Can Bitcoin trading be my sole source of income?

[lalabotax]

The answer is yes, you can if you are truly a professional trader, who already understands how to do TA and FA well, so you are able to consider what position you should take. You also have to understand about trading activities, not only about the analysis of indicators but also the strategy used, about the loss stability that must be optimized, about the hedging system if needed. And much more.
Trading is a complex thing, and must include a variety of considerations. It's not easy to become a professional trader because they certainly experience a lot of defeats and failures. However, by learning from various experiences and also learning many things, they are finally able to have more profits than their losses. If it's like this then maybe it can. But if you're still a beginner, I'm not sure about that, it's too risky.

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[AmoreJaz]

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.

what the OP can do is check first how he will perform in the trading market as a side job. been years here in this market, and i would say, i won't advise a newcomer to quit their stable job and go into trading. it is always best to have a stable job even if we say the income is not great, but it would give you peace of mind that you have regular source of funds to keep your lights turn on.
but definitely, if later on, you hone your trading skills, you acquired a lot of tips from this market, and you can confidently say, you are ready for this battle, then by all means, you can go full time. but do take note, you should have at least 6 months of spare funds to sustain your living. so if anything goes awry in your trading journey, you know you can survive before you find another job.

[SOKO-DEKE]

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?

That should rely on your decision after comparing both, but however in my case, I will never quit my full-time job and focus solely on Bitcoin trading due to the risk in cryptocurrency, especially if  I am earning better wages/salaries  from my place of employment. I don't crypto trader but i am investor, but from what I've heard, it's not a good idea to rely solely on trading, even if you are making money from it,this is because there is no guarantee that you will continue making the money from trading continue. The best course is to just pursue trading as a side hustle. In fact there many people that quit their job for trading but they are now regretting it.

[Fivestar4everMVP]

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?

Like others have said, trading is a great way to make good money, and it is very possible to become a professional trader, that is, making a living from trading bitcoin and other crypto currencies..

But quiting your white collar job isn't the best advice at the moment, before a trader considers quitting his or her job to focus solely on trading, he or she must have become so good in trading, that even with his job, still makes more money in trading compared to what the person earns as a salary every month, this simply means that, your monthly profit from trading must be far more than your monthly salary from your white collar job, this is only when you can consider quiting your job to focus on trading, since quitting the job can also translate to having more time for trading, which also should lead to increased profit.

[Dr.Bitcoin_Strange]

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?

OP, I think Bitcoin trading is profitable to some old traders who have had a better experience, but beware; of the fact that about 90% of crypto traders don't only rely totally on trading; some of them have other investments, and some of them also have Bitcoin in their portfolio, which they are holding. I cannot advise you to leave your job because you want to start trading Bitcoin. How about if you start practicing how to trade while you are still working? It will be better that way. Keep learning how to trade until you are better at it and until you start making profit, well enough to the extent that you feel that even without your job, you can still be making a steady income.

If you are working from Monday to Friday, you can use the weekend to keep learning how to trade. Sometime after you have closed from work, you can still do a small practice until you have started making a profit. Don't leave work. There is always this enthusiasm and FOMO about trading. You may think you are missing out on a big chance of making cool cash in Bitcoin trading, but after you go into it, you will discover that it's not as easy as you have imagined making profit.

[GreatArkansas]

(....)
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?

I know a lot of people already doing trading full time and as far as I can see they are profitable.
Another thing is I also saw a lot of people lost a lot on trading and they just ended up doing 8-5 fulltime jobs.

In short, what I mean is trading fulltime is not for everybody. You can start to do trading part-time while you still have an 8-5 job.

[death69]

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?

OP, I think Bitcoin trading is profitable to some old traders who have had a better experience, but beware; of the fact that about 90% of crypto traders don't only rely totally on trading; some of them have other investments, and some of them also have Bitcoin in their portfolio, which they are holding. I cannot advise you to leave your job because you want to start trading Bitcoin. How about if you start practicing how to trade while you are still working? It will be better that way. Keep learning how to trade until you are better at it and until you start making profit, well enough to the extent that you feel that even without your job, you can still be making a steady income.

If you are working from Monday to Friday, you can use the weekend to keep learning how to trade. Sometime after you have closed from work, you can still do a small practice until you have started making a profit. Don't leave work. There is always this enthusiasm and FOMO about trading. You may think you are missing out on a big chance of making cool cash in Bitcoin trading, but after you go into it, you will discover that it's not as easy as you have imagined making profit.

Venturing into the realm of cryptocurrency, I've observed that influencers can be akin to a double-edged sword. They have the potential to disseminate knowledge about Bitcoin and its brethren, an essential component in fostering the growth and adoption of such technologies.

