Comparing Crypto vs Forex Trading - Which one will you be going for?
I remember years ago when I first started my Crypto trading journey, well I was into spot majorly before I moved to the futures aspect of trading and even though Crypto trading has its own pros and cons, I will say I still enjoy it even though it warrant me losing some great amount of my funds then.
It get to a point, the losing streak was so much that I got frustrated and made me switch to Forex trading. Before then, I have been hearing a lot about Forex trading and how some people claim it been better than crypto trading in some aspect. Well I decided to give it a try
Spending some months on Forex and exploring the world on its own. I have come to discover that it point down to your preference. Today I will be comparing the both side of crypto trading and Forex trading and see which one you think have a upper edge than the other
Forex and cryptocurrency are two separate markets, but they can be combined to form a successful strategy. The best way to do this is by using an automated trading strategy that will allow you to maximize the potential of your investment by automating all aspects of the process. Well that's what many people use. Automated strategy called bot which I believe we must have hear before. Bot trading strategy. It can be used in both Forex and crypto trading
Forex Trading
Forex trading is a global market that trades 24 hours a day, 5 days a week. Forex traders can enter and exit positions at any time of day and from anywhere in the world. In contrast, cryptocurrencies have no underlying asset or commodity to trade against other currencies; this means you'll be trading solely with your own money (or someone else's). Unlike which crypto is trading 24/7, Forex is traded 24/5 which means the market start on Monday and ends on Friday for that week.
If we really want to compare the advantage over crypto, we can agree that Forex has many advantages over crypto in the sense that Forex is more accessible to retail traders than crypto trading; it's also more liquid because there are large pools of liquidity available via brokers or online exchanges such as CMC Markets or FXPro. This means that if one trader wants to sell their position on an exchange after buying it at 1 million USD/BTC, there will likely be another willing buyer who wants to purchase that same quantity of BTC at 1 million USD/USDT instead!
Cryptocurrency Trading
Cryptocurrency trading is a form of online trading in which you can trade Cryptocurrencies. We should all be familiar with what Cryptocurrency is
Cryptocurrencies are digital coins or tokens that are created and stored on computers, rather than physical currencies like the dollar, euro or yen.
Most people use cryptocurrency exchanges to buy, sell and trade cryptocurrencies. Using an exchange means that all the transactions happen between users directly without going through any third party like banks or brokers (like forex).
Forex trading vs crypto trading is not an easy choice, but the two can be combined to form a successful strategy. I have seen trader who combine both trading Forex and Crypto even though they both exist in different worlds but that has helped them to come up with a winning strategy
If you're looking for a way to make money from both crypto and forex trading, the answer is simple: combine them into one strategy. The best way to do this is by using software that allows you to trade on your mobile device. These apps are available in most countries around the world, but they're especially popular in Europe since there's already a large community of traders there who use these apps regularly.
Conclusion
At the end of the day, you will agree with me that It is all about your trading style and the risks you are willing to take. The main difference between forex and crypto trading is that forex trading involves buying and selling currencies, while crypto trading involves buying and selling cryptocurrencies (which have no intrinsic value). In both cases, there's risk involved in making these bets because if something goes wrong then you could lose everything you've put into it. Some people prefer crypto trading to Forex trading due to the preference they enjoy in crypto trading over Forex trading
While others choose Forex trading over crypto trading due to the preference they enjoy on Forex over Crypto. At the end of the day, it all point down to your preference just like I said. But whatever one you are choosing, try to control your greed.
In my next post I will be talking about how greed has caused a lot of crypto trader downfall
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