How crypto traders learn lessons from trading different asset classes

cointelegraph.com:

Cryptocurrency adoption continues to grow, especially more as of late, as the recent banking crisis has highlighted the challenges of the traditional financial system. Despite all the doom and gloom that came in the first quarter from the Fed’s inflation-fighting rate hike campaign, banking turmoil and growing concerns that the economy is headed for a recession, Bitcoin (BTC) has risen significantly, up to 80% year to date. Many traders seem to believe that the dollar will gradually lose some of its preferred reserve currency status, with crypto being one of the beneficiaries.

Newcomers may join the crypto market for various activities, such as staking, yield farming, play-to-earn gaming and more, but trading still plays a central role.

Despite the fact that digital assets are a relatively new asset class for private investors to trade and invest in, the crypto market is very similar to traditional trading in some key aspects.

Those who have previously traded other instruments, especially forex pairs, can easily transfer their skills and experience to crypto trading while taking into account the unique characteristics of this market.

In particular, because both markets are highly technical, liquid and volatile, strategies used to day trade forex can frequently be applied to crypto.

There are several aspects of forex trading that can be similarly applied to crypto trading:

Crypto traders can indeed learn a lot from traditional trading. A survey commissioned by regulated forex broker OANDA in November last year found that 64% of American crypto traders believe that previous trading experience in other assets gives them an advantage when trading crypto. When asked about specific assets, 37% of respondents said they had previously