial markets in other countries... although it would probably take a few hours research everyday.

I don't really know much about forex trading so I won't be talking about it.
I believe in this current bear market you can still be making money in crypto, you don't have to switch to forex trading. You can start trading future, which you can decide to buy when you think the price will pump and sell when you the price of a coin will dump, but I won't advise you to just jump into future trading just like that because you can easily liquidate, so make sure you understand it very well first. So I believe in the current bear market you can still be making your money without switching to forex or stock.

Actually if you do know how to trade then doesnt matter on what market you are engaging into whether stocks forex or crypto and since you are much aware on how to make use of trading indicators or tools then

you would really be finding yourself to be that knowledgeable on things.They do only differ on how volatile their price is thats why you would able to determine out their differences once you do step your foot into it.

Forex is also a good way on making money but as we do know that trading does involved buy and sell which is the biggest challenge on when to do those actions for us to make profits.

Issa56

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Quote from: Len Saldua on July 22, 2022, 02:49:47 PM

I think FOREX might be a good thing to get into since the currency market is extremely volatile right now. Probably more profitable than Stocks and Crypto during this bear market. Also, very easy to get latest information on financial markets in other countries... although it would probably take a few hours research everyday.

I don't really know much about forex trading so I won't be talking about it.
I believe in this current bear market you can still be making money in crypto, you don't have to switch to forex trading. You can start trading future, which you can decide to buy when you think the price will pump and sell when you the price of a coin will dump, but I won't advise you to just jump into future trading just like that because you can easily liquidate, so make sure you understand it very well first. So I believe in the current bear market you can still be making your money without switching to forex or stock.

Digital_Lord

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forex trading is good way to get profit but there are two main things first of all you should have an experience and knowledge related to trading and the other thing is that you must have huge amount of money to invest. You can choose both type of coins whether these coins are profitable for less time or whether for prolong time period. For short term investment do not make investment with much more cash as their is always fluctuations in cost of crypto trading.

TheUltraElite

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Quote from: Johnyz on July 29, 2022, 05:41:04 PM

Any market can give you profit, especially if you already know how to trade and with Forex its really possible. The good thing here is that, we have the general rules in trading, what works in crypto trading can also work in Forex, maybe you just need to adjust the timeline but it is still same in principles. Trading with forex might become more risky, don’t jump in if you still have no confidence on trading, better to learn first especially with forex.

Yeah I dont think your last time would make much sense to the OP or people making similar statements like the OP, because they are here for the quick gains and not for learning how to trade with skills taking their time.

The reality of people losing money in things like forex or people jumping from one market to another is that they are frustrated with the bearish trend on one and want to get more greens on their charts. This shows the lack of patience and the inability to become a pro-trader in either of the markets.

Definitely learning a new type of trading is good thing. But for such people it is far from learning something new, but only about making money and thats why they get it wrong.

Rengga Jati

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Quote from: Len Saldua on July 22, 2022, 01:49:51 PM

...So my plan could be to spend a few weeks learning to trade the Forex markets and see whether that works or not...

The key is here, whether you can really be effective in learning or not, in making trial and error. This may not be similar to the crypto market, but at least, if you have been in trading activities right now, you may not face a big difficulty in learning and understanding how the stock market will be. Some people say that it is simpler than the crypto market (although it will also depend on the individual opinion).
But, related to the condition of the crypto market these days, for me or for people like us that are not really good in trading, this may not be a good time for trading, except only buying for long-term investment. I also do the same with you, trying other activities instead of trading crypto recently, not in Forex, but more in real-life activities.

Silberman

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Quote from: Johnyz on July 29, 2022, 05:41:04 PM

Any market can give you profit, especially if you already know how to trade and with Forex its really possible. The good thing here is that, we have the general rules in trading, what works in crypto trading can also work in Forex, maybe you just need to adjust the timeline but it is still same in principles. Trading with forex might become more risky, don’t jump in if you still have no confidence on trading, better to learn first especially with forex.

This is right, the trading principles you need to use to trade the markets remain the same regardless of the market of your choice, after all trading is like math, if you add 3+2 or 8+9 you may get different results but the underlying principles remain the same, so as long as someone knows how to trade then they can decide to concentrate on whatever market they may like, and trading either the forex or the cryptocurrency market is fine as both of them have the potential to give huge profits.

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Quote from: Rufsilf on July 29, 2022, 05:05:19 PM

Quote from: AicecreaME on July 28, 2022, 09:18:16 AM

Any kind of trading, either stocks, currency, or cryptocurrency requires a lot of time, patient, and money.

They are all profit generators if we can manage them correctly but yes, this could also be a reason for our losses if mismanage.
Making a decision to trade must know the risk that we certainly encountered. We don't just think about earning but have to focus first on familiarizing the market behavior. Many people got rich from trading but guess what, many people are about to lose their assets for chasing their money back. That is why, if we think that we are capable enough to do this, then go but if not, we're better to stay away.

