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Reasons why you should NOT trade cryptocurrencies

LemonFeather
May 25 2021 at 12:38
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Maybe there are good reasons to not trade Crypto but the fact is that the price has rocketed and people have made millions. I think crypto can be traded but only as a small % of your portfolio

yana hansen (78678676)
May 27 2021 at 07:33
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LemonFeather posted:
Maybe there are good reasons to not trade Crypto but the fact is that the price has rocketed and people have made millions. I think crypto can be traded but only as a small % of your portfolio

- Although I have lost half of the money that I put in Crypto, I am still hopeful that the prices will rise once again 😊.

milletplum
Jun 03 2021 at 09:28
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It is that mindset that prevents bitcoin from hitting the floor .. Please do not sell they just see it as a blip and soon they will be millionaires . For many bitcoin is like a lottery ticket

Karlos Fandango (Smith2525)
Jun 19 2021 at 23:24
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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.



How's that going for you these days?

Matt (BluePanther)
Jun 20 2021 at 11:46
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Matt (BluePanther)
Jul 07 2021 at 07:35
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Matt (BluePanther)
Jul 18 2021 at 07:01
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The Creator of Dogecoin Says He Now Believes That All Cryptocurrency Is Horrible (JULY 15, 2021)
https://futurism.com/creator-dogecoin-cryptocurrencies-horrible

karlaelliott
Jul 26 2021 at 11:25
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There are both pros and cons for trading cryptos. But like @LemonFeather said, there are chances for cryptos to gain more value as well. Whether or not to trade cryptos is up to every individual choice, but I personally think they have good growth prospects in the technology driven future.

Matt (BluePanther)
Jul 28 2021 at 02:23
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gwendolyncole
Jul 29 2021 at 11:37
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Here are a few reasons that can hold you back from investing in cryptocurrency.
• It is highly volatile
• It is an unregulated space
• Legal issues can pop up
• The market is prone to illegal activities
• Do not invest if you do not understand the market and its working procedure

CraigMcG2020
Sep 10 2021 at 07:04
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gwendolyncole posted:
Here are a few reasons that can hold you back from investing in cryptocurrency.
• It is highly volatile
• It is an unregulated space
• Legal issues can pop up
• The market is prone to illegal activities
• Do not invest if you do not understand the market and its working procedure


Completely agree with this. You need to know what you're doing and not go in half heartedly. You need to make sure you can afford what you risk and also you can stomach the volatility. 10% swings are very comment and that not might sound like a lot with a couple of hundred at stake but if you have a couple of thousand those swings hit a lot differently

alexfisenko
Sep 14 2021 at 08:29
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Karlos Fandango (Smith2525)
Sep 15 2021 at 00:03
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I prefer to focus on the positives rather than the negatives.

pathsofglory
Sep 17 2021 at 10:55
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Smith2525 posted:
I prefer to focus on the positives rather than the negatives.



If you do that then you will end up losing all your money. As good investor needs to look at positives AND negatives

marindateal
Sep 22 2021 at 07:50
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@Karlos Fandango spot on , and I believe there is plenty of scope in crypto and many people can make tons of money if they trade correctly in that market.

necolesilvers
Sep 23 2021 at 07:34
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CraigMcG2020 posted:
gwendolyncole posted:
Here are a few reasons that can hold you back from investing in cryptocurrency.
• It is highly volatile
• It is an unregulated space
• Legal issues can pop up
• The market is prone to illegal activities
• Do not invest if you do not understand the market and its working procedure


Completely agree with this. You need to know what you're doing and not go in half heartedly. You need to make sure you can afford what you risk and also you can stomach the volatility. 10% swings are very comment and that not might sound like a lot with a couple of hundred at stake but if you have a couple of thousand those swings hit a lot differently

I believe traders already are risk takers. When you are trading, you are not doing anything with 100% certainty. Confident traders are those who don't expose themselves to the risk they can’t afford to take.

owlkitten
Sep 23 2021 at 10:25
게시물9
necolesilvers posted:
CraigMcG2020 posted:
gwendolyncole posted:
Here are a few reasons that can hold you back from investing in cryptocurrency.
• It is highly volatile
• It is an unregulated space
• Legal issues can pop up
• The market is prone to illegal activities
• Do not invest if you do not understand the market and its working procedure


Completely agree with this. You need to know what you're doing and not go in half heartedly. You need to make sure you can afford what you risk and also you can stomach the volatility. 10% swings are very comment and that not might sound like a lot with a couple of hundred at stake but if you have a couple of thousand those swings hit a lot differently

I believe traders already are risk takers. When you are trading, you are not doing anything with 100% certainty. Confident traders are those who don't expose themselves to the risk they can’t afford to take.



There is risk in everything we do. The important thing is to understand and manage the risk. Nothing can be gained without risk

RobSchiz
Oct 04 2021 at 21:29
게시물567
CraigMcG2020 posted:
gwendolyncole posted:
Here are a few reasons that can hold you back from investing in cryptocurrency.
• It is highly volatile
• It is an unregulated space
• Legal issues can pop up
• The market is prone to illegal activities
• Do not invest if you do not understand the market and its working procedure


Completely agree with this. You need to know what you're doing and not go in half heartedly. You need to make sure you can afford what you risk and also you can stomach the volatility. 10% swings are very comment and that not might sound like a lot with a couple of hundred at stake but if you have a couple of thousand those swings hit a lot differently

Without proper knowledege, it will be very dangerous to trade in this market.

Tocage
Nov 12 2021 at 11:32
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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.

kroxobor
Dec 06 2021 at 07:11
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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.

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