Before You Go All In

[LogitechMouse]

Many traders desire to begin their trading careers by becoming experts in the charts, as well as in strategies and other related topics. The problem is that this approach fails the majority of the time. So, I firmly advise that you have some form of reliable revenue flowing in before you begin your trading career, regardless of the method. A skill, a job, or a career, perhaps. It will be quite difficult for you to concentrate and actually advance in this trading adventure if you don't have that, which is why.  You need to anticipate that your emotional stability will be tested.
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I almost did this back when I saw that I'm profitable into trading a few years ago. It also come to a point where the profit that I'm gaining in trading is way more than my monthly salary on my current job at that time. I've been consistent in trading at that time, and I don't get much losses, and most of the time I'm winning. I'm trading futures at that time BTW.

They suddenly, Bitcoin went down massively, and I entered in a wrong position. To cut the story short, I got liquidated at that time, but the good thing is that, I already withdrew most of my profits at that time, so I only lost a little, but that liquidation that I got served as a lesson for me. It says that whenever you are winning consecutive times, there will still be a time where you will get liquidated because of entering at a wrong position. I didn't put a stop loss at that time which is my mistake too because I didn't expect for Bitcoin to go down massively at that time.

Overall, you can still do your job, but at the same time, trade. You aren't looking at the charts 24/7, and having multiple sources of income is always a good thing. Don't quit to your current job and focus on trading, because you will not know when you will lose your capital because of wrong entries. Like OP said, get a reliable and stable source of income, and then try to do trading, and after that, do it both at the same time.

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[SOKO-DEKE]

Just like you have written, trading requires us to have other sources of income for us to relax and trade without having high blood pressure. If we trade having other sources of income, we are not going to be affected by small loses or bad day that might influence out trading lifestyle. A lot of traders had been having a day trade because they solely depends on  trading as source of income which is nit supposed to be so. This will have a lots of effect on us and if not been too careful we might keep losing and entering into the market with fears.

It is always recommended that we should diversify our sources of income so that we are not completely dependent on trading as our sole source of income because it may not be going the way we may be thinking because trading have bad days because it Volatility, we can profits as same time we can lose because we are just doing predictions.so that If something were to happen to the trading industry, you would not be adversely affected much.

And keep in mind that even if you earning money from various sources, you should only trade with money you can afford to lose.Despite the fact that you may  have a different sources of income, you should never trade with money that you cannot afford to lose in order to make enormous gains. Because of how strongly this reminds me of one of my friends, who always using huge amount of money to trade in other he can be making big big profits always but at last that really affected him because it loses much in trading because it uses much money it was making in others sources to trade, infact  he even toke loans.

[iv4n]

Before you go all in stop and think about it for a second. Many times I didn't take that second for thinking and I recklessly throw some money (small or big amount). I agree with OP, we usually try to make some quick profit, but all-in is a desperate move and will end up badly in most cases.

... trading is a very competitive market and the volatility is so high that if you do not find some sort of a balance , it will eat you up.

And we really have a very competitive market and very high volatility, and it is not easy for everyone to find a balance and be profitable... in the short or long run! It's risky, but if we don't dare to try and take some risks we can't know the outcome. I guess nobody has a 100% win rate, we all make mistakes and bad moves, and we need to learn from them and it is how we grow and get better in whatever we are doing.

[Nrcewker]

This is why I urge that before starting your trading journey, you need to have a hustle that pays you, get a job, or learn a skill. Begin anything that generates income so that you can devote a portion of it to your trading experience. And many of us have made a lot of mistakes along the way, and this is the antidote to that.

Before making trading as full time, make it part-time first. Don’t use trading as your only source of income, rather use trading to earn some extra income. Trading isn’t easy and guaranteed money, so if you have a family to care of, then you should find a steady job at first. Then with the earnings, invest a small portion of it in trading. If your luck and skills favours you and you make big money in trading, then only take trading seriously and invest big. As OP have mentioned more crucial points, those are truly needs to be followed when someone starting his trading journey. Don’t just trade blindly without any prior knowledge.

[Jody.Drummer]

This is why I urge that before starting your trading journey, you need to have a hustle that pays you, get a job, or learn a skill. Begin anything that generates income so that you can devote a portion of it to your trading experience. And many of us have made a lot of mistakes along the way, and this is the antidote to that.

