There’s a lot of buzz around cryptocurrencies, their super volatile and making millionaires in weeks not years. Bitcoin & co have also started hitting the mainstream, even banks are onboard. And even personally I was super skeptical I’ve now invested a lot of money for a long term hold in one crypto.
Personally I’m still skeptical apart from one crypto that I’m personally all in on.
It seems every passing month there are more and larger significant players in the market from the financial world.
What does this mean for the forex markets – How will currency exchanges change?
In this post I aim to tackle this question. If you haven’t yet signed up to the email list and received the free ebook, do that now and you’ll be notified when new posts go live! I hope you enjoy the post!
Will people move away from Forex?
Now I didn’t want this article to just be an introduction to Cryptocurrencies, there are thousands of those online many of which are a lot better than I could write.
Instead I wanted to relate this back to forex trading as that is what this blog and 80% of my business is about. Trading currencies.
Now there are some things to note. An important one is that CURRENTLY Cryptocurrencies can be traded normally as if they were their own currency.
Amateurs are throwing away a lot of money (in much the same way as they do in normal old school forex trading) with the lack of knowledge, rushing into trades without the correct education and essentially throwing money away and wasting a bunch of time in the process.
Do not be that person.
The type of people that are trading Cryptocurrencies are the moment are amateurs, they have very little knowledge about investing or even trading in general and are just following the hype. This is both and advantage and a pain to good traders.
The advantage is that where dumb money is, all you need to do is look in the opposite direction and you will usually be right. Don’t invest in something that has already risen 50% in 2 days, instead wait for a pullback, wait for people to get scared and start selling. It’s the basic foreign exchange rules just in highly volatile markets.
Cryptocurrency will do 1 thing to forex trading and that’s it.
We just sent you an email. Please click the link in the email to confirm your subscription!
OKSubscriptions powered by Strikingly