Is Forex trading a good way of making money ?

[Len Saldua]

Seeing that we might be in a bear market for the next year or more, I've been thinking of giving the currency market a try. It would seem that the currency market is ongoing and uncorrelated to stocks and market crashes, because currencies rise and fall all the time and their fluctuations can make you money if you can position yourself correctly. So my plan could be to spend a few weeks learning to trade the Forex markets and see whether that works or not. I'm only wondering what kind of information you base your trading positions on ? Would you have to be reading a lot of financial information just to make one move ? In crypto, sometimes we research a project for a few days before deciding whether to invest on it or not. And even after that, you need to keep up with the latest updates and news to avoid rug pulls and such like what happened to Terra and Celsius. I wonder how much information you'd have to process if you get deep into Forex trading ?

[Oshosondy]

There is nothing bad to go for forex, but I do not understand you correctly, did you know that there is something more than only investing in crypto? There is crypto trading too. But if you think you can not go for crypto future trading, you can go for forex, but you can also open long or short position on exchanges like Binance, OKX and many others using crypto.

because currencies rise and fall all the time and their fluctuations can make you money if you can position yourself correctly.

Trading is generally risky, be it crypto, forex or stock.

I'm only wondering what kind of information you base your trading positions on ?

Technical analysis is very important in forex but fundamental is also very important, you will have to know the latest news in the countries you are using their fiat for trading pairs, you will need to read more about this and how this news like change in interest rate, inflation can affect fiat value of a country.

In crypto, sometimes we research a project for a few days before deciding whether to invest on it or not.

You are talking about trading, why talking about investing too? Do not misunderstand crypto investing to crypto trading.

[Len Saldua]

Well I consider myself an investor / trader in crypto. I don't believe in HODL forever anymore after what happened to Terra, I think one should sell at some point, for some projects 10X and I will sell into USDC, for others 5X and a few more risky ones maybe 20X or 30X. If I do well at the next bull run ( 10X of my current bag ) I might look into becoming a day trader too... but I've never tried that.

[ryzaadit]

From my perspective.

Depends what trading you're currently trading, "Forex Player" will always say forex is the best-comparing crypto market. Also, the crypto users will say crypto is better rather than forex. It all depends on which market you're known more for the trade.

Today, we already have 2 options trade (Buy/Short). If you feels the market is gonna on bear market, why not short the asset. It's better stick to the market you're know, rather than need to learn again on new market trading with potential losing some money.

[Len Saldua]

I think FOREX might be a good thing to get into since the currency market is extremely volatile right now. Probably more profitable than Stocks and Crypto during this bear market. Also, very easy to get latest information on financial markets in other countries... although it would probably take a few hours research everyday.

[Len Saldua]

It's better stick to the market you're know, rather than need to learn again on new market trading with potential losing some money.

I agree with the ol' "stick to what you know" saying, but I also think it's important to diversify. For example, I am also looking at the precious metals markets. PAX Gold was my starting point, but I'm moving now into silver with plans to own the physical silver down the line ( buy low and HODL strategy )
With Forex I think I could have a shot, mostly because I am already quite interested in finances and economic disruptions in other countries. So even now I am always learning about these things.
By the way the Forex guys are very much aware of the kind of money some people are making in crypto, they don't mock it like some Billionaires do, they respect it as a legit way of making money.

[dunfida]

Seeing that we might be in a bear market for the next year or more, I've been thinking of giving the currency market a try. It would seem that the currency market is ongoing and uncorrelated to stocks and market crashes, because currencies rise and fall all the time and their fluctuations can make you money if you can position yourself correctly. So my plan could be to spend a few weeks learning to trade the Forex markets and see whether that works or not. I'm only wondering what kind of information you base your trading positions on ? Would you have to be reading a lot of financial information just to make one move ? In crypto, sometimes we research a project for a few days before deciding whether to invest on it or not. And even after that, you need to keep up with the latest updates and news to avoid rug pulls and such like what happened to Terra and Celsius. I wonder how much information you'd have to process if you get deep into Forex trading ?

Not correlated? Maybe yes and maybe no but considering Forex and stocks do mostly share up with the same sentiment then i wont really have any doubts about correlation of market trend and possible movement.

