Can I trade cryptocurrency with FX trading knowledge?

[Bamjos]

I must admit that I'm truly a newbie in both trading and cryptocurrency at large. I took some courses on trading some months ago, those training were majorly on foreign exchange (trading currency pairs). I've not been able to perfect my strategies though, but I'm curious about cryptocurrency trading, would there be need to learn it specially or general trading knowledge can help in cryptocurrency trading: can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

[Oshosondy]

What is mostly matters is that you know about trading orders already, you know about indicators and the basics. Both forex and crypto trading are very similar but with few difference. I will advice you to learn more about trading, even you are newbie in forex trading, that means you need to learn more. Start with like $50, trade each time with like $11 from the $50 and learn more.

Use the money you can afford to lose to trade, trading is highly risky. Know that cryptocurrencies are highly volatility.

[serjent05]

I think what is important here is the foundation of your trading knowledge, since you already grasp the basics and probably had advanced knowledge on trading, you can use that to trade cryptocurrency.  You just need to change the variables like information, the kind of cryptocurrency you are trading, etc.

[naira]

Studying specifically is certainly a good solution to find out according to the stages. But that's not enough, you have to be creative. Creative here what I mean is not relying on special guided learning. You should also look it up yourself and study additional information. For example in this forum will be available a lot of readings for reference. Because to learn about cryptocurrencies you have to be information literate and you shouldn't be lazy about the ins and outs of updated growth in the crypto world itself.
Given that if you want to know cryptocurrency, then you will be faced with thousands of information and thousands of various cryptocurrencies. In addition to filtering which ones are suitable and which are not to invest in, try to focus on getting to know, learn and know the purpose of the crypto, such as studying CoinMarketCap top 50 projects.

[TimeTeller]

I think what is important here is the foundation of your trading knowledge, since you already grasp the basics and probably had advanced knowledge on trading, you can use that to trade cryptocurrency.  You just need to change the variables like information, the kind of cryptocurrency you are trading, etc.

The concept from fx trading can help the OP in crypto trading.
I even started trading in crypto without the knowledge of fx.
So yes, it is possible for him to learn the ropes here.
He can start small, and try a reputable exchange in the beginning of his journey like binance.
They have very good liquidity. And also, start with top alts, don't be tempted from this meme or hype up tokens.

[Lanatsa]

I must admit that I'm truly a newbie in both trading and cryptocurrency at large. I took some courses on trading some months ago, those training were majorly on foreign exchange (trading currency pairs). I've not been able to perfect my strategies though, but I'm curious about cryptocurrency trading, would there be need to learn it specially or general trading knowledge can help in cryptocurrency trading: can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

If you already have some Forex trading experience then dealing with crypto wont really be that much hard compared when you are a complete newbie but
here are the things that you should consider or be mindful.

1. Volatility
2. Fundamentals (this market is highly reactive to this)
3. Dont anticipate or expect that TA's does precisely works or the price follows because this market could fucked you up anytime.

Having TA knowledge is already a plus.All you do need is to familiarize yourself.

[Bitcoin_Arena]

I learned forex trading first before getting into crypto, and the good news is that the concepts are similar, especially with derivatives. You will find similar order types, technical indicators etc. Just make sure you get an exchange where you can practice trading with little money at first.

[Strongkored]

It seems that you haven't really done forex trading just have done the course, but it's not a problem you can directly apply the knowledge obtained with small funds, you already have a basic trade from the course the other things you will find when you start doing it directly. The difference between Forex and Cyrpto trading is in the assets traded. Do not forget to determine the exchange you want to use to trade and must be prepared to do KYC on the exchange that requires it.

[Wexnident]

Should be fine, the general idea of what to do and how to read the market should be rather similar, if not the same. The main difference here would only be on the target market, so that's a separate thing you have to study from scratch (not to mention studying all the jargon for the crypto stuff if you really want to dig deep). Try doing what you feel is right for a few weeks, that should be enough to show whether what you know is enough or you need to learn the market better than now.

[Crypto Library]

There is not very much difference between the Forex trading and Crypto trading, but there are some things to keep in mind.  And since you want to invest in crypto, get a good knowledge of crypto first.  Moreover, there is not much difference between crypto and forex trading in terms of trading. It is better to invest a little at the beginning because there is always a possibility of loss in trading.  So invest as much as you can handle the loss

[Cookdata]

I must admit that I'm truly a newbie in both trading and cryptocurrency at large. I took some courses on trading some months ago, those training were majorly on foreign exchange (trading currency pairs). I've not been able to perfect my strategies though, but I'm curious about cryptocurrency trading, would there be need to learn it specially or general trading knowledge can help in cryptocurrency trading: can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

Everything you see on cryptocurrency trading pairs today was developed through the creative art of forex, so approach crypto trading as if you were doing the same. Despite the fact that crypto trading has certain regulatory issues such as volatility and other things that may result in you losing some money. These problems cannot be controlled because no government can control the crypto market, but there are some trading exchanges dedicated to specific jurisdictions, like Binance US, it is carefully regulated and monitored to avoid things like wash trading and whale manipulation.

