Bitcoin traders, why don't you just trade forex?

[Zer0Sum]

I see there are a lot of first time traders trading Bitcoin via the hack exchanges of MtGox and Tradehill.  It makes me wonder, why don't you guys just trade real forex?  You can open micro accounts with as little as $25.  You get security far better than these shady exchanges.  You get real customer service with a real business that won't disappear and leave you only an email address to cry to.  You get real trading platforms with reliable data, not some ghetto hack stuff.  You get plenty of liquidity, which allows of smooth trading.  And, best of all, you don't have to worry whether it's legal or not!  Trading is hard enough as it is, why anyone would want all these additional factors working against them is beyond me.

So, to all the bitcoin traders out there... what are your reasons for trading these shady, unsafe bitcoin markets over regular FX?

You are aware that Forex is a Zero Sum Game = 98% forex traders lose?

No, I didn't think so.

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[FelixOliver]

I see there are a lot of first time traders trading Bitcoin via the hack exchanges of MtGox and Tradehill.  It makes me wonder, why don't you guys just trade real forex?  You can open micro accounts with as little as $25.  You get security far better than these shady exchanges.  You get real customer service with a real business that won't disappear and leave you only an email address to cry to.  You get real trading platforms with reliable data, not some ghetto hack stuff.  You get plenty of liquidity, which allows of smooth trading.  And, best of all, you don't have to worry whether it's legal or not!  Trading is hard enough as it is, why anyone would want all these additional factors working against them is beyond me.

So, to all the bitcoin traders out there... what are your reasons for trading these shady, unsafe bitcoin markets over regular FX?

You are aware that Forex is a Zero Sum Game = 98% forex traders lose?

No, I didn't think so.

So is Bitcoin... in fact, anything where someone's loss is someone else's gain is a zero sum game

doesn't mean you can't pull in huge returns from Forex if you know what you're doing. What I will say though is, in Forex, the odds are stacked against you - what with all the institutional players and professional day traders who have been scalping that market for decades..

Crypto is a walk in the park next to those markets

[capoeira]

I see there are a lot of first time traders trading Bitcoin via the hack exchanges of MtGox and Tradehill.  It makes me wonder, why don't you guys just trade real forex?  You can open micro accounts with as little as $25.  You get security far better than these shady exchanges.  You get real customer service with a real business that won't disappear and leave you only an email address to cry to.  You get real trading platforms with reliable data, not some ghetto hack stuff.  You get plenty of liquidity, which allows of smooth trading.  And, best of all, you don't have to worry whether it's legal or not!  Trading is hard enough as it is, why anyone would want all these additional factors working against them is beyond me.

So, to all the bitcoin traders out there... what are your reasons for trading these shady, unsafe bitcoin markets over regular FX?

You are aware that Forex is a Zero Sum Game = 98% forex traders lose?

No, I didn't think so.

So is Bitcoin... in fact, anything where someone's loss is someone else's gain is a zero sum game

doesn't mean you can't pull in huge returns from Forex if you know what you're doing. What I will say though is, in Forex, the odds are stacked against you - what with all the institutional players and professional day traders who have been scalping that market for decades..

It's much easier to pull massive home runs from crypto

i agree, especialy with the first sentence, and would add to the rest: they biggest sharks are still not in the Bitcoinlake, which makes it easier for smaller ones and those who want to be one, including Mr. Zer0Sum

[capoeira]

btw, 98% is perhaps true for the noobs.......those who dont give up, have much, much better ods (after a steep, and somtimes expensive, learning curve)

[robertdivaio]

Because:

Low volatility

+

High commissions

=

Less room for profit

[capoeira]

Because:

Low volatility

+

High commissions

=

Less room for profit

you never traded Forex

volatily is as high as you want....you modify it with leverage as high as 500 on some brokers

commissions are wayyyy lower...it often takes minutes only to break even

[itod]

commissions are wayyyy lower...it often takes minutes only to break even

+1 on this. Commissions on all BTC exchanges are shameless, up to 4-5x higher than on forex exchanges. They are getting lower as competition of quality exchanges mounts up after Mt. Gox disaster, but probably has to be lowered more to some sensible levels. Right now you have to catch almost 10 US$ price difference just to break even (profits go to commision) on one buy/sell cycle.

