Is it okay to trade without a source of income?

[alastantiger]

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.

Don't take loan to trade because you'll regret that decision. Only very few people have taken loans for trading and they came out on top. Others are in debts and are still struggling to pay. Loans have negative impact on your trading ability because you'll become more precautions and start taking less risks that will affect how you use to trade. Trading should be carryout with your personal money and not loans, others or business money shouldn't be used too. Don't trade without having a stable source of income because you'll need that stable source of income to help you in difficult situations. As a trader, you'll have some bad outcomes that you'll need money to cover up but when you're not having any help from your source of income, it becomes a challenge for you.

[Stalker22]

I believe having some money coming in before you start trading is a good idea.  That way you dont end up in money trouble if things dont work out at first.  Plus, you really ought to learn as much as you can about trading before using your own cash and  knowing what you are doing will help you make smarter choices and not lose a bunch.  My advice would be to hold off on trading for now.  Get more experience under your belt and have a steady job first.  Once youve done that, you will be in a better spot to try trading.

[hyudien]

Indeed, that option can be done, but we also have to be able to see what the risks are. Will we be able to survive when we feel a loss and eventually lose all our money? Will it not cause problems in the family if we use their money to trade? Maybe at first they allowed and gave money, because they got an explanation where trading could get quite tempting profits. I think that's the first thing we will say to our family when we want to get money, maybe we won't even tell them the risks at all.

If we are already experts and know how to make money from trading, there is no problem at all, we will definitely be helped with capital and many more will come to ask for our help by entrusting capital to us even with a percentage of profit divided in half after the capital is returned.

Coming to the market with just money is not enough, which will only make us lose money in an instant because most of them test the profit by buying coins randomly. If that's the only reason I want to trade in crypto, I think it's ridiculous.

I disagree with this, with what you said helping someone by accepting capital deposits from others. Even though we already understand trading very well, we should not do that. There are several reasons why I say this, one of which is that the market is not always friendly and there will always be risks, even professional traders will still experience losses. Apart from that, there is a burden that we bear, namely having to answer the expectations of people who entrust capital to us. Maybe that will make us restless, and keep in mind that trading when you are restless is very bad.

[Bravut]

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.

Yes, accept your friend's advise.
Trading requires capital, and neither can you trade with full focus if your source of capital is burnt. Besides capital what's most important is True Knowledge about Trading itself and being very good with your strategy. If you don't have the necessary knowledge you would keep losing thus blaming your emotions always.
What you need My Friend, is knowledge, capital and discipline to become profitable.
Also never make the mistake of borrowing money to trade again, nothing is certain in trading you will only put more pressure on yourself than ever.

[MiF]

Trading without a source of income is very hard, because trading needs a capital, and if you don't have a source of income you will sure fall down into loan and you will having a hard time to pay the interest of the loan, and when the crypto market down you will surely become disappointed.

[Ararbermas]

Actually for me in my opinion it still a good idea to have a job while trading coz on that way you can really make more money .  But if you're stable on trading and you want to spend your time with family then perhaps it's a good decision to focus on trading. .

but like what i said if you're "Stable" what i mean is that you really making money on trading not that after days or two you still ended burning your account coz that's not a good idea to don't have another source of income . So make it sure before making decisions.

[Synchronice]

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.

You might have a few successful trades but there is a very high chance, almost a guarantee that you won't be able to feed yourself with only trading. Maybe you'll do it for the first few months but can you imagine that you'll be able to feed yourself for 5 straight years with trading? Are you sure? I think that's a very risky step and it might not be for everyone. If you are very confident and sure, then okay, listen to your heart, not us because sometimes the society stops those who are very talented and capable and I understand that. It's best to listen to yourself but be very smart, critique yourself but in a healthy way, test yourself.

[Mr.sprin]

Actually for me in my opinion it still a good idea to have a job while trading coz on that way you can really make more money .  But if you're stable on trading and you want to spend your time with family then perhaps it's a good decision to focus on trading. .

but like what i said if you're "Stable" what i mean is that you really making money on trading not that after days or two you still ended burning your account coz that's not a good idea to don't have another source of income . So make it sure before making decisions.

If we talk about time for family, it's true, bro, with our financial stability through stable trading, we can make time for family, that's fine, bro, but we also have to be good at managing our finances as best as possible so that we don't get overwhelmed in the future.

If we can work while trading, I think it is also more efficient for our economic resilience to be stronger, that way we can sort our assets to other places so they can move along with our daily lives, as long as we can still manage our time as well as possible. What's wrong with working while trading?

