Can Bitcoin trading be my sole source of income?

[Twentyonepaylots]

As a young person, I am overwhelmed by my curiosity in trading Bitcoin, but I'm not sure if it is appropriate for me to resign my white collar work and return to trading exclusively Bitcoin.

This was a conversation a buddy of mine and I had yesterday, and I felt compelled to bring it to this illustrious platform for the best types of advice and counsel.

Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

It is certainly possible, to make a living from trading but only you can give the correct answer to this question. Everything, exclusively everything depends on you. How skilled you are, how disciplined you will be and how dedicated you will be to the whole job.

Judging by what and how you write, I would rather say that you are a beginner than an experienced trader. In that case, you certainly cannot rely only on income from the trade, because there are no guarantees and you have a long learning way ahead of you. The moment you are ready to be independent and rely only on your trading skills, trust me you will not need this kind of advice from anyone.

Trading is a profitable source of income, but the income varies depending on how skillful and strategic a trader is. The higher your experience in trading, the bigger the chances you might consider it as a consistent source of income. However, if you are starting to trade, and you are still in the stage of learning and developing your skills, then making trading as a main source of income will be very risky that you might incur more losses than gains. Though you can still be in profits sometimes, but mostly you will face bigger losses in reality. So think a thousand times. There’s still a lot to learn in trading, and I think you yourself knows the best answer that will suit for you.

Exactly, the thing with trading is that it takes a lot of time and effort to fully learn it and have skill in it to create different techniques to be successful in it. So the experience is really a deal breaker for you to consider trading as your major source of income. I think it would be a great move if there is a certain job that pays you a consistent salary and then try to incorporate trading as a side job so you can maximize your earnings. In this way, you can be financially secured on your daily needs using your job salary and you can also be able to save and earn and also invest in trading. Also, as a beginner in trading, you should start by exploring it and really having to experience it and know that losses would always be a part of the start since this would help you build your experience to be a better trader in the future.

[Unbunplease]

It is not advisable to make bitcoin trading your only source of income. Its movement is too unpredictable to make a steady income. Yes, some people manage to make a steady income, but very few. Even if you are successful now, it does not mean that you will be successful in the future.

[Rigon]

As a young person, I am overwhelmed by my curiosity in trading Bitcoin, but I'm not sure if it is appropriate for me to resign my white collar work and return to trading exclusively Bitcoin.

This was a conversation a buddy of mine and I had yesterday, and I felt compelled to bring it to this illustrious platform for the best types of advice and counsel.

Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

From my point of view it will never be right. Trading is a very risky business. To survive in this business you have to survive through profit and loss. It is still somewhat up to you if you feel you can benefit from the trading then you can start trading. But you can trade even while employed, I don't see any reason to quit your job for trading. Sometimes there is a lot of volatility in the market and if you fall into this volatility and suffer losses for a long period of time, you will have no way of financial backup later on. Then you will be in trouble financially, so whatever you do get the job right first then consider the trading platform.

[JeffBrad12]

of course you can, there's no stopping you but with several ifs, that is if you can consistently earn profit going against the whales which is not some measly thing to do. moreover you will have the need to constantly seek the market 24/7 so you will not miss every chance and opportunity out there.
moreover you also need to know the fact that many individual trader, from some article in which i read, many of them are just outright losing their money against the market, everyone think they are chosen one that gonna score billions after suddenly jumping into the market but they all wrong. there's reason why everyone didn't become rich investors because investing and even trading in general isn't really easy. it's unlike stated by those so called trading guru in which actually are just selling there course to make some $$$.

[rojan]

It is not advisable to make bitcoin trading your only source of income. Its movement is too unpredictable to make a steady income. Yes, some people manage to make a steady income, but very few. Even if you are successful now, it does not mean that you will be successful in the future.

I think it will be very foolish to choose investing as a career in life. Besides investing we have to have a job or business. If we are only investing all the time then we will face many problems in future. So I think.  One will give us some money but if we trade jobs it will be a great benefit to me.

[Poker Player]

Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

No, it's not. Most likely, with a very high probability, you will end up broke.

This would be the stupidest thing you might do in your life...

Probably.

I saw some statistics that confirms most of traders are not profitable in the long term. The funny thing about trading is, it seems easy. You buy low, and sell high. In reality it is very difficult.

That's right, and it's not the same to do it with a demo than playing with your real money, and even less to leave your job and depend only on it, because emotionally you are affected, your mind puts pressure on you in every trade.

To do it you should have savings to spend at least 6 months if you do not get any income, plus a good capital. Using leverage is an even more direct path to broke.

