Re: What is the difference between crypto trading and traditional stock trading
I'm a newbie in trading. I read books by John Schwager, Alexander Elder, John Bollinger about technical analysis and psychology in trading and I began to doubt that all this was suitable for the modern cryptocurrency market. How is crypto trading similar to stock and Forex trading? What are its similarities and differences?
I would like to thank everyone in advance for their replies, I appreciate it!
Because the crypto market is volatile, sometimes things don't go as expected, but Bitcoin traders who have done long-term market analysis understand the reality of this book. I know a trader who trades Bitcoin and his analysis seems successful to me, because he was able to correctly identify the last two bottoms as well. But he was a forex trader before he got into bitcoin trading, he is getting great results by using his forex market experience in the crypto market. I would like to thank everyone in advance for their replies, I appreciate it!
A trader has to do a lot of hard work to be successful, there are no short cuts and those who find short cuts get out of the market quickly. If you can do good technical analysis of the market then you will get good results in any market. So, to be a good trader, you need to acquire enough knowledge about the technical, fundamental and psychological conditions of the market, so that you can stay in the market for a long time.