Is it okay to trade without a source of income?

[Gost ms]

At the beginning I want to say that I am a semi-skilled trader. I do not have any source of income. I have been learning trading for the past 13 to 15 months and investing for 5 months. But even though I am temporarily profitable from here, I am completely losing because I cannot control my emotions. This is repeating itself with me again and again. Even yesterday I lost my capital along with my profit.

Then I plan to take a loan from my friend to deposit in trading again. When I asked him for financial help to deposit in trading, he advised me to find a source of income before entering trading again and advised me to refrain from trading recently and introduced me to this forum so that I can gain deep knowledge about trading. He even advised me to gain deep knowledge about Bitcoin investment so that after finding a source of income I can easily invest in Bitcoin. Should I accept such advice? Or should I go back to trading anyway? I am seeking proper advice from experienced people.

[Oshosondy]

If you continue to lose, continue to trade with the amount of money that you can afford to lose. It can be $10 or $20. Trade like you are expecting the least but with little amount of money from the total trading capital. If you have $20, trade with just $2 and continue to look for a better strategy that will help you.

It can take 2 or 3 years. You need to be patient. If you are not patient, it can result to losses of money. Do not think trading can be a source of income. It will only be a source of losses for such a person.

Do not borrow money from your friend because of trading. Use low amount of money to continue to continue to trade until you see something positive about it.

[milewilda]

At the beginning I want to say that I am a semi-skilled trader. I do not have any source of income. I have been learning trading for the past 13 to 15 months and investing for 5 months. But even though I am temporarily profitable from here, I am completely losing because I cannot control my emotions. This is repeating itself with me again and again. Even yesterday I lost my capital along with my profit.

Then I plan to take a loan from my friend to deposit in trading again. When I asked him for financial help to deposit in trading, he advised me to find a source of income before entering trading again and advised me to refrain from trading recently and introduced me to this forum so that I can gain deep knowledge about trading. He even advised me to gain deep knowledge about Bitcoin investment so that after finding a source of income I can easily invest in Bitcoin. Should I accept such advice? Or should I go back to trading anyway? I am seeking proper advice from experienced people.

If you've been doing trading for 13 to 15 months and seems out that you arent having such progress then its just that sensible that you should be testing out other ventures but if you are really that eager on learning trading then continue on what you do. Take that advise from your friend on which this is indeed valid. You should have that source of income at least so that you could be having that trading capital at the time that you do make trades. Speaking about emotional aspect on why you do make out some shit trades then its normal but at the moment that you do become that being like a gambler trader then thats a huge mistake to be done. Its also good that aside on making up some trading then you could also decide to make out some Bitcoin investment as well, but just like on what been said that you cant do anything if you dont have any money for you to move like investing or doing trading. Taking up some loans for you continue trading is never been ideal specially if you dont have the capability on repaying it back on the right or due time. Once again, welcome into this forum and just read up everything on here on which you will be able to broaden up your mind about Bitcoin or crypto on which its not just that limited to trading but also on crypto investment. The most important thing on here is about on that risks management because this will be the most important thing once you do hover yourself towards this market specially of its total randomness and being that speculative.

[Pandorak]

At the beginning I want to say that I am a semi-skilled trader. I do not have any source of income. I have been learning trading for the past 13 to 15 months and investing for 5 months. But even though I am temporarily profitable from here, I am completely losing because I cannot control my emotions. This is repeating itself with me again and again. Even yesterday I lost my capital along with my profit.

When you say that you have learned to trade for more than 1 year, i think you are experienced enough, feel the bitter sweetness of the market to survive until now, even if in the end you still experience losses, it's okay, it doesn't matter because it will shape you. Find the cause of your defeat, if you have found it immediately correct it, so that you do not repeat that mistake again in the future.

Then I plan to take a loan from my friend to deposit in trading again. When I asked him for financial help to deposit in trading, he advised me to find a source of income before entering trading again and advised me to refrain from trading recently and introduced me to this forum so that I can gain deep knowledge about trading. He even advised me to gain deep knowledge about Bitcoin investment so that after finding a source of income I can easily invest in Bitcoin. Should I accept such advice? Or should I go back to trading anyway? I am seeking proper advice from experienced people.

I do not advise you to trade with borrowed money, whether friends, family or anyone else, because there is no guarantee that you will be able to return it plus you do not have a steady income in the real world, this adds to the burden and risk, making you think you must immediately get profit from trading to return the loan. Agree with your friend, find your income first to use as trading capital, using cold money will make your trading psychology better.

[Victorybit1]

No, this is something that I can't advice anyone to do. Even if you want to dive into the live market it should always be with what you are comfortable to lose. Trading without a source of income can be very risky because if you blow up your accounts how would you be able to get money to fund your trading account or do other important things. Take your time to understand the market first, while doing that work on getting something that can pay you either on a weekly or monthly basis. Focus on having a source of income before you start trading. Don't put all your hopes of achieving financial freedom in the market.

