The Importance of Income Diversification for Crypto Traders

[irhact]

Since the retracement of Bitcoin, the market has become boring. Sometimes, the direction of Bitcoin is unclear. For example, the price action of Bitcoin is actually confusing. I have learned one thing in these recent days: As a crypto trader, do not rely on trading as your only source of income. It is good to have another source of income like real estate, staking, crypto jobs, mining,  and other legitimate sources of income. If I say that I will force trade now, it can end up in a loss.

Diversification can help you alot but still many newbies don't diversify when they're trading. They put all their hope on trading which is a wrong move that end them in desperate situations. As you diversify it helps you to get income from elsewhere when the market is dumping. Not diversifying will make you to leave the market without a profit but lost as you sell. As you want to diversify your investments, don't make the mistake of diversify still in cryptocurrency or you will still be losing and have no where to get money when the market is dumping. A good source for diversifying is to look at the business that can give you daily income and invest in them. If you have the money, invest in more than one of those businesses and you'll be taken care of when you're not making profits.

[Zigabel]

Since the retracement of Bitcoin, the market has become boring. Sometimes, the direction of Bitcoin is unclear. For example, the price action of Bitcoin is actually confusing. I have learned one thing in these recent days: As a crypto trader, do not rely on trading as your only source of income. It is good to have another source of income like real estate, staking, crypto jobs, mining,  and other legitimate sources of income. If I say that I will force trade now, it can end up in a loss.


What is your take on this?

Even as someone who's into investment or business generally, having a single source of income isn't good enough a you may eventually get stucked because there are roo many uncertainties that may come up rising from your single source of income and if it cost you that income source, you are most likely not going to have a means at the moment and end up been stranded as a person.

There are other jobs one can explore in the internet, it mustn't be trading, one can get on some freelanced skill and still make money from which you can get your trading improved. Trading generally is a risky and yet very technical jway of making money as so if you have gotten that skill in trading, total dependence on it may turn out too risky that you may not survive the.loss.

[stadus]

Since the retracement of Bitcoin, the market has become boring. Sometimes, the direction of Bitcoin is unclear. For example, the price action of Bitcoin is actually confusing. I have learned one thing in these recent days: As a crypto trader, do not rely on trading as your only source of income. It is good to have another source of income like real estate, staking, crypto jobs, mining,  and other legitimate sources of income. If I say that I will force trade now, it can end up in a loss.


What is your take on this?

Remember that in trading, gaining profits is only temporary as we can't assure to keep trading and consistently make profits. So if you are a wise person, you wouldn't put all your trust into trading alone for all your means for survival, as you have to diversify your sources of income as much as possible. If you can invest and trade, much better. But if you can also invest outside bitcoin like real estate, stocks or gold, then the higher the chances you will make a good living in the future. Don't limit yourself into bitcoin, but create limitless opportunities outside bitcoin.

[justdimin]

Remember that in trading, gaining profits is only temporary as we can't assure to keep trading and consistently make profits. So if you are a wise person, you wouldn't put all your trust into trading alone for all your means for survival, as you have to diversify your sources of income as much as possible. If you can invest and trade, much better. But if you can also invest outside bitcoin like real estate, stocks or gold, then the higher the chances you will make a good living in the future. Don't limit yourself into bitcoin, but create limitless opportunities outside bitcoin.

I would say that it depends on what we are talking about, if we are talking about a full on "all in" trading yeah that's wrong, but nobody does that anymore. What you do instead is have maybe like 17 open trades, which means that you are going to make some good return from some of them at least, and while you can't guarantee income from all of them, you will not have 100% correct or 100% wrong ones.

This is why I think we should recognize the fact that it is going to end up with some trouble if we are not careful about it. All in all, just keep on trying your best and you might actually get a good result, all you have to do is focus on how to improve and eventually you will get a good result without a doubt, it's possible.

