Is it okay to trade without a source of income?

[pusaka]

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.

Well, that's actually still a problem, where someone who has only made a profit 2 or 3 times already feels confident with their trading and thinks that they can continue like that. In fact, maybe when they make a profit, they might be lucky because the market can be friendly and at the same time can move according to predictions. People say you have to be confident, yes that's true. However, we also have to limit that confidence with the possibility of risks that are clearly real in this trade. Don't make excuses when working and trading makes us have to spend extra energy, because in this life there must be sacrifices, and fatigue is one form of sacrifice to achieve something we want.

[woez]

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.

The big problem comes when the pressure when the borrower comes and this is the most crucial where decision making will be reckless because of uncontrolled emotions and often ends in regret. so exactly as you said above Do not take loans to trade.

[TheUltraElite]

OP did not tell us about their time frame for trading, assuming the OP's frustration of trading - they may be a day trader.

So when it comes to me giving advice, I discourage people from giving up jobs or previous assets to trade bitcoin - someone else's opinions might differ, but a stable source of income is a cushion for the new trader to back themselves up on in case (make that "when") trades go South.

Losses are invariable in trading even at a veteran level. But the income gives the capital, and long term trading will definitely help more than short term stints.

[Rampagoe004]

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.

The big problem comes when the pressure when the borrower comes and this is the most crucial where decision making will be reckless because of uncontrolled emotions and often ends in regret. so exactly as you said above Do not take loans to trade.

Taking a loan is not at all recommended when trading because it can put us under pressure so we take a position in a hurry. Crypto traders should have money saved so they don't make decisions emotionally. I think there are still many traders who still lose money from trading due to taking an emotional position. So trade according to the money you have, never take a loan because the crypto market is too active all the time.

[Rabata]

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.

In trading, a trader should definitely give importance to several things. Trading should not be advised only if he has skills or experience. I think a trader should have a reliable income source. If a trader does not have a regular income, if he depends only on trading, he will not be able to continue trading in the long term. To become a good trader, it is not possible to learn trading in the shortest possible time. It definitely requires sufficient time and knowledge to understand it.

Some new traders have a misconception that if they can make a profit from one or two trades, they think that they have gained good knowledge in trading. But the reality is that even if a trader makes a profit quickly, if he does not have complete knowledge, he will not be able to succeed in trading. Borrowing money for trading is a serious mistake. When a trader conducts trading with borrowed money, trading will be a bigger problem for him.

[Wakate]

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.

Trading is not for the weak because trading and gambling have some similarities. You might think that your are trading without knowing that what you are doing is gambling. Gambling is when you are trying to out smart your risk management and discipline just to make more from the market. With this kind of trading, everything might end up in a big loss if one is not care about such kind of decision making. Trading is profitable when you have a good strategy and you understand the market very well, but when all these things that will enhance you to make money from trading is not in place, you will end up crying and complaining that you are not making enough from the market.

[tvplus006]

If respond directly to the question asked by the OP in the topic title, "Is it okay to trade without a source of income? "I can say for sure that this is possible...
... Yes, it is possible, but only on a demo account.
To trade on a real trading account, you need real money, which you must first earn offline.

[alastantiger]

The big problem comes when the pressure when the borrower comes and this is the most crucial where decision making will be reckless because of uncontrolled emotions and often ends in regret. so exactly as you said above Do not take loans to trade.

Absolutely and also you become more pressured when you're already losing. Assuming you were making profits, you'll not be worried as you can take out some profits to repay the lender but when you're already losing, you'll understand why it isn't a good advice to take loans when the lenders comes for your money. There are some mistakes that we shouldn't make as traders and taking loans for trading is own for them.

Loans aren't that good and if you can avoid them, do so and you'll have a better life without being scared that your debtors will come to worry you. There are some people that are so much in debts that they can't use their salary for anything good for their life because they have many debts to payoff and gambling with loans is usually the cause of this problem.

[shawonngp]

Only trading can't be a source of income, source of income means you need to earn a fixed income because you have to cost money in everyday/week/month, so  you have to make sure about fixed income source otherwise you will face many problems in your daily life. You should join in a job where you can make a fixed money, then trading.

[cute nmp]

Yeah, your friend gave solid advice. It’s better to find a steady income first so you’re not trading under pressure. Taking a break to learn more about trading and Bitcoin investing will help you come back stronger. Don’t trade with borrowed money it just adds stress and makes emotional control even harder.

[Zanab247]

Yes, very easy to earn profit from trade without having source of income, all you have to do is to have the idea of the trade and start working towards it to  know the amount of money you will be using to trade as a new trader before you will increase the capital.

But if you start a trade without a single idea of trade, it will lead you to so many things that will make you to be debted to so many financial institution that will be looking for you to pay back their money, which is what happened to you, assuming you have other sources of income, you would have not loan money from people to trade. If you have source of income before going into trade, it will make your trade easy for you because you will not trade your coins when you know there is no plenty profits to earn from the trading.

[harapan]

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.

First of all who does that trading without no source of income. Let me ask you can you go to catch a fish without a net? If no then you can't trade without a source of income because not having a source is like traveling without a destination. But if like you said that you are a skilled trader you ought to know what it takes to be one and the possibility of taking risks to do so.

