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Some people (traders) took trading as their only source of income, although they make profit frequently from trading but they are not investing into other asset, rather they are only spending the money on their present needs and maybe the profit some of those kinds of traders are making is not enough to let them invest into other assets that can give them a passive income.

My concern is that, during old age or dou to some certain health issues during old age, most traders might not be strong enough to look at the monitor any longer and be able to analyze that market and make predictions for their trades. At such situation, what source of income would the person depend on? Non! They wouldn't have any source of income to relay on and that's because they only took trading as the only source or income during their youthful age and they didn't invest on other source of passive income.

I know that there are some successful traders who are making a lot of profit from trading and the huge profit they made have allowed them to invest into other asset and has helped them have more than two source of income. So, this post/thread is not for such traders.

This topic is directly concerned to those traders that have intention of making trading their only source of income or trying to make trading their life time job. My suggestion is for you not to only relay on trading. Invest in other passive source of income and also in good assets so that when you can no longer be able to analyze the market, you can survive on your other investment.

Trading is never a do or die. Don't rush into trading just because it's what successful people are doing. Know your capabilities if you can be a potential trader or not. Instead, find good alternatives that you can still make substantial profits like investing or developing your own skill and make it as your source of income. That way, losses are manageable. You will only lose if you don't know what you are doing.

I do not think there should be that kind of trader or the trader is stupid. Traders do know some things, that not all days can be good, also that trading can really go bad for them at anytime. So they save a lot of money if they make money from trading. You will also see them diversify and buy properties.

I think that most of us has an ending game plan. If your main source is trading and you don't diversify into other things then your missing the whole point of what you do. I've known real life traders and they're not going to stay trading forever. They're making for as much as they can right now and gathering enough amount to venture into other things, investments, assets, businesses. And soon when they're already established, that's when they'll leave trading but I don't believe them. Because that's your beloved source that has been with you from all of this time and able to built your networth so, they will still trade but then very casual and not the typical day trader anymore. So, while we're strong, invest somewhere else, increase your cash flow and make more money in trading while you can because it's not always a good day there.

Before getting to this stage some phases of life would have definitely happened to them either they must have actually gotten a passive income investment or they actually didn’t have much to invest which could be as a result of catering for their own family. Getting to an age where they can’t use the phone or any other device to analyze again means they will have gotten their own family to actually take care of them because family is the only or the most important thing that stops a man from getting his own passive income. Other than that it is very rare to see such a person without both and struggling later without anything

Trading activity should be treated as just a side hustle as its outcome is not always on the positive side of things. I can understand if some traders are full time on this, however, I believe, some of them have other sources of income as their back-up. Even expert traders can't assure their profits all the time. In some instances, they will also suffer losses. Hence, should have contingencies when it comes to other financial needs.

I will also add that if you as a trader is feeling stuck, then take a break. How would the person know, consistent losses, in consistency in keeping up with trading due to some other of life's responsibilities. Contemplating taking out a loan to trade and all others. It is very okay to take a break, still be in the trading community while exploring other things. What is not okay, is the person pretending that they have their trading shit together when they don't and eventually having a mental break down.

So you are advising them to invest in other passive income? Most of the traders that I do follow aren't actually investing but participating on offers, promo, or airdrops from the exchange, like holding something and receive something coin or token as their reward from participating.

Can you recommend a passive source of income? As I am unsure of which cryptocurrency will provide risk-free passive income, do you know of any that have lower risks, such as staking USDT?

Even in the business world. You can rely on only one business as a source of income. Diversification on different forms of investment is key. The same applies to trading. When one depends on only trading for their source of income, they are bound to have their trading decisions affected due to pressure and emotions at times.

I, for one, do not support someone to depend on trading 100% unless if they have huge stacks of cash, properties or Bitcoins lying somewhere.

Except if you are a very experienced, professional trader, you can get profit from trading and you can have your main income from trading. Otherwise, trading is risk and majority of traders lose money with trading. In addition, if you get profit from trading very well and sustainable, it's better if you spend controlled and limited time for trading, and use most of your time for other things. So you can work for money, hang out for physical exercises when you are not trading.

Even you are a professional trader, you will still be able to do other jobs and get money, it means your income will not only come from trading.