If you know how to trade forex, you're fine to start with cryptocurrency trading, but I'd also recommend getting some more information and materials like Binance Academy^[1] and Alexandria on coinmarketcap^[2].


[1] https://academy.binance.com
[2] https://coinmarketcap.com/alexandria

[palle11]

would there be need to learn it specially or general trading knowledge can help in cryptocurrency trading: can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

OP asked a simple a question like this and I want to give a straight answer to say yes you can use the experience of both trade for each. Forex trade is trading of fiat currency , it is regulated but cryptocurrency isn't regulated. In trading you need TA and fundamental analysis, both market use it to navigate. In trading you need indicators and in both it is present and used. The knowledge and skill are the same.

[ethereumhunter]

I think the analysis might be almost the same between foreign exchange and cryptocurrency trading but you should find out more. It all takes some getting used to understanding how the system works and I presume you already have the basics in trading so you probably won't have any trouble. You can learn from the threads here or search on Google about cryptocurrency trading and don't forget to put it into practice so you'll know what the difference is. Don't be afraid if you can't make a profit because it's all a matter of time.

[lombok]

There is not very much difference between the Forex trading and Crypto trading, but there are some things to keep in mind.  And since you want to invest in crypto, get a good knowledge of crypto first.  Moreover, there is not much difference between crypto and forex trading in terms of trading. It is better to invest a little at the beginning because there is always a possibility of loss in trading.  So invest as much as you can handle the loss

What you need to learn is the fundamentals of crypto. Broadly speaking, Forex and crypto trading are almost the same, I think the knowledge of trading in forex is sufficient to trade in crypto, it's just a matter of characteristics that need to be explored because crudely crypto and forex are different types.

And as you said above, money management is important to avoid excessive losses.

[Franctoshi]

I must admit that I'm truly a newbie in both trading and cryptocurrency at large. I took some courses on trading some months ago, those training were majorly on foreign exchange (trading currency pairs). I've not been able to perfect my strategies though, but I'm curious about cryptocurrency trading, would there be need to learn it specially or general trading knowledge can help in cryptocurrency trading: can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

Capital yes to your question, Forex trading brought about crypto trading, therefore there isn't much different between the two , the major difference here is that you hodle crypto (spot trading) why it's not so with Forex trading.So someone with forex trading experience will find it very easy to cope in crypto space. Just that you need more advanced training on crypto because of its transaction.

[nhaila]

I learned forex trading first before getting into crypto, and the good news is that the concepts are similar, especially with derivatives. You will find similar order types, technical indicators etc. Just make sure you get an exchange where you can practice trading with little money at first.

Technically forex trading and general cryptocurrencies trading same but some people take it different. Knowledge and experience fully depends on person to person but not trading platform. You can use your forex trading knowledge in general cryptocurrencies trading.

[Scripture]

You already have knowledge about FX and I think you can easily adopt crypto trading, you just need to improve your skills and learn more about trading, in general they are all the same its just that volume and supply are different. Trading is not easy, it takes a lot of time to learn the process it may be hard at first but if you do believe and really want to learn trading, nothing is impossible.

[stomachgrowls]

You already have knowledge about FX and I think you can easily adopt crypto trading, you just need to improve your skills and learn more about trading, in general they are all the same its just that volume and supply are different. Trading is not easy, it takes a lot of time to learn the process it may be hard at first but if you do believe and really want to learn trading, nothing is impossible.

You would really be having the advantage when you are having that knowledge or idea on dealing with other markets.If you do find yourself that effective or profitable in FX then most likely you would

able to handle out cryptocurrency market which you could actually able to determine and notice the difference in terms of volume and volatility.There's no close or opening of markets
which crypto market is open 24/7 which is also a big difference.You could make trades whenever and what time you do want.Watch out for price volatility and different fuds and news in the market.

[worle1bm]

I would say if you are there total newbie to the crypto trading then you should first learn some basic rules of market but as you already have enrolled for forex courses you might be familiar with some of them.But still it's very risky and different market scenario.So you can open up a demo account for trading and have practical experience with fake money but all the trading related knowledge will put in like orders, stop limits giving you beforehand ideas how to give a start.Rest choosing the right coin will be first thing you need to do and learn with time.

[danherbias07]

IMO, I find it easier to trade cryptocurrencies than Forex. I don't know why, maybe it's just me. Or maybe because I had been following the movement of cryptocurrencies for years that's why it's not as difficult as other thinks.
That might be one of the keys to being better at trading cryptocurrencies, having knowledge about the price history and its fluctuations.
As long as you have the basics then there's no problem, there are different TA's out there but you could always create your own if you are in doubt about their analysis. Besides, it's not always right.