[$weetne$$]

Remember that in trading, gaining profits is only temporary as we can't assure to keep trading and consistently make profits. So if you are a wise person, you wouldn't put all your trust into trading alone for all your means for survival, as you have to diversify your sources of income as much as possible. If you can invest and trade, much better. But if you can also invest outside bitcoin like real estate, stocks or gold, then the higher the chances you will make a good living in the future. Don't limit yourself into bitcoin, but create limitless opportunities outside bitcoin.

While diversifying we have to put into consideration things that would not need our full attention as it would not be a good idea to divide your attention from trading. Trading needs concentration and time to be able to study the market and practice your strategy to perfection on demo account before using it to trade live. If you diversify by diving your time, before you are done with the new work or business, you might be tried to trade and if you trade while you do not have you brain in its full capacity, that is disaster that you are trying to create. As you diversify, you have created a good opportunity for yourself to make more income but let it not be at the expense of your previous income source. Some good diversification technique that doe not need you to be present for the income to function and bring you money are investments that only needs your money and you should already be making the money from trading to support your investments.

[AmoreJaz]

Since the retracement of Bitcoin, the market has become boring. Sometimes, the direction of Bitcoin is unclear. For example, the price action of Bitcoin is actually confusing. I have learned one thing in these recent days: As a crypto trader, do not rely on trading as your only source of income. It is good to have another source of income like real estate, staking, crypto jobs, mining,  and other legitimate sources of income. If I say that I will force trade now, it can end up in a loss.

Diversification can help you alot but still many newbies don't diversify when they're trading. They put all their hope on trading which is a wrong move that end them in desperate situations. As you diversify it helps you to get income from elsewhere when the market is dumping. Not diversifying will make you to leave the market without a profit but lost as you sell. As you want to diversify your investments, don't make the mistake of diversify still in cryptocurrency or you will still be losing and have no where to get money when the market is dumping. A good source for diversifying is to look at the business that can give you daily income and invest in them. If you have the money, invest in more than one of those businesses and you'll be taken care of when you're not making profits.

Diversification outside crypto market is indeed necessary not to get bankrupt with your resources. Consider crypto as just one entity of asset, whether you are into btc or alts market. Then explore your opportunities to other tangible assets such as real-estate, jewelries and other precious metals. You can also look at stock market if you have good knowledge on how things work on this particular market.

[Barikui1]

Since the retracement of Bitcoin, the market has become boring. Sometimes, the direction of Bitcoin is unclear. For example, the price action of Bitcoin is actually confusing. I have learned one thing in these recent days: As a crypto trader, do not rely on trading as your only source of income. It is good to have another source of income like real estate, staking, crypto jobs, mining,  and other legitimate sources of income. If I say that I will force trade now, it can end up in a loss.


What is your take on this?

In some instances I might buy into your idea, in some cases I will not, am saying so because if you are actually talking of investment in the crypto industry, then their is Bitcoin, we all know that when it comes to investment in cryptocurrency, Bitcoin is the only real asset worth investing in, So on my own opinion, their is no diversification of investment in cryptocurrency, because Bitcoin is second to none, most of all this alt and shit coin out their are just measures put in place by developers to milk investors of their hard earned money.

But on the case of trading, it's very much ok because you can trade any asset of your choice if you really know what it entails to succeed as a trader, though it's not good to depends on a single income but I still sees trading as a major way of making money if you really knows the craft, because as long as their is volatility in the market, people will keep on making money regardless of if the market is going up or down, but in as much as we all strive to be a successful trader, we should not forget to be doing something, like having a person business or working in a firm, so that it would be more easier to finance our daily lives, regardless of the outcome of the trade we are taking or not, so having a job or business aside trading is very good, so that you won't trade with desperation.

[Cryptoababe]

Portfolio diversification is important. But the worst thing about it is packing lots of shitcoins like the one being promoted with a post on this forum. There are some shitcoins that are meant to be successful, but we all know the ones that are outdated with the ideas behind them. Some coins' ideas are disgusting and disappointing. So, holding those kinds of coins and expecting them to pump is a waste of time.

[bitLeap]

Portfolio diversification is important. But the worst thing about it is packing lots of shitcoins like the one being promoted with a post on this forum. There are some shitcoins that are meant to be successful, but we all know the ones that are outdated with the ideas behind them. Some coins' ideas are disgusting and disappointing. So, holding those kinds of coins and expecting them to pump is a waste of time.