We know that there are several markets that we do have today which it can be differentiated whether it is really dealing with a regulated market or not which is on crypto space.Speaking with good way on making money then it is really known for but arent that limited on those market but also in other market as well.It doesnt matter if its forex or crypto as long you could really be finding yourself
to be that profitable but it wont really be bad to make out some diversification on different markets as long your budget permits you then go ahead and continue.

[Rruchi man]

It's better stick to the market you're know, rather than need to learn again on new market trading with potential losing some money.

The big fear associated with deciding to learn forex most times is the potential it has to make you lose money quickly. However if you have enough money to lose in the learning process and don't mind, you can go ahead with your plan to learn forex trading contrary to what many may say that you should stick to what you know and what works for you. I'd like to ask how would you know what works for you if you never give it a try? Forex may work better for you in a long run, but you will never know if you don't try. Plus if you give it a trial and it doesn't work for you, the only thing you must have lost in the process would have been time but as for the knowledge I'll tell you that no knowledge is a waste.

[crzy]

Regardless of the market, if you know how to handle stress in trading then you can be good. In trading, we have a general rules to follow especially on reading the price movements using the indicators, so technically once the skills is there already, money will surely follow. Forex is one of the most volatile market, you have to trade wisely there and make sure you do your analysis before making any decision, this is how we make money in trading its all about the effort on analyzing the trend.

[blockman]

Would you have to be reading a lot of financial information just to make one move ?

Definitely, I do. Before I buy, I make my own research and read a lot of materials related to it so that I'll have an idea if my plan will work out or not.
And you, entering another market, it's very important for you to have some basic idea on how it works and experiencing it will give you more benefits then. Forex will certainly make you profit if you know how to pull the plug and just like how we're earning in crypto.

[goaldigger]

Regardless of the market, if you know how to handle stress in trading then you can be good. In trading, we have a general rules to follow especially on reading the price movements using the indicators, so technically once the skills is there already, money will surely follow. Forex is one of the most volatile market, you have to trade wisely there and make sure you do your analysis before making any decision, this is how we make money in trading its all about the effort on analyzing the trend.

This is good about learning how to trade, you can use that skills in any market since that’s the standard procedure, and with Forex you might need more of that. Making money is always the goal, but remember that this is trading and we are trying to outsmart the market which is not an easy task at all, don’t expect easy money in trading because all your profit should came from your sleepless night on analyzing the market. Trading is fun, better to do it perfectly and have a good strategy every time you trade.

[Lanatsa]

Regardless of the market, if you know how to handle stress in trading then you can be good. In trading, we have a general rules to follow especially on reading the price movements using the indicators, so technically once the skills is there already, money will surely follow. Forex is one of the most volatile market, you have to trade wisely there and make sure you do your analysis before making any decision, this is how we make money in trading its all about the effort on analyzing the trend.

This is good about learning how to trade, you can use that skills in any market since that’s the standard procedure, and with Forex you might need more of that. Making money is always the goal, but remember that this is trading and we are trying to outsmart the market which is not an easy task at all, don’t expect easy money in trading because all your profit should came from your sleepless night on analyzing the market. Trading is fun, better to do it perfectly and have a good strategy every time you trade.

I do consider it to be very useful on making yourself jumping into different markets.Im also a forex trader which does have knowledge on using indicators and other tools and on the time i do get engage with cryptocurrency then i do find myself a little bit advanced comparing to others since i do have already the idea and knowledge about technical trading.

Though you could really see the differences in between when it comes to volatility and versatility aspect in between foreign currencies and cryptocurrencies as well.
Once you do step your foot then you could really able to tell it out.Making money is possible within markets but it would really be just depending on how you do make out some trades.

[DoublerHunter]

Seeing that we might be in a bear market for the next year or more, I've been thinking of giving the currency market a try. It would seem that the currency market is ongoing and uncorrelated to stocks and market crashes, because currencies rise and fall all the time and their fluctuations can make you money if you can position yourself correctly. So my plan could be to spend a few weeks learning to trade the Forex markets and see whether that works or not. I'm only wondering what kind of information you base your trading positions on ? Would you have to be reading a lot of financial information just to make one move ? In crypto, sometimes we research a project for a few days before deciding whether to invest on it or not. And even after that, you need to keep up with the latest updates and news to avoid rug pulls and such like what happened to Terra and Celsius. I wonder how much information you'd have to process if you get deep into Forex trading ?