Profit generators indeed and wont matter if you are dealing with forex or crypto market because if you do able to make yourself able to handle it out then consider yourself on doing good with your trades.
Although some people do really believe that it was really just an easy thing because dealing with price volatility or simply moving prices isnt something simple that you could really able to bare it out.
You can make money if you do trade up that well but there are instances on which situations of losses cant really be predicted due to its normal behavior and there's no one could
able to tell on where the market would be going and this what makes it challenging.

Johnyz

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Any market can give you profit, especially if you already know how to trade and with Forex its really possible. The good thing here is that, we have the general rules in trading, what works in crypto trading can also work in Forex, maybe you just need to adjust the timeline but it is still same in principles. Trading with forex might become more risky, don’t jump in if you still have no confidence on trading, better to learn first especially with forex.

Rufsilf

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Quote from: AicecreaME on July 28, 2022, 09:18:16 AM

Any kind of trading, either stocks, currency, or cryptocurrency requires a lot of time, patient, and money.

They are all profit generators if we can manage them correctly but yes, this could also be a reason for our losses if mismanage.
Making a decision to trade must know the risk that we certainly encountered. We don't just think about earning but have to focus first on familiarizing the market behavior. Many people got rich from trading but guess what, many people are about to lose their assets for chasing their money back. That is why, if we think that we are capable enough to do this, then go but if not, we're better to stay away.

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Quote from: Shasha80 on July 28, 2022, 08:47:24 AM

Quote from: ethereumhunter on July 28, 2022, 08:04:49 AM

Quote from: Len Saldua on July 22, 2022, 01:49:51 PM

I wonder how much information you'd have to process if you get deep into Forex trading ?

I guess forex trading is more difficult than crypto trading because I hard to find the time to enter the market. But if that is about crypto trading, I can enter the market whenever I want, especially if the market is deeper. Although there are many tutorials about Forex trading, I still feel it difficult to learn, especially if that is about the analysis, indicators, and searching for the news to know what is happening to the market. I prefer crypto trading to Forex trading and am more familiar with crypto trading.

Quite a lot of people who are now trading crypto usually start first from forex trading, that's because forex trading did appear earlier. I was the first
to know the world of trading, initially learning about forex trading. After that I started getting to know the crypto world in 2016, then after learning
about a year about crypto trading. Until now I'm more comfortable trading crypto than trading forex, maybe what you say is true, Forex trading is
a bit more complicated than crypto trading. Another thing that made me more interested in crypto trading, because crypto prices are very volatile,
then if we can trade in potential coins it is likely to generate enormous profits.

Although it must be admitted that the risk of trading crypto is indeed much higher, especially if we decide to trade new coins or shitcoins. But there are
also people who are more comfortable trading forex than trading crypto, that's not a problem, because in the end only we ourselves know what is
best for us. Don't make decisions based on other people's opinions, not necessarily what is good for others is also good for us. So we should decide
for ourselves which is more comfortable trading crypto or forex trading.

I was lucky not to know forex trading and immediately learned about crypto trading because I think crypto trading is easier to understand than forex trading. I was almost introduced to forex trading before, but in the past, people who wanted to introduce forex trading to me asked me to deposit $1000 of capital to play. Luckily I didn't have that much money and immediately declined the invitation.

After a few years, I just started getting to know crypto and immediately learned about crypto trading. I understand that crypto trading is simpler and more practical than forex trading. In addition, my father's friend also traded forex but he suffered a hefty loss. There I told my father that forex trading must often analyze market conditions and situations and be able to get news that is happening so that we do not miss out on trading.

AicecreaME

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Forex is a good way of making money as long as you know what you're doing. You can do copy trading in E-Toro platform if I'm not mistaken (correct me if I'm wrong). The market analysis is just the same as cryptocurrency trading. You need a lot of time studying about how you're going to trade, weeks are not enough. You're going to lose money but it's gonna pay off in the long run.

Any kind of trading, either stocks, currency, or cryptocurrency requires a lot of time, patient, and money.

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Quote from: ethereumhunter on July 28, 2022, 08:04:49 AM

Quote from: Len Saldua on July 22, 2022, 01:49:51 PM

I wonder how much information you'd have to process if you get deep into Forex trading ?

I guess forex trading is more difficult than crypto trading because I hard to find the time to enter the market. But if that is about crypto trading, I can enter the market whenever I want, especially if the market is deeper. Although there are many tutorials about Forex trading, I still feel it difficult to learn, especially if that is about the analysis, indicators, and searching for the news to know what is happening to the market. I prefer crypto trading to Forex trading and am more familiar with crypto trading.

Quite a lot of people who are now trading crypto usually start first from forex trading, that's because forex trading did appear earlier. I was the first
to know the world of trading, initially learning about forex trading. After that I started getting to know the crypto world in 2016, then after learning
about a year about crypto trading. Until now I'm more comfortable trading crypto than trading forex, maybe what you say is true, Forex trading is
a bit more complicated than crypto trading. Another thing that made me more interested in crypto trading, because crypto prices are very volatile,
then if we can trade in potential coins it is likely to generate enormous profits.