Diversification assets into multiple baskets ideally sounds like picking fruit from many trees but is not as easy and sweet as expected. Some assets are no longer capable of price reversals, some assets are only good if they are hyped, and all of them will pose a greater risk of loss when losing interest in the market. I'm not the kind of person who likes to divide treasures into parts, as you said, it would just be a pile of useless trash.

[Faisal2202]

Since the retracement of Bitcoin, the market has become boring. Sometimes, the direction of Bitcoin is unclear. For example, the price action of Bitcoin is actually confusing. I have learned one thing in these recent days: As a crypto trader, do not rely on trading as your only source of income. It is good to have another source of income like real estate, staking, crypto jobs, mining,  and other legitimate sources of income. If I say that I will force trade now, it can end up in a loss.


What is your take on this?

If you're relying on crypto jobs, mining, and staking in crypto as alternative income sources to profit during Bitcoin downturns, I would caution against this strategy as it's akin to putting all your eggs in one basket. These activities are closely tied to Bitcoin's price fluctuations, making them vulnerable to market volatility. It's necassary to explore additional income sources such as real estate, freelancing, or small businesses like a shop.

Bitcoin's market direction can be unpredictable, and relying solely on trading isn't always good idea. Diversifying income streams not only minimize risk but also enhances financial stability.

[mirakal]

Portfolio diversification is important. But the worst thing about it is packing lots of shitcoins like the one being promoted with a post on this forum. There are some shitcoins that are meant to be successful, but we all know the ones that are outdated with the ideas behind them. Some coins' ideas are disgusting and disappointing. So, holding those kinds of coins and expecting them to pump is a waste of time.

Diversification assets into multiple baskets ideally sounds like picking fruit from many trees but is not as easy and sweet as expected. Some assets are no longer capable of price reversals, some assets are only good if they are hyped, and all of them will pose a greater risk of loss when losing interest in the market. I'm not the kind of person who likes to divide treasures into parts, as you said, it would just be a pile of useless trash.

Well, diversification is not only exclusive for crypto but we can always invest outside crypto if we are really determine to make more income. Land properties and real estate are very much profitable in the future since their value both grow in time. However, if we will just stick to bitcoin hodling and trading, I think there's no problem with that as long as you know when to buy and hold, and when to trade them for bigger profits. Greed should be out of the picture because that will only affect your decision making towards your crypto goals.

[jcojci]

No, the market is not boring. If you have skills in analyzing the market, you will know there will be a good time to enter to the market. In this time, I guess you can still make a profit although not much because the fluctuation of the price is difficult to predict. But if you don't minds with some profit, that will helps you to accumulates the profit to bigger. But if you feels that you difficult to trades and lack of knowledge or skills, you can select to invest in Bitcoin and holds it until the price rise. That will helps you to make a profit in the future but you must be patience to wait for the price rise higher. You can also search for the other sources of income from out there and not just from crypto because that will gives us an opportunity to make a profit.

[Finestream]

No, the market is not boring. If you have skills in analyzing the market, you will know there will be a good time to enter to the market. In this time, I guess you can still make a profit although not much because the fluctuation of the price is difficult to predict. But if you don't minds with some profit, that will helps you to accumulates the profit to bigger. But if you feels that you difficult to trades and lack of knowledge or skills, you can select to invest in Bitcoin and holds it until the price rise. That will helps you to make a profit in the future but you must be patience to wait for the price rise higher. You can also search for the other sources of income from out there and not just from crypto because that will gives us an opportunity to make a profit.

The market may not be boring but trading itself may got boring at some point, unlike when you were a beginner where there is high momentum to learn and earn from trading. And to think that trading may not be able to give consistent and sustainable profits, then it’s a wise move not to limit yourself on trading alone but spare some time and money to other sources of income be it investments or jobs that will give you good compensation. Trading profits can be uncertain so you need to prepare for it by exposing yourself into other things that could also generate profits for you.

