Is it okay to trade without a source of income?

[Chilwell]

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.

Indeed, you are a great self motivated individual, because if it is someone he will have give up easily, but despite the fact that you are loosing again and again, you still doesn't give up easily, I pray that one day you should enjoy the fruits of your labor. But you have to aquire more knowledge on trading, and I believe that you must have gain more valuable experience from the loses. I recommended your courage and confidence and always continue to be motivated. Just because you are facing loses now, doesn't mean that you will never make it in trading. But I will advise you not to borrow money to trade, since you lost your capital, I think you should wait until you were able to gather some money, and make sure you trade with the amount of money you can afford to lose.

[7juju]

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.

After going through your post, I don't see anything wrong from the advice your friend gave to you. If you don't have a source of income how do you intend to keep getting money to continue funding your trading should you still decide to continue with it? You can't keep borrowing money to do your trading, same way it's not encourageable to borrow money to invest in bitcoin. You need to stand on your feet financially before thinking of venturing into bitcoin investment. Investing in bitcoin is not a bad idea as well. But you will surely need a steady source of income in order to sustain that your investment. You should take the advice from your friend and stay away from trading, trading will wreck you if you continue to get yourself involved in it.

[virasisog]

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.

First you should also think about if on your friend perspective.
Would you lend money to someone who doesn't have a source of income just to risk the money that doesn't guarantee to make a profit?
How would you pay up if your future trades share the same result as your previous trade.
Your friend just wants you to be responsible, risk only what you could afford.

[Franctoshi]

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.

This is the worst thing you can do yourself as a newbie trader, you don’t trade without alternative source of income because you're really going to blow series of trading accounts not one or two but many, so if you're not someone that doesn't have another sources of income, now the question is what are going to do in the situation where you blow your account? Because what we are talking about here is real money and not a demo account, there's no body that finds it funny when he or she loses money, emotions and depression are definitely gonna hit you in the case where you don't have a back up funds available.

[Wakate]

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.

First you should also think about if on your friend perspective.
Would you lend money to someone who doesn't have a source of income just to risk the money that doesn't guarantee to make a profit?
How would you pay up if your future trades share the same result as your previous trade.
Your friend just wants you to be responsible, risk only what you could afford.

First of all, we shouldn't have the mentality of trading without having a source of income. This is mistakes many newbies do make thinking they can cope and do like the pro traders that have been in the market for a very long time. Trading is not for the weak that's why we need to make sure we have something we are doing so we can as well use trading ad another alternative that will help us to make some income for ourselves if actually trading works for us. We should not be dependent on just  trading alone because it is very hard for a new trader to start making money from trading without much experience.

[Curious T]

The way I see it, as a newbie trader you need a source of income where you can get money you can spare for your trading. Without a source of income where do you expect to get money for your trading from? Trading is a skill, but it's a skill that requires you to invest your money in it, which means learning the skill is not enough, you need to have money to invest.

Also, taking a loan from anybody to trade is not advisable. Even experienced traders advise against leverage trading. Don't tell anybody to invest in you and don't take loans, just look for a source of income, however small and trade with whatever little you can afford to lose and get better from there.

[Nheer]

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.

That is sad because this is one of the most important qualities a trader needs to have. A trader who doesn’t have control over his/her emotions will only end up hurting themselves and losing money whenever they mix emotions with trading. You need to learn to control your emotions else you cannot be called a good trader. The fact that you are aware of what is affecting your trades is good but not being able to do something about it is wrong.

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.

Your friend advised you well.
Taking a loan to trade will only put you into debt and I don’t think it is a good idea for you, you have not yet mastered to control your emotions so taking a loan to trade is not a wise move for you. Not just because you are yet to control your emotions but it is a bad practice to borrow money to trade. Just do as he said and find a source of income before you start trading again.