[YOSHIE]

Is it okay to trade without a source of income?

As far as I know there are many types of people who enter and carry out trading activities in the crypto market, ranging from those who work permanently to those who do not have a permanent job, aka not earning in this regard Some are successful and some fail to trade, depending on the Ahlian they have, that's the main point.

So, in my view and I see for myself there are some of my friends who trade Crypto but they don't have a permanent income, but they are successful at this time they are a lot of money and they used to have anything now.
Meaning: Anyone can trade crypto, regardless of they have a permanent salary or not, but what needs to be understood is not a fixed income, precisely the science of trade carefully, both analysis, Understanding graphics, crypto markets, crypto types and many more that have to do with trade, thus you have more income than those who have fixed income, consider all risks that are likely to occur in crypto trade to overcome losses and can get concrete profits.

[pusaka]

Actually for me in my opinion it still a good idea to have a job while trading coz on that way you can really make more money .  But if you're stable on trading and you want to spend your time with family then perhaps it's a good decision to focus on trading. .

but like what i said if you're "Stable" what i mean is that you really making money on trading not that after days or two you still ended burning your account coz that's not a good idea to don't have another source of income . So make it sure before making decisions.

If we talk about time for family, it's true, bro, with our financial stability through stable trading, we can make time for family, that's fine, bro, but we also have to be good at managing our finances as best as possible so that we don't get overwhelmed in the future.

If we can work while trading, I think it is also more efficient for our economic resilience to be stronger, that way we can sort our assets to other places so they can move along with our daily lives, as long as we can still manage our time as well as possible. What's wrong with working while trading?

We must be able to see our abilities, if we can really get a stable income from trading, then this can be done by only focusing on trading, but if we still feel a lot of losses and have not been able to get a stable income, then we should not take big risks. We must meet our daily needs, especially if we already have a family and are the head of the household, we must be smart in choosing. Maybe if we only talk about something good, like more time with family, then we will want to be like that. However, if our skills cannot achieve that, then we should keep working while trading.

[gunhell16]

Trading without a source of income is very hard, because trading needs a capital, and if you don't have a source of income you will sure fall down into loan and you will having a hard time to pay the interest of the loan, and when the crypto market down you will surely become disappointed.

It's okay to take a loan if you have a source of income, but if you don't have a source of income, it's not okay, simple logic, right? So if you do trading activities, you must have money
to buy crypto assets, you can't have none.

But if you participate in airdrops or bounties, even if you don't spend money, you can still trade, but you still need funds for the transaction fee you will make.

[passwordnow]

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.

You're friend is right about it, get a souce of income first before you believe that you're a skilled, semi or profitable trader. Any profitable trader won't get into that idea of taking a loan.

Should I accept such advice? Or should I go back to trading anyway? I am seeking proper advice from experienced people.

Any advise that shall be for your good, take them. And if you think that you're good in trading really, you're free to come back on it anytime and prove yourself as a profitable one.

[dunfida]

Actually for me in my opinion it still a good idea to have a job while trading coz on that way you can really make more money .  But if you're stable on trading and you want to spend your time with family then perhaps it's a good decision to focus on trading. .

but like what i said if you're "Stable" what i mean is that you really making money on trading not that after days or two you still ended burning your account coz that's not a good idea to don't have another source of income . So make it sure before making decisions.

If we talk about time for family, it's true, bro, with our financial stability through stable trading, we can make time for family, that's fine, bro, but we also have to be good at managing our finances as best as possible so that we don't get overwhelmed in the future.

If we can work while trading, I think it is also more efficient for our economic resilience to be stronger, that way we can sort our assets to other places so they can move along with our daily lives, as long as we can still manage our time as well as possible. What's wrong with working while trading?

We must be able to see our abilities, if we can really get a stable income from trading, then this can be done by only focusing on trading, but if we still feel a lot of losses and have not been able to get a stable income, then we should not take big risks. We must meet our daily needs, especially if we already have a family and are the head of the household, we must be smart in choosing. Maybe if we only talk about something good, like more time with family, then we will want to be like that. However, if our skills cannot achieve that, then we should keep working while trading.

Its common sense but there are people who are really that indeed delusional on which at the time or moment that they had that making up some profits then they do really that get confident on which at the moment or time that they cant be able to control it out such urge then this is where they do make up some decisions that they should be quitting or resigning with their jobs on which they arent that thinking up on what are the potential risks that they will really be able to encounter if ever that the market wont really be giving out some profits on that particular day? We do know that you cant be profitable on everyday, on which considering the market is volatile.