^ Crypto trading and forex trading are completely different from each other if you will compare but both of them can make money in trading.
But crypto trading is highly volatile which is a high risk since we don't know how the price moves in the market while forex trading was known as a higher leveraged amount available compared to crypto trading. However, it ends based on our preferences because there are people who like to trade in crypto while some others say forex is good and I think this will depend on the trader when they are justified.

[HeavensPro]

Forex players are always saying that forex is the best. Crypto players are always saying that crypto market is much better. Which type of market is more comfortable for you personally is better for you personally so the the dispute on this point is kinda waste of time

[adzino]

-snip-
 So my plan could be to spend a few weeks learning to trade the Forex markets and see whether that works or not.
-snip-

Here is the problem. You can't decide if it will work or not by spending "only few weeks of learning" to trade the forex market. If you make loss your first few tries, are you going to come to a conclusion that forex trading isn't for you and doesn't "work"? If you make quick profit in first few days, it doesn't mean that you will be making the same profit everyday.

Anyway, why talk about forex? If you are trading, then it doesn't matter if it is a bear market or a bull market, you can still make profit if you are doing it right. Take advantage of this volatility.

[Silberman]

-snip-
 So my plan could be to spend a few weeks learning to trade the Forex markets and see whether that works or not.
-snip-

Here is the problem. You can't decide if it will work or not by spending "only few weeks of learning" to trade the forex market. If you make loss your first few tries, are you going to come to a conclusion that forex trading isn't for you and doesn't "work"? If you make quick profit in first few days, it doesn't mean that you will be making the same profit everyday.

Anyway, why talk about forex? If you are trading, then it doesn't matter if it is a bear market or a bull market, you can still make profit if you are doing it right. Take advantage of this volatility.

That is the thing, the principles used to trade cryptocurrencies or the forex market are the same, with the difference that since this market is more volatile then you will need to adjust your position size to account for this, however as you say if someone wants to trade any market they need to be completely sure that what they will do will work and this can only be done by backtesting their strategy against different markets and market conditions, and once the backtest is successful only then they should trade the markets.

[GreatArkansas]

I wonder how much information you'd have to process if you get deep into Forex trading ?
(....)

You are in the Bitcoin forum so expect there will be some bias here.
For me, yes you can make money on Forex same with trading with cryptocurrencies. Expect that you will experience less volatility when you are trading with Forex because we all know trading cryptocurrencies are such volatile and risky because of fluctuations.
Overall if you apply the technical analysis on both in trading, it's almost the same.

[bittraffic]

Seeing that we might be in a bear market for the next year or more, I've been thinking of giving the currency market a try. It would seem that the currency market is ongoing and uncorrelated to stocks and market crashes, because currencies rise and fall all the time and their fluctuations can make you money if you can position yourself correctly. So my plan could be to spend a few weeks learning to trade the Forex markets and see whether that works or not. I'm only wondering what kind of information you base your trading positions on ? Would you have to be reading a lot of financial information just to make one move ? In crypto, sometimes we research a project for a few days before deciding whether to invest on it or not. And even after that, you need to keep up with the latest updates and news to avoid rug pulls and such like what happened to Terra and Celsius. I wonder how much information you'd have to process if you get deep into Forex trading ?

I was thinking the same too when the bear market started. Start against there for just at least $500, 1:100 leverage I think this is where you could earn at least $1 per pip. So even  if the market is going down you  could still earn. If I did, USD/EUR is probably where I will be to which positioning for USD to go up is very predictable because all currencies today are affected due to the crisis. I could also do the same with USD/YEN.

[mk4]

You're asking about trading but based on your main post and response you seem to be looking at investing. Which one is it?

But just to answer your question, like most things, something being a good or a bad way of making money will mostly depend on you rather than the method. Forex may or may not be for you — the same with starting a business, investing in smallcaps, etc.

[Wexnident]

Pretty sure the amount of information you'd have to gather and study would be the same whether it be crypto or forex trading. Wouldn't really bet on one being easier than the other as well, they're all difficult to do and enter with since you'd need a lot of time to study the market, might take years at the very least if you want to study it in depth, as well as a bit of luck to take advantage and profit off of the market. There'd be differences in some areas like the crypto being more volatile so possible profits are pretty big compared to Forex.