Hello FX Gears | Introduction

[abhi_kuch]

Hello Everyone,
I am Abhimanyu, 3 years into the markets. Still trying to make sense out of it and figuring new things out every day.
A systematic trader, trading in India, US and crypto - Options and Spot markets.
Learning about Forex markets, and discovered FXgears

I am here, to learn new things, or get additional confirmation / confidence on the old things which I hold close.
Make some new friends, in the similar journey. Help some people out who would have just started.

 

[LJ_Kon]

Hello, Abhimanyu,
Great to see new people joining us.
What inspired you to explore trading across various markets, such as India, the US, and now Forex?

 

[abhi_kuch]

A base thought-process that opportunities are everywhere, we have to be ready to grab them.
and building systems to trade is exactly that.

 

[LJ_Kon]

Do you consider cryptocurrency as an investment? I'm thinking about possibly investing a certain amount of money in crypto

 

[abhi_kuch]

I would like to answer this with a lot of nuance actually. will try my best
If you have a certain distrust in the existing system, then yes, it is an investment (nothing beyond bitcoin)
If you believe that you need to have some exposure to potentially big things that can happen in crypto world then yes it is an investment, (nothing beyond top 10 by market cap) & not above 3-5% of investible net-worth
If you think that its a play money, a zero-hero bet, then do try to participate in all the crazy things that happen there.
all above is if you are thinking of it as investment.
I hope this helps to get some clarity

 

[LJ_Kon]

What are the most common mistakes to avoid when investing in cryptocurrencies?
And what are the main trends to watch in the crypto industry in the near future?

 

[LJ_Kon]

+How to evaluate the risks of investing in Bitcoin compared to other cryptocurrencies?

 

[abhi_kuch]

If you're investing, stick to the big guns, Narratives come and go in crypto faster than we can get updated. Sticking to big guns helps us avoid this.
Risks are varied, check historical price movements of other coins vs bitcoin, you'll get an idea.
Put simply, when bitcoin falls by x percent(x being significant). All hell breaks loose everywhere else in crypto

 

[LJ_Kon]

If you're investing, stick to the big guns, Narratives come and go in crypto faster than we can get updated. Sticking to big guns helps us avoid this.
Risks are varied, check historical price movements of other coins vs bitcoin, you'll get an idea.
Put simply, when bitcoin falls by x percent(x being significant). All hell breaks loose everywhere else in crypto

I don't quite grasp what factors drive cryptocurrency fluctuations, such as the recent surge in bitcoin. Could you explain the main factors behind bitcoin's recent rise?