Trading without having no source of income will really be that hard because there's no way that you can support yourself on having some capital because you will really be that needing it, because if you wont really be able to have such source then you cant be able to do so not unless if you will be taking up a loan on which we know that this is not recommended at all. There are those times that this will be that your last resort when it comes into such venture.

[SmartGold01]

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.

Keep trading with the smaller amount you think you can risk while trading but do not use a bigger amount and also do not borrow money to trade as trading is never something that is guaranteed if your not pro trader or at least have seen your overall performance toward trading, when trading and you keep experiencing lose then it is also important to review your general performance and see whether to further or not but i wouldn't support taking of loan to trade since you aren't sure of your trading outcomes.

[GiftedMAN]

Taking loan to trade would have been a big mistake for you since you have been losing in your trade, for now I think the best advice is for you to stop trading then try and increase your knowledge in trading before you think of trading again. When you finally gain more knowledge in trading kindly trade with your own money this will help you to be stable emotionally when you are trading, do not take loans to trade cause it will lead you into owning debt in e you are not sure of making profit.

[RockBell]

I believe having some money coming in before you start trading is a good idea.  That way you dont end up in money trouble if things dont work out at first.  Plus, you really ought to learn as much as you can about trading before using your own cash and  knowing what you are doing will help you make smarter choices and not lose a bunch.  My advice would be to hold off on trading for now.  Get more experience under your belt and have a steady job first.  Once youve done that, you will be in a better spot to try trading.

When you have a place money is coming from it makes things easy because when you don't make profit you still have a place were money is coming from and when you have zero source of income then you will have to battle with both your life and trading because how do you feed and you will not be able to even concentrate when you don't have a source of money and you are still hungry you will end up quitting because how how life will be hitting hard on the fellow.

And this is why you need everything you can do to invest and when you have other source it make the investment more flexible and when you don't have a source it will not be a bad idea to just for the sake of sustainability but people don't think about this all they are focused on is profit then you will fail because you have to find other ways to put things in other.

[Issa56]

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.

If you are a trader, there is one thing which you can’t avoid, and it’s loss, if you are trading, you are definitely going to be making money, but we should be expecting loss also, but as a trader, what we should make sure we notice is that, our profit should be more than our loss, if we loss more, then we should go back to the drawing board, to check where we get things wrong.

You don’t have any source of income, then how are you able to get the money which you are trading with? If you are a trader, and you are a beginner, then it’s just better you have other sources of income, because you won’t really be making money immediately you start trading, so having a source of income is really important.

[SOKO-DEKE]

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.

Trading is not an easy thing to deal with, and trading doesn't have a master. Even those traders who have more experience also lose money in trading. So, one needs to be very careful when trading to avoid being carried away. Sometimes, trading feels just like gambling because the more you lose, the more you try to trade again to recover the money you’ve lost.sometimes, you aim to make very big profits from trading, even though you know that making even a small profit from trading is not easy. The thing about trading is that while you are losing, some other people are making good profits from their trades.I have tried trading before, but it didn’t work for me because I was losing a lot of money. This is how I learned to control my emotions towards trading. However, it was never easy for me at that time, and I believe that is what many traders are facing.

[Hyphen(-)]

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.

It’s good you already said you are a semi-skilled trader; I would have said you are just wasting your money on what you don’t know much about. You should go and learn how to trade perfectly before you trade on your own, although 13 to 15 minutes is a long time,

and it’s enough for you to learn how to trade, but you still have things you lack in trading, and you need to take the necessary correction before you continue trading. Emotional stability is very important in trading that will guide you in the market even if you are lost at the moment.

[Rockstarguy]

Trading without a source of income is very hard, because trading needs a capital, and if you don't have a source of income you will sure fall down into loan and you will having a hard time to pay the interest of the loan, and when the crypto market down you will surely become disappointed.

It's okay to take a loan if you have a source of income, but if you don't have a source of income, it's not okay, simple logic, right? So if you do trading activities, you must have money
to buy crypto assets, you can't have none.

But if you participate in airdrops or bounties, even if you don't spend money, you can still trade, but you still need funds for the transaction fee you will make.

For me I think if one has a source of income their is no need taking loan to trade. With a source of income you can actually trade with the amount you can afford comfortably but taking loan to trade while one has a source of income it means one is not trading with the amount that he can afford, taking loan us just like a back up.

The reason why I don't really encourage loan in trading is because trading is unpredicted. I feel taking a loan and if the outcome of trading is bad it means the lose is not just only in the trading outcome but also to the loan that was taken and that must be paid back .