Topic: What was it like switching from crypto-currency exchanges to FOREX? (Read 350 times)

That sounds touching, and I have learnt one thing from these sentences, I have learnt that we should learn to be smart not to lose and also be smart when taking profit, which is more like you advising us not to be greedy, which I see as lots of issue with most investors and traders.

It is not that they also do not sense the danger when they see one, but because they probably like to dare or take risk, and because they are greedy, they don’t exit a trade when they are supposed to.

These few period that bitcoin has gone high and low severally, there are people that has had opportunity when they see a little increase, I mean traders here, but they don’t take, knowing fully well that there is always a correction, but out of emotion, they keep pushing it, hoping they will get a value hire than what they had seen, but in the end, they end up missing that chance when market suddenly turn dip.

Matter of fact is that I know many people who quit forex for crypto trading, thats why this thread is more like trolling than something that holds some valuable info. He is newbie that just asking for some attention, even there is some forex traders here I think majority is crypto trading oriented, not just cause its better, its more profitable and in my opinion much safer.

I lived just the opposite of this. In my country forex is quite famous and there are people who live in front of the exchanges who buy and sell every single day multiple times trying to profit as much as possible from the spread so forex was like a national sport for us before it even existed and then forex happened and all of those people went back to their homes opened an account and started doing it at home.

I was one of those people and I did made a decent return time to time but mostly I was breaking even because the money I was profiting big was usually cover all the small loses I did everyday. When I switched to crypto that experience helped me a lot because I was quick and I sensed bad things coming from a mile away and was lucky to get out at the right time, I am not a smart guy who profits a lot but I am smart enough to not lose a lot.

OP you shoud understand, trading crypto and forex are alike but forex is more advance, stable and profitable than cryptocurrency. Although the skills required to be successful at forex trading is complex when compairing it to cryptocurrency trading. Crypto has more advantage over forex as an average newbie can succeed at crypto trading with little or no knowledge more than forex trading. Crypto trading also offer you the options of holding your coins when your prediction goes wrong but such option aren't in forex.

Now to your questions;
Yes forex is more harder (as a beginner) to profit from but once you acquire the required skills it becomes more profitable.

This is a personal decision as what works for me might not work for you. But i would recommend you try both earning option then specialize on one and use the other as alternative when trading on the other isn't yeilding gains.


Crypto market don't get hack neither do forex market although the service providers for each market can get hacked as all internet centralize related business are liable to hack so if you're speakng of the brooker getting hacked, it's possible but since most brookers are regulated the chances of you getting back your funds are higher than when crypto exchanges get hacks as they aren't regulated.

It is easier to make profit from Forex because it doesn’t have as much volatility as cryptocurrency has, the only advantage crypto has is that, one increase of crypto could be 10 increase of Forex and vice versa also if the market falls, but the thing about crypto is that you can decide not to trade with margin and even if the price falls it will rise back no matter how long it take and you will still be able to get your investment back, but for Forex, you have to trade with margin and once your money goes to zero, your trading will close for life, while crypto can never zero and no matter how low it is, once you leave it,  it will crawl back to the spot you bought it.

I feel you are twisting the question and it should be what it was like switching from FOREX to CRPTO trading because FOREX has been in existence for a very long time before crypto was invented, and this has been what majority of traders has been into for years before getting an hint of crypto and then switching over it from FOREX.

Anyway, if you care to know about or experience in FOREX, I will say it was also a tensed one, just that Forex market is not as volatile as crypto, there are something that you try in Forex that you can try in crypto because of its volatility and if you try it, you will either be dead completely or be made for life on a single transaction in cryptocurrency.

So, I have never been in the Forex world before but some of these things might be a reference for you.

- Trading in forex is not difficult, not if you use a demo account, but it can change when using a real account.
- In forex, on average they prefer one market only. One time trading and one market only.
- About hacking I was not aware of this, it seemed safe but the possibility of scam was greater
- Yup, everything in forex can be a good reference for later

I think it is best to just focus on one market and that market in my opinion is cryptocurrency . Forex trading is not a friend of regular people. It's profit is relatively small and it is a bit more technical than cryptocurrency trading

Its odd yet Forex/Stocks market is already ahead with Crypto Market and most traders do all knows that but well answering your question;

-Transition wont be hard since you do already have the idea on how market works
you would only notice the legality aspects and the main ones is the volatility.

-Any market does give out no simply way on making money

-Depends on your preference.Trading up crypto or just fiat currency money

-When it comes to hacks,i would say yes, they are more far safer yet brokers are heavily regulated.So any shady things
like manipulation or questionable market price movements will really be sued out.

-Learning Forex wont be that easy because profitability would always matter with your skills but mostly
when it comes to forex it do matter with news/fundamentals.

-Forex is been here before crypto market exist.

The Forex market is the largest financial market in the world with volumes of over $4 trillion dollars being traded on a daily basis.


Imagine on how big it is.

Most Forex brokers allow you to start trading with $100 too. And they are always ready to give you leverage and margin.

Almost all demo accounts are very different from real trading. Of course, brokers often show profitable results only in demo trading. But this is just a clever way to attract you into trading for real money.