Investment long term in Bitcoin is good and profitable. It is applicable for many people while trading is good only for very few people.

When only trading can be done and there is no other opportunity to invest in the platform or any other type of work.
So as long as you are still able to trade and are enough to make more profits, make good use of the opportunity to raise as much money as possible. And it also needs to be balanced with the expenses needed to survive.

But normally people who already have enough assets to trade will divert a little of their capital to build other businesses that can generate passive profits, so it will continue to grow.

I myself even divide my investment money for other types of investments on other platforms, ranging from investing in the real world in the form of property or a business buying and selling staples or even developing investments in automated trading (but this is very risky).

More investment and business built will give you the opportunity to earn better income in the long run.

Pretty sure they take that into account in the first place? At least I reckon people who delve into trading would at least know how to save up money for their retirement. For those that well, have one but don't really earn enough to make it a reality, they just do regular work, just like any other person out there.

And I reckon it'd be a pretty obvious reality anyway after some point if they can't earn enough money to support their lives through trading early on, which would lead to them looking for standard whitecollar/bluecollar jobs.

Only relying on one income and that can't guarantee a better life in old age is a mistake, if there are traders like that maybe we can say they are stupid traders, but I don't think there are traders like that they will move to another job or do a second job to get more income, I mean trading is a job that requires intelligence so traders must know how to have assets, even for some time they cannot increase their assets usually they will stop trading and look for other jobs.

Indeed, most of what I see is also like that, they will have other jobs or income. They do not only rely on one source, even though it is a business that can be said to be small, but they have it. I think this will go back to our respective mindsets and usually people who think that trading can make them financially healthy are beginners who don't know anything about trading. Actually, this could be true, but we have to realize whether we are that professional or not. because this is not easy at all, even someone who is professional sometimes experiences losses.
I always thought that I wanted to have a business to run other than investing or trading. After all, having multiple incomes would be better than having only one source of income.

Having a reliable source of income is essential in my opinion, besides trading itself.
That way, no matter what the market says, you are going to be fine.
But not everybody is able to do so, unfortunately. Or puts too much hope in the investing/trading part of his activities.

The perception of some people that thinks of trading as a lifelong job I think is wrong.

trading is for growing the capital and to add into our wealth, with that wealth we can go on starting a business or becoming an angel investor.

so far I've been having conversation with some great minded people who are an avid trader, they always say that they don't plan to trade for prolonged time, they want to be reaching the stage of financial freedom and also building passive source of income and retire from trading.

trading is really exhausting activity not suited for old people and I can understand that, I also have that kind of mindset even though I just invests occasionally and not really trading and will probably settle once I can achieve my dream of being financially independent and reaching the stage of financial freedom.

I strongly believe that any trader who falls into this category of Op's message is mortgaging the future because any experience trader doesn't need an angel to remind them that old age will surely set in where they won't have that vibrancy to actively trade anymore hence the need to have savings for that future even if he/she doesn't want to venture into other areas of income source but want to fully immerse himself in trading.

But the big question is how much will a trader be making from trades to be able to have so much sufficing to save for retirement. We all know not everyday we make profit, some days we lose, now how do one cope with having it all in just trading alone without throwing his net to other side hustling that could double his income source. Mehn! it's crazy to think I'll want to depend on trading alone with this unending inflation.

I agree with you. It's essential to have a stable source of income alongside the trading to not to fall off into what you describe.
Otherwise, it will end badly, in my opinion.

Well, I highly recommend for people who are dependent on one source of income, and they realize it. Instead, try to use the profits you have to create or develop your business, so that you are not dependent on one source of income. This is intended so that when something bad happens to your main source, you still have enough sources of income that you have built before. Well, this applies to people who have questions, what if we can't trade someday, or what if crypto can't be accessed or lost.

Trading should not be made the sole source of income specially because it is not a guaranteed money maker. A day job on the other hand will make sure you get your money in time as long as you are doing your work. It is also the reason why leaving your job for trading is a fatal decision to make.

My take is that there exists only a niche group of traders who make money regularly and it is foolish to try to become like them. It is better to do what allows you to make money and keep trading as a side hobby while your bigger option of gather bitcoin should be through long term stacking.

