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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!
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.
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.