Is it okay to trade without a source of income?

[Ndabagi01]

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 got the next advice you can receive and that from a very good friend. Money spent in trading should be money you are willing to risk that when lost to the trading market, you won’t feel bad that much even though that’s unavoidable as humans naturally. Anytime you feel the urge to trade and enters a trade after your analysis, for every time your emotions keep telling you that you’re doing the wrong things prompting you to close a trade, then you haven’t risked what you can afford to lose.

A trader should learn not to trade with emotions and that also a way to manage your risk while trading, it also affects your emotions and allow you to make decisions that are not just to your trade. Having a source of income will help your trading journey, when you can consistently fund your account as you lose, it also helps you to learn more and to minimize your risk and loss. Without a steady source of income, one can’t achieve that. So get one and continue your trading journey.

[MarjorieZimmermanGinger]

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 a wrong decision because lending money from friends to deposit into trading will cause problems and you cannot guarantee that you can make consistent profits in it. If you want to get involved in trading, then what you need to think about is how to control the risk and lending money to others is a big mistake. The worst case scenario is that you will get a loss in trading, then what will happen to your friend's money and how will you pay it off.

It is better to get involved using a small capital and you also need to think about other steps in making money so that when you get a loss it does not affect your life journey. Your friend's advice is quite right, especially if your trading skills are not good so over-cooking yourself will ruin your life.

[Dunamisx]

Trading itself could be ones source of income, provided that you have enough experience in doing it and you almost get along with your trading, though in most cases, we do encourage that people should not depend too much on trading as a source of income, there's need for having an alternative on this regard, this will help in meeting up with financial demands as trading could be unpredictable in some situations and we may not be able to afford being disappointed all the time with losses while we trade.

[Swordsoffreedom]

Trading itself could be ones source of income, provided that you have enough experience in doing it and you almost get along with your trading, though in most cases, we do encourage that people should not depend too much on trading as a source of income, there's need for having an alternative on this regard, this will help in meeting up with financial demands as trading could be unpredictable in some situations and we may not be able to afford being disappointed all the time with losses while we trade.

Even if we have experience, knowledge and have been able to make profits from trading, we should not consider trading as our main source of income . With the uncertainty of the trading market, it would be a bad idea  to make it your primary source of income, let alone your sole source of income.

We should only  participate in trading when we have a stable source of income from outside and only consider it as a secondary source of income  regardless of whether the profit it brings is greater than the main  source of income.

[MusaPk]

This is a wrong decision because lending money from friends to deposit into trading will cause problems and you cannot guarantee that you can make consistent profits in it. If you want to get involved in trading, then what you need to think about is how to control the risk and lending money to others is a big mistake. The worst case scenario is that you will get a loss in trading, then what will happen to your friend's money and how will you pay it off.

It is better to get involved using a small capital and you also need to think about other steps in making money so that when you get a loss it does not affect your life journey. Your friend's advice is quite right, especially if your trading skills are not good so over-cooking yourself will ruin your life.

Trading is very risky stuff and not everyone can handle it with perfection. If you look around then you will get to know that majority of traders are in loss while only a handful of them can be categorised as successful. Taking loan is a tough decision because you have to repay it on time with interest, if you delay it then you have to pay more interest.

Anyone whose trading skills are not good will lose money and consequences will be worst if the money lost in trading is a loan money. In trading only invest that you can afford to lose. By doing so you will live a happy life otherwise you will keep regretting over the money lost in trading.

[Bushdark]

Trading itself could be ones source of income, provided that you have enough experience in doing it and you almost get along with your trading, though in most cases, we do encourage that people should not depend too much on trading as a source of income, there's need for having an alternative on this regard, this will help in meeting up with financial demands as trading could be unpredictable in some situations and we may not be able to afford being disappointed all the time with losses while we trade.

Trading can be seen as a way to make money for yourself without looking for jobs or working for somebody else.
I don't mean a new trader that just started trading should enter the market without having a source of income. This might become a financial mistake because you just don't take making money from trading immediately you start trading except you have someone like a guidian directing you on how to execute some trades. Also if you have a sure group that is giving you signal of when to enter the market, you could start making profits from the market without any stress.

