A Forex Trader's view on Bitcoin

I’m a forex trader for almost a decade. It is a VOLATILE business that requires patience, composure and discipline rarely found. Bitcoin and its crypto buddies are x10 more volatile because it is a free flowing market without the controls that regular currencies (dollar, yen, euro, pound) have with their monetary policies.

So a free fall of bitcoin may not be stopped and an unrealistic climb will not be stopped by ANYTHING BUT THE MARKET FORCES. If someone buys a billion dollars of bitcoin, that currency will rally. This is what is happening over the past huge climbs, banks got into buying btc to get in on the action. When big players jump in, it moves the entire market.

This is the same thing that happens in the forex market. Big players (banks, goverments, .001 percenters) buy or sell big in a currency and this DRIVES THE MARKET for a very short period of time. That volatility is what makes a currency go up and down (along with dozens of other factors).

Just by your question, you most likely do NOT have the temperament or personality to weather the ups and downs that crypto currencies will experience, so I would suggest only investing the funds you can easily afford losing and treat it as a game. If you go big, you will HURT and it may affect your entire life.

When I started forex it consumed my days and nights. I won BIG and lost BIG. It consumed me. Ten years of lessons later… Now I trade little bits, treat it as a game and on the rare occasion that a really really reliable trade shows up, I will increase my trade by 10x and might make 100x on my money in a few hours, but still it is just a game and I never trade money I need to live on. Just the funds I would use to play in life. I never use margin or borrow to play. Those create too much fear and emotion to keep your mind clear and open to the fun of trading traditional currencies or crypto currencies