[Jewan420]

It is not uncommon for you to lose money in trading. If you want to be a skilled trader, you will have to lose some money in the beginning and then get back on your feet. As you mentioned, if you have no source of income and you are planning to trade on borrowed money, I think it is better for you to give up. Because, there is no guarantee that you will not lose again from trading. If you lose everything again, how will you pay off the borrowed money?

I would like to fully support your friend's advice, it is very important to find a source of income before returning to trading. Even if you are considering trading as a source of income, you are completely wrong. Because, trading is a high-risk profession from which it is absolutely impossible to become stable, it is very risky to live on this income. I would advise you to find a source of income and trade with less than 1/10 of your income so that you can lose it.

[Asiska02]

At the beginning I want to say that I am a semi-skilled trader. I do not have any source of income. I have been learning trading for the past 13 to 15 months and investing for 5 months. But even though I am temporarily profitable from here, I am completely losing because I cannot control my emotions. This is repeating itself with me again and again. Even yesterday I lost my capital along with my profit.

Then I plan to take a loan from my friend to deposit in trading again. When I asked him for financial help to deposit in trading, he advised me to find a source of income before entering trading again and advised me to refrain from trading recently and introduced me to this forum so that I can gain deep knowledge about trading. He even advised me to gain deep knowledge about Bitcoin investment so that after finding a source of income I can easily invest in Bitcoin. Should I accept such advice? Or should I go back to trading anyway? I am seeking proper advice from experienced people.

Losing is part of trading and every trader do experience loss when taking trades. As a trader, you should be very conversant with losses and you should learn how to minimize them in such a way that you’re profiting more than you’re losing. The trading journey is not an easy one and only those that are able to control their emotions make it far in trading to the extent of becoming very profitable.

You friend already gave you the best advise he can, and I think you should follow your friend because he wishes for you the best. First of all, seeking for the right knowledge before taking risk in trading is important, subsequently getting a source of income that you can use to fund your account is also important as more lessons are learnt while trading with real money than using demo, it also plays a role in your emotional state too which is important to understand in trading.

Your source of income will help you to always spare some amounts of money to can afford to lose while funding, it helps to be in a stable state than being affected by losses you can’t bear after using more than you can afford to lose. Borrowing money to trade should not even be something you should think of, deprive yourself from engaging in such as it’ll help you become a better trader with less worries while trading.

[Perfectbaby]

Then I plan to take a loan from my friend to deposit in trading again. When I asked him for financial help to deposit in trading, he advised me to find a source of income before entering trading again and advised me to refrain from trading recently and introduced me to this forum so that I can gain deep knowledge about trading. He even advised me to gain deep knowledge about Bitcoin investment so that after finding a source of income I can easily invest in Bitcoin. Should I accept such advice? Or should I go back to trading anyway? I am seeking proper advice from experienced people.

This is where you are losing it because it's something very bad to do, as long as trading is concerned if you can't trade with your capital and you lose them you shouldn't go borrow because there is no guarantee that the money you are borrowing you would trade out something meaningful from it. It's always advisable to trade when you have something substantial or sustainable from your ends so that you wouldn't entirely depending on trading or going to borrow money again to fund your trading account.

[mindrust]

The answer is different for every person. If you can sustain yourself from trading then obviously it is OK for you to make trades. If not, then it means you don’t know how to trade properly and you shouldn’t do it because it will make the situation even worse since you don’t have any other income.

Some people think they figured all out till they get a long unlucky streak and then they go bankrupt.

Having a backup plan is always a good idea. Get some passive dividend income and then you can make trades whenever you like.

[Natalim]

Whether it’s investing or trading, you should have a stable source of income first and foremost. That’s the safest thing to do before you decide to take such risk. Just know that you cannot assure guaranteed profits from trading or investing alone as you may end up losing from them and even ruined your finances, so you have to secure fixed income first so that if your trading or investing never work, at least you still have a stable job to rely for your future financial progress.

[Wexnident]

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I mean if you can live then I suppose? Generally not a good thing to do though since as you've felt, trading isn't exactly something you're always going to have profit from. It can vary from time to time and it wouldn't be surprising if an entire year of trading only ended up in a loss. Though then again you ARE taking a loan, I think if anyone started thinking of taking one then they aren't really doing trading right since, well, they needed one. Honestly I'd say build up a capital first while trading on the side, then when you're comfortable enough to live on that for say maybe a year or two, try it out and see for yourself.

[Stable090]

Then I plan to take a loan from my friend to deposit in trading again. When I asked him for financial help to deposit in trading, he advised me to find a source of income before entering trading again and advised me to refrain from trading recently and introduced me to this forum so that I can gain deep knowledge about trading. He even advised me to gain deep knowledge about Bitcoin investment so that after finding a source of income I can easily invest in Bitcoin. Should I accept such advice? Or should I go back to trading anyway? I am seeking proper advice from experienced people.

It is demonstrated by proverbs that a friend indeed is a friend in need. If I understand your initial statements correctly, you intended to borrow money from your friend to deposit in the trading. He advise you that it would be preferable for you to have sources of income so that you would have funds before you could participate in trading, and that’s why I stated that a friend indeed is a friend in need.