[leancuisine]

volatily is as high as you want....you modify it with leverage as high as 500 on some brokers

A few brokers offer 1:3000 leverage.

[capoeira]

Right now you have to catch almost 10 US$ price difference just to break even (profits go to commision) on one buy/sell cycle.

it's about $3,50 on fxopen for me

that's 0,5%

on forex it get's as low as 0.0025% (2.5 units of base currency for 100,000 on fxopen's ecn for example)


also spread on forex get's as low as 0,01% (one pip), while in BTC you often have 0,5% spread

[capoeira]

volatily is as high as you want....you modify it with leverage as high as 500 on some brokers

A few brokers offer 1:3000 leverage.

I wouldn't trust such a broker

[Sydboy]

Most traders are probably between 14-16 and can't get their parents permission :p
Good ol' bitcoin.. letting people gamble and trade etc.

[capoeira]

Most traders are probably between 14-16 and can't get their parents permission :p
Good ol' bitcoin.. letting people gamble and trade etc.

 

[leancuisine]

volatily is as high as you want....you modify it with leverage as high as 500 on some brokers

A few brokers offer 1:3000 leverage.

I wouldn't trust such a broker

There is a few such as FXGlory and Instaforex that are licensed and established. I presume they allow it so that they make more from losing traders and spreads.

[capoeira]

volatily is as high as you want....you modify it with leverage as high as 500 on some brokers

A few brokers offer 1:3000 leverage.

I wouldn't trust such a broker

There is a few such as FXGlory and Instaforex that are licensed and established. I presume they allow it so that they make more from losing traders and spreads.

anyways, 500 is enough, even for a scalper

[Gimmelfarb]

i'm pretty sure i would get slaughtered in forex. trading bitcoin has been easy for me, but lots more professionals and much higher leverage necessary in forex. in bitcoin, if i'm wrong on a long call, i can just baghold.

[capoeira]

i'm pretty sure i would get slaughtered in forex. trading bitcoin has been easy for me, but lots more professionals and much higher leverage necessary in forex. in bitcoin, if i'm wrong on a long call, i can just baghold.

the only problem is that you are trading faith. there is no garantee that BTC will always rise longterm. probably bagholders wont loose in the end, but what if BTC never goes over 700 again? many people will cry

[capoeira]

so, how to trade Forex with Bitcoins?

I opened a thread here: https://bitcointalk.org/index.php?topic=716530.0

[Ayers]

because the swing on forex a re less substantial, bitcoin is more volatile this is good for traders

[capoeira]

because the swing on forex a re less substantial, bitcoin is more volatile this is good for traders

should read the answers before responding.

[trader001]

I see there are a lot of first time traders trading Bitcoin via the hack exchanges of MtGox and Tradehill.  It makes me wonder, why don't you guys just trade real forex?  You can open micro accounts with as little as $25.  You get security far better than these shady exchanges.  You get real customer service with a real business that won't disappear and leave you only an email address to cry to.  You get real trading platforms with reliable data, not some ghetto hack stuff.  You get plenty of liquidity, which allows of smooth trading.  And, best of all, you don't have to worry whether it's legal or not!  Trading is hard enough as it is, why anyone would want all these additional factors working against them is beyond me.

So, to all the bitcoin traders out there... what are your reasons for trading these shady, unsafe bitcoin markets over regular FX?

You are aware that Forex is a Zero Sum Game = 98% forex traders lose?

No, I didn't think so.

So is Bitcoin... in fact, anything where someone's loss is someone else's gain is a zero sum game

doesn't mean you can't pull in huge returns from Forex if you know what you're doing. What I will say though is, in Forex, the odds are stacked against you - what with all the institutional players and professional day traders who have been scalping that market for decades..

It's much easier to pull massive home runs from crypto

i agree, especialy with the first sentence, and would add to the rest: they biggest sharks are still not in the Bitcoinlake, which makes it easier for smaller ones and those who want to be one, including Mr. Zer0Sum

And the bitcoinlake is growing. Soon it will be filled with sharks and all the small fish get eaten up.