Can One Actually Do Crypto Trading As A Living?

[Sunrise360]

I've heard of many people talk about cryptocurrency and its potentials all the time and at a point I begin to wonder if one can just depend fully on cryptocurrency as a means of livelihood.

[Oshosondy]

NO, but it depends on how good the trader is, but most people that think like this do not know much about trading and they have more chance to fail in trading, the reason not to think this way, having other work that you are doing is wise and better.

I will not advice anyone that is trading to depend on it for a living, better to have other work that you are doing. But while having other work that you are doing and you are making profit from trading in a way your profit is significantly more than your loss, such people later can go for trading alone, but in a way they still have other things they are doing like their personal work, but leaving where they are employees.

I will not advice anyone to fully depend on trading, but trading choose some people, this are the kind of people that really make it from trading, but this kind of people diversify by having other businesses.

If I should choose yes or no, it is no. People should not depend only on trading for a living.

[Ben Barubal]

I've heard of many people talk about cryptocurrency and its potentials all the time and at a point I begin to wonder if one can just depend fully on cryptocurrency as a means of livelihood.

In real talk, if you are zero knowledge of cryptocurrency and you jump into crypto trading right away, I think it's like you're killing yourself suddenly or you jump right into a war with no weapons and no experience fighting a war battle.
If you're planning to enter the crypto trading industry to make it your job to survive in this generation, I think it's better to study and learn about Bitcoin and cryptocurrency first, because it's not a joke that you enter, because you can you will fail or fall if the method you do here is wrong, but if your method is right you can also change your life in the present.

[XZERO1]

I'd say 99% of people can't, even those YouTubers that have '''How I made X amount of money using this new strategy''' as their video title.

Truth is market trend is just too volatile for almost anyone to be able to consistently use a certain strategy and manage to get out of trades with profit, there are times that making money in the market is too easy like when it's bull market but that will end at some point and if you can not see the top and see it fast enough to exit your trades/investments you might end up losing a good chunk of profit that you made in bull market.

So trading is only a reliable source of making money until the trend changes and suddenly before you know it market behavior shifts and if you don't see that happening you're going to start losing money from then.

[bittraffic]

A lot of traders claimed to be. But I'm sure don't focus on crypto alone. When it's a bear market like we have right now, it's hard even if they are into leverage and futures trading, the market is just too unpredictable.

5% today and tomorrow the market may close to -10%, that's how they'd lose with just a piece of news from FED or due to messed up fork.

[goaldigger]

I've heard of many people talk about cryptocurrency and its potentials all the time and at a point I begin to wonder if one can just depend fully on cryptocurrency as a means of livelihood.

Yes, crypto is not about trading because there's a lot of ways in cryptomarket where you can actually earn more which I have so many friends who are full time in cryptocurrency activities, they do trading, bounty and even managing a social account and they will get paid by that. You can only achieve this level once you already have good knowledge about cryptocurrency and same thing with trading, experience and trading is the key so if you are a newbie don't rush yourself to do full time, have some experience first and soon if you are already good enough, you can do full time in crypto, this will also depend on your dedication.

[Yawa2020]

First of all, how experienced are you? Despite the level of your experience, Crypto trading can actually not sustain one as means of livelihood due to market fluctuations. To some, they see crypto as an investment and not a means of living. If you rely on crypto for daily survival, then I'm sorry to say hunger will teach you a lesson during unfavorable market condition. Look for another alternative aside trading.

[Sweetbtc]

No, a person should not depend just on trading, and it is not a good idea. Always do trading as a side business. You can give more time to trading if you are a good trader and your win rate is good.

[mindrust]

I've heard of many people talk about cryptocurrency and its potentials all the time and at a point I begin to wonder if one can just depend fully on cryptocurrency as a means of livelihood.

Depends.

... on the trader.

People make a living out of lots of things. Some people are very successful gamblers and make a living out of it. You'll find lots of people here telling you that it is impossible to make a living out of gambling but there are indeed people who do that successfully.

If you do the right trades... why not?

All you need to do is finding them right trades.

[Asiska02]

Given how volatile the market may be, I don't think this can be a full or dependable source of sustenance. You cannot make an investment in cryptocurrency and expecting a 100% return or predicting how it will turn out in the long run. It is possible to view cryptocurrency as a side business rather than a full-time job. However, this depends on your decision and your ability to control your emotions when the market doesn't work in your favor. Because of high hopes after investing in cryptocurrencies, most people commit suicide when they lose their bitcoin investments. Spending only what you can afford to lose is always advised. Your emotional state and level of mental readiness will determine whether you should pursue cryptocurrencies as a full  or part-time job.

[Jawhead999]

Yes it do, but the question is how good you're in trading?

I have a friend who like to trade shitcoins, usually he pick around 20-50 projects and hope either 1-3 projects will going to the moon. Because if at least 3 projects is successful, it can cover all the capital he use to spend to 20-50 projects, so if there's another one project become successful, he can earn profit. But it doesn't mean his journey is always smooth, there's few months he suffered a debt since the dump market make the whole coins can't pump.