Yet, it's crucial to bear in mind that these digital tastemakers are not infallible. A large social media following doesn't automatically grant them cryptocurrency expertise. As for the notion that all influencers are detrimental, the reality is more nuanced. Though many are driven by monetary incentives, others earnestly endeavor to illuminate the esoteric world of crypto. The challenge lies in finding equilibrium between education and self-promotion.

Thus, we ought to engage with influencers with a discerning eye while also recognizing their capacity to positively influence the cryptocurrency landscape. Who knows, perhaps someday we'll express gratitude to that one influencer who guided us towards the next cryptocurrency breakthrough.

[Latviand]

If you can trade with a profitability of around 80% then you can probably consider doing bitcoin trading as a sole source of income but the problem with that is even if you're good at it, there's eventually going to be a burnout and that time that you do work while you're burnout might undo all of your work.

[sugoker]

Everyone has a choice, there are people who deal with bitcoins for days and have great success, there are those who spend less time and the result is the same. You should quit only if it brings you more profit than with a permanent job.

[isaac_clarke22]

what the OP can do is check first how he will perform in the trading market as a side job. been years here in this market, and i would say, i won't advise a newcomer to quit their stable job and go into trading. it is always best to have a stable job even if we say the income is not great, but it would give you peace of mind that you have regular source of funds to keep your lights turn on.
but definitely, if later on, you hone your trading skills, you acquired a lot of tips from this market, and you can confidently say, you are ready for this battle, then by all means, you can go full time. but do take note, you should have at least 6 months of spare funds to sustain your living. so if anything goes awry in your trading journey, you know you can survive before you find another job.

Even though I felt the readiness on trading, I would not even quit my job full-time. I am not sure how would other people deal with the exhaustion in trading after a whole day let alone being a full-time. If I would ever trade again, I would just treat it as a side job and that's the best thing I could do with it.
I love staring at the monitors, but I ain't really that much of a fan staring at charts. That makes we wonder, how much were you like earning in a month in trading?

If you can trade with a profitability of around 80% then you can probably consider doing bitcoin trading as a sole source of income but the problem with that is even if you're good at it, there's eventually going to be a burnout and that time that you do work while you're burnout might undo all of your work.

80% kinda high though possible. Just not that easy considering the volatility, don't you think?

[YOSHIE]

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?

What you need to cultivate and note, trading has profits and losses, the level of risk of profit and loss, depending on what percentage of knowledge you master and have in trading, it doesn't only happen to crypto/Bitcoin trading, whatever type of trade you do there is a risk, it's not as easy as you think or your friends do.

The members here have tried various types of crypto trading, of course some have succeeded and some have failed, all of this is based on the abilities and expertise they have, that's the point.

My advice, don't quit your job in the real world, it can get you in trouble in the future, you need to learn about procedures, analysis, charts, crypto market developments, well and keep working, a day and a night have 24 hours, if you work 6-8 hours, of course you can use the rest of your time in crypto trading, don't use 24 hours only for crypto trading, it can be dangerous for your own health.

It's good if you trade profit, what if you experience losses, how do you feel, stress, isn't it. plus you've quit your real job, it's crazy.

[Aanuoluwatofunmi]

There are people who have made this their major source of business in doing trading and exchange service for other people, once you understand how to go about it, then there's no further means to discourage anyone from making trading a major source of income but only that one will be advised not to have a single means for income generation, in trading, many people have make it through a d are well doing in life, it's a matter of professionalism and being an expertise in trading.

[el kaka22]

I dislike these questions a lot, because it always asks "can" and not "should". Can you? Yes you can. Should you? No you should not. Trading as sole income is something that gradually happens over course of many years, because you work at a job, and you trade at the same time, and at first you do not make enough income as your salary, and then you start to get your trading income close to your salary, then it reaches the same values give or take to your salary and then it passes it.

Even then you do not quit right away, you start to see it double or even triple your salary, then it becomes a bit more better because that's how it works. I personally believe that we end up with something a bit more serious and you will not need how to make money eventually.

[Questat]

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?

Not necessarily do you need to quit your job when you start trading. I suggest you consider this first as a side hustle and while you are still learning, you still have your job. Don't ever think that it works too easily as it takes time to get you to the level of being - like an expert and earn more profit which is a sign that quitting your job is safe already.

You're still young, you can explore many things that is why don't stop yourselves to try different things like trading. But of course, if you already have a stable job with a good salary, you'll be thinking should I quit?