You can imagine that you don't have a stable income but yet you went on to invest and now you are wanting to take a loan to keep up to target... This is a failed mission and I think you need alot of adjustment.

[CroverNo01]

Only trading can't be a source of income, source of income means you need to earn a fixed income because you have to cost money in everyday/week/month, so  you have to make sure about fixed income source otherwise you will face many problems in your daily life. You should join in a job where you can make a fixed money, then trading.

There are different ways to either duck into the system of trading, making it full-time, this idea is not acceptable base on the risks involved. Trading can be seen as regular routine we indulged in after work because it's entirely table as second activity that ease away our boredom. A job is required because paying full 100% time on gambling, there are merits and demerits that follows. A job generate source of income that's dependable, it's brings confident when you're working, keeping the good side to keep generating profits for oneself.

[thefreethinker]

Of course it is mate, as long as you know what you're doing and you're in profits. You could make trading your source of income if you want to, a lot of professional traders do it full time, thus making it their primary source of income, you could be the same if you know the art and what to practice it on a pro ground. But you cannot trade safely/low-risk and make profits without first of all saving a reasonable capital. I personally would never use borrowed funds for trading or investments because I think the risk is higher, I would rather use my savings with peace of mind.

[alastantiger]

Only trading can't be a source of income, source of income means you need to earn a fixed income because you have to cost money in everyday/week/month, so  you have to make sure about fixed income source otherwise you will face many problems in your daily life. You should join in a job where you can make a fixed money, then trading.

Agreed but the job shouldn't make you inconvenient to trade because you no longer have time on your hand or have free times to practice to becoming good at trading. Get a job that you love and can also pay the bills because working for someone all your life is a complete waste of your time. People do not appreciate the sacrifices that others pay for them to have a better life by serving them. People are doing it for the money but not only that as for some, it goes pass just serving a master. Having a source of income gives you an additional guarantee and you can risk making mistake  and losing money gambling without being afraid that you'll go broke if things don't work out for you. With a source of income, your chances of getting addicted reduces

[Nothingtodo]

If you want to trade, you definitely need a source of income, otherwise how will you manage the budget you need for trading? Both gambling and trading are risky investments and there is no guarantee that you will make a profit. Therefore, you should never invest in these two areas unless you have a source of income. If you invest without a source of income, you will find that it will not take long to sell your house for a short period of time.

[Webetcoins]

I mean in theory, if you are asking if it is "okay", there is nothing that stops you, so yeah it is okay, but are you sure you want to do this? I am not sure if I would want this to begin with, doesn't feel like it is okay at all. However, if we are talking about a situation where it would be better? Then yeah, it is not better.

The better one is to have a source of income first and then trade later on, that would make a lot more sense and I am sure that we are going to make more money that way. Letting your capital grow and have a bigger and bigger bankroll is a lot better option instead of taking away from it, so while in theory you are "okay" to make a trading career that way, I am not so sure it would make sense long term.

[Gaza13]

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.

How do you make a profit in trading, even though you said above that you don't have any source of opinion? I'm not sure you're really a semi-expert trader?

Of course we all agree that taking out a loan to trade again will have a big impact or new problems for you. It's best for you to follow what your friend says, it's impossible for your friend to put you in a much bigger situation in terms of your finances.

[Egii Nna]

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.

I will say that you really had a good friend for him to advise you to get a source of income, so that you will be able to trade well, because your main issue of you thinking you find it hard to control your emotions towards trading is just because you don’t know how long it takes now to get your own money, so if you start up a business now or get a job as a source of income, you will know what it takes to get the money you can risk in trading, and you will know how to manage your risk when it comes to trading.

Moreover, you still don’t have much knowledge in crypto trading; that is why you will even borrow money to trade. When trading, you have to invest the money you can afford to lose so that you shouldn’t put all your emotions into the trade, but when you borrow money to trade, the reverse is the case. That is why you always lost your capital due to greediness or lack of patience.

[AmoreJaz]

I mean in theory, if you are asking if it is "okay", there is nothing that stops you, so yeah it is okay, but are you sure you want to do this? I am not sure if I would want this to begin with, doesn't feel like it is okay at all. However, if we are talking about a situation where it would be better? Then yeah, it is not better.

The better one is to have a source of income first and then trade later on, that would make a lot more sense and I am sure that we are going to make more money that way. Letting your capital grow and have a bigger and bigger bankroll is a lot better option instead of taking away from it, so while in theory you are "okay" to make a trading career that way, I am not so sure it would make sense long term.

It is okay if you want to because the repercussions will be on you. So whatever the outcome will be, you know for yourself that you can bear it. But as much as possible, it is always best to have other sources of income before you plunge into trading scene. There is no guarantee in this market, so you can't tell that you will gain profit or not when you spend your funds.

How much more if you have no source of income? Yes, you can gain some free coins or tokens and trade with it. But there is no assurance that you will get some profits out of it. Also, those people who got lucky getting free tokens and trade it with thousands of dollars are quite rare nowadays. It may be true in the early days when etherdelta was still active. But in today's scenario, don't expect that you will get the same luck.