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Reasons why you should NOT trade cryptocurrencies

Vali12
Dec 03 2018 at 09:39
2 posts
On my mind, cryptocurrency is a good chance for earn money only if person is a very expirienced, spent a lot of time observing it's lifecycle. So, if person is a beginner, it's better to start with something easier on demo account.

jayjoh
Dec 03 2018 at 12:33
5 posts
i agree. crypto's are highly volatile, newbie cannot handle it but it isn't easy to trade for an experienced person as well. predictions go wrong all the time. like i predicted that by the end of the year maybe the price will have some rise, but i was wrong. so i won't say you shouldn't trade but you should have a very wide risk margin.

vontogr (togr)
Dec 03 2018 at 12:35
4862 posts
jayjoh posted:
i agree. crypto's are highly volatile, newbie cannot handle it but it isn't easy to trade for an experienced person as well. predictions go wrong all the time. like i predicted that by the end of the year maybe the price will have some rise, but i was wrong. so i won't say you shouldn't trade but you should have a very wide risk margin.


There are more cryptos to trade than just BTCUSD
While BTCUSD is had dropped a lot there are other interesting pairs where you can still buy

Matt (BluePanther)
Dec 03 2018 at 13:22
1354 posts
togr posted:
jayjoh posted:
i agree. crypto's are highly volatile, newbie cannot handle it but it isn't easy to trade for an experienced person as well. predictions go wrong all the time. like i predicted that by the end of the year maybe the price will have some rise, but i was wrong. so i won't say you shouldn't trade but you should have a very wide risk margin.


There are more cryptos to trade than just BTCUSD
While BTCUSD is had dropped a lot there are other interesting pairs where you can still buy


@jayjoh:
1. The entire market has dropped more than 80%:
https://www.cnbc.com/2018/11/23/cryptocurrencies-have-shed-almost-700-billion-since-january-peak.html

2. 80% of new ICOs fail:
https://www.investopedia.com/news/80-icos-are-scams-report/

jamesgwyther
Dec 04 2018 at 07:33
289 posts
If people are comfortable trading it then there is no reason why they shouldn't.

Vali12
Dec 04 2018 at 09:33
2 posts
Guys, how do you think, what is the difference in dependencies of currency and cryptocurrence markets?

Matt (BluePanther)
Dec 04 2018 at 10:53
1354 posts
jamesgwyther posted:
If people are comfortable trading it then there is no reason why they shouldn't.


Of course. Trade it if you want to.

This thread is NOT A DISCUSSION.
This thread is simply a collection of negative reasons that traders should consider before they pursue crypto.

Matt (BluePanther)
Dec 04 2018 at 10:57
1354 posts
jamesgwyther posted:
If people are comfortable trading it then there is no reason why they shouldn't.


BluePanther posted:
This thread is in response to Leo23's discussion: 'Trading the cryptocurrencies Bitcoin,Etherium, Litecoin etc....'
https://www.myfxbook.com/community/general/trading-cryptocurrencies-bitcoinetherium-litecoin-etc/1513362,1

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):

https://protradingresearch.com/2017/12/14/one-bank-believes-it-found-the-identity-of-who-is-propping-up-the-bitcoin-market/

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.

Amancio
Dec 04 2018 at 10:58
10 posts
jamesgwyther posted:
If people are comfortable trading it then there is no reason why they shouldn't.


To right, Crypto is high risk and speculative. I people understand that then why not trade it. I have just bought $1000 in BTC, sure it may fall to zero but I can live with that. If price goes back up to $20000 then that is awesome. Worth the risk for me (but not necessarily for others)

Matt (BluePanther)
Dec 04 2018 at 12:31
1354 posts
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