There are actually lots of Forex traders who are switching to cryptocurrency trading. They find it easier and more profitable than Forex. If you're planning to switch to Forex trading, you better study everything about it ahead of time because it will take a long time for you to adopt the basics of it.

My old school friend is in Forex, and he is thinking about cryptocurrencies as he is not satisfied with the results. I guess, both kids of a business need much knowledge - the real key of the success.

The underlying basics of trading Forex are somewhat similar to how you'd be trading cryptocurrencies, though things obviously do differ in some ways. You're not learning completely from scratch by going from trading crypto to forex, but you'll need to adapt and get comfortable with those aforementioned differences to have success in forex trading. You might have to tweak the way you trade a little bit, but if you're flexible it's not too bad to switch over.

I agree with you. Forex trading isn't the same as crypto trading where you could learn easily through reading and watching knowledgeable videos. You have to search for the answers on your own. You have to pay for you to adopt the information that you would want to learn and it's not as profitable as we think.

Unlike crypto, where the variation range is big and even if you get in a bit late you may be able to still get profit, on Forex the ranges are smaller and you may need to be more precise.
And unlike crypto, there are real news and actions that can affect greatly the market.
I don't trade, but I follow closely some of the markets and I find extremely interesting the way the market reacted to certain news and (government) actions, in many cases in unexpected (for me) ways or magnitude.

I think forex is not that easy to make profit, the easiest one is the stock market, in stock market there are moments that the chances of going up is really high, forex is a high speed transaction almost the same with crypto, the difference is the forex price won't fall to deep, and it constantly moving up and down, and all trading consist the same risk

It's like asking, "Is crypto trading hard to understand?" .

The idea is just the same. It's just that it has a different approach.


It depends on your ability to handled multiple things at the same time.


No. *


Like in crypto trading, once you somehow gained basic knowledge to start, then you can take the risks and deal in actual.

Experience will teach you how to become even better as you progress.


Not a backup plan but it's good to have a piece of knowledge in "everything" in the online world.

I like the realness of your comments. Thank you!

This idea that you can make money easy by trading forex is circulating all over the internet and it's obviously wrong. Many people think it's easy and all you have to do is watch a few videos,read a few books and articles and you can already start forex trading and make profits. If it was that easy everyone would quit their jobs and start working on Forex. It takes a few years at least until you get to become experienced in this domain and start making constantly profit and even so you need a mentor at the beginning that could teach you the basics and tricks about it otherwise you would have to spend a lot of time trying to learn that by yourself and you will also have to lose a lot more money learning then you would have pay that mentor to teach you. I don't know if this is the answer you eere looking for,I just wanted to tell you that Forex is a serious domain and only a very few can succeed on this market.

If you are moving outside of the crypto market remember that it's not as much volatile as gains would depend depending on its fundamental analysis. Whether it is from Forex or the stock market most of the assets you will see in there all depend on the economy or its FA so if you don't have any background on identifying its fair value then you are at a disadvantage in those markets, you might not even gain anything and lose everything in the process. The good thing is books about these markets are already good to read and understand all you need to do is to do your part and read them.

I am thinking that with FOREX you need a big account balance (of about $10,000) to scrape together profits, but at Binance you can get started with $100 or less. Is $10,000 realistic?

What is the difference between trading fees if you compare FOREX with Binance?

FOREX gives users a chance to play a demo account that starts with a balance of $50,000. How is it different once you trade FOREX with real money?

some guy told me that the major difference between crypto and other market is the speed or the cycle of movement between bear and bull market. that's too simplistic but not entirely false. forex and other markets, most of the time 'move slowly' compared to crypto, so you should not expect to gain 100% in a week, and at the same time not losing 100% in a week.

maybe the reason for that is because there's a huge volume in forex compared to crypto, but i'm not sure.

it is easier if you come from another market to cryptocurrency market as you have the trading experience and then only familiarize yourself with the cryptocurrency market and its manipulations. but if you do it in the other direction as you say, and you had no prior knowledge before starting to trade cryptocurrencies, going to any other market will be very hard because you won't have any real experience that could be used in those market.

is FOREX harder? any market will be hard to make profit from and it will be super hard in the beginning when you first enter it. basically in my experience you have to learn about that particular market first in order to be able to make any profit.

You will actually be better if you started with Forex. It is like an easy to understand game when you come to crypto trading.

Before I used JPY and EUR against USD mostly for they are the easiest out there.
Here in crypto it is like the same when you use BTC against USDT. But pairing it with an altcoin like ETH will be difficult since you are used to forex.

Altcoins move way differently and so is bitcoin. The jumps could sometimes be high and it will stay at that position or vice versa. Whenever that happens, you will be lucky if your funds are still intact.

I am also curious about it what is most profitable of all trading in crypto,FOREX or stocks?
I want to try stock market but I don't know where to start I have been trading in crypto and made some decent profit from my past trades .
I know it would take so much time to study all of it but I think it would really be worth it to try other things and to know which one would suits me best.

My experience with trading is limited to the crypto-currency exchanges. I have not used FOREX yet but it interests me to learn?

Questions:
How was the transition?
Is FOREX harder to profit from?
Is it best to focus on one market and not two?
Is FOREX safer from hacks?
How long should you practice at FOREX before putting money on the line?
Is learning FOREX a good backup plan in case the crypto-currency market becomes unstable?