laubeaud (OP)
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July 09, 2024, 01:44:44 PM |
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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?
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shinratensei_
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July 10, 2024, 06:55:06 AM |
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Honestly if someone make quite the amount of money from trading because they are just that good in analyzing market chart and make decision based on it they probably gonna be fine not having other income. like basically the people who made hundred thousand if not millions monthly then they are probably already well off and don't really need to find other income since risk management is all they need but I do agree though.
having other sources of income could never go wrong, it'd be great if someone that make money from trading could also spend some of their money to invest into other thing such as real estate just to have more secured life. because we never know when market gonna crash like before where it could turn table on us and literally make us lose so much all the profit we've gained during bullrun will just vanish.
the FTX collapse is one of example.
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Mahanton
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July 10, 2024, 12:15:20 PM |
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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?
Diversification is always been best which you won't really be just that focusing on a single point because there's no such thing about assurance when it comes to invement.Always think up about back up plans because if you do have that only one source of income and ended up on negative then it would really be that hard to make up some recovery and this is why it would be important that having tons of source of income.Yes it's not that easy but doesn't mean that it would be impossible.This is why it would be better that you should have that kind of consideration. We do know that there are tons of options which we can choose on but it would really be that hard when you don't have the capital on which we know that in every investment which requires capital.
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redsun114
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July 10, 2024, 12:45:52 PM Last edit: July 11, 2024, 04:40:27 PM by redsun114 |
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I have learned one thing in these recent days: As a crypto trader, do not rely on trading as your only source of income.
Again you are missing another important thing: first, you should not rely on trading itself as an income stream for your living. I mean trading is 101% uncertain thing which means you may make profit some day and loss in some other day still there would be nothing guaranteed in trading that you would earn something at the end of a month. Moreover, if you are able to finish your month securing your capital, that would be a bigger success for most traders in this crypto space. having other sources of income could never go wrong, it'd be great if someone that make money from trading could also spend some of their money to invest into other thing such as real estate just to have more secured life.
I agree here but not as per OP mentioned like staking or mining kind of things. Mining is definitely not suitable for monthly income stream and staking will never be profitable even in long run as per my own things. Real estate must be an investment and not a income stream. Crypto job is good for income stream but finding it would be the real challenge. Always think up about back up plans because if you do have that only one source of income and ended up on negative then it would really be that hard to make up some recovery
Yeah, which is the point of OP and for exact same reason, we have this discussion. I mean having more than one income stream is the perfect plan of having "back up". All the above, I would suggest to go for diversifying across different domains and not within crypto space nor within trading things.
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mk4
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July 10, 2024, 12:46:50 PM |
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I mean, bitcoin's price performance has always been confusing — with it surprising both traders and investors with its price pumps and its drawdowns. It's definitely not something new.
As for diversifying income, I agree. Unless you're an actual professional trader, you gotta have a separate source of income that's more 'stable' than crypto.
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YOSHIE
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July 10, 2024, 02:38:51 PM |
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What is your take on this?
Diversification: that's for sure, what's more crypto trading is related to the crypto assets that we trade, changing strategies or varying is important and certain, because by taking these actions at least we remember the losses that might occur and can control the risks in trading activities. As far as I know, diversification in trading can only be done by three methods, margin, spot and futures, all three have different strategies, so we can carry out various strategies according to the current market, To overcome real losses and risks for those who trade, carrying out several actions and several things in trading is recommended to be able to obtain maximum profits and also minimize the possibility of losses occurring.
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Questat
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July 10, 2024, 03:12:24 PM |
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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?
Trading, no matter how profitable it is, it cannot guarantee a stable source of income most especially in crypto trading where the crypto market is very unpredictable. Even professional traders are aware of that. That's the reason why traders don't have to rely on trading for a lifetime, but should also engage theirselves in other potential investments that could also contribute additional income aside from trading. However, if they haven't venture yet into potential investments, much better if they have a stable job to fund their trading so they can consistently trade even at a small amount basis. Trading is not just all about profit making, that's why in times of losses, at least you have your current stable job to back up your funds when trading.
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electronicash
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July 10, 2024, 03:37:02 PM |
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the market is always unpredictable. you may be seeing where the strand goes in the longer frame but shiting to the daily chart or 4hr chart, things become different already. if it affects your decision like never trading in the market where you are not sure whether you win then having another source of income is a better option. especially for someone like us who doesn't really trade with large capital.
or maybe try staking where you still can earn in crypto while trading. we in the forum still earn a few bucks weekly when we join campaigns and at the same time get us updated regularly with what is going on in the industry.
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Bournesparks
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July 10, 2024, 06:20:18 PM |
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I have learned one thing in these recent days: As a crypto trader, do not rely on trading as your only source of income.
