Can you use the same trading know-how for both forex and cryptocurrency?

[Shaf]

I once listened to a very long argument between some people on trading cryptocurrency and forex. A lot of points were discussed including which one was easier, which one was more profitable and many more.

One particular argument that no one seemed to agree on was if knowledge and strategies used in forex trading can be transferred successfully to crypto trading and vice versa.

To me, it's quite simple as they are both somewhat similar but still unique. Both are traded using charts and by the same groups of people, so it should be easy enough if one keeps in mind the slight differences and uses strategies that will account for such, like the higher volatility of cryptocurrency.

What's your take on this though? Do you think it's possible to transfer strategies between the two asset classes, forex and cryptocurrency and still succeed?

 

[eldavis]

Well I have never traded the crypto market before so I can't say for sure, but I believe it's possible to actually make use of the knowledge you have in forex trading for crypto trading.

 

[Bookwormlux]

The obvious fact here is that no knowledge is a waste , and a knowledge gained from a particular field can be applied to another one to get better results , if you know what you are doing . The fact is that both forex trading and cryptocurrency trading are all very risky ventures that require want to do due diligence research before ever getting to involved in it .
Anyone who is successful with forex trading will find cryptocurrencies trading to be very easy too , because they all come with similar degree of risk and their pattern of trading is also very similar .

As a matter of fact, I have seen a lot of forex traders who are equally into cryptocurrencies trading and they are doing very good at it without having to lose out money easily .

The experience from forex trading goes a long way in sharpening your thinking and making you to know when and how to take risks, and understand how market situations tend to influence the price of any assets you are thinking of buying .

It is just best that anyone should acquire the knowledge in both forex trading and the cryptocurrency trading to get maximum results .