Any verdict on this?
I don’t care about Bitcoin’s eco-friendliness at all. Why on earth should I care about it? Is crude eco-friendly enough? I really doubt about it, but crude feels good and it can’t drop because of somebody’s sudden pessimistic saying.
I have to admit that for the first time in my life I am on the gov’s side. This asset is not backed by anything real. It’s just an outcome of calculations. It grew simply because myriads of folks kept believing in it. I hope brokers like trade.com that offer many cryptos to trade know what they are doing.
The Chinese broke in and decided to give Bitcoin one more kick. They came up with a devastating clampdown on cryptos.
Yeah, I also heard that they forbid cryptocurrency transactions. But that’s not the end of the world. Trade. com offers many other worthy financial instruments to trade: currency pairs, metals, crude, and so on.
By the way, crude is tied to many currency pairs that makes trading them quite predictable. For example, USD/CAD, USD/NOK and others greatly depend on crude because Canada and Norway are crude exporters. Respectively, when crude goes up, it backes Canada’s and Norway’s national currencies and respectively the evergreen buck dives against them.
I have recently learned about this relationship between oil and those pairs you mentioned above. But I heard that USD/CAD is an extremely cunning pair and it’s not recommended to trade it.
Sure, there’s an argument that the USD isn’t backed by anything physical, but then others will say the US Gov’t or the economy of the US backs the dollar. Would you then back cryptos or bitcoin even, if transaction volume started to mirror the large credit card companies?
I think that it’s not cunnier than other pairs. I think that EUR/USD would be the most dangerous currency pair. I don’t see anything special in USD/CAD. It either drops or rises depending on how crude feels.
IMO even nowadays cryptos have got enough powerful and wealthy institutional players that will keep it afloat whatever happens.
Agreed. The institutional money is the difference this go around.
Any ideas on USD/CHF?
As a rule, USD/CHF and EUR/USD go in the opposite direction. Sometimes there may be exceptions.
I strongly advise you to trade USD/JPY if you like to open long trades. The Bank of Japan has been keeping its interest rate in the red for a long time. Moreover, Japan is an active exporter interested in a weak domestic currency. So, it’s much easier for the evergreen buck to grow against the Yen than against other currencies. In general, this pair is far more comfortable than USD/CAD. You will have a less stressful experience.
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The thing Bitcoin as well as other cryptos do make me more interested in the subject. I guess that I even should to pay even more attention to cryptos than to crude and other assets I currently trade.
You came up with this post at the right time. I’m also relishing a thought of trading cryptos here.
Have you ever tried trading cryptos?
and how long have you been working with them?
I’ve just started and registered a demo so far.
Yeah, I did it with the other broker. My experience was quite controversial. I remember that one week I kept closing trades in the green, while someday I lost nearly everything. Now I confess that my trading was quite chaotic and I acted mostly on my gut feeling. However, by the end of my trading there, some things became evident to me.
What do you mean?
I want to say that I discovered something that later I learned were price levels. I discovered that stuff intuitively. I noticed that the price rebounds or breaks through a certain boundary and the more I observed the price behavior the more apparent it was.
personally I trade with trade.com since this March. No regrets so far.
It’s a good thing when a person discovers essentials on his own rather than relying on somebody’s questionable wisdom in textbooks or articles. Such experience is far more valuable.
I’m currently trading Bitcoin in a range. I earned $217 in a week. I think that I was lucky because several times I was in a bad situations when market makers were hunting for stops. I could be their victim but they had some mercy for me-)