[Baoo]

In my opinion, Bitcoin trading is perilous and unprofitable in short term due to the the continuous volatility in the market. Moreover , the price have not increased remarkably for more than 3 weeks, it would be better if you focus only on long term Bitcoin trading. In addition to that,  if your budget is low and you have no knowledge in crypto field, there is no need to quit your main job and switch it with un guaranteed source of income. Take your time by learning the basics of crypto trading and analyzing the marketplace, once you feel you are capable to begin, build different strategies preferably set a strategy for each condition and then deposit a low amount and start.

[Nwada001]

In my opinion, Bitcoin trading is perilous and unprofitable in short term due to the the continuous volatility in the market. Moreover , the price have not increased remarkably for more than 3 weeks, it would be better if you focus only on long term Bitcoin trading. In addition to that,  if your budget is low and you have no knowledge in crypto field, there is no need to quit your main job and switch it with un guaranteed source of income. Take your time by learning the basics of crypto trading and analyzing the marketplace, once you feel you are capable to begin, build different strategies preferably set a strategy for each condition and then deposit a low amount and start.

Everyone can take profit either in short-term or long-term trading; it all depends on the strategy that works for the person. There are traders who make profit in every market condition; that's how they trade, and there are also people who depend on the price of Bitcoin to pump before they can make a massive profit; all they do is hold for a long time and wait for their desired price to be hit.

According to the OP, the person in question is the friend, and we actually don't know his level of acquired knowledge on crypto trading, and as such, we can't just jump to conclusions.

My advice will always be for the person in question to keep both running; earning from two sources of income adds to one's financial growth and nothing more; ending his or her white collar job will increase his or her trading risk since all the bills will be based on all earned trading profit.

[abel1337]

In my opinion, Bitcoin trading is perilous and unprofitable in short term due to the the continuous volatility in the market. Moreover , the price have not increased remarkably for more than 3 weeks, it would be better if you focus only on long term Bitcoin trading. In addition to that,  if your budget is low and you have no knowledge in crypto field, there is no need to quit your main job and switch it with un guaranteed source of income. Take your time by learning the basics of crypto trading and analyzing the marketplace, once you feel you are capable to begin, build different strategies preferably set a strategy for each condition and then deposit a low amount and start.

Everyone can take profit either in short-term or long-term trading; it all depends on the strategy that works for the person. There are traders who make profit in every market condition; that's how they trade, and there are also people who depend on the price of Bitcoin to pump before they can make a massive profit; all they do is hold for a long time and wait for their desired price to be hit.

According to the OP, the person in question is the friend, and we actually don't know his level of acquired knowledge on crypto trading, and as such, we can't just jump to conclusions.

My advice will always be for the person in question to keep both running; earning from two sources of income adds to one's financial growth and nothing more; ending his or her white collar job will increase his or her trading risk since all the bills will be based on all earned trading profit.

Yes I completely agree. Seasoned traders are the one who can make profit on trading cryptocurrency in any type of market. In short they know what they are doing and I think that it is the minimum kind of skill you need if you want to consider quitting your white collar job. We all have different mileages on trading and how confident we are on our skills but if you want trading to be your sole source of income and your still asking this kind of question to get validation to public, I think you are still not confident with your own skills and I personally don't recommend to just quit your stable job to just trade. I also think that two sources of income is the way to find growth, At least you do still have one source of income if you come into train of losses on your trades.

[usekevin]

You should start the trading with the minimum of 5k dollars as the investment to get the return even in the bear market.Because income must be the regular one,to make the income you should do the continuous work as compared to the normal work.When you want to start the trading as your full income based,you need to spend the full time in trading itself.Because after resign of job,you should not move to the enjoy mood and visit the place to entertain yourself.Then analysis the old charts and candle of the investing coin,create your own strategy for the trading.Their are lot of paid signals in the market,kindly don’t waste your money their.Only your strategy will work for you.

[Vaculin]

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 are actually seeing the idea based on how greedy most beginner traders are. Though I also understand that you just want to take advantage while trading is highly profitable but you should bear in mind that there are actually higher risk of losing if you trade when you don’t have stable finances in the first place. I mean, if you don’t have a stable job to rely on and just depend on trading for your main income, then it will make you put more emotions in trading and trading with emotions involved will only serve as a distraction in trading, and that will only make you lose than to earn and make profits. So my advice is just keep your job, and continue trading so you can honed your skills more and develop more working strategies that will help you become highly profitable in the future if ever you decide to focus your time in trading.

[mvdheuvel1983]

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.

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 do whatever you want OP. You need to be at the pro-level of trading in addition to having made profitable trades before making a decision to quit your job. Since a trader cannot be an alone identify yourself with other traders in the community who are way higher an above you before thinking about.

I'd say do not be in a hurry. The universe will bring it to your consciousness when it is time to move fully into it and by that time, you wouldn't need to ask anyone because you would feel ready, and everything would be in place for you.