Is it okay to trade without a source of income?

[philipma1957]

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 are acting like a compulsive gambler.

My advice to you is very simple. Refrain from trading for 30-60 days

and find a source of income.

You are a junior member so maybe you can find a signature campaign and earn coin that way.

If you are unable to bank your earned coins for a month in a row you have at the very least an impulse control issue.

You need to work at that to be able to trade.

Are you under 30 years old. If you are time is on your side.

You have to practice impulse control.

[BlackBoss_]

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.

When you don't have source of income, your life is difficult and you have many big pressure types to deal with. Presssure is never good for traders and if you start and maintain your trading journey with a lot of pressure, you self-increase yourrisk of failure. A trader needs to prepare as best as possible from source of income, knowledge about the market, trading from fundamental to technical, before starting to trade.

As a trader, never forget to consider that defend your trading capital is most important. So make sure to know of and use one of best weapons in trading.

[qwertyup23]

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.

I think many would agree with me on this but you should really control your emotions whenever it comes to trading. Before you started trading, you should have known the risks involved into this venture. Given that you are relatively a beginner on your experience, controlling your emotions is key in increasing your chances of profiting on your trades.

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.

Before you trade, you should definitely have a proper source of income. If you rely solely on trading as your main source of income, chances are that you will lose money in the long-term. Many people that have tried trading had lost most of their resources. In fact, there are several articles published regarding the risks of trading.

I am not here to discourage you but you should always have a back-up plan in the event that things to south. Learn from your mistakes and apply those learnings on your trade. Best of luck, OP!

[dunfida]

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.

When you don't have source of income, your life is difficult and you have many big pressure types to deal with. Presssure is never good for traders and if you start and maintain your trading journey with a lot of pressure, you self-increase yourrisk of failure. A trader needs to prepare as best as possible from source of income, knowledge about the market, trading from fundamental to technical, before starting to trade.

As a trader, never forget to consider that defend your trading capital is most important. So make sure to know of and use one of best weapons in trading.

Lets just stick out on that basic principle on how this world works on which it will really be that understandable that if you wont have the money or source of income then living or surviving on day to day basis will already be a challenge. Now that you are getting involved into something like dealing up with trading, then where you would really be getting your capital? If this is the case then you would definitely be sticking into getting up some loans in order for you to do so but we do know that this isnt really that you can be able to take having that assurance that you can be able to be profitable with trading on which this will really be that resulting into further problems specially that dealing up with this space isnt something that gives out assurance. You will really be that mostly be that getting desperate specially if you dont have much choice.

Whenever you do deal up with something then it will really be that recommended that you should really be that investing or putting up the money on which you can afford to lose and never ever make yourself that being that too optimistic because this will really be that resulting into such possibility on having some issues or problems in regarding on not to be able to repay those loans at the right time on which it will be causing up that soo much trouble.

[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.

A trader should have other source of income. If you only rely on trading, you will not be able to trade for a long time. Maybe you have good skills, you have made a very good profit from one trade, but there is no guarantee that you will not lose in the future. Moreover, a trader must need a stable or regular source of income to meet various daily expenses.

Trading is not something where you just give time and there is no guarantee that you will be able to profit from trading. You must gain skills here. You may not know a lot of things yet or even if you know, you cannot apply them correctly. You may have made various kinds of mistakes. That is why you need to increase your attention to learn more. Another thing is that as a trader, you should not take such risks that you have to lose everything quickly. I think you need to understand better in taking risks.

[Lida93]

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.

You not far from the truth mate, because one of the most important rules of trading is by trading only with an amount you can afford to lose, so if as a trader that has no income coming in from another source, the right questions he should be asking himself is can I afford to lose this money I intend taking from my friend?

If not, then it's a terrible idea to even engage in trading in such a condition, because things will get even worse if he does.

Another reason why having another source of income in trading is very much important is that it relief you from the added pressure that comes with constant losing, because you will have it at the back of your mind that money is going to be coming in at the end of the week or month, which will give you that luxury of staying off the market when not sure of a particular set up.

