Topic: Is Forex trading a good way of making money ? - page 2. (Read 368 times)
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.
I wonder how much information you'd have to process if you get deep into Forex trading ?
Lot more than cryptocurency and that's coming from someone that has once traded the currency market. We have lots of uncertainty in the world today that there are always news that can influence the market therefore you have to stay up to date with the development of any currency you'll be trading. Nevertheless the forex market is a good source for diversifying, it's also very profitable if you understand going through the learning process at first and not be in a rush to make quick money then probably blow your accounts. The forex market has also been around more than the cryptocurency market so there are many material available to help you throughout the learning process.
Also hope you do know investing isn't the only way to make money from the cryptocurrency industry. You can also make money in the bear market through trading but that's another whole discussion all together as it has to do with future/leverage trades. We have those that are shorting the market and hitting it big and also those getting rekt so it isn't somewhere to go mess around if you aren't familiar with it but can be very profitable as well if learnt and understood.
not only limited on forex but also here on cryptocurrency market.It all matters on how someone do able to make out good trades whether they are going for leverage or futures or simply sticking with spot
and it would really be varying on someones skills and ability on handling the market.
We do have stocks too and this do involves charting on where you could really apply technical indicators for us to have at least the viewpoint on where prices could possibly hit up.
legendary
Activity: 2240
Merit: 4133
eXch.cx - Automatic crypto Swap Exchange.
I wonder how much information you'd have to process if you get deep into Forex trading ?
Lot more than cryptocurency and that's coming from someone that has once traded the currency market. We have lots of uncertainty in the world today that there are always news that can influence the market therefore you have to stay up to date with the development of any currency you'll be trading. Nevertheless the forex market is a good source for diversifying, it's also very profitable if you understand going through the learning process at first and not be in a rush to make quick money then probably blow your accounts. The forex market has also been around more than the cryptocurency market so there are many material available to help you throughout the learning process.
Also hope you do know investing isn't the only way to make money from the cryptocurrency industry. You can also make money in the bear market through trading but that's another whole discussion all together as it has to do with future/leverage trades. We have those that are shorting the market and hitting it big and also those getting rekt so it isn't somewhere to go mess around if you aren't familiar with it but can be very profitable as well if learnt and understood.
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.
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.
Seeing that we might be in a bear market for the next year or more, I've been thinking of giving the currency market a try. It would seem that the currency market is ongoing and uncorrelated to stocks and market crashes, because currencies rise and fall all the time and their fluctuations can make you money if you can position yourself correctly. So my plan could be to spend a few weeks learning to trade the Forex markets and see whether that works or not. I'm only wondering what kind of information you base your trading positions on ? Would you have to be reading a lot of financial information just to make one move ? In crypto, sometimes we research a project for a few days before deciding whether to invest on it or not. And even after that, you need to keep up with the latest updates and news to avoid rug pulls and such like what happened to Terra and Celsius. I wonder how much information you'd have to process if you get deep into Forex trading ?
I think trading in general of all types is a good way of making money but the catch is you should know how to do it. You just can't say you don't know trading and are still trying to earn money through it. There will be a complete learning phase before you can actually enter the heights of the market and every market has it's own micro and macro economic indicators. I think it doesn't matter which Market it is once you train yourself enough you can trade in almost any market. 
Forex trading is like crypto trading. here crypto is a digital currency and In forex trading, currencies of different countries are traded. you can make money by Forex trading but here you have to accept risk also. if you use high leverage on Forex trading it will more risky. it is possible to making money by Forex and crypto trading also but before start trading you must have to accept risk
I wonder how much information you'd have to process if you get deep into Forex trading ?
I believe you already know the answer to your question and you just wanted to get more view points. Forex trading must be started with a long-term mindset. Greed, impatience and inconsistency are some of the components that could make you lose a lot of money. In addition, the popular opinion from expert traders is to not go live as a newbie. Not until you have a strategy that works for you. Some newbies copy the strategies of other successful traders, while some just develop their own strategy from the ground up.I'm only wondering what kind of information you base your trading positions on ? Would you have to be reading a lot of financial information just to make one move ? In crypto, sometimes we research a project for a few days before deciding whether to invest on it or not. And even after that, you need to keep up with the latest updates and news to avoid rug pulls and such like what happened to Terra and Celsius. I wonder how much information you'd have to process if you get deep into Forex trading ?
It's nice that you are seeking for a plan b in case plan a (cryptos) doesn't seem to work well in the next couple of months or years but I think that cryptos and forex has some similarities because both deals with currencies but the only difference is that cryptos are decentralized. If you aim for fluctuations, you are already on the right place here in cryptos. Traditions currencies are more stable so it will be hard to earn on them but the risk of losing is also small.When trading cryptos there are technical and fundamental analyses, that people are using. Maybe you can apply the same method on forex. If you want to be more successful then you need to seek more information.
Well I consider myself an investor / trader in crypto. I don't believe in HODL forever anymore after what happened to Terra, I think one should sell at some point, for some projects 10X and I will sell into USDC, for others 5X and a few more risky ones maybe 20X or 30X. If I do well at the next bull run ( 10X of my current bag ) I might look into becoming a day trader too... but I've never tried that.
I understand where you are coming from but HODLing implies that you have set some parameters to the value that you are willing to sell your BTCs to. For example, if you purchased BTC at a certain price, then you should also set the maximum price that you are willing to sell just in case it increases/decreases due to its volatility.
HODLing does not entirely mean that you have HODL your funds entirely without the hope of cashing them out. It implies that you are following the golden rule of "buy low, sell high" kind of mindset. If this process does not work for you, then I guess you have to do some adjustments to make it effective.
I think FOREX might be a good thing to get into since the currency market is extremely volatile right now.
