I've been in the crypto game for a bit, but things are wild lately. BTC just hit a crazy price, so I'm planning to branch out and try FX. Found a platform that makes it super easy to trade. Just checking out the XAUUSD chart right now, think that’ll be my first move here.
Tips for Those New to FX Trading
21 replies 83 views
Definitely avoid trading with use. Seriously, don't do it unless you've got a solid strategy and a high Sharpe ratio. Most people just end up getting liquidated.
Right? And it’s not just use. Be cautious about your broker. If you get stuck with a shady one, they’ll just hype up terrible pairings, and it's a recipe for losses. A lot of newbies fall for that.
RogueWhaleNewbie
Posts: 29 · Reputation: 15
#4May 21, 2021, 03:42 AM
The classic advice here is to only risk money you can afford to lose. Trading can be brutal. Even experienced folks sometimes hit a wall. Stick to what you can lose!
nick.orbitFull Member
Posts: 88 · Reputation: 446
#5May 21, 2021, 08:32 AM
Trading's risky, no doubt. You really should work on risk management and have strict discipline. Keeping a journal helps a ton record your wins and fails to see where you messed up.
@OP, great that you’re diversifying. Just remember, using large lot sizes in FX like you might in crypto can backfire. Keep it small at first.
True! And it’s cool that trading FX is more common on crypto exchanges now. I'm also in XAUUSDT futures and stick to my strategy. If you're already DCA-ing BTC, just do the same with gold. Keep use low.
Yeah, avoid the whole ‘get rich quick’ mindset. There’s got to be a catch. Focus on pips instead of chasing easy money.
Right, a lot of exchanges are merging crypto with Forex now. Just know that the analysis isn’t much different, but volatility might throw you off.
What’s a lot size even? I’m still trying to wrap my head around that. What’s the smallest you can go?
wallet_oracleMember
Posts: 89 · Reputation: 170
#11May 24, 2021, 04:04 AM
If you're new, stick to safer trades for now. use and forex can be super risky. Don't let promo offers trick you into high-risk trades. They just want your fees.
FX trading is definitely not the same as crypto. XAUUSD can swing wildly at times. Be aware of how use works differently too.
Curious about your plans with tradeFi? Are you jumping into spot, futures, or derivatives? Maybe practice on a demo account first before going live.
Forex is trickier than it seems. It’s heavily influenced by gov actions. High use can catch you off guard if you’re not careful.
lynx_5hardMember
Posts: 32 · Reputation: 149
#15May 24, 2021, 03:51 PM
The markets look alike, but trust me, once you're in FX, you’ll see some big differences. Always be cautious. Understand the specific risks around lot sizes.
kevinorbitMember
Posts: 9 · Reputation: 243
#16May 27, 2021, 03:11 AM
Manipulation can happen anywhere; don’t kid yourself thinking FX is more stable than crypto. Sure, it’s regulated but still risky, especially with use.
Brokers have their tricks too. I’ve had friends get stopped out unjustly. The market is flooded with brokers, but only a handful are legit.
SilentBearFull Member
Posts: 29 · Reputation: 453
#18May 27, 2021, 11:32 AM
@OP, since you're using Bitget, there might not be a need for external brokers. Everything’s done within their platform, which is a plus.
Agreed. The wrong broker is a nightmare, even worse than high use. My experience with InstaForex was...meh. Stick with a reliable one!
Smallest lot is usually 0.01, which affects your risk level. Bigger lots can mean bigger wins but also bigger losses. You can check out tutorials to get the hang of it.