Again you are missing another important thing: first, you should not rely on trading itself as a income stream for your living. I mean trading is 101% uncertain thing which means you may make profit some day and loss in some other day still there would be nothing guaranteed in trading that you would earn something at the end of a month. Moreover, if you are able to finish your month securing your capital, that would be a bigger success for most traders in this crypto space. having other sources of income could never go wrong, it'd be great if someone that make money from trading could also spend some of their money to invest into other thing such as real estate just to have more secured life.
I agree here but not as per OP mentioned like staking or mining kind of things. Mining is definitely not suitable for monthly income stream and staking will never be profitable even in long run as per my own things. Real estate must be an investment and not a income stream. Crypto job is good for income stream but finding it would be the real challenge. Always think up about back up plans because if you do have that only one source of income and ended up on negative then it would really be that hard to make up some recovery
Yeah, which is the point of OP and for exact same reason, we have this discussion. I mean having more than one income stream is the perfect plan of having "back up". All the above, I would suggest to go for diversifying across different domains and not within crypto space nor within trading things. You've spoken well. Diversification is key.. of op has multiple streams of income then he'll be fine .but again, this takes time to build imo.. for Staking, they're some really good apy on exchanges but wirj clauses. Bitget has some for usdt, saw some on bybit for eth, MNT. I'm sure there are others he can explore too
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Bournesparks
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July 10, 2024, 06:20:36 PM |
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the market is always unpredictable. you may be seeing where the strand goes in the longer frame but shiting to the daily chart or 4hr chart, things become different already. if it affects your decision like never trading in the market where you are not sure whether you win then having another source of income is a better option. especially for someone like us who doesn't really trade with large capital.
or maybe try staking where you still can earn in crypto while trading. we in the forum still earn a few bucks weekly when we join campaigns and at the same time get us updated regularly with what is going on in the industry.
Tbh this market is annoying..
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BABY SHOES
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July 10, 2024, 06:29:54 PM |
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If you rely on trading for your main source of income, it is clear that you will experience difficulties when the market is volatile and erratic.... even a professional trader they still have other sources of income not only in trading, so it is important to diversify your income in other fields.
I don't rely on crypto trading alone, especially investing in bitcoin does not need a main source of income, which is clear that there must be other jobs that can generate more stable income, if you are still a worker in the office then maintain that income while diving into trading in your spare time.
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yudi09
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July 10, 2024, 06:39:44 PM |
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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?
Diversification is part of the strategy to minimize the risk behind the desire to make a profit. Important or not, I think it is important especially in the market conditions we are currently experiencing. Making an activity a source of income will not be effective because the importance of diversification in varying investment assets is not limited to just one type, such as trading. If you only focus on one type of asset, then it cannot be said to mean diversification. I agree on this. We need to place some type of investment to make a profit.
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mindrust
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July 10, 2024, 06:45:47 PM |
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Having a diversified portfolio is very important. You should invest in crypto and bitcoin shouldn't be your only crypto however, you should also have other assets than crypto. Stocks, bonds, gold, ETF's, get some real estate too if possible. If you can have a diversified portfolio you can notice the newly emerging opportunities before other people. Then you can position yourself in that asset or increase your weight before anybody else. If an asset is going to make a 200% move, and you bought it after it made %100, you can only do x2. If you buy it when it made %20, you can do x10. That's how important to be an early investor.
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Jegileman
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July 10, 2024, 09:55:00 PM |
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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 a good trader and do your analysis well, I don’t think you’ll be affected much by the direction the market is heading to now. As a trader, you can always switch to the direction of the market to earn your profits, you don’t have to always be on the uptrend to be on gain and downtrend to be on loss. It all depends on how you understand the market well. Profitable and experienced traders are the ones that are milking this moments the most. Their biggest disadvantage is that for every wrong direction on the market movement will cause them some dollars, so they need to be more careful when analysing and placing trade than an investor who only wants to invest and watch their investment grows over a period of time.
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Wexnident
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July 10, 2024, 10:00:47 PM |
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It's never going to be a wrong idea to have multiple sources of income lol. Income is the source and the start of generating more after all (via investments, etc). It helps in bootstarting your portfolio, being able to increase the general amount of profits you have by investing more and stuff like that. Two early investors would still have a difference in profits even if they're both early so that speaks volumes itself imo. Would definitely not rely on trading/market as your sole source though. Full time trading exists I guess, but it's not like there's an opportune moment to trade 24/7, it always takes time. Not to mention with the existence of bots, you can pretty much set up buy/sell orders once your predicted price point is achieved.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
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nelson4lov
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July 10, 2024, 10:37:01 PM |
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Multiple sources of income has always been the go-to strategy by most of the richest men we have in the world today. They might make big bucks from a particular sector like real estate then pour some of those profits as capital into other ventures. As a trader, when I make sufficient profit from trading, most of those profits will go into other promising ventures of which real estate is currently the leading candidate. Having other streams of income will very much act as backups especially in times where markets are super slow or just outright boring (ranging or bear market).
