Can I trade cryptocurrency with FX trading knowledge?

[kesmex]

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.

It's not much different but there are several things that distinguish forex trading from crypto trading,
but indeed if we already have knowledge about trading whatever it is I think it will make it easier for us to understand crypto trading or forex trading

[Pejoh Asu]

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.

It's not much different but there are several things that distinguish forex trading from crypto trading,
but indeed if we already have knowledge about trading whatever it is I think it will make it easier for us to understand crypto trading or forex trading

In general from the graphs and analysis of course almost the same, what distinguishes forex is the choice and the opportunity for profit or loss is very high if we trade in cryptocurrencies, previously I have traded in forex and when I open transactions for almost a month then the price stagnates and makes me no longer interested in trading in forex.

[Rockstarguy]

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?

I don't know much about forex trading  but I know they may be similar in some extent and somehow different.  If you have knowledge about forex trading it can also be an advantage to your crytocurrency trading,  the knowledge you have gained from your forex trading can be important in crytocurrency trading.  No knowledge in life is a waste.

[panukurap]

Forex trading and crypto trading are 2 things that sound almost the same but in reality they are different. Even so, the concepts in the two trades also have differences. However, the basic knowledge of both trading is almost the same, the only difference is in its development. Therefore, if you understand the basics of forex trading, you will most likely quickly understand crypto trading.

[Findingnemo]

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?

The concept is same but you have to get the knowledge about cryptocurrencies to find the right pairds because different assets different volatility range so you can't simply go and start trading without clear basic knowledge atleast about the bitcoin and centralized exchange.

[GreatArkansas]

Another thing to consider when you are coming from other markets just like Forex.
I know some traders who are new to cryptocurrency markets that are coming from Forex, they are really surprised by the cryptocurrency market. As the first they encounter is volatility and the 24/7 market.
So always be ready for new things you will encounter, but your knowledge is also useful, especially the technical part like how to analyze charts.

[fauzan Ichsan]

basically forex trading and cryptocurrency is the same. if we follow a chartist analysis, both have the same basis. But what makes the difference is that sometimes we can't use technical analysis on new coins or coins that have a small market cap, because they are prone to hype and analysis can't work well. Even in crypto there are indicators that are the same as forex and form support and resistance, so I can combine them to create a framework. I often use this analysis on bitcoin, ethereum and bnb, On the other hand, for short-term trading, of course, I choose a smaller time frame, so it can be used for daily trading

[Mauser]

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?

Any trading course helps you with crypto currency. There are a lot of subjects in trading which are the same for all types of assets. For example, risk management and controlling your emotions when making investment decision are very important in trading Fiat currencies and crypto currencies. If you have a good trading strategy in the FC you can try to copy it to bitcoins and other cryptos. Just make sure to monitor your trades closely, there is no guarantee that it will also work. The future prices in fiat currencies are much more fixed than crypto prices. This higher volatility creates many opportunities for traders, but can also bring bigger losses. The fiat money is so stable because of central banks that guarantee interest rates. So if currency A can get a 2% risk free interest in 1 year, while currency B has 0% interest from the central bank than we know today currency A will be stronger in 1 year. Such predictability we don't have in the crypto world.

[sarmrakib]

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?

Forex and crypto are bit different about it prices .You were saying that you have taken few courses on Forex trading it means that you are not much experienced there as well .So that what you need to do ,learn more and study on it surely you will have lots of idea on both .Crypto is much and more volatile market from Forex so that here is the chance a lot to earn and also you may loose your fund to early .There are many more concern on this two but i suggest you to go with crypto and you will have lots of video on youtube and blog about crypto and difference with Forex as well .After having a good knowledge you may start with small fund and surely you will have good idea.So you may start to do your study on crypto trading .

[taufik123]

Not very familiar with Forex trading because I started with crypto trading. But some that I know Forex and crypto both have a way of analyzing with technical analysis and Fundamental analysis. Not much different.

The striking difference is the time for trading, Forex cannot trade 24 hours non-stop, only during business hours can trade on Forex Saturdays and Sundays are holidays. As for crypto, of course, 24 hours full time, no holidays. Crypto volatility is also greater than Forex, because crypto has a higher risk, High risk High Return.

[CryptocurencyKing]

Trading has come to be one of the most exploited field around us these days, as much more money could be made off it from the comfort of your home and you wonder where or whom they are making this money from?
Inexperienced forks like yourself and me too. Yeah, I do get it wrong some times.
When it comes to trading cryptos with knowledge from Foreign Exchnage trading, its not entirely different. General knowledge of buy low and sell high applies but, there are different elements to them.

Like, the forex market operates mainly based on news. Once America or as we had it then, Trump makes one of his speeches on his Tweet handle, you could observe the market taking a different turn.
When it comes to cryptos, a whole different scenario plays out. What happens here isn't completely certain but, you watch out for innovations like halving and for sure FUD and what have you to exercise caution and you should be good with indicators and technical analysis.