The adverse health effects of trading are not something to joke about.

Whatever we are doing for a living and is giving us good income means that we should invest that income into an investment that will give us passive income so that one can use it to safeguard his old age when he is not that strong enough to stress himself, whether you are trading or not.

Trading is very risky and there is no guarantee that you will continue making profits overtime and that is why a trader needs to invest his profits for the future either using his profit to continue buying bitcoin or divserfy into other investments so that you can be financially buoyant in future. When you fail to invest, you will suffer at old age and maybe die wrenched if no one is there to help you.

When you are young you only spend time trading in front of the monitor screen but do not think about your long-term plan. that is a mistake. when we are still productive people making money with our skills, then as much as possible collect many assets for us to enjoy in old age.
If we trade all day for a long time but spend money from the profits obtained, it is not a good choice. or there is something wrong with the financial management that is done.
The profit from trading must still be set aside for investment or planning to create a business. do not be obsessed with increasing trading capital too much. it may also generate greater profits, but there is still a greater risk.

You should never think about trading as your main source of income since each situation is unknown since market is unpredictable. Chance for losing is huge and to unfortunate if you face a huge challenges where you do wrong movement which cause to lose your money. Just treat it as side income since with this you can lessen up the pressure and you will never feels like you are chasing something.


Build a good plans that could save you up in future. Since its hard to live if we didn't have money to spend especially if we are old and weak. Right now what I see is to buy many properties as many as I can so that in future I can use it. Planning to have a rental properties business in future and I think this is more sustainable than any investment since we can earn passive income thru rental revenues each month from our assets.

It is also good to know that traders did not get their money from trading, there is other means they make money from but trading can help them earn more. Looking for money through only trading is like the person is digging his own pit to fall into. It is highly not advisable at all because trading is as risky as gambling, although it is different and has different approaches.

You really think like this? the reality most people are jump into trading because they're already old and have certain health issues that discourage them to work from 9-5. So, they don't have many options, trading is one of a way to make money without any barrier to entry.

If they have a lot money, they will not become a trader in the first place.

The reason why they become a trader because they want to flip their money faster.

That's a huge mistake. Tried that once and then I understood that you can't always make a profit, and sometimes you'll lose but when bills come, they don't care about your loss, so you can't make yourself on trading because, besides technical analysis, it requires luck. You shouldn't risk that. Maybe one month, or two months you'll succeed but years? There is no way unless you are a whale of course. If you aren't a whale, then you are a fish in the ocean and will be eaten by whales one day.

I won't quote your whole post but my message is clear, do not make trading your source of income. You have to work at the same time and the money that you use in trading should be something that you can afford to lose. Sometimes you can risk and trade with more than you can afford to lose but you have to be very clever about that. I prefer to trade 2-3 times a week and be sure that I catch a good moment instead of sitting every day at home doing daily trading, I have no control over whether I win or not and make myself very nervous and depressed.

I believe as you are now you have already set your targets on where to invest or what to do to keep your earnings coming and I wouldn't be surprised that you also have other businesses that are currently running for you just to secure your future right? Good, also I wouldn't be surprised as well if other traders has done something remarkable for themselves especially when advancing to their old age they have definitely set out plans for themselves to keep them earning if paradvanture they aren't able to trade they will entirely depends on that source of income to generate money for them.

There are people who invested in real estate, landed property or and other life investment in some company's holding some percentage of shares where they do received their dividends either every month or yearly so I wouldn't entirely judge other traders or anyone who is here because not everyone that could just opened up with their life plans or their intentions to what they want to do in their life.

Trading as a source of income can be difficult to stop or invest in other assets due to the high profit margins. However, if a trader loses money, they can use the funds from other assets to credit their account and continue trading. Some people have already used trading as a source of income since they get enormous profit every day, so it is very difficult for anyone who is creating huge profit to quit or invest in other assets, they will assume that since they are receiving better money on trading even they invest in other assets they won't still focus on it  because if they lose on trading they will used the other assets funds to credit there accounts to continue trading.

However, it is advisable to always have a backup plan. If you are making money, it is better to do something else so that you may profit on both sides. Some individuals prefer to earn daily income rather than invest for long periods of time, which can lead to a lack of time to study investment processes. That is why many people prefer trading since it is like gambling they gain money once if he favors them, and that is how people get engaged in trading and lose funds. because they need money fast and they don't care to know how is it.