[WeedGoW]

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 understand your contact correctly. First, those who participate in investments face many types of problems then move forward. From your experience it’s clear that you’ve seen multiple times profits at trading as well as losses, it’s extremely normal. Because everyone is facing losses alongside profit. One thing is eternal true that it is extremely difficult to control emotions in trading and that often leads to personal financial loss. It takes time and experience to come to success in trading or investing. If you don’t have enough static income source from your now, it can put you under pressure that will make your emotion control more difficult. Finding a status sheal source of income according to your friend’s advice can be extremely important so you can’t feel financial pressure when investing in trading. It seemed right to me. And since you’ve been associated with this forum, I think you’ll find the right solution from here because there are many experienced people here.

[tottong]

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 is not very easy because we have to understand that trading is not easy to do and there is always uncertainty about the losses we will get while trading.
If you do not have other sources of income that can be achieved then trading by default is not an option because it will be much more problematic when you experience liquidation of all the trades you run.

It is important to consider other opinions because in trading emotions will be quite draining and even emotions will also affect psychology when losing previous trades and eventually we lose everything.

[EarnOnVictor]

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.

You've learned for over a year, you should be able to know much about trading if you learned very well. But this doesn't make you prosper, "practice makes perfection" and you need more experience through training which could either lean towards losses or winnings, you don't have a choice

However, nothing will stop emotion in trading, but you can make it reduce through your actions and inactions, especially when you are strict with your budget and management, and are disciplined with your trading.

Still, the source of income plays a large role here, it reduces the desperation for money in trading and invariably reduce emotion and enhances calmness.

[Zanab247]

Of course, you can make it from trade without having source of income op, all you need to do to start making it from your trade is to have the knowledge of the trade and you will begin to earn profit that will make you to have other sources of income. Don't allow anyone to encourage you to take loan to trade in the market, it will cause you more loss because that is the wrong way to recover your losses, once you find yourself in such condition, all you need to do is to watch those professional traders in the market to improve yourself.

Not that if you have source of income you can't trade, source of income will help you to control your emotions not to give up on trading until you start earning profits from trade.

[puloweh555]

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.

After going through your post, I don't see anything wrong from the advice your friend gave to you. If you don't have a source of income how do you intend to keep getting money to continue funding your trading should you still decide to continue with it? You can't keep borrowing money to do your trading, same way it's not encourageable to borrow money to invest in bitcoin. You need to stand on your feet financially before thinking of venturing into bitcoin investment. Investing in bitcoin is not a bad idea as well. But you will surely need a steady source of income in order to sustain that your investment. You should take the advice from your friend and stay away from trading, trading will wreck you if you continue to get yourself involved in it.

I also agree with the advice given by OP's friend. Investing in crypto even though bitcoin already has good fundamentals, it is advisable not to use borrowed money because bitcoin is very volatile and OP will not be able to predict when the price of bitcoin will increase while he has debts that must be paid on time.

If OP persists in his stance to borrow and then invest in bitcoin, then it will be the beginning of financial destruction, so it is better to postpone investing in bitcoin because it is not good if forced. It is better to look for income first when finances are stable before starting to invest and the strategy that can be applied is to use dca if you invest for the long term. What needs to be underlined is not to go into debt to invest, especially if you are a beginner because the crypto market is difficult to predict.

[leonair]

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.

Trading is very risky and here only expert can survive and profit. Knowing some things doesn't apply to trading. And where you have no source of income, if you come to trading, you will need a capital to manage, or you may have to sell some assets or borrow from someone, which is never appreciable in terms of trading. I would advise you if you are not an expert, instead of spending time and money on trading, use them to develop a skill that will give you a good support later to earn money from any source. But if you start trading without being an expert then you will definitely suffer which will make you more financially vulnerable.

[stomachgrowls]

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.

Trading is very risky and here only expert can survive and profit. Knowing some things doesn't apply to trading. And where you have no source of income, if you come to trading, you will need a capital to manage, or you may have to sell some assets or borrow from someone, which is never appreciable in terms of trading. I would advise you if you are not an expert, instead of spending time and money on trading, use them to develop a skill that will give you a good support later to earn money from any source. But if you start trading without being an expert then you will definitely suffer which will make you more financially vulnerable.