[Faisal2202]

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 already have 15 months of experience and seeking answer to a that simple question, I mean if you do live in a region where you can get a good job, if you do have the right skill, if you can do the job, then why not first stabilize yourself, get rid of the stress, I fear you taking trading as some quick rich scheme. I can say you have learned that it is not a quick rich scheme but still, just imagine, you have a steady source of income you are earning, and living, and saving some money to trade.

I suggest you to follow some experts, like some trading signal maybe, at first I was not in favor of them, but at least we can make some profit, most of their trades are in profit although they don't share trades daily or even the whole week depends on the group.

Point is you need more community, you have to follow around 2 to 3 experts, learn from their trades, alone you will be eaten by whales.

[cabron]

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 already have 15 months of experience and seeking answer to a that simple question, I mean if you do live in a region where you can get a good job, if you do have the right skill, if you can do the job, then why not first stabilize yourself, get rid of the stress, I fear you taking trading as some quick rich scheme. I can say you have learned that it is not a quick rich scheme but still, just imagine, you have a steady source of income you are earning, and living, and saving some money to trade.

I suggest you to follow some experts, like some trading signal maybe, at first I was not in favor of them, but at least we can make some profit, most of their trades are in profit although they don't share trades daily or even the whole week depends on the group.

Point is you need more community, you have to follow around 2 to 3 experts, learn from their trades, alone you will be eaten by whales.

He shouldn't even be asking to follow the advice or not. Its common sense to find a source of income first before trying out new ventures like trading. Even teh gamblers also have plans first like having a job first before gambling.

15 months if training is not enough actually. OP hasn't been in a bear market yet but ye depends on how good he is at making decisions as well. Semi-skilled can be honed in short period of time if a person is determined.

[CroverNo01]

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.

We're here to study about the system, knowing the ties and knots to exmained because there's no room for reluctant performance in the space. Bitcoin is absolutely not some random projects you rush to study, anyone studying the market should take proper turn to thoroughly make research because the space is vast and deep. What do you mean to trade without source of income? It's never consider a good idea because trading without source of capital is more compare to a blind man going out without his working sticks for directions, he will easily stumbled upon something and fall.

[Adams0001]

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.

A trader should have other source of income. If you only rely on trading, you will not be able to trade for a long time. Maybe you have good skills, you have made a very good profit from one trade, but there is no guarantee that you will not lose in the future. Moreover, a trader must need a stable or regular source of income to meet various daily expenses.

Trading is not something where you just give time and there is no guarantee that you will be able to profit from trading. You must gain skills here. You may not know a lot of things yet or even if you know, you cannot apply them correctly. You may have made various kinds of mistakes. That is why you need to increase your attention to learn more. Another thing is that as a trader, you should not take such risks that you have to lose everything quickly. I think you need to understand better in taking risks.

Exactly, you may simply trade with the funds you used to take care for yourself, however, if you want to succeed in trading due to the danger involved, you must have a source of income. If you have a source of income and minimize your risk in trading, you will limit the likelihood of losing enough funds. Op, what your friend mentioned is correct; you should get things done before trading. And if you erroneously loan money so that you can try to trade, you are taking a significant risk because you don't have any source of income. If you get the loans and the trade doesn't go your way and you lose, how will you find funds to repair the loan?  Since you've been trading for a long time, you should have learned what works best.

In my opinion, it is better to invest in bitcoin than to trade if you don't have a source of income. Some people don't have a source of income, but they invest because it is better than trading because if you lose, you can't get your funds back, whereas in investment, if the price drops, he can probably raise it again and get your capital back, as well as profit, try to get source of income before you dip on trading, so that you won't be risky money a lot that you will used to pay your bills.

[Xcode7]

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.

We're here to study about the system, knowing the ties and knots to exmained because there's no room for reluctant performance in the space. Bitcoin is absolutely not some random projects you rush to study, anyone studying the market should take proper turn to thoroughly make research because the space is vast and deep. What do you mean to trade without source of income? It's never consider a good idea because trading without source of capital is more compare to a blind man going out without his working sticks for directions, he will easily stumbled upon something and fall.