[milewilda]

No, the market is not boring. If you have skills in analyzing the market, you will know there will be a good time to enter to the market. In this time, I guess you can still make a profit although not much because the fluctuation of the price is difficult to predict. But if you don't minds with some profit, that will helps you to accumulates the profit to bigger. But if you feels that you difficult to trades and lack of knowledge or skills, you can select to invest in Bitcoin and holds it until the price rise. That will helps you to make a profit in the future but you must be patience to wait for the price rise higher. You can also search for the other sources of income from out there and not just from crypto because that will gives us an opportunity to make a profit.

The market may not be boring but trading itself may got boring at some point, unlike when you were a beginner where there is high momentum to learn and earn from trading. And to think that trading may not be able to give consistent and sustainable profits, then it’s a wise move not to limit yourself on trading alone but spare some time and money to other sources of income be it investments or jobs that will give you good compensation. Trading profits can be uncertain so you need to prepare for it by exposing yourself into other things that could also generate profits for you.

The only boring time on which i could really be able to say is on the moment that them market is moving sideways or simply on consolidation period or simply you cant really be able to see price actions, specially if you are someone whose really that making up some short trades then you would really be definitely be having that kind of mood.If you are someone whose really that been simply holding then you cant really be just that
having that kind of boredom since you've been wary from the start that you would really be just that simply holding and you wont really be that worrying about market conditions whether its really that having that
too movy or volatile or something could really be that boring. It would really be that situational. Speaking about diversification then it would really be always that be recommended or suggested on which we know
that this is something which is really that recommended because on the moment that you do find yourself having no considerations on diverfying your investment then if you do do focus on a single point
and turned out to be a loss or having that devastating negative then it would really be that hard to make up some recovery. This is why as much as possible you should really be having this kind of consideration
because not all the time the market would really be going in line on what are your plans. Always set those back up plans and preparation when shit things happen.

[Ruttoshi]

Since the retracement of Bitcoin, the market has become boring. Sometimes, the direction of Bitcoin is unclear. For example, the price action of Bitcoin is actually confusing. I have learned one thing in these recent days: As a crypto trader, do not rely on trading as your only source of income. It is good to have another source of income like real estate, staking, crypto jobs, mining,  and other legitimate sources of income. If I say that I will force trade now, it can end up in a loss.


What is your take on this?

Having various source of income is good because the chance of you getting broke is limited but trading should not be seen as the primary source of income because it is not a guarantee that you will make profit from trading regularly. The unpredictable price of bitcoin have made a lot of traders to run at loss.

Getting a job with regular income is better and from there you can save and invest in other investments of your choice. However, diversification should be done properly if not it can lead to poor wealth growth compare to when you are more focused on one.

[justdimin]

The market may not be boring but trading itself may got boring at some point, unlike when you were a beginner where there is high momentum to learn and earn from trading. And to think that trading may not be able to give consistent and sustainable profits, then it’s a wise move not to limit yourself on trading alone but spare some time and money to other sources of income be it investments or jobs that will give you good compensation. Trading profits can be uncertain so you need to prepare for it by exposing yourself into other things that could also generate profits for you.

Obviously it is not for everyone. A lot of people who enjoy trading will not realize why people may make a loss or feel bored. Those who are excited about it, do not realize that we do not have the same feelings towards it, and that's fine we can feel like it is boring but also if we know what we are doing and making a profit the new could get bored and still do it.

I think it's about personality, some people are not made for trading, and I do not mean like profit or loss, I mean like they just dislike doing it all together, don't want to even learn. I am one of those people, I dislike working on it and I eventually get bored of it enough to quit for a while, I may miss and come back eventually but I will always quit in the end.

[jcojci]

No, the market is not boring. If you have skills in analyzing the market, you will know there will be a good time to enter to the market. In this time, I guess you can still make a profit although not much because the fluctuation of the price is difficult to predict. But if you don't minds with some profit, that will helps you to accumulates the profit to bigger. But if you feels that you difficult to trades and lack of knowledge or skills, you can select to invest in Bitcoin and holds it until the price rise. That will helps you to make a profit in the future but you must be patience to wait for the price rise higher. You can also search for the other sources of income from out there and not just from crypto because that will gives us an opportunity to make a profit.