Before making trading as full time, make it part-time first. Don’t use trading as your only source of income, rather use trading to earn some extra income. Trading isn’t easy and guaranteed money, so if you have a family to care of, then you should find a steady job at first. Then with the earnings, invest a small portion of it in trading. If your luck and skills favours you and you make big money in trading, then only take trading seriously and invest big. As OP have mentioned more crucial points, those are truly needs to be followed when someone starting his trading journey. Don’t just trade blindly without any prior knowledge.

True, we can't rely on just trading, because I prefer to make it as additional income from my job. That way we are not burdened to always have to benefit from trading. Because if we rely on this as our only source of income, it will make us unable to control our ambitions. Meanwhile, in trading, trading with big ambitions can destroy us. Maybe for a professional trader it won't be a big problem, because they already understand the ins and outs of the market. But for novice traders it will be a risk that is 2 times bigger, besides they don't know everything about trading, they will also get carried away without the experience they have.

[jaberwock]

It's often our mistake when we go start learning to trade. We are excited and hopeful to make money not knowing completely how the market works.
But that also means those guys who go trading without much experience are the bold ones. And Fortune favors them right when they learn 

I'm sure the majority who did trading without income flow learned well from past experience. But if they learned from reading advice threads like this, they may be saved from unfortunate events.

They think their knowledge is already enough to start trading and make money but if they found out that they are only losing, I think they will also stop and go back on the learning process again even though losing is also a part of learning. If there are excited people, they won't bother learning even the basics but they will jump in immediately in doing live trades.

This is the one that is wrong and not the first that I said earlier. They might be bold to you but I am not really impressed with it. Before we start trading, we must have income flow or sources of money because we may not earn in our earlier tries and even we master it, there are still times that it's hard to make a profit in trading.

[justdimin]

It is always recommended that we should diversify our sources of income so that we are not completely dependent on trading as our sole source of income because it may not be going the way we may be thinking because trading have bad days because it Volatility, we can profits as same time we can lose because we are just doing predictions.so that If something were to happen to the trading industry, you would not be adversely affected much.

And keep in mind that even if you earning money from various sources, you should only trade with money you can afford to lose.Despite the fact that you may  have a different sources of income, you should never trade with money that you cannot afford to lose in order to make enormous gains. Because of how strongly this reminds me of one of my friends, who always using huge amount of money to trade in other he can be making big big profits always but at last that really affected him because it loses much in trading because it uses much money it was making in others sources to trade, infact  he even toke loans.

That is very true, if we rely on trading only then during the bear market we would live a very poor life. I have a friend who does trading in millions, but he also saved aside millions of his regular life. He is not a frugal person but he doesn't live like he is rich neither, he lives a normal life that is ordinary but not poor, just like middle class would.

That is how he saves his money aside, and by calculations it is possible that he would not spend a million dollars until he dies when you consider where we live, and that is why he can spend the rest on trading, and rely on that income sometimes, because even if he loses, he still have that money he put aside.

[Hypnosis00]

Start trading just after you are bringing in a certain amount of steady income. Take a percentage of this income, which could be $100, $500, or $1,000, and start your trading career. This will help your trading journey develop into a lovely experience in which you learn more quickly, peacefully, and at your own pace.

In the other words, start trading when you can afford to lose your money in any amount.
But also, when you know that you are ready enough for this like we say " if you have knowledge in trading". Because many people had missed the point of having the importance of knowledge and skills, they'll think that if they have capital, they can start trading already. Of course, yes, but as we are talking about profitable trading, then we must do it otherwise, we just fail and lose our capital.

[Finestream]

I agree, and also we need to have a proper enough money to trade. It is good to have a money that you can deposit anywhere you want. Sometimes, if you are into trading there will be some time you will regret not having extra money to invest because you have a limited fund. If you will pursue your career in trading aside from financial stability we need to have a emotional stability as well.

If you have no secured funds, then never dare to trade. That is the reason why emotional stability is hard to obtain because you keep on worrying on the future losses that you might gain knowing the money you used to trade is not your spare money. Yes, trading will make a person become financially stable but that won’t happen easily even if you go all in. The more you trade unprepared, the higher the chances that you will often lose in trading because you decide to trade even when your finances and emotions are not yet ready.

[DoublerHunter]

Start trading just after you are bringing in a certain amount of steady income. Take a percentage of this income, which could be $100, $500, or $1,000, and start your trading career. This will help your trading journey develop into a lovely experience in which you learn more quickly, peacefully, and at your own pace.

In the other words, start trading when you can afford to lose your money in any amount.
But also, when you know that you are ready enough for this like we say " if you have knowledge in trading". Because many people had missed the point of having the importance of knowledge and skills, they'll think that if they have capital, they can start trading already. Of course, yes, but as we are talking about profitable trading, then we must do it otherwise, we just fail and lose our capital.

