Is Forex trading a good way of making money ?

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Quote from: TheUltraElite on August 03, 2022, 09:28:01 AM

Quote from: Johnyz on July 29, 2022, 04:41:04 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.

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

Quote from: Len Saldua on July 22, 2022, 01:49:47 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.

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Quote from: Len Saldua on July 22, 2022, 01:49:47 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.

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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.

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Quote from: Johnyz on July 29, 2022, 04:41:04 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.

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

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Quote from: Johnyz on July 29, 2022, 04:41:04 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, 04:05:19 PM

Quote from: AicecreaME on July 28, 2022, 08:18:16 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.

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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.

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Quote from: AicecreaME on July 28, 2022, 08:18:16 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, 07:47:24 AM

Quote from: ethereumhunter on July 28, 2022, 07:04:49 AM

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

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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, 07:04:49 AM

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

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

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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.

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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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Quote from: jrrsparkles on July 23, 2022, 04:27:55 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.

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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.

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Quote from: _BlackStar on July 23, 2022, 10:56:27 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, 04:30:44 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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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.

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Quote from: CryptopreneurBrainboss on July 23, 2022, 12:25:29 PM

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

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.

Trading does need really kind of quality of a certain trader where you could able to handle out various situations or conditions in the market and its true that making money could really be indeed possible

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.

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

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.

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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.

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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 ?

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.

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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

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

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.

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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 ? 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.

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Quote from: Len Saldua on July 22, 2022, 01:46:32 PM

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.

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Quote from: Len Saldua on July 22, 2022, 01:49:47 PM

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.

Quote from: Len Saldua on July 22, 2022, 01:49:47 PM

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.

Quote from: Len Saldua on July 22, 2022, 01:49:47 PM

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.

Quote from: Len Saldua on July 22, 2022, 01:49:47 PM

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.

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Quote from: HeavensPro on July 22, 2022, 07:37:53 PM

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.

jrrsparkles

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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.

Zilon

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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 ? 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.

Wexnident

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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.

mk4

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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.

bittraffic

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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 ?

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.

GreatArkansas

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

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.

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Quote from: adzino on July 22, 2022, 07:51:47 PM

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

-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.

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.

That is the thing, the principles used to trade cryptocurrencies or the forex market are the same, with the difference that since this market is more volatile then you will need to adjust your position size to account for this, however as you say if someone wants to trade any market they need to be completely sure that what they will do will work and this can only be done by backtesting their strategy against different markets and market conditions, and once the backtest is successful only then they should trade the markets.

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

-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.

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.

HeavensPro

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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

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.

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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.

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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.

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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.

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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.

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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 ?

Topic: Is Forex trading a good way of making money ? (Read 480 times)