Is Forex trading a good way of making money ? - page 3.

DoublerHunter

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Quote from: Len Saldua on July 22, 2022, 12:49:51 PM

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 ?

^ Crypto trading and forex trading are completely different from each other if you will compare but both of them can make money in trading.
But crypto trading is highly volatile which is a high risk since we don't know how the price moves in the market while forex trading was known as a higher leveraged amount available compared to crypto trading. However, it ends based on our preferences because there are people who like to trade in crypto while some others say forex is good and I think this will depend on the trader when they are justified.

Lanatsa

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Quote from: goaldigger on July 22, 2022, 04:35:06 PM

Quote from: crzy on July 22, 2022, 04:10:55 PM

Regardless of the market, if you know how to handle stress in trading then you can be good. In trading, we have a general rules to follow especially on reading the price movements using the indicators, so technically once the skills is there already, money will surely follow. Forex is one of the most volatile market, you have to trade wisely there and make sure you do your analysis before making any decision, this is how we make money in trading its all about the effort on analyzing the trend.

This is good about learning how to trade, you can use that skills in any market since that’s the standard procedure, and with Forex you might need more of that. Making money is always the goal, but remember that this is trading and we are trying to outsmart the market which is not an easy task at all, don’t expect easy money in trading because all your profit should came from your sleepless night on analyzing the market. Trading is fun, better to do it perfectly and have a good strategy every time you trade.

I do consider it to be very useful on making yourself jumping into different markets.Im also a forex trader which does have knowledge on using indicators and other tools and on the time i do get engage with cryptocurrency then i do find myself a little bit advanced comparing to others since i do have already the idea and knowledge about technical trading.

Though you could really see the differences in between when it comes to volatility and versatility aspect in between foreign currencies and cryptocurrencies as well.
Once you do step your foot then you could really able to tell it out.Making money is possible within markets but it would really be just depending on how you do make out some trades.

goaldigger

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Quote from: crzy on July 22, 2022, 04:10:55 PM

Regardless of the market, if you know how to handle stress in trading then you can be good. In trading, we have a general rules to follow especially on reading the price movements using the indicators, so technically once the skills is there already, money will surely follow. Forex is one of the most volatile market, you have to trade wisely there and make sure you do your analysis before making any decision, this is how we make money in trading its all about the effort on analyzing the trend.

This is good about learning how to trade, you can use that skills in any market since that’s the standard procedure, and with Forex you might need more of that. Making money is always the goal, but remember that this is trading and we are trying to outsmart the market which is not an easy task at all, don’t expect easy money in trading because all your profit should came from your sleepless night on analyzing the market. Trading is fun, better to do it perfectly and have a good strategy every time you trade.

blockman

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Quote from: Len Saldua on July 22, 2022, 12:49:51 PM

Would you have to be reading a lot of financial information just to make one move ?

Definitely, I do. Before I buy, I make my own research and read a lot of materials related to it so that I'll have an idea if my plan will work out or not.
And you, entering another market, it's very important for you to have some basic idea on how it works and experiencing it will give you more benefits then. Forex will certainly make you profit if you know how to pull the plug and just like how we're earning in crypto.

crzy

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Regardless of the market, if you know how to handle stress in trading then you can be good. In trading, we have a general rules to follow especially on reading the price movements using the indicators, so technically once the skills is there already, money will surely follow. Forex is one of the most volatile market, you have to trade wisely there and make sure you do your analysis before making any decision, this is how we make money in trading its all about the effort on analyzing the trend.

Rruchi man

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Quote from: ryzaadit on July 22, 2022, 01:47:46 PM

It's better stick to the market you're know, rather than need to learn again on new market trading with potential losing some money.

The big fear associated with deciding to learn forex most times is the potential it has to make you lose money quickly. However if you have enough money to lose in the learning process and don't mind, you can go ahead with your plan to learn forex trading contrary to what many may say that you should stick to what you know and what works for you. I'd like to ask how would you know what works for you if you never give it a try? Forex may work better for you in a long run, but you will never know if you don't try. Plus if you give it a trial and it doesn't work for you, the only thing you must have lost in the process would have been time but as for the knowledge I'll tell you that no knowledge is a waste.

dunfida

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Quote from: Len Saldua on July 22, 2022, 12:49:51 PM

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 ?

Not correlated? Maybe yes and maybe no but considering Forex and stocks do mostly share up with the same sentiment then i wont really have any doubts about correlation of market trend and possible movement.

We know that there are several markets that we do have today which it can be differentiated whether it is really dealing with a regulated market or not which is on crypto space.Speaking with good way on making money then it is really known for but arent that limited on those market but also in other market as well.It doesnt matter if its forex or crypto as long you could really be finding yourself
to be that profitable but it wont really be bad to make out some diversification on different markets as long your budget permits you then go ahead and continue.

Len Saldua

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Quote from: ryzaadit on July 22, 2022, 01:47:46 PM

It's better stick to the market you're know, rather than need to learn again on new market trading with potential losing some money.

I agree with the ol' "stick to what you know" saying, but I also think it's important to diversify. For example, I am also looking at the precious metals markets. PAX Gold was my starting point, but I'm moving now into silver with plans to own the physical silver down the line ( buy low and HODL strategy )
With Forex I think I could have a shot, mostly because I am already quite interested in finances and economic disruptions in other countries. So even now I am always learning about these things.
By the way the Forex guys are very much aware of the kind of money some people are making in crypto, they don't mock it like some Billionaires do, they respect it as a legit way of making money.

Len Saldua

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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.

ryzaadit

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From my perspective.

Depends what trading you're currently trading, "Forex Player" will always say forex is the best-comparing crypto market. Also, the crypto users will say crypto is better rather than forex. It all depends on which market you're known more for the trade.

Today, we already have 2 options trade (Buy/Short). If you feels the market is gonna on bear market, why not short the asset. It's better stick to the market you're know, rather than need to learn again on new market trading with potential losing some money.

Len Saldua

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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.

Oshosondy

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There is nothing bad to go for forex, but I do not understand you correctly, did you know that there is something more than only investing in crypto? There is crypto trading too. But if you think you can not go for crypto future trading, you can go for forex, but you can also open long or short position on exchanges like Binance, OKX and many others using crypto.

Quote from: Len Saldua on July 22, 2022, 12:49:51 PM

because currencies rise and fall all the time and their fluctuations can make you money if you can position yourself correctly.

Trading is generally risky, be it crypto, forex or stock.

Quote from: Len Saldua on July 22, 2022, 12:49:51 PM

I'm only wondering what kind of information you base your trading positions on ?

Technical analysis is very important in forex but fundamental is also very important, you will have to know the latest news in the countries you are using their fiat for trading pairs, you will need to read more about this and how this news like change in interest rate, inflation can affect fiat value of a country.

Quote from: Len Saldua on July 22, 2022, 12:49:51 PM

In crypto, sometimes we research a project for a few days before deciding whether to invest on it or not.

You are talking about trading, why talking about investing too? Do not misunderstand crypto investing to crypto trading.

Len Saldua

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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 ?

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