^Definitely right which I agree with you most.
We should have a solid understanding of trading principles and strategies before putting our hard-earned money at risk. While having a steady income can provide a stable source of income and it is still important to approach trading with a mindset of managing risk and preserving capital. Trading without knowledge and skills is like gambling, and that approach is unlikely to lead to long-term profitability. So, it's wise to invest time in learning the knowledge of trading, build up your skills, and then start trading with a small percentage of your income that you can afford to lose. Because for me, trading is not meant for everyone, not all will win and not all will lose.

[virasisog]

I agree, and also we need to have a proper enough money to trade. It is good to have a money that you can deposit anywhere you want. Sometimes, if you are into trading there will be some time you will regret not having extra money to invest because you have a limited fund. If you will pursue your career in trading aside from financial stability we need to have a emotional stability as well.

If you have no secured funds, then never dare to trade. That is the reason why emotional stability is hard to obtain because you keep on worrying on the future losses that you might gain knowing the money you used to trade is not your spare money. Yes, trading will make a person become financially stable but that won’t happen easily even if you go all in. The more you trade unprepared, the higher the chances that you will often lose in trading because you decide to trade even when your finances and emotions are not yet ready.

If you want to succeed in trading, you have to enter it well-prepared emotionally, physically, and financially. Being unprepared will only cause you trouble in the middle of your journey and all your efforts might just end up being wasted.
It is necessary that we have enough funds to start up so we could face the actual trading ready or else, it might affect our budget in case we have losses. Saving enough would be a wise move to start trading.

[shinratensei_]

I always consider trading to be always a side hustle, the risk is just too huge for someone that isn't skilled and not really having the knowledge in the field.
having main income is always essential prominently for someone that doesn't have too much saving in their arsenal. i'd say having steady income could save a ton, just always consider all the possibilities like having crisis in the middle of your investment journey could be truly harmful towards your investment because often times the loss in value could be massive.
meanwhile if you have steady income you could just ignore your investment for a while and then get back to it once there's good news, your investment still intact, meanwhile you could still move on with your life, in which definitely a good thing.

[xSkylarx]

I agree, and also we need to have a proper enough money to trade. It is good to have a money that you can deposit anywhere you want. Sometimes, if you are into trading there will be some time you will regret not having extra money to invest because you have a limited fund. If you will pursue your career in trading aside from financial stability we need to have a emotional stability as well.

If you have no secured funds, then never dare to trade. That is the reason why emotional stability is hard to obtain because you keep on worrying on the future losses that you might gain knowing the money you used to trade is not your spare money. Yes, trading will make a person become financially stable but that won’t happen easily even if you go all in. The more you trade unprepared, the higher the chances that you will often lose in trading because you decide to trade even when your finances and emotions are not yet ready.

If you want to succeed in trading, you have to enter it well-prepared emotionally, physically, and financially. Being unprepared will only cause you trouble in the middle of your journey and all your efforts might just end up being wasted.
It is necessary that we have enough funds to start up so we could face the actual trading ready or else, it might affect our budget in case we have losses. Saving enough would be a wise move to start trading.

Just imagine that you are going to war. Are you going to fight the enemy without any weapons, just your punches? No right? That is why being prepared is always the best; learn and backtest your strategy a few years ago so that you are sure that you have a higher chance of winning a trade, and also because the journey on this is difficult. That is why you should be mentally prepared and continue learning. Trading is hard at first, but later on you'll get through it.

[Oilacris]

I agree, and also we need to have a proper enough money to trade. It is good to have a money that you can deposit anywhere you want. Sometimes, if you are into trading there will be some time you will regret not having extra money to invest because you have a limited fund. If you will pursue your career in trading aside from financial stability we need to have a emotional stability as well.

If you have no secured funds, then never dare to trade. That is the reason why emotional stability is hard to obtain because you keep on worrying on the future losses that you might gain knowing the money you used to trade is not your spare money. Yes, trading will make a person become financially stable but that won’t happen easily even if you go all in. The more you trade unprepared, the higher the chances that you will often lose in trading because you decide to trade even when your finances and emotions are not yet ready.

If you want to succeed in trading, you have to enter it well-prepared emotionally, physically, and financially. Being unprepared will only cause you trouble in the middle of your journey and all your efforts might just end up being wasted.
It is necessary that we have enough funds to start up so we could face the actual trading ready or else, it might affect our budget in case we have losses. Saving enough would be a wise move to start trading.