[irhact]

Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

You can still do your white collar job and have time for trading, you don't have to be present on your phone or laptop to trade. All those can be done automatically and you can set up your stop loss or take profits and continue with your main job. Trading news a supporting source of income since the market can be very unpredictable and if you don't have other sources it'll be difficult.

You can rely fulling on trading but you'll be putting too much pressure on yourself and if you can't trade under pressure then it means you'll be losing your trades and it has nothing to do with your trading knowledge but pressure is making you make the wrong decisions.

[dansus021]

I think there is similar question like this somewhere in this forum hehe, but If you have plenty of time, willing to learn, know how to control emotion and have pile of cash trading is best choice but its rarely to fill all the gap.

I mean trade is risky business if you can still work and somehow there is space to do trade why not doing both but if I were you I will still trade as my other source of income and do with spot markets only not futures since it is still do need technical and fundamental analysis but doesn't take a lot of time when you trade on spot markets.

If you made dozen of profit from trade is like surplus in your life hehehe

[Ziskinberg]

Well, you may have to consider these things in making your decision about leaving your carrier for trading...
 - have another source of income aside from your current job
 - is your trading profit good enough to sustain your needs (or even more)
 - if you could really accept that you won't receive money every end of the month anymore

Actually, making a decision to become a full-time trader is not hard but the question is if we could really survive trading when we know that not all the time we earn a profit, sometimes we gain losses as well. Take time and think it wisely OP.

[Dzwaafu11]

Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

Your question cannot be answered by anyone else here, in my opinion. If trading is what you plan to do in the future, you must decide whether it will be profitable for you or not. I believe you are still considering how things will play out for you in the future. It is not difficult to become a full-time trader, but how will it go for you? Ask yourself if you are informed about trading and all you need to know about traders. Remember that trading carries a large danger of losing money; what will happen to you if you rely solely on it for income?

Therefore, you must carefully consider which option will benefit you: becoming a full-time trader or combining the two so that trading will be another source of income for you.

[michellee]

I don't think resigning from your current job is the right decision, especially if you are new to bitcoin trading because you still need income to meet your needs. I suggest you trade crypto or bitcoin as your side job until you can become a professional trader.

But no one is safe from anything but as long as you can deal with the risks that will arise, you will be fine. Maybe he can try to focus on trading bitcoins. But it depends on his skills in analyzing the bitcoin market.

And as long as you are still a beginner, you better stay focused on work first and enjoy learning the process of trading crypto. You can also still get income from your work.

[DevilSlayer]

Well, you may have to consider these things in making your decision about leaving your carrier for trading...
 - have another source of income aside from your current job
 - is your trading profit good enough to sustain your needs (or even more)
 - if you could really accept that you won't receive money every end of the month anymore

Actually, making a decision to become a full-time trader is not hard but the question is if we could really survive trading when we know that not all the time we earn a profit, sometimes we gain losses as well. Take time and think it wisely OP.

That's right, those professional traders have safety net which means that they have basically another sources of income because you cannot always make profit in trading, red days are inevitable so better if you have another source of income like passive incomg (rent or royalties) if you want to do it full time. The market is too volatile, are you sure that you have a trading system that can be flexible and help you to continue to earn? what will you do if you experience consecutive losses? what will you do if you got liquidated? What you will do if your account is negative and you do not have enough money to pay your necessities? These are the kind of question that you should ask for yourselves if you will pursue full time trading.

Remember that it is not about your trading analysis skill, it is about how you will manage and be aware to your emotion when you are trading and also be prepared to different situations that I metioned earlier. The misconception is that, people think that you need to spend 8 hours a day just looking for a chart to be profitable. It is a myth because you do not need to always be on your screen to be profitable trader, all you need is proven system that can automate your trades.

[Patrol69]

Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

If you quit your job to trade while still employed, it will be a bad decision. Even if you choose trading as your career, you should not quit your job. Because by trading you may not be profitable every day or at the end of the month it was seen that you are suffering from the profit by trading what will you do? You can continue trading along with your job and after being associated with trading for a long time when you feel that you are a very skilled person in trading and your chances of making mistakes are very low then you can quit your job and choose trading as your paying career. Before deciding to quit your job and start trading, think about the negative aspects of trading and then decide.

[Stable090]

It is not advisable to make bitcoin trading your only source of income. Its movement is too unpredictable to make a steady income. Yes, some people manage to make a steady income, but very few. Even if you are successful now, it does not mean that you will be successful in the future.

Why will you make trading your only source of income, I don’t really agree with that kind of idea, what if the market goes against you one day and you lose most of your money, where are you going to start from, have seen lots beginners in trading that what to leave their physical job and focus on only trading, we know in cryptocurrency anything can happen, incase if you lose your money, you will have physical job that you can go back to and make money then you can go back to trading again. Most people just believe trading is a easy way to make money, since they are making money from the comfort of their house, and they have to leave their physical job that’s kind of stressful, but we should all know that physical job or physical business is also important.