[Beparanf]

As many user already pointed out. Market volatility makes crypto trading almost a gambling which means you can’t get a consistent trading result unless you have an insider trading info because the market can be easily manipulated by news or fud in social media that usually invalidate all the TA for that particular time. You can’t make a consistent profit on this kind of market no matter how good you are on trading because the risk involved is too high with just a one huge price swing against your position even if you are just using spot trading.

[palle11]

Trading of cryptocurrency or any kind of online trading involving crypto or fiat should be seen as a way of diversification and not a source of direct income or only income. Although the truth is that with trading you can make a bigger profit from your paid job but at what time to get lucky for that or to have such profit can't be determined by the trader. So with such, a paid job is better to concentrate on because it is steady and you can plan your finance and family with an income that is stable and guarantee than what you can't determine like cryptocurrency trading. The returns from a good trader is higher than paid job only if you are willing for the risk against when you are having losses.

[DanWalker]

Its potential is there, the reality of the market is more and more participants, but the number of people who make a profit here is only a few, most of them are more losses than profits.

Crypto trading is like any other business, there will be winners and losers, there will be people who find it appropriate, and those who find it inappropriate.

I've been into crypto for a while but since I'm not a very good trader I don't tend to trade often, I mostly pick a good coin and hold it for a long time.

[Mauser]

I've heard of many people talk about cryptocurrency and its potentials all the time and at a point I begin to wonder if one can just depend fully on cryptocurrency as a means of livelihood.

It depends on tour experiences in the past and how much capital you have at hand. In case you traded cryptos for a few years, maybe even stocks before that and you made good returns than I would say give it a try. It's very important to know what you get yourself into and if you are able to sustain such a lifestyle. You need to have a decent bankroll to start with, because otherwise your return expectations are unrealistic and you will take too much risk to chance returns. Let's say your yearly fix cost for food, rent and other bills are 10,000 USD. Then you would need to make 20% of 50k USD or 10% of 100,000 USD returns each year before breaking even. Without a decent starting capital it's not realistic in my opinion. Maybe give it a try first to start off part time and rely atleast partially on a second job.

[Nrcewker]

I've heard of many people talk about cryptocurrency and its potentials all the time and at a point I begin to wonder if one can just depend fully on cryptocurrency as a means of livelihood.

Listen brother trading is not a fixed source of income to be honest. I mean the amount that you will get while doing trading is uncertain. It doesn’t depend what type of trading you do, but yes the income that you gonna generate will vary each day or week.
If you can really survive on a uncertain amount, then yes you can completely rely on trading and will definitely survive from the money you make on trading.
But on a safer side, you can do anything part time to get a fixed amount per month.

[ethereumhunter]

I've heard of many people talk about cryptocurrency and its potentials all the time and at a point I begin to wonder if one can just depend fully on cryptocurrency as a means of livelihood.

The answer is yes, they can depend entirely on cryptocurrencies for income and make ends meet through the money they earn from cryptocurrencies. But it won't be easy because they have to stay focused on trying to earn more money. Cryptocurrencies offer many ways for people to make money, one of which is by trading and this is not as easy as one might think. We must have the ability to trade so that we can make a decent profit every day and every month. I'm sure many of us have made a lot of money from cryptocurrencies and that opportunity is still open as long as we are willing to put in the effort.

[NdaMk]

Yes it do, but the question is how good you're in trading?

I have a friend who like to trade shitcoins, usually he pick around 20-50 projects and hope either 1-3 projects will going to the moon. Because if at least 3 projects is successful, it can cover all the capital he use to spend to 20-50 projects, so if there's another one project become successful, he can earn profit. But it doesn't mean his journey is always smooth, there's few months he suffered a debt since the dump market make the whole coins can't pump.

Now this is why I actually don't consider it as a sole means of livelihood because what happens when one run into debts or when the market is in bear period and one has emergency. I still suggest a work with steady wage/salary to cover up emergency bills

[uchegod-21]

Yes, one can earn livelihood only in trading. Many people I know are doing it and have been doing it. But it depends on the level you are trading. You cannot be trading with a few hundred dollars and want to make livelihood from it. You should have enough capital and understand very well how to trade. I mean be a pro in trading, you can make a living from it. If you understand the risk, remove greed and have good financial management you can do it and be successful. Anybody can earning living from anything, it depends on your level of commitment and determination.

[gabbie2010]

As many user already pointed out. Market volatility makes crypto trading almost a gambling which means you can’t get a consistent trading result unless you have an insider trading info because the market can be easily manipulated by news or fud in social media that usually invalidate all the TA for that particular time. You can’t make a consistent profit on this kind of market no matter how good you are on trading because the risk involved is too high with just a one huge price swing against your position even if you are just using spot trading.

Honestly to achieve success and become profitable in trading, such a trader must be well grounded in TA and fundamental analysis, for instance I was in a crypto trade on Friday which was already in profit, I wasn't aware that there will be a big news "Fed Chair Powell Speaks" at the exact hour he spoke almost 99% of crypto/USDT pairs reverses and dumped massively with high volatility, another obstacle hindering crypto traders is price manipulations, thus it's a lot of efforts, knowledge and skills to be profitable in crypto trading as well as depend on it for a living, personally I prefer forex trading whose volatility is moderate except during a RED news announcement that always increases price volatility.