You should really be that prepared which it is really the right thing that you should do because if not then you would really be finding yourself to be put up on lots of mistakes and losses.
Somehow it is really that inevitable on facing up these challenges because its been an inevitable thing for someone to experience specially when they are just starting on.
Going all in is never been that a good behavior for someone to have. Always take up the common method and ways which  you should take it slow and
dont rush in because this is where usually people do commit out errors and lots of mistakes.

[michellee]

Trading using the All-In method is not recommended, even if you are a professional trader. It's best to trade using funds not used for other things because if something happens to your trade, it won't affect anything else.

You should also learn more about trading to analyse the market, determine when to enter and exit the market, how much money you use each time to trade, and so on. If you can prepare everything before starting trading, you will not experience bad things during trading. You can anticipate market conditions that are always changing by using different strategies so that you can adapt to market changes.

[fullhdpixel]

going all in if I don't think there is anything wrong with bitcoin, which usually invites risk because we invest in new altcoins, with the hope of having big profits. therefore the need for diversification in the hope of minimizing risk, because it places several coins. but when the price is bullish we have to keep thinking logically so we are not greedy in taking profits, because at any time the price can fall quickly and of course we regret it

There is nothing wrong with Bitcoin but Bitcoin is unstable and then so many factors can affect its price negatively. The future of BTC is unpredictable, this makes it risky to go all in but there are people who take the challenge. They are not a good example of course so don't ever attempt to follow what they did as you may not be lucky as them and you will end up living in the streets and ask the people passing by for penny or food.

Altcoins are different from BTC and they are more riskier. By the way, the OP is talking about trading, not investing but either of these two, its always a must to have a reliable source of income first before engaging on them.

[AnonBitCoiner]

Actually people are involving in crypto trading and investment because they hardly found jobs and those person who already have jobs participate in cryptocurrency because their salaries are not such higher to accommodate the uses of life.

The point which you describe that try to find job before involvement in trading is good point because trading is risky and you will have no surety about the success rate of your money but for enhancement of money you can invest your money in Bitcoin or other stable coin instead of trading.

Trading is good option for getting good sum of money but an employ if get huge money in trading then he loss interest in doing job. He just become a part of trading so this situation seems more risky as compared to having a job.

[Wapfika]

Trading using the All-In method is not recommended, even if you are a professional trader. It's best to trade using funds not used for other things because if something happens to your trade, it won't affect anything else.

You should also learn more about trading to analyse the market, determine when to enter and exit the market, how much money you use each time to trade, and so on. If you can prepare everything before starting trading, you will not experience bad things during trading. You can anticipate market conditions that are always changing by using different strategies so that you can adapt to market changes.

Before starting to trade make sure that there is still left for the personal expenses as well some savings as trading will not guaranteed success or profit. It takes time to earn and even traders with knowledge on how to trade sometimes losses depending on market situations so it's not advisable to put all our money in trading, it should be diversify and secured the living expenses and savings some also includes insurances and pay bills first before they start trading some money left. It will be a matter of budgeting.

[molsewid]

Trading using the All-In method is not recommended, even if you are a professional trader. It's best to trade using funds not used for other things because if something happens to your trade, it won't affect anything else.

You should also learn more about trading to analyse the market, determine when to enter and exit the market, how much money you use each time to trade, and so on. If you can prepare everything before starting trading, you will not experience bad things during trading. You can anticipate market conditions that are always changing by using different strategies so that you can adapt to market changes.

Before starting to trade make sure that there is still left for the personal expenses as well some savings as trading will not guaranteed success or profit. It takes time to earn and even traders with knowledge on how to trade sometimes losses depending on market situations so it's not advisable to put all our money in trading, it should be diversify and secured the living expenses and savings some also includes insurances and pay bills first before they start trading some money left. It will be a matter of budgeting.

Yes, that's why many people never go back to trading once they experience losses. Most of new people in trading always hope that trading in crypto migjt help them to be rich or to be able to have more money than what they already having. People need to be informed that not all people who started trading will have big roi after small span of time, sometimes we even loss more if unexpected things happen.

[tjtonmoy]

I think that it is very important that you make a way to get steady income. Crypto world is uncertain. One day you are making profits, the next day you could lose all of it. So always keep a backup. Crypto trading should always be the second choice.
And what I always try to follow is, don't throw away one thing just because you are getting better pay on the other. If it's possible, then keep both. Never left anything that provide you income, even if it's low.
When you become pro at trading, then you can leave or keep your other work as secondary choice and trading as the primary one. Because even the pros make losses. So it is still uncertain and risky. Now the choice is yours.