[@sriyan]

As a young person, I am overwhelmed by my curiosity in trading Bitcoin, but I'm not sure if it is appropriate for me to resign my white collar work and return to trading exclusively Bitcoin.

This was a conversation a buddy of mine and I had yesterday, and I felt compelled to bring it to this illustrious platform for the best types of advice and counsel.

Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

If you are a  newbie, do both. Otherwise, you can quit the job and do full-time trading. Also, you have to find other sources to get the income every month.

Eg :
1. buy Gold
2. sell your skills (teaching, programming)

[gunhell16]

As a young person, I am overwhelmed by my curiosity in trading Bitcoin, but I'm not sure if it is appropriate for me to resign my white collar work and return to trading exclusively Bitcoin.

This was a conversation a buddy of mine and I had yesterday, and I felt compelled to bring it to this illustrious platform for the best types of advice and counsel.

Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

You know, if your work doesn't affect your Bitcoin making, I don't think there is any reason for you to do this. This is just my advice, think about how long your work has been helping, and for sure there is no Bitcoin yet, it will be there.

But anyway the decision is still up to you of course, but I hope before you do it you think about it a few times maybe later because in the end, you will blame Bitcoin which is not a good look for me. Just think about your work, there is no risk in doing it, but with Bitcoin, there is a risk somehow.

[darewaller]

although it is very possible to do, for me it is too much. but if indeed you are not comfortable with your job, and you prefer to make a profit from trading, then do it.
I'm sure some traders actually trade every day and only focus on making a profit from the trades they make. but for me, it's too risky because when you have a family and have bigger needs every day, looking for profits from trading every day will make you quite depressed. even though when you are experienced in trading, it will be very possible to make a profit.

If we are not comfortable with our jobs due to a terror boss or toxic environment, then the best thing that we can do is to find another job. Trading is still possible to do even if we have a job but it's best advised to trade only in our break time or after we time out and go home so that we can focus more on our job. There are daily traders but I doubt if they can also make daily income and if they do then it is mostly smaller amounts.

It's not a big deal if we don't have a family to feed and if we still depend on our parents. When trading, it's important to have other sources of income because what if we lose all our capital? How can we able to trade after that?

[teosanru]

As a young person, I am overwhelmed by my curiosity in trading Bitcoin, but I'm not sure if it is appropriate for me to resign my white collar work and return to trading exclusively Bitcoin.

This was a conversation a buddy of mine and I had yesterday, and I felt compelled to bring it to this illustrious platform for the best types of advice and counsel.

Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

If it's been atleast 2-3 years(basically if you have seen a bull and a bear run both) while trading profitably. By profitability, I mean you are getting a genuine return of let's say 60-70% per annum on a capital which cann help you meet all your expenses. You have been able to get this consistency every month as well, then only you should think of doing this. Also you should have a buffer trading capital and also a good emergency fund so that if your trading doesn't works for 3-4 months you'll still be good to go.

[JayTrain]

It's always important to weigh the potential risks and rewards before making a major decision like quitting a stable job to pursue trading Bitcoin full-time. While there are certainly successful traders who have made a career out of trading Bitcoin, it's important to remember that the crypto market can be volatile and unpredictable. It's also important to have a solid understanding of trading strategies, risk management, and market analysis before diving in. Ultimately, it's up to the individual to assess their own level of risk tolerance and financial situation before making a decision.

[stomachgrowls]

As a young person, I am overwhelmed by my curiosity in trading Bitcoin, but I'm not sure if it is appropriate for me to resign my white collar work and return to trading exclusively Bitcoin.

This was a conversation a buddy of mine and I had yesterday, and I felt compelled to bring it to this illustrious platform for the best types of advice and counsel.

Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

When it comes to this type of decision then just let those people around you on what they would be saying or recommending or suggesting. They are just simply giving off those offers but in behind they
are really just trying to use you since they could neither get some referral bonus or simply would be handling up your funds for them to trade which is something not really that recommendable at all or something
that usually happens on this space.This is why when it comes to these aspects then is never been wise on hearing up others suggestions when it comes to money or financial aspects.

Speaking of trading with Bitcoin, then it isnt something that you could really make some assurance that you could really make out a living of it which is something that very hard and not everyone could easily pull off.
The best thing to do is to trade by yourself and look if you do find it sustainable and this would be involving some period of time and not just overnight. If you do find out that you arent been able to sustain
then its not wise on quitting up your job but somewhat you could really make trading as a side income or hustle which you could really make it beneficial as long you do make yourself
that profitable.