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Maslate
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July 10, 2024, 10:56:11 PM |
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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?
It's like you shouldn't be in trading if you don't have reliable source of funds or let's say a good paying job that will turn your trading attempt into possibility. Otherwise, your trading funds won't be sustainable enough and by losing even a small amount, you will end up quitting on your trading since you don't have funds anymore to continue trading. Trading is never a permanent and stable job. It could make you profitable at first but you could also endure possible losses at some point while trading. Probably the reason why one should not rely on trading alone, or if you chose to pursue trading, better have other sources of income or investments that generate sustainable funds so you can still trade and achieve your trading goals in the end.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | │ | CRYPTO FUTURES | | | | | | | │ | 1,000x LEVERAGE | │ | COMPETITIVE FEES | │ | INSTANT EXECUTION | │ | . TRADE NOW |
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justdimin
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July 11, 2024, 05:24:42 PM |
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Trading, no matter how profitable it is, it cannot guarantee a stable source of income most especially in crypto trading where the crypto market is very unpredictable. Even professional traders are aware of that. That's the reason why traders don't have to rely on trading for a lifetime, but should also engage theirselves in other potential investments that could also contribute additional income aside from trading.
However, if they haven't venture yet into potential investments, much better if they have a stable job to fund their trading so they can consistently trade even at a small amount basis. Trading is not just all about profit making, that's why in times of losses, at least you have your current stable job to back up your funds when trading.
Professional traders do rely on trading income for life, unless they retire one day of course. I have met plenty of them, some even made millions and retired, that type of people do exist but they are not common and the rarity makes them feel like they do not exist, I understand that. We should realize that it is going to take time for people to make sure that we are dealing with something that will take time. We should probably consider the reality is that we could make it work one way or another. I personally believe that the best thing to do in this case would be just focusing on how to get greater result. This will not be simple, and it will be difficult for all, but we need to learn to be better with time for sure.
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Dr.Bitcoin_Strange
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July 11, 2024, 07:29:27 PM |
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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?
Well, this actually depends on the situation and also on the individual. There are some people that started trading as an occupation and they made big profit despite that they started small. From trading, some of these people raised money to invest in other asset or start a big company outside trading. You can start trading with $10 and if you have a good mastery skill in trading due your effortless practices, you can multiplay that $10 to $100. It may not just happen suddenly but if you are patient, persistent and not too greedy, you will definitely continue to multiplay the money despite the loses you will sometimes incurre. During the primary stage of learning how to trade, you can have other sources of income. If you can also manage your other jobs or source of income with your trading, that is perfect but I know that trading need a full attention and dedication from the trader. But after you have become successful in trading, you can invest your profite to other asset like the real estate you mentioned.
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stomachgrowls
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July 11, 2024, 08:13:05 PM |
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Trading, no matter how profitable it is, it cannot guarantee a stable source of income most especially in crypto trading where the crypto market is very unpredictable. Even professional traders are aware of that. That's the reason why traders don't have to rely on trading for a lifetime, but should also engage theirselves in other potential investments that could also contribute additional income aside from trading.
However, if they haven't venture yet into potential investments, much better if they have a stable job to fund their trading so they can consistently trade even at a small amount basis. Trading is not just all about profit making, that's why in times of losses, at least you have your current stable job to back up your funds when trading.
Professional traders do rely on trading income for life, unless they retire one day of course. I have met plenty of them, some even made millions and retired, that type of people do exist but they are not common and the rarity makes them feel like they do not exist, I understand that. We should realize that it is going to take time for people to make sure that we are dealing with something that will take time. We should probably consider the reality is that we could make it work one way or another. I personally believe that the best thing to do in this case would be just focusing on how to get greater result. This will not be simple, and it will be difficult for all, but we need to learn to be better with time for sure. Only a few would really be up into this situation on which on the moment that you do find yourself being profitable with trading then it could possibly that you do make it as your main source of income and it would really be just that normal that you do quite or resign with your current job since you do found yourself that sustainable towards trading.Somehow this isnt really that common just like on what you have said on which only a few would be able to reach out this kind of condition because traders that becomes sustainable are those traders who do considered experts or to those who do have good skills on it.This is something a state that you won't be finding yourself that be able to achieve so easily. Diversification of investment sounds pretty easy but taking up such step will be needing up that tons of capital if you do plan to have such act but always bare in mind that success isn't always guaranteed on this one.
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