Experience has taught me that it is dangerous to make trading the only source of income because there is no way emotions will not be engaged if this happens. Remember that the main source of problem for traders is the fear of losing. As soon as this fear overwhelm the trader, mistakes are set to abound. Having other means of income removes this fear and provides the confidence a trader need to make emotion-free decisions.

Anybody planning to make a career in trading, like making it a full time job, should endeavor to invest the proceeds from the days of active trading so that the investment can serve as retirement plan. The moment the confidence that there is money somewhere saved that can cover the needs of the trader, this will help in decision making and also eliminate the fear that traders often face, just like I explained before.

Put some longs on. Futures. leveraged and margin. ETN and ETF on top. And stocks. Trade someone else's bag.

Forgot LP position. When all that is on you can stop trading.

PS. I talk to "Mitchell" if I need more line. How I got it.

I don't know how anyone would be so confident to rely solely on trading without having an option B plan just incase profits don't come as expected and for the sake of old age. A friend of mine who is currently in his late 20s just opened an academy where he teaches young children in high school about trading and cryptocurrencies in general. This is a good start. If he is consistent, by the time he is old, he will not need to worry about not having a retirement plan.

I don't know how traders with no other source of income intend to do it, but it is better they start planning for the future now that they still can. It might be investing the profits they get in cryptocurrencies like Bitcoin or any other investment that will give them good and steady returns.

Plan B is your a product of the system and it's prime responsibility. Welfare.

It is a wrong choice if trading is the only lifetime passive income that can be relied on, especially if you know the risks in old age where it is no longer strong to stare at the monitor, then some people will never rely on trading as a source of income.

We know that trading is full of risks you will not for all time or every day, there must be times when you will experience heavy losses if you feel greedy.

But it's best if you diversify into several assets after you've made a profit in trading, this will be much better and save you in your old age than relying on trading alone.

We should know that trading isnt something that so very simple that you could really be able to obtain or achieve that you could be able to make it as your main source of income. The fact that majority of traders does really do their very best to achieve and this is something that they are really that trying out to achieve or acquire such skills. This wont really be taking up a short time and just few experience for you to be able to obtain such skills. This is why on the time or moment that they will really be able to make trading then its normal that we do thrive out on achieving this kind of condition. On the moment that you have acquired such skill then you could always have the chance on making profits since you do have that knowledge and skills. It would be only stopping  you on doing so if you cant literally be able to trade just because of some emergencies or whatever reason it might be, but just like been said that you could anytime opt to dive in and make money again.

Diversification is always been recommended on which thinking off with other income source and could potentially sustain you out will really be that everyone really target to achieve on.
It will really be just that depending on the actions that you are taking whether you have invested into other ventures or just solely focusing into a single point. It will really be always having that possible outcome
basing up on what you have done.

Trains is being viewed by many as a get rich quick scheme and that has deterred a lot of people from staying in trading for long and losing a lot of money in trading which discourages them and quit very quickly. Till date, there are few successful traders and that doesn’t mean they can’t be more. Impatience and getting that actual knowledge to boost your confidence in trading is what many traders lack. They leave early without even getting to know the technical aspect of trading which to me is the one of the factors that many traders don’t know and end losing and quitting. If there will come a time for you to chose between trading and something else, it is better not to start trading because without focus and putting it as another option superseding yours will make it hard for you to be a good trader.

You know, there are a lot of successful traders nowadays that have only become reliant into trading alone, and they’re actually living a good and comfortable life. So it can be a good source of income, but maybe for now. Because accept it or not, aside that the fact that trading won’t be profitable at all times, life itself is also uncertain and you can’t be focusing on one thing and expect that it will continuously provide your means of survival all the way.

You need to think for the long term, you need to think advance for your future, and for that, you need a stable source of income that will let you perform trading without much risk and tensions. And it will only happen if you become more open-minded and accept the reality that trading won’t be here providing for you until retirement age.

