Quote from: Stepstowealth on July 17, 2024, 10:22:51 PM

Quote from: Obi-Ejike Banito on July 17, 2024, 03:16:05 PM

I would want to understand fully the differences in trading bitcoin and doing forex and if they are similarities.

Trading bitcoin falls under trading cryptocurrency, and it is similar and different at the same time from Forex. In terms of profits, the both of them are profitable depending on how well you understand them, one is only a preference to the other depending on your understanding of it. Cryptocurrency trading is more volatile than trading forex, you can make a big profit, and also loose all you have in just a few minutes, and in crypto trading, someone can trade at any time of the day and any day of the week. Someone who has traded Forex well and understands it can easily decide to switch to crypto trading, they will just need some minor adjustments to their knowledge.

I believe the right question OP should ask is the difference between cryptocurrency trading and forex trading. Such a question should probably arise in the trading discussion board, but for the fact that op is a newbie, we could consider the question here as well.

Talking about the difference between cryptocurrency trading and forex trading, I would say that they are similar but I prefer cryptocurrency trading (especially spot trading). In this type of trading, even if you make mistakes and run in losses, you could wait for some time and return again in profit. Even if you don't return to profit, you can recover some portion of your capital. But this cannot be said about forex trading, because in forex, if the market goes against you it has gone against you for life. That's the reason I prefer crypto trading to forex trading.