As the title says, I'm a FOREX trader. I used to ONLY trade on FOREX. I have since diversified into cryptocurrency because FOREX was so stressful for me and I needed to have something that was a bit less news-job-report intensive to level it all out (I'm sure I'm not alone). You can't get away from charts and candles in crypto, but I feel like there are more long-term hold opportunities in the crypto space and I feel like longer-term investments are less stressful for me. The FOREX and crypto spaces are actually quite similar, so diversifying was fairly easy.
First, the reasons I diversified. The main one that frustrates me is I feel like the cards are stacked against me in ways I have no control over. Exchanges can sell information about customer buy and sell points to bigger fish than me. The whales have way more information about what the public is doing than I do. Next, trading firms have access to news much faster than me. They can process announcements in microseconds. And lastly, countries do crazy things with their currencies and I just wasn't great at interpreting all the signs (and I felt like many of the "pros" weren't either). I don't like my fortunes being tied to job reports and the decisions of a treasury secretary that doesn't take any input from me.
The above reasons pushed me to start trading longer term in FOREX. That's fine, there are plenty of long-term strategies that work. Most people will tell you that longer-term is safer, and so the shift didn't bug me that much. But over time, I felt like there were more currencies I was missing out on, so I started adding cryptocurrency into my portfolio.
For those of you that don't know much about cryptocurrency, it's basically a currency that is not controlled by any one person or government (or shouldn't be). It's money free from political corruption, free from bailouts, and free from big banks. It is also highly more volatile than FOREX. Gains and losses are measured in the 10% or 20% range per day. There's actually lots of money to be made day trading it, just like FOREX. But I chose to take a longer term approach for my peace of mind.
One of the things that I looked for when trading FOREX was to trade pairs where I could earn interest while holding it. Then when the pair appreciated, I could sell it for a gain plus the interest. Win win.
Right now, I feel like I found that in ADA (Cardano) crypto. ADA just opened staking (mining) capability last week, meaning that just by holding it you can earn 4.5%-5.5% on your coins (paid in coins, not in dollars). It's the most undervalued crypto in the market (in my opinion), and the fundamentals on it look really strong. It is doing everything I was hoping a FOREX pair would do and I think it's the best crypto investment right now, so I'm just filing it away as a 5-year investment. It's now 50% of my "overall" currency investments, including FOREX.
Anyway, that's my story. I wanted to share it in case any other FOREX traders had some of the same frustrations and stressors that I did. Cardano feels like the least stressful investment I've ever made. I even started my own mining pool with a number of other partners to earn more. If anyone wants instructions on what they have to do, I am more than happy to help you! Respond below or email us!
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Cheers,
Michael
Endeavor Stake Pools
Go ENDVR + ENDJA!