Although it must be admitted that the risk of trading crypto is indeed much higher, especially if we decide to trade new coins or shitcoins. But there are
also people who are more comfortable trading forex than trading crypto, that's not a problem, because in the end only we ourselves know what is
best for us. Don't make decisions based on other people's opinions, not necessarily what is good for others is also good for us. So we should decide
for ourselves which is more comfortable trading crypto or forex trading.

ethereumhunter

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Quote from: Len Saldua on July 22, 2022, 01:49:51 PM

I wonder how much information you'd have to process if you get deep into Forex trading ?

I guess forex trading is more difficult than crypto trading because I hard to find the time to enter the market. But if that is about crypto trading, I can enter the market whenever I want, especially if the market is deeper. Although there are many tutorials about Forex trading, I still feel it difficult to learn, especially if that is about the analysis, indicators, and searching for the news to know what is happening to the market. I prefer crypto trading to Forex trading and am more familiar with crypto trading.

Ararbermas

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Well probably yes, because mostly people that i know when it comes trading forex are really making massive profits same with crypto.
If you're planning to set it as a plan B when crypto market is not fine, Then go for it! Infact both market has similarities. Just search the difference so that you are aware at the first place.

Franctoshi

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For sure ! Just as Cryptocurrency trading is, you profit when the price moves up or down, Forex Trading gave birth to Cryptocurrency trading idea just the difference is that in crypto world you can own the asset (spot trading) in that case profit only when the asset rises just like the stock market, while is not same with forex you profit when the price goes up or down so it is more focused on future/leverage trading.So what I do mean is that, if you have already got knowledge of crypto trading then that same knowledge can be used in Forex Trading but here you need to master technical analysis and fundamental analysis very much before you start trading, in that way you profit as well when your analysis goes right.

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So anyway, I applied as a merit source :)

Quote from: jrrsparkles on July 23, 2022, 05:27:55 AM

Yes you can make money and also you may lose your capital so just understand all the investment or trading assets comes with such risks so its your choice whether you want to face the situations or just go for the alternative. If I am in your place like the market is not going to get better for a while then I would be more focused on accumulating the assets not trying to switch from one to another.

It is true that switching from one to another is a wrong process for someone who is a veteran in one. But I will not discourage people to learn something new, because it is a good thing to do and breaks the monotony.

Still for a speculative market this type of approach raises eyebrows because it shows that the trader is lacking patience during a bear market or in general.

Trading on forex requires a similar learning curve as crypto. So it is not a quick rich scheme either. Don't be like the people losing money on casinos and then saying that they would make the money back on forex. There is no worse type of over-confidence.

Kelvinid

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You're either thinking OP if trading is profitable and it was depending on the trader itself as in so many cases that traders had also failed and lose their money for this. Whether is it Forex trading, crypto trading, and any trading platform - it still requires knowledge and skills, I'd see that not all of those who give try had to carry these things, they simply underestimate the market and just start knowing nothing. Of course, nothing has to expect of them and absolute losses surely end.

Hamphser

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Quote from: _BlackStar on July 23, 2022, 11:56:27 AM

There is nothing wrong with forex trading because your goal is to make a profit. But till today I never trade anything there because trading crypto assets is still the best for me, but if you know more about forex then go ahead and maximize your chances.

In crypto I prefer to invest than trade and so far I have remained focused on my main goal. Trading forex, stocks and crypto, the goal remains the same, it's about making a profit. But if I think you should stay focused on what you are capable of or understand because only then can you maximize your chances. I'm sure forex players may like crypto, but crypto traders don't necessarily like forex.

We do have different markets which means that people who are involved and engaging on it are definitely had the chance on making profits and also a good way on making money but the question is on how well you would really able to make yourself effective and profitable within markets?

This is the question that you should be answering it out if you could really able to make yourself effective on whatever market you are involving with.
Just like what others been saying above that making money is never been easy because volatility and unpredictable market movements would be the toughest challenge of all
and does have that lots of factors that could affect on it.

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Quote from: seleme on July 23, 2022, 05:30:44 PM

Generally, forex markets obey the rules stated on trading books while crypto markets are crazy volatile moving irregularly. Forex traders are more conservative, they have planned trading setup and money management but crypto traders are mostly HODLers. They don't sell crypto and think that it will recover in the bull market conditions. Opportunities happen in both types of markets, you have to be experienced to predict the next move of price action. The difference will be more clear if you try both financial markets for at least a few months.

While there are specific strategies that work best in one market I think in theory you could use the same principles to trade both the forex and the cryptocurrency markets and become successful in both of them, the difference is that you will have to adjust slightly your trading style due to the differences in the market conditions both of those markets present, however if you have a good strategy then this is something that your system will do on its own, so it is not something you need to worry too much about if you already took the time to backtest your strategy against different markets.

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