I think traders are people who are wise in managing the finances they get from trading results even though they actually only survive based on trading profits. We have to get passive income apart from trading, such as switching to a real work program considering that market prices are now starting to become abnormal.

starting from the beginning of this year until today, it is very chaotic, you don't always win in trading, but you have to survive even if there are losses. This idea is very suitable for people who have a lot of money and buy several coins in a portfolio to create their assets in the future with 100% profit from trading results. The important thing is not to rush and be wise in trading.

Previously I have discussed this in several topics that may now be closed that it is always recommended for a trader not to make trading activities the only place to earn income to meet all the needs and desires in his life, why? the reason is very clear that trading is a risky activity regardless of whether you are a trader who is already quite experienced, meaning the risk of loss will always be something that you will experience at any time, and what I can't imagine is what if we are in need of emergency funds for any expenses in our lives while on the other hand we are experiencing losses in trading, of course it will cause a lot of stress.

And maybe you have also heard some people here say that "don't put all your eggs in one basket", meaning dedicate yourself and your money to several other things that also have the potential to generate income such as having a job or personal business.

I agree with OP's opinion that when we reach old age then of course we will experience a decline in quality in ourselves such as the quality of thinking, vision, energy and others, and of course that can really affect our trading activities.

So the first suggestion is if you want to get involved in trading then you should also have another job, and I would also suggest that it is better to retire from trading when you are old, because it is too risky for your money and health, and the use of having other income outside of trading such as a business or personal business is to support your living expenses in old age.

I'll start by saying i don't think trading should be ones only source of income, but remember that you can also face mishaps in any job you are doing, you could be fired, retrenched and also relieved of your duties if you fall seriously ill. The reason why i think trading should not be your only source of income is because of the high risk in it, you can lose a lot of money at once and go long periods without profit, but if you are only talking about old age, remember that you cannot also work until you are old, there is an age for retirement too.

If you can't make a trade don't push it through because not all the time were prepared to make a trade it takes time before executing the grading it has a plan, strategy and analysis now if you will make a trade without it you it possible you will just have a risky trade instead your goal is to lessen the risk you will increase it more without proper execution. Again trading is open for everyone but it's not meant to be for all.

TBH, I'm leaning towards the fact that these traders did already saved some of their profits for their future. I mean not all of them will put all of their money into trading even though they know that it's profitable for them. I believe they know that this time will come for them and as early as now, they will save their profits into something that would help them earn money still despite of them can't trade anymore.

You said it already that as a responsible trader/investor, we should invest into something that can still give us passive income if we are old and the first thing that comes to my mind when it comes to passive income is dividend investing particularly investing into the Stock Market. We know that there are some companies out there that are giving out dividends on a yearly basis. That could help them earn passively even though they can't trade anymore. Another one is real estate through rental income or buy and sell of properties. This isn't a direct passive income because there will be some things that you need to do like maintenance of the houses, etc. but I think it's a good way to earn income still if you can't trade anymore.

That is definitely true for people who do not have enough, but if your capital is big enough then you could do more with it and you could live based on that too. Like someone who has a million dollars, could make 100-200k a year, wouldn't be that hard, and could spend 50k a year to live, that is of course for USA, for other nations you could live for much cheaper as well. Meaning that it depends on the capital.

If you have low capital then you shouldn't be a full time trader anyway, you need a job and an income that can cover for it. You could make it better for you if you ended up with a job that pays you well enough that you invest and spend for your life at the same time, allowing you save some aside for trading.

Well yes there are lots of traders who take trading as a full time job but I actually do not recommend that to people are are new to trading
Trading should be treated as a side hustle or a source of passive income and not a full time job
And I will also strongly recommend that if you do happen to be a very successful trader do well to invest in other businesses and don't focus solely on trading this because trading is very very unpredictable and can literally go against you in anytime
Well this is just my opinion I'm open to corrections

Even young people don't trade because they think it was boring. They spend most of their time in the monitor but that is because they are browsing the social media and play video games. They waste time on these things because they don't have a plan yet about their future. Why they will do that anyway when they are still young? Though it is also good to start early so that we can go a long way and have no regrets but there are also adults who regret that they didn't enjoy their life when they are still young because they it is hard now for them to do it due to their obligations/busy schedules. Each has their own pros and cons, so it is only up to us now if which we think is better for us.