Taking time to learn trading is of course very important because it is very impossible to try to trade without having knowledge about trading, of course anyone who wants to do it must learn until they really understand it and it is important not to rush until they can understand it because if they do the learning process in a hurry of course they will not have good focus on what they are learning.

Of course it will be very risky when we do not have another source of income when trading because it is not certain that we will always get it and there will be times when we have to take other funds for our trading because we have experienced some losses, so it is very important to have another source of income so as not to experience problems when experiencing some failures when trading.

[gunhell16]

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.

We're here to study about the system, knowing the ties and knots to exmained because there's no room for reluctant performance in the space. Bitcoin is absolutely not some random projects you rush to study, anyone studying the market should take proper turn to thoroughly make research because the space is vast and deep. What do you mean to trade without source of income? It's never consider a good idea because trading without source of capital is more compare to a blind man going out without his working sticks for directions, he will easily stumbled upon something and fall.

Taking time to learn trading is of course very important because it is very impossible to try to trade without having knowledge about trading, of course anyone who wants to do it must learn until they really understand it and it is important not to rush until they can understand it because if they do the learning process in a hurry of course they will not have good focus on what they are learning.

Of course it will be very risky when we do not have another source of income when trading because it is not certain that we will always get it and there will be times when we have to take other funds for our trading because we have experienced some losses, so it is very important to have another source of income so as not to experience problems when experiencing some failures when trading.

Many community members here on our forum have reminded us of that thing you said dude, but the problem is that some people who enter here are in a hurry to make money
from trading in the crypto business we are in. And it should also be that once we start learning trading, we should never stop learning this.

Because we know that this is important for our trading skills, even if we don't have a job yet if you are just a newbie in this field,
but it's better for those who have a job if they enter this crypto trading.

[Negotiation]

Trading without a source of income is very risky making money through trading is an uncertain market that always fluctuates and there is a possibility of loss. If there is no other source of income trading losses can have a serious impact on your lifestyle to be successful in trading you need to have a good understanding of the exact market conditions and trends. It is important to do thorough education and research before starting trading in addition you should never risk your entire capital at once in trading. Your investment amount should be such that you can tolerate small losses and your source of income is not affected.

[tygeade]

Many community members here on our forum have reminded us of that thing you said dude, but the problem is that some people who enter here are in a hurry to make money
from trading in the crypto business we are in. And it should also be that once we start learning trading, we should never stop learning this.

Because we know that this is important for our trading skills, even if we don't have a job yet if you are just a newbie in this field,
but it's better for those who have a job if they enter this crypto trading.

"Hurry to make money" is such a big concept on newbies that join crypto world, and I wish it wasn't. Just because they saw some tiktok or whatever they saw, doesn't mean that is true and we can't really avoid this to be a simple situation. We need to consider how this could be only profitable on the long term and only if we put in the work.

This isn't just about spending tons of time becoming a better trader, because even the greatest traders do not end up making money overnight, they end up losing money sometimes, and they are only in profit for the long term as well. So that is why you can't really avoid something like this, you have to learn how to make money from this, and just consider how this could get better with time.

[Z_MBFM]

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.

When you have a source of income, if you lose in trading, you will get financial backup from that source of income. But when you don't have any source of income and you face losses while trading, you lose your capital and you become more vulnerable financially as you don't have another sources of income.

So I think trading should not be done at that time if there is no source of income. Because you can never guarantee that you will always profit in trading. Since there is no guaranteed profit in trading, you should not trade unless you have a strong source of income.

[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.

When you have a source of income, if you lose in trading, you will get financial backup from that source of income. But when you don't have any source of income and you face losses while trading, you lose your capital and you become more vulnerable financially as you don't have another sources of income.

So I think trading should not be done at that time if there is no source of income. Because you can never guarantee that you will always profit in trading. Since there is no guaranteed profit in trading, you should not trade unless you have a strong source of income.