The market may not be boring but trading itself may got boring at some point, unlike when you were a beginner where there is high momentum to learn and earn from trading. And to think that trading may not be able to give consistent and sustainable profits, then it’s a wise move not to limit yourself on trading alone but spare some time and money to other sources of income be it investments or jobs that will give you good compensation. Trading profits can be uncertain so you need to prepare for it by exposing yourself into other things that could also generate profits for you.

We feels that boring because of many things such as we make a wrong analysis many times, we lose our money in trading, we are not in the right time to enter and quit the market and else. The market will be like that and will always moves ups and downs so we must realizes that we must manage our emotion and be ready if we wants to enter the market.

We must know that we can not always make a profit consistently and realizes that even pro trader can lose their money bigger than us. If we can limit ourselves from trading and not use too much money to trade, we will not lose big money especially if the market moves fluctuation.

[bitgolden]

We feels that boring because of many things such as we make a wrong analysis many times, we lose our money in trading, we are not in the right time to enter and quit the market and else. The market will be like that and will always moves ups and downs so we must realizes that we must manage our emotion and be ready if we wants to enter the market.

We must know that we can not always make a profit consistently and realizes that even pro trader can lose their money bigger than us. If we can limit ourselves from trading and not use too much money to trade, we will not lose big money especially if the market moves fluctuation.

What we need to realize about this is that nothing "entertaining" and fun will make you rich in this market, unless you get some superb luck, it will be a boring grind that will get you rich.

We need to make sure that we know what we are dealing with, which is going to be basically surviving and getting wealthier, this is literally the most important thing in a persons life outside of maybe health. That means, you will not be given money for free for doing nothing, or doing something fun, of course it is going to be something very difficult to handle. If you can handle it all, then we should probably start consider that if we can do something regards to this situation, then we are going to deal with something that will take a while for sure.

The best case we could probably have in this regard, would be just a situation that will not be simple for all the people who are dealing with the same problems. If you keep acting as if this suppose to be fun, then you are going to ruin it for yourself. Just realize that you need time and learning and studying. Obviously this will not be done by all, because not all can be that patient, but if you can do it then you are going to end up putting your difference and make some money.

[doomloop]

Since the retracement of Bitcoin, the market has become boring. Sometimes, the direction of Bitcoin is unclear. For example, the price action of Bitcoin is actually confusing. I have learned one thing in these recent days: As a crypto trader, do not rely on trading as your only source of income. It is good to have another source of income like real estate, staking, crypto jobs, mining,  and other legitimate sources of income. If I say that I will force trade now, it can end up in a loss.

The market will never be boring no matter what side it is. Maybe you only focus on one side or when the price is rising? And that is why you feel bored when the market is dumping. You didn't realize how important it is to buy at the dip. Bitcoin having an unclear direction is only normal, and this is why it is said that it is risky. So, people should only invest what they can afford to lose, and the other one would be is to diversify. Lastly, we should not treat trading as our only source or primary source of income, just like you said, even if we are experienced already because there will always be times that the market will not be in favour with us.

[boyptc]

Since the retracement of Bitcoin, the market has become boring. Sometimes, the direction of Bitcoin is unclear. For example, the price action of Bitcoin is actually confusing. I have learned one thing in these recent days: As a crypto trader, do not rely on trading as your only source of income. It is good to have another source of income like real estate, staking, crypto jobs, mining,  and other legitimate sources of income. If I say that I will force trade now, it can end up in a loss.


What is your take on this?

You're right.

That's what actual diversification is. You're not leaning towards only one source of income and as well as your assets. I like real estate and crypto and other sorts of trading.

There are miners here and as well as others that have other side hustles. Soon, if there can be other legitimate source of income that shall add to our profit, we should take it if we can be one of it and we shoot to the requirements of how to start it. Most of them no doubt requires some capital, either with money and/or time.