I opened a Silver account with this broker and started trading oil. I intended to do that for a long time. Although I initially wanted to trade oil solely, I also checked currency pairs, in particular, EUR/USD and USD/JPY. As a result, I was persuaded that my choice of crude was right. It feels like it’s more convenient to trade gold than currency pairs. What’s more, it’s even more profitable.
Initially, I deposited $400 and manavged to add 20%+ in five days. As I told above, for this period I traded not only crude but also some currency pairs, but the bulk of that gain was brought by oil. I’m quite optimistic about my further trading with this broker.
Currency trading is all about monitoring news. I think that commodities are less dependent on news. To be exact, when trading commodities, you need to view less economic statistics.
I think that this dependence on news is just an individual perception, a distinctive feature of your psychology. You may trade currencies paying no attention to news at all.
I can’t agree with this. I decided to stick with oil because I don’t want to get buried under a pile of news. Gold has been being used as a measure of value since the dawn of humanity that can’t be said about printed money.
Guys, I hope you will be so kind to answer several extra questions. Is there a huge difference between Webtrader and Metatrader? I’m more likely to open a Metrader 4 account.
It’s all about your goals in trading. If you decide to trade currency pairs only, it makes sense to choose Metatrader 4. In this case, you can trade more currency pairs, including crosses. With Webtrader, you can trade major currency pairs only. On the other hand, it’s so easy to get lost in so many currency pairs. For beginners, it’s recommended to focus on 1-3 assets and no more because it would be much easier to focus on them. I trade crude and it suits me. However, I don’t exclude the possibility of opening one more account, in particular, a Webtrader account. Why do I want to open a Webtrader account? I’m also curious about cryptocurrency, but digital coins are available on the Webtrader account.
The choice of cryptos here is not the largest in the industry but I think it can suit an average trader. The only downside here is a very low leverage - 1:2.
I think you just overlooked that tremendous growth of Bitcoin as well as other cryptos that started in the summer of the previous year.
Yeah, to my great regret, I overlooked that stuff. I simply believed that Bitcoin wouldn’t be able to get out of that long-lasting dive it demonstrated in 2019 until the summer of 2020. I’m more interested in crude, but I don’t want to lose crypto opportunities any more. I hope I will manage to catch up. I heard that many business sharks invested a lot in Bitcoin and other digital coins. It gives a definite hint that cryptos are going to ascend even higher. No matter how much they drop before doing that. They already grew a lot but cryptos can surprise us more. Moreover, I heard about $100k as a probable price of Bitcoin in the near future.
On one hand, I also want to try cryptos, but I’m afraid of buying too early, before the retracement ends.
I think there will be more impressive highs. Don’t forget about the last halving. Halvings greatly influence the price of Bitcoin.
Thanks, guys. Most probably, I will open a Webtrader Silver account to trade major currency pairs and cryptos. I’m going to initially invest $350.
This goddamn Bitcoin has turned out to be another market bubble. At least the recent tumble of this coin to lower than $29 shocked me. It’s a good thing that I wasn’t holding a long trade on this coin. Otherwise, I would have lost A LOT.
I personally can’t stand too volatile assets. I remember that at first I was very interested in Bitcoin. It was when it first tumbled to $2,5k. At that time, I thought that it was too speculative. But since I had never tried very speculative financial instruments, I decided to trade BTC. Well, it was great fun for some time, but then it started its crazy ups and downs. I should say that I can’t stand a flat market. I don’t know what to do in such a situation and Bitcoin’s flat can be very cunning. I don’t know how I gathered up my patience and closed that damn stuff at $10K. Of course, I ended up in the green area, but it ate up a great deal of my nerves. Of course, I regret that I didn’t buy it again to sell at $60k, but life is life. Sometimes we overlook things.
1 Like
I don’t know what to say. Not so long ago people told that big investors pumped a lot in Bitcoin and it would skyrocket to $100k. Now after the recent dive, I’m puzzled, to put it mildly.
I can recall that someday I felt like joining a new broker. I don’t remember the name of that company but I didn’t like that their customer support manager started to make me sign up to solely invest in Bitcoin. As you told, he told me that all major investors had bought Bitcoin and it should keep growing to heaven. But I dislike aggressive marketing and immediately lost desire to sign up with that broker.
Everything is possible. Maybe it will resume growing or maybe not. But I don’t like that an asset is extremely vulnerable to what one person may say even if he’s very well-known.
You mean Musk, right? That’s so crazy that one man can drop the crypto market with a huge capitalization.
Lots of things happened in the recent weeks that could explain the crash
-
USDT Tether, the world’s largest stablecoin, explained how it manages trader reserves (and most people didn’t like the answer), potentially impacting risk management policies at hedge funds and institutions holding USDT as part of their portfolios. With the underlying assets backing USDT being MORE risky than expected, it’s thought that these companies had to sell off huge portions of their portfolios to rebalance their risk profile.
-
The DOJ/IRS began investigating Binance, the world’s largest crypto exchange this month
-
China cautioned that it was banning crypto mining in certain parts of China, with Chinese miners making up the largest majority of bitcoin mining operations in the world. Along with this, certain regions in China started making it illegal for financial services businesses and payment companies to work with cyrpto mining operators. China has already banned ICOs and currency exchanges.
-
Elon Musk made statements that Tesla would stop accepting bitcoin for car purchases. Not a big deal in the sense of buying a car, but more a negative impact on the idea of bitcoin directly, especially coming from someone with obvious technical skill and the ability to move financial markets
And all of this was happing in the maybe two weeks leading up to the crash.
1 Like
Thanks for bringing more light on the issue! Yeap, that all makes sense being put alltogether.
I remember that Musk mentioned smth about Bitcoin being not eco-friendly enough, which is why the public opinion got shaken so much. Sensitive topic. Has nothing to do with the buying power of BTC.
Now, none of that could be impacting crytpo prices. The conspiracy theorist say it’s a market selloff created/caused by whales and institutions to drive price down to they can get in at huge discounts before the next bull run.
Even others say the FUD is create by governments, as they scared about the impact that crypto/bitcoin/altcoins/defi has on central banks and traditional finance.
1 Like