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U.S. Equities continue to get hit, Dow Jones now down more than 1,000 points

Be More Open Minded

Be More Open Minded

Paul Robinson, Strategist

My top mistake of 2021 could be labelled as more of an oversight, and one that is perhaps grounded in an irrational bias. While I’ve certainly became increasingly ‘hip’ to cryptocurrencies, I haven’t exactly embraced them as much as I probably should have. This has resulted in me leaving a fair amount of money on the table. My scepticism and resistance towards trading them more aggressively is mostly based on the lack of belief in the long-term viability of cryptocurrencies, but if the liquidity and price movement is there, should one really care as long as it is treated as a trading vehicle? Especially when cryptos, namely the big ones like BTC and ETH, adhere so well to technicals. And given I base most of my decisions off the charts it only makes sense to gravitate towards and not away from the most liquid cryptos. The strong adherence to technicals that cryptocurrencies demonstrate should come as no surprise given the emotional and volatile nature of the market. At any rate, my intention is far from becoming a full-on crypto trader, but if the set up fits the plan then I’ll treat them with more respect.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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