Crypto trading for newbies

Dutchy86

Recruit
Messages
5
Is trading crypto for a newbie a bad idea, as in can the markets be read the same way as forex?
 

Pharaoh

Colonel
Messages
19,824
Cryptos are MUCH more volatile than real currencies. Yes, this increases the profit potential, but it also can cause losses to happen very quickly.

An experienced trader who's traded volatile currency pairs successfully will have a much better chance of not being wiped out trading cryptos than a newbie who's just learning how to trade.
 

Jim B

Corporal
Messages
92
It’s not for newbies i would start with some of the major forex pairs first.
 

fxoday

Sergeant
Messages
247
Crypto market and forex market is different market, volume trading I think still bigger in forex, but one advantage crypto market is open 24/7 days a week, different with forex market open 24/5 days a week, anytime trader can open trades on the crypto market. my broker also offer account crypto namely crypto ten, but I like trading forex with STP account
 

simmonjoshua

Banned
Messages
6
Due to high volatility, it increases the profit potential for crypto's. I generally trade BTCUSD. I just heard of this dogecoin- a crypto currency few days ago from my friend. Just wondering how is it performing in the market?
 

Talar

Private, 1st Class
Messages
55
I, like other commentators, think that a beginner should start with something easier. Because in crypto trading - you need to work and think faster, and sometimes you need to react quickly when the price goes up or down. It is not always possible to make a quick decision and you can lose money very quickly. In order for this to happen, you have to have experience. Beginners don't always have both experience and a quick reaction.
 

fxoday

Sergeant
Messages
247
Crypto trader I think they also need to pay attention with news related coin, like as about Bitcoin halving is one condition that in the past capable of increasing the value of Bitcoin gradually, although not instant after halving, but overall it makes price Bitcoin being higher.
 
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