Don't trade with the mindset of only profit grabbing but consider losses too. You can have profit in bear trading cryptocurrency.
Probably more profitable than Stocks and Crypto during this bear market.
I don't think this is a fact. They are both yielding profit depending on your profit appetite and risk management.
Also, very easy to get latest information on financial markets in other countries...
This is one advantage of trading Forex over cryptocurrency because it is regulated and monitored. Regulation means government is fully involved and incharge of currency regulations.
although it would probably take a few hours research everyday.
Trading Forex , you have a
Forex calendar where you get daily updates of news and can further read from the page to other sources of information that will help your trading enterprise. For trading you need to research to understand more.
Forex players are always saying that forex is the best. Crypto players are always saying that crypto market is much better. Which type of market is more comfortable for you personally is better for you personally so the the dispute on this point is kinda waste of time
I had some experience in both forex trading and crypto trading using simplefx and Binance platform respectively, from my experience it's easier to earn profits consistently in crypto trading in a bullish market however I always trade at loss in a bearish market just like what the market is presently undergoing possibly due to high volatility of crypto market thus I switched over to forex trading where I experience a moderate volatility except in an event of a Red fundamental news which is well avoidable if such a trader is updated of upcoming fundamental news via Forexfactory and my trades had been very encouraging in term of profits.
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.
Would you have to be reading a lot of financial information just to make one move ? In crypto, sometimes we research a project for a few days before deciding whether to invest on it or not. And even after that, you need to keep up with the latest updates and news to avoid rug pulls and such like what happened to Terra and Celsius. I wonder how much information you'd have to process if you get deep into Forex trading ?
The same way you consume lots of research about a project in crypto investment and even trading same thing applies to forex. Although in forex currencies pairs are not as volatile as crypto assets so you can choose to go technical either as a swing or scalp trader but metals and stocks are highly volatile so a combination of technical and fundamental analysis might apply.All good traders are readers so to make a good trading decision your willingness to read more and more financial information will prove that.
Pretty sure the amount of information you'd have to gather and study would be the same whether it be crypto or forex trading. Wouldn't really bet on one being easier than the other as well, they're all difficult to do and enter with since you'd need a lot of time to study the market, might take years at the very least if you want to study it in depth, as well as a bit of luck to take advantage and profit off of the market. There'd be differences in some areas like the crypto being more volatile so possible profits are pretty big compared to Forex.
You're asking about trading but based on your main post and response you seem to be looking at investing. Which one is it?
But just to answer your question, like most things, something being a good or a bad way of making money will mostly depend on you rather than the method. Forex may or may not be for you — the same with starting a business, investing in smallcaps, etc.
But just to answer your question, like most things, something being a good or a bad way of making money will mostly depend on you rather than the method. Forex may or may not be for you — the same with starting a business, investing in smallcaps, etc.
Seeing that we might be in a bear market for the next year or more, I've been thinking of giving the currency market a try. It would seem that the currency market is ongoing and uncorrelated to stocks and market crashes, because currencies rise and fall all the time and their fluctuations can make you money if you can position yourself correctly. So my plan could be to spend a few weeks learning to trade the Forex markets and see whether that works or not. I'm only wondering what kind of information you base your trading positions on ? Would you have to be reading a lot of financial information just to make one move ? In crypto, sometimes we research a project for a few days before deciding whether to invest on it or not. And even after that, you need to keep up with the latest updates and news to avoid rug pulls and such like what happened to Terra and Celsius. I wonder how much information you'd have to process if you get deep into Forex trading ?
I was thinking the same too when the bear market started. Start against there for just at least $500, 1:100 leverage I think this is where you could earn at least $1 per pip. So even if the market is going down you could still earn. If I did, USD/EUR is probably where I will be to which positioning for USD to go up is very predictable because all currencies today are affected due to the crisis. I could also do the same with USD/YEN.
I wonder how much information you'd have to process if you get deep into Forex trading ?
(....)
You are in the Bitcoin forum so expect there will be some bias here.(....)
For me, yes you can make money on Forex same with trading with cryptocurrencies. Expect that you will experience less volatility when you are trading with Forex because we all know trading cryptocurrencies are such volatile and risky because of fluctuations.
Overall if you apply the technical analysis on both in trading, it's almost the same.
-snip-
So my plan could be to spend a few weeks learning to trade the Forex markets and see whether that works or not.
-snip-
Here is the problem. You can't decide if it will work or not by spending "only few weeks of learning" to trade the forex market. If you make loss your first few tries, are you going to come to a conclusion that forex trading isn't for you and doesn't "work"? If you make quick profit in first few days, it doesn't mean that you will be making the same profit everyday.So my plan could be to spend a few weeks learning to trade the Forex markets and see whether that works or not.
-snip-
Anyway, why talk about forex? If you are trading, then it doesn't matter if it is a bear market or a bull market, you can still make profit if you are doing it right. Take advantage of this volatility.
-snip-
So my plan could be to spend a few weeks learning to trade the Forex markets and see whether that works or not.
-snip-
Here is the problem. You can't decide if it will work or not by spending "only few weeks of learning" to trade the forex market. If you make loss your first few tries, are you going to come to a conclusion that forex trading isn't for you and doesn't "work"? If you make quick profit in first few days, it doesn't mean that you will be making the same profit everyday.So my plan could be to spend a few weeks learning to trade the Forex markets and see whether that works or not.
-snip-
Anyway, why talk about forex? If you are trading, then it doesn't matter if it is a bear market or a bull market, you can still make profit if you are doing it right. Take advantage of this volatility.
Forex players are always saying that forex is the best. Crypto players are always saying that crypto market is much better. Which type of market is more comfortable for you personally is better for you personally so the the dispute on this point is kinda waste of time
Jump to: