Reasons why you should NOT trade cryptocurrencies

Member Since May 21, 2020   18 posts
Nov 12, 2021 at 11:32
The main reason why people shouldn't enter cryptotrading is pretty simple. They will lose everything. If we speak about forex trading for example, then everything is intuitive clear there, you have to learn properly and practice a lot in order to make successful trades. However, if we speak about cryptotrading, then the crypto market can easily get you down even if you're a professional trading. Moreover, cryptocurrency is a very volatile and fluctuating asset, which get lots of energy from you , whether it's mental or physical one. So, I guess that if you aren't afraid of cryptos, then you're welcome.
Member Since Nov 23, 2021   34 posts
Dec 06, 2021 at 07:11
The only reason people shouldn’t trade cryptocurrencies is if they don’t understand the market or are not willing to learn about it. Crypto trading is profitable and it’s a worthy addition to your portfolio if you are looking to diversify it.
Member Since Jul 22, 2020   23 posts
Jan 27, 2022 at 20:47
I can’t agree with this. I think that any financial instrument deserves buying and it’s possible to earn decent money on it. You can do this if you are able to predict the market correctly.
However, a lack of experience is the only reason not to trade cryptos if you are a novice trader because cryptos are very volatile and therefore there’s a high probability of losing money trading cryptos if you are an inexperienced trader. Respectively, if you have some experience, you shouldn’t give up trading cryptos.
Member Since Jan 18, 2022   48 posts
Feb 02, 2022 at 08:01
Even though cryptocurrencies have challenged the traditional ways of earning profits, it still has a number of drawbacks like cryptocurrency can be a volatile investment and has scalability issues etc. Moreover, comprehending terms and analysing the crypto market can often turn to be really overwhelming for newbies. So, yes, trading cryptocurrencies is not a win-win battle.
Member Since Jan 25, 2010   1360 posts
Mar 19, 2022 at 01:32
Member Since Mar 17, 2022   47 posts
Mar 29, 2022 at 08:02
Crypto currency is considered the future by many, still many people have their reservations for this type of currency. It’s highly volatile and risky to trade. Hackers can hack and you may lose money at any point. It is not a regulated form of digital currency and the owner is unclaimed. Scams are around everywhere, so you may end up losing money.
Member Since Mar 30, 2022   6 posts
Mar 30, 2022 at 06:25
BluePanther posted:
This thread is in response to Leo23's discussion: 'Trading the cryptocurrencies Bitcoin,Etherium, Litecoin etc....',1

I am blocked and unable to post in his thread, but I would like to share some important information related to cryptocurrencies that all investors/traders should be made aware of prior to their foray into this new market.

My only questions are:
- Is this another case of Tulip-mania?
- Does Leo23 have a vested interest in garnering support for investment interest in cryptocurrencies?

Here is an important article I think the community should read to get a better understanding of recent growth in cryptocurrency demand (specifically BTC):

Sharing (information) is caring. 😎 Feel welcome to share your personal and professional opinion on cryptocurrencys, especially if Leo23 has blocked you from his thread. Please backup all opinions with evidence where possible. Unfounded opinions, posts contrary to generally-accepted social norms of respect, and posts in breach of myfxbook's Terms of Use are deemed inappropriate and may be reported.

Full disclosure: I have invested $0 in cryptocurrencies, and have 0 intention to do so any time soon. The phenomenal gains are the only reason it has caught my curiosity. I will continue to trade 'normal' forex only TYVM.
You were wrong about cryptocurrencies. It's been 5 years now, and it has remained as a profitable topic as it has been.
Member Since Jul 06, 2022   24 posts
Sep 01, 2022 at 19:30
Now that the crypto market is in decline, many traders are buying in the dip. But I am not sure for myself that this is the right decision. I believe that now it is important to hodl existing assets and wait for growth, since until you sell cheaper than you bought, you have not actually lost anything, and making new investments is now quite dangerous.
Member Since Jan 25, 2010   1360 posts
Sep 01, 2022 at 19:35
Member Since Jan 25, 2010   1360 posts
Jan 07, 2023 at 21:27
13:00 'I have never known a legitimate crypto project ever. All crypto is based on nothing.'
Sign In / Sign Up to comment
You must be connected to Myfxbook in order to leave a comment
*Commercial use and spam will not be tolerated, and may result in account termination.
Tip: Posting an image/youtube url will automatically embed it in your post!
Tip: Type the @ sign to auto complete a username participating in this discussion.