You would really be having that back up when you do lose up money because if you dont have that source of income then how you would be supporting your trading career or dealing if you dont have that money to spend or to have that capital on? Its important that you do have that financial back up but of course you should really be that only making use of the amount on which you can afford to lose and never make yourself that always be spending up all the money you do have came from your job or any other sources because we do know that market is unpredictable and profitability will really be that questional or does depend. Then you cant be able to have to refill your capital and thats why its important that you do have that source so that you can support your trading and if you do really want to learn on it then you would be needing up to spend up for capital. One you do able to make yourself having that skills on learning it then those funds you have used will really be that getting back at the time that you do become a good trader. Whenever you do able to hit up that situation or condition that you are already that become profitable trader then this is where you can say that you are already showing that your hard work and risking funds do really goes with positive result. Although not all would be having that position but rather also having those failure too.

[shinratensei_]

When you have a source of income, if you lose in trading, you will get financial backup from that source of income. But when you don't have any source of income and you face losses while trading, you lose your capital and you become more vulnerable financially as you don't have another sources of income.

So I think trading should not be done at that time if there is no source of income. Because you can never guarantee that you will always profit in trading. Since there is no guaranteed profit in trading, you should not trade unless you have a strong source of income.

also having no source of income causes anxiety to increase multiple folds when thing doesn't go as we have expected.
because we know one mistake is at it needs to screw us maybe for decades and entire life if we're trading big, using loan on top of that.
meanwhile with income, if you happen to lose, you can just forget it and move on since you're not gonna be starving or becoming homeless.

people need to understand this, otherwise they're being way too reckless with their trade putting themselves at risk like that.

[gunhell16]

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.

A trader should have other source of income. If you only rely on trading, you will not be able to trade for a long time. Maybe you have good skills, you have made a very good profit from one trade, but there is no guarantee that you will not lose in the future. Moreover, a trader must need a stable or regular source of income to meet various daily expenses.

Trading is not something where you just give time and there is no guarantee that you will be able to profit from trading. You must gain skills here. You may not know a lot of things yet or even if you know, you cannot apply them correctly. You may have made various kinds of mistakes. That is why you need to increase your attention to learn more. Another thing is that as a trader, you should not take such risks that you have to lose everything quickly. I think you need to understand better in taking risks.

Having a source of income to enter crypto trading is a good way for beginners in the crypto space so that they have enough fuel for a car. It is difficult to enter trading if you do not have another source of income because we will consume time, the electricity we will use, and the internet. So meaning, nothing is free that you will not spend when you carry out trading activities.

Apart from that, it is also not easy to do trading without knowing or having an idea here, Because it also requires study, and when you study it, it also requires time, effort and so on, so meaning it is really an advantage if you have a job, although it is possible even if you do not have a source of income but it is difficult.

[Cryptohygenic]

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 ask yourself a question that if you borrow money to proceed with your trading which you have lost simultaneously at the course of your insufficient trading knowledge and lack of alternative stable source of income, would you make better different on the next phase of returning back to the market trading if you have not taken note of your mistakes?
Well, your friend told you the truth which you really have to learn the trading first before going into it otherwise you will keep loosing because you won't be able to figure where your lapses are coming from.
You also need a source of income just Incase of emergency expenses aside your trades.

[CageMabok]

...

First ask yourself a question that if you borrow money to proceed with your trading which you have lost simultaneously at the course of your insufficient trading knowledge and lack of alternative stable source of income, would you make better different on the next phase of returning back to the market trading if you have not taken note of your mistakes?
Well, your friend told you the truth which you really have to learn the trading first before going into it otherwise you will keep loosing because you won't be able to figure where your lapses are coming from.
You also need a source of income just Incase of emergency expenses aside your trades.

Regardless of any mistakes that have caused losses to a trader, of course for the basis of knowledge and also regular income must always be there and that has become a very special consideration for every trader. Because if you only borrow to trade without other sources of income I think it will burden yourself more into risks that he cannot manage when he is in the market to trade. This means that he himself must be more prepared without relying on loans so that he himself can make a plan on when to trade and when to stop for a while before continuing again into the market.