[smcl]

I mean on some level if you're doing this kind of trading then yeah BTC/ETH/etc trading is similar to trading real currencies. I think the difference is that the real currencies have a well-known utility at the moment - they're a means of exchange for goods and services. If you're selling EUR to someone, the chances are they're using that EUR to pay for these in the eurozone. If you're buying USD, you're also likely to need that to buy USD-denominated things.

If you're a forex trader, you're trying to make money from people's need to use these currencies.

If you're doing that for crypto, you're doing that but for people who are just also buying and selling crypto - not actual goods or services.

[MrMan]

well if you extend the analogy between crypto coins and FX, a long-only strategy makes as little sense in crypto as FX. Why would I hold dollars or yen long-term, instead of investing in assets which are productive like equites or bonds.