Trading is indeed very risky and not something a skill that you would really be able to learn in a short time period. This is why its really that recommended that you should really be that mindful into the things that you are trying out to deal on with. Is it okay to trade without source of income? How you would really be able to have such trading capital? If you are just that planning to take up some loan and having no main source of income then it will really be that just that making things even more harder and you would be coming up with this option on which we know that this isnt really that recommended at all. We do know that on the time that we will really be dealing up with trading then you do need up that capital, on where you do get that capital? You would really be needing up that coming from your income, then what if you dont have no income? Then you would definitely getting up some loan.

Its just really that common sense actually on which it isnt really that hard for you to consider out such situations on which its really that giving out that advantage and disadvantage. So it will really be that up to you which one you would really be able to make use or take act on which its impossible that you cant be able to distinguish which one is bad and which one is good. Whenever you do make out some trade then you do need up that capital but actually if you are really just that starting then it will be not that needing that huge amount to start and making use a small amount.

[2Pizza410000BTC]

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.

Of course you should take advice. Moreover, trading is a very risky platform and it is not right to go into trading without being fully experienced in trading. There are certainly many experienced traders and investors in the Bitcoin forum who can give you good advice. The person who introduced you to the Bitcoin forum must have given you important advice and made the right decision. But I want to tell you that never trade on loan for trading. When you trade on loan and if you make a loss in trading, you will see that later you will have to sell the trading at a loss to pay off that loan, so you will suffer a lot. If you are regularly active in the Bitcoin forum and can gain good experience about Bitcoin investment, it will definitely benefit you a lot.

[alastantiger]

Trading is very risky and here only expert can survive and profit. Knowing some things doesn't apply to trading. And where you have no source of income, if you come to trading, you will need a capital to manage, or you may have to sell some assets or borrow from someone, which is never appreciable in terms of trading.

As a newbie trading should never be your only source of income, it's when you have graduated from being a newbie that you can dedicate more time to trading and that means it'll need you to quit some other jobs that's taking some of your time so you can focus fully on trading but for some precautions, it'll be good that you also have some other sources of income for time when the market isn't moving in a favourable direction and you'll need to get some funding from other businesses that isn't trading. Professional traders that have a high rate of success still have other businesses that they do with addition to trading. You can use the money that you would have made from trading to invest into other businesses as a means of diversifying your portfolio to be capable of handling any market unfavorable conditions.

[Oluwa-btc]

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.

Exactly,why would anyone be comfortable without a source of income, every person deserves to have something doing to avoid been pressured and enslaved to life's inconveniences.Trading without having a source of income can be very challenging and risky too.
This fault is very common with most traders and I'm pretty sure a wide number of incoming traders do not analyze to that extent of consideration and planning.

[Renampun]

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 do trading without learning to read charts - manage emotions - have stable capital? then you are just gambling!!!

Your friend is right, before really jumping into trading, you must first learn the basic skills of trading, besides that, a stable income is also needed to support your money because you are trading, not investing, you must really focus on improving yourself first, don't let yourself only lose in trading without making any profit.

[gunhell16]

Even if you are not employed or you have something else to do to earn money, you can do trading. Even if you just ask your parents or relatives for $10, you can start entering trading exchange platforms. The trading platform here in cryptocurrency or bitcoin does not care where the money you deposit on their platform comes from as long as they have traders.

But of course if you have skills, it is better because this will be your source of income where because of your services, people who want to avail of your skills will pay you
and they will be the way for you to carry out your trading activity on any exchanges you want to use.

[DYING_S0UL]

Imo, it depends on the person. If I were in your shoes, I would probably secure a source of income first and then start trading. Because as you stated, if you lost your profit as well as your main capital then you are in a big trouble as you cannot sustain yourself further. Trading without proper knowledge comes with a risk, even expert traders sometimes lose. So if it were me I will keep an extra source of income, as an insurance/backup, if I ever mess up. Also, I would suggest you to do some more research on trading before you go again. They way I see it and the way you described it, your trading skill is still lacking..