Although, you could always buy and hodl to escape several uncertainties.

[Webetcoins]

Whether crypto, forex, stocks, etc. all types of trading, their goal must be the same and that is to earn. We can only achieve that if we buy an asset at a lower price and sell it at a much higher price so the answer to the op's question is yes. It is normal if you can't perfect your strategy because the truth is there no perfect in this world, much especially in crypto trading because prices here are so volatile. You can try to formulate another strategy and use that when the market turn sideways.

Basic knowledge in crypto is enough but yes a general knowledge is much better because crypto trading is more complex and there's more terms that you will need to familiarize

[tvplus006]

...can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

Despite the apparent similarity of forex and the cryptocurrency market, there is a major difference, which lies in the higher volatility of the cryptocurrency compared to fiat. So taking this into account, you will be able to use the knowledge gained earlier when trading with cryptocurrency.

[iv4n]

...can I trade cryptocurrency with the knowledge I've acquired in Foreign exchange trading?

Despite the apparent similarity of forex and the cryptocurrency market, there is a major difference, which lies in the higher volatility of the cryptocurrency compared to fiat. So taking this into account, you will be able to use the knowledge gained earlier when trading with cryptocurrency.

To volatility is higher, but the base is the same, you try to buy at lower and sell at higher prices! Any mistake will lead to money loss, in forex, and in crypto! I would say that forex and crypto trading are very similar, but what can happen in crypto for one week in forex someone needs to wait months!

If someone has some base knowledge about the trading he will understand crypto trading a lot faster, many things are almost the same, but as we said the circle is just faster, so that means in crypto changes happen more often! This is good for most of the newcomers, at least it's possible to make some nice profit a lot faster than in forex trading!

[Woodie]

Yes you can as trading concept is all the same, but some adjustments will need to be done as forex assets such as currencies etc have several factors which affect them and won't apply with cryptocurrency assets.
As a crypto trader one needs to know what kind of news will have some major impact on these assets and the alike but overall your FX trading knowledge can be applied here.

[Silberman]

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?

You can in fact trade this market using the knowledge you have accumulated from other markets like Forex, however it requires some adjustments, the most important of all is that since the volatility of this market is greater than what you can see in the forex market then the size of each one of your trades needs to be lower, as there is the risk you could lose too many times in a row and deplete your capital way too fast, but other than that your trading skills can translate really well in this market.

[Vaskiy]

Every form of trade have the same basics. So, it is possible to get involved into trading with the knowledge acquired out of forex. You should also keep learning about cryptocurrencies, because it is something completely different from the forex market in terms of the market variations. One of my friend who is stock market investor got into cryptocurrency trading. He found it difficult to predict the market, slowly he started to learn and now he's good with it. So, it takes time to make better position in cryptocurrency trading.

[wiss19]

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?

Yes, in some ways the knowledge that you have got in FX trading would help you, but it is not all that you’re meant to know because there is still a lot of things for you learn. Why I said it will help you is because of the orders, indicators and stuffs like that, they are both similar.

But, right now I would say that if what you would prefer to trade is Crypto, then divert your area of focus in your study to cryptocurrency, because there are still some things you would have to learn, though you’re now good to an extent. It’s good to know more specific things on what you’re about to do.

[jostorres]

Whether crypto, forex, stocks, etc. all types of trading, their goal must be the same and that is to earn. We can only achieve that if we buy an asset at a lower price and sell it at a much higher price so the answer to the op's question is yes. It is normal if you can't perfect your strategy because the truth is there no perfect in this world, much especially in crypto trading because prices here are so volatile. You can try to formulate another strategy and use that when the market turn sideways.

Basic knowledge in crypto is enough but yes a general knowledge is much better because crypto trading is more complex and there's more terms that you will need to familiarize

The main aim of everything is making profit by buying the assets at a lower price and selling them at higher price. But, how do you know when to buy and when to sell or are you just going to be jumping in at any price and hoping that you made the right choice and expecting profit? It doesn’t work that way, you will need the knowledge that would help you do that.

If he has learnt about indicators and other strategies that are involved in trading, then he’s good to go. Same thing applies to cryptocurrency, except the volatility part, so would be good he also looks into learning a bit more about crypto before he starts.

[justdimin]

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?

I have a friend who did this. He was in the finance world, got in during summer of 2017, when the price first got up, at the BCH fork period. Then he stayed here for a long time, up until around late 2020 he turned his 40k dollars into nearly one million dollars, which was already astounding, but then during 2020-2021 period when the price started to skyrocket, he turned that into few million dollars instead.

That is how he got rich and I believe that it is certainly an amazing achievement. All he had with him was his previous Forex trading knowledge, and he used those charts and TA to make this kind of profit in the crypto world as well.