Your friend advised you well, you are not even suppose to borrow money to trade, you are a beginner, borrowing money to trade is really risky, because your chances of losing money is high when trading as a beginner, so how are you going to pay back your loan, after losing from trading.

If your friend doesn’t have a good intention, then he won’t have given you all those advises,  but he recommended you look for a job, and you can save some money from what you are earning, and can be used to trade, but don’t just go into trading with a loan, or all your savings, that’s really bad.

[Zaguru12]

Then I plan to take a loan from my friend to deposit in trading again. When I asked him for financial help to deposit in trading, he advised me to find a source of income before entering trading again and advised me to refrain from trading recently and introduced me to this forum so that I can gain deep knowledge about trading. He even advised me to gain deep knowledge about Bitcoin investment so that after finding a source of income I can easily invest in Bitcoin. Should I accept such advice? Or should I go back to trading anyway? I am seeking proper advice from experienced people.

The duration of how long you have been learning trading doesn’t translates to when you will be successful, the only thing clear is how dedicated you are and how knowledgeable you have been in that period of time. Trading is forever a continuous learning process and you will learn from your losses and mistakes as this things aren’t inevitable no matter how knowledgeable and profitable you’re in trading.

Your friend lend you something bigger than this money you asked for and it is this advice. Using loaned funds to trade is one of the biggest mistakes leading to losing in trading because this capital and how it came will definitely affect your decision making in trading and this psychological manipulation usually leads to wrong decision making in trading. Having your own funds and more precisely extra income aside trading gives you a clear psychological balance and makes you make decision freely

[Potato Chips]

The safest option imo is to get that source of income. You could use it as an additional for your capital as well.

TBH, there's always a good chance you could lose the supposed loan money. It's too risky without another source of income. What about savings, BTW?

I can't speak for others but I'd be too anxious living life on the edge so I have my savings (fiat and crypto) + multiple sources of income. It took time to built but this allows me to take more risk without staking too much of my current lifestyle and future as I can use them as a hedge.

Take one step at a time and get that other source of income. I'd say proper risk management goes a long way in crypto space.

[Rruchi man]

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Trading without a source of income is just like driving a car without any form of insurance, which means that you should be ready for whatever outcome because if you happen to blow your account, you will struggle to have the capital to refinance it.

Trading with a source of income offsets the emotional burden of always wanting to trade to make profit to support your lifestyle. That emotional burden can be dangerous to traders, making them enter the market on days when they should not.

[wheelz1200]

For me no i dont think trading crypto can replace not having another income source, unless you have money tucked away that you can live on for an extremely long time.  Trading crypto especially is still way to volitile to depend on as your sole source to survive.  Use it as a side source and scale up or down your other income source slowly.  But never get rid of it completely.

[Botnake]

Honestly, you can’t be trading or investing if you aren’t earning in the first place. Otherwise, you are breaking the very basic rule to trade or invest using your spare money, or using the amount you can afford to lose. If you do that, once you lose, it’s hard for you to get back into trading or investing again.

Let’s say that trading is quite likely the same with gambling, your outcomes will still be uncertain. That’s why you have to prepare for it, and trade only using your extra money so that if you lose, that won’t trouble you a lot because you only spend an amount that you are comfortable of losing.

[AmoreJaz]

The safest option imo is to get that source of income. You could use it as an additional for your capital as well.

TBH, there's always a good chance you could lose the supposed loan money. It's too risky without another source of income. What about savings, BTW?

I can't speak for others but I'd be too anxious living life on the edge so I have my savings (fiat and crypto) + multiple sources of income. It took time to built but this allows me to take more risk without staking too much of my current lifestyle and future as I can use them as a hedge.

Take one step at a time and get that other source of income. I'd say proper risk management goes a long way in crypto space.

That is very true because if you try to  spend outside your allocated budget, I would say you will start having trouble with your finances. Just like with gambling, trading has no assurance that you will get profit. Unless, you are already long enough here and you know how to at least reduce your losses and earn from the market movements. As much as possible, don't take a loan even for trading purposes. Trade small or whatever you have.

[X-ray]

At the beginning I want to say that I am a semi-skilled trader. I do not have any source of income. I have been learning trading for the past 13 to 15 months and investing for 5 months. But even though I am temporarily profitable from here, I am completely losing because I cannot control my emotions. This is repeating itself with me again and again. Even yesterday I lost my capital along with my profit.

there is your problem, as far as I know, trading without source of income isn't sustainable if you're trading low capital, every profit you generated from each trade will be peanuts, I think you should follow the advice to seek for source of income first and consider trading as just side hustle.

taking a loan will put you more under pressure and since you aren't really good at managing your emotion it can easily wreck your entire trading career.
just build a solid foundation of income first before trading, I personally not gonna risk myself getting entangled in debt in effort to make peanut so there's that. or unless you got big capital and you're so confident you gonna make it big.

[MaNI]

Without source, you will not invest in trading process. Trading is not easy to process. So will be know about the trading process then you will be investing in trading process. Don't invest trading process without knowledge. It any time to up and down. So trading knowledge is important sore of all trading process. Without investment will not process the trading. If you what to trad Frist will the understand and get the trading knowledge. Then easy to process the trading.