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Trading Currencies? Forex Trading.

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Written by   409
11 months ago

Date: 8th January 2022

Hello Everyone, I hope you are all doing well and staying hydrated today, don't forget to drink some water because it is essential for your health.

During these times, I am sometimes asked how it is possible to make money even when nothing seems to be working in the crypto market.

The truth is it may not be possible to make money during these times because you would probably only be entering losing trades and nothing more.

But you shouldn't be discouraged by this because trading crypto is not the only possible way to make money in this world; in fact, there are several ways to make money from the comfort of your home.

In this article, I will be focusing and teaching you the wonders of Forex trading and how/why you should try and learn how to trade currencies and ways to enter Forex.

Some of you may be confused about what I mean by forex trading because you may think it is the same as crypto trading, but it isn't.

The difference between Forex and Crypto trading is their volatility because Crypto is way more volatile than Forex, and you can see this is in the way both markets move.

Forex trading, I would say, carries less risk than Crypto because the market's volatility is way slower, allowing traders to have more room to lower their risk than Crypto.

Below is the Bitcoin/Dollar Chart, and as you can see, BTC has moved quite a bit in this past year, and this is what I mean when I talk about the Volatility of Crypto!

Bitcoin Chart!

If you have seen the chart of Bitcoin, you would be surprised at how much it has gained and lost in only a year because, if you can remember, it was previously in 68-70k, but now it has fallen to 36K in only a month.

I am not trying to say the Crypto market is terrible, but if you are looking for less risk but slightly less profit, I am sure you would love Forex trading because it genuinely is excellent for earning.

First, forex trading is buying and selling currencies, and like Crypto, you can earn money when you have profitable trades.

Still, you can also lose money, but that is why proper risk management is needed in your trading strategy, and never enter a trade when you know you are going to lose money.

As I have said in my previous article, the basic rule in all trading is "Never put all your money into your trading account, instead have two types of money, one you are willing to risk, and one for trading."

It is always good to have risk management in everything you are doing, and even if the volatility of Forex is lower than Crypto, that doesn't mean you should risk all your funds for a big win.

Trust me when I say this, but the forex market will humble you if you ever try to outsmart it, and you may end up losing a lot of money if you go overboard with your lot sizes.

Anyway, if you are looking for another trading journey, I suggest you start Forex Trading; you only need to be patient and learn how the market works through demo accounts.

There are several demo accounts that you could use, varying from a hundred to a million dollars.

Click the Picture to find out more

If you want to learn more about crypto trading, I suggest you start using the demo accounts because you will build your trading skills without worrying about losses to your real account.

If you are wondering where to learn more about forex trading, I suggest you start watching some youtube related videos, and I would put a link below to a video that taught me the basics of what I know.

It is quite lengthy, but I hope the video can teach you what you should know about forex trading and how you can become a profitable forex trader.

I know the beginning may be challenging because you would be confused about the strategies and indicators you would need to know, but nothing good comes easy.

Even if the learning process is challenging, you will overcome it and become a profitable trader.

I hope this article helped you! Thank you for reading.

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Written by   409
11 months ago
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Comments

For over a year now, I have bee saying I'll learn how to trade (FOREX), but I haven't even till now

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11 months ago

Forex & crypto verse are different. Doing that for a long time.

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11 months ago

Nice 👏 forex trading was what I learnt first before I learnt about crypto trading and I found out that they are mostly the same thing but the major difference is their volatility. The same principles apply to both of them and they both have one important rule; learn how to control your emotions when trading

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11 months ago

My dear friend, what you said was very useful to me, I was always asked what is the difference between Forex and the digital currency market, and I came up with answers to my questions. Maybe one day I will think about learning Forex.

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11 months ago

Eventhough crypto trading is riskier, I still prefer it compared to forex trading because in the case that we're spot trading (no leverage, no margin) at least we can still HODL in case it drops and we still believe in it. But in forex, I heard that you can't hold it and it will automatically close your position (?) at least that is what my aunt who lost $4k in forex trading told me.

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11 months ago

Yeah, since the forex accounts are run by brokers, you can't HODL due to the amount of leverage you have. I am sorry for what happened to your aunt.

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11 months ago

That is good suggestion in this dip that we should learn about other ways of trading instead of Crypto. Forex trading just new to me , let me go through recommended video to learn. Thanks for sharing such useful information.

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11 months ago

I am glad I was able to give you an insight into forex trading!

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11 months ago

I had saw some videos about it and I mentioned before that one of my friend attender seminars for this. I had also learned that having a one on one coach for this was actually expensive. Are into this trading?

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11 months ago

Yeah, I recently started and I also want to become better than I am now!

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11 months ago

I went for paid class the last time but it didn't work well. I was duped and since then I lost interest. Thank you for this, it will be helpful

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11 months ago

Damn, I am sorry that kind of thing happened to you! If you ever get interest in it again, you can check out the video!

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11 months ago

Both forex and crypto trading are really not for the faint of heart because of the risks involved, but like you said, it's good to have proper risk management

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11 months ago

Yeah, Proper Risk Management is needed in everything we do!

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11 months ago

Nice idea, I'll work on gathering small capital to start. Which do you think is more better and safer for small capital, maybe 50$...mt4 or mt5🤔.

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11 months ago

I suggest you start with a demo/fake account so that you can get better! Try the link below!

https://www.cryptorocket.com/metatrader/

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11 months ago

I've checked it, I won't be able to deposit. I don't have Bitcoin or those other options. Getting btc is too much charges over here, I'll probably just look for a Nigerian based broker.

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11 months ago

Okay thanks, though I have technical analysis skills sha, just to brush it up.

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11 months ago

Forex trading isn't my thing, I don't ever see myself going into it.

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11 months ago

Crypto and stocks trading are similar. The shared video gives detailed lessons.

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11 months ago

I wanted to learn trading as i am willing to take some risk but learning about it is hard, or maybe it's just because I don't have enough time to learn that is why everything looks complicated to me.

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11 months ago

Yeah, it is hard to learn when you don't have time, but maybe you can learn if you ever have free time, I am sure you won't regret learning trading.

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11 months ago

Thanks for telling us about forex my friend. This advice is needed in these trying times...

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11 months ago

I should share this with my partner who wants to learn forex trading, thank you very much!

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11 months ago

I hope it helps your partner!🥰

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11 months ago

Thank you, it definitely will!

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11 months ago