[MarjorieZimmermanGinger]

Trading is very risky stuff and not everyone can handle it with perfection. If you look around then you will get to know that majority of traders are in loss while only a handful of them can be categorised as successful. Taking loan is a tough decision because you have to repay it on time with interest, if you delay it then you have to pay more interest.

Anyone whose trading skills are not good will lose money and consequences will be worst if the money lost in trading is a loan money. In trading only invest that you can afford to lose. By doing so you will live a happy life otherwise you will keep regretting over the money lost in trading.

Taking a loan to trade is a wrong decision and it is not the best way for anyone to do it. A loan is a debt that must be paid and in trading there is no guarantee that you can make money consistently, especially if the case is like Op who is just learning. This is a wrong decision because he should have been able to learn trading by using a much smaller capital than forcing himself to get involved in it using borrowed money.

In trading we can lose money so quickly because we do not understand the pattern and that is something that must be avoided especially if someone does not have the skills. I recommend using a small capital first and do not force yourself to get involved in it using borrowed money.

[LogitechMouse]

Taking a loan to trade is a wrong decision and it is not the best way for anyone to do it. A loan is a debt that must be paid and in trading there is no guarantee that you can make money consistently, especially if the case is like Op who is just learning. This is a wrong decision because he should have been able to learn trading by using a much smaller capital than forcing himself to get involved in it using borrowed money.

In trading we can lose money so quickly because we do not understand the pattern and that is something that must be avoided especially if someone does not have the skills. I recommend using a small capital first and do not force yourself to get involved in it using borrowed money.

I would also say that it's a wrong decision indeed, but as long as the borrower can pay that loan in the future then I guess he can just do it.

What I believe as well is that, the only traders that can afford to borrow loan to other people are:
1. Those who believe in themselves. They believe in their skills and also they believe that they can make profit, but lacks money hence, they're borrowing.
2. Those who lost a significant amount of money in trading hence, they're borrowing hoping to recover their losses.

We can lose money in trading so fast that's why before entering into the world of trading, always equip yourself with knowledge. Also, the more experience you get, the better your decisions can make in the long run so just continue trading. As for taking a loan for trading, I don't recommend it TBH, but like what I said, if he can pay it then he can just do it. I'm thinking of doing it in the future as well since I'm confident that I have funds to use to pay that loan. It's just that I'm not confident with my current knowledge and skills. Maybe if I'm profitable constantly then I might think of it.

[dansus021]

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.

Dont take a loan to do high risk trade like futures or option trading, what your friend tell you is totally right you need source of income first before entering trading again rather than taking a loan. Spot is low risk in my opinion as long you put your money in midcap and high cap token/coin

Is it okay to trade without a source of income?
The answer is the trade itself can be categorized as a source of income if you have a lot of profitable ration than losses. Or when the profit is higher than the loss. and as long as you have consistent profit in daily or monthly basis.

[MarjorieZimmermanGinger]

I would also say that it's a wrong decision indeed, but as long as the borrower can pay that loan in the future then I guess he can just do it.

What I believe as well is that, the only traders that can afford to borrow loan to other people are:
1. Those who believe in themselves. They believe in their skills and also they believe that they can make profit, but lacks money hence, they're borrowing.
2. Those who lost a significant amount of money in trading hence, they're borrowing hoping to recover their losses.

In any capacity it should be avoided because trading does not provide certainty to get consistent profits so he will have enough problems with the loan. Not to mention the trading background is not so good because he said he was just learning so the decision to take a loan to trade is a wrong decision in my opinion. If he has another stable source of income, maybe a loan is not really necessary because he can save first before trading.

Logically if he does have money from other sources of work, then automatically the loan is not needed and how is he supposed to pay his debt if he experiences another loss in trading and that would be quite problematic.

[pusaka]

I would also say that it's a wrong decision indeed, but as long as the borrower can pay that loan in the future then I guess he can just do it.

What I believe as well is that, the only traders that can afford to borrow loan to other people are:
1. Those who believe in themselves. They believe in their skills and also they believe that they can make profit, but lacks money hence, they're borrowing.
2. Those who lost a significant amount of money in trading hence, they're borrowing hoping to recover their losses.

In any capacity it should be avoided because trading does not provide certainty to get consistent profits so he will have enough problems with the loan. Not to mention the trading background is not so good because he said he was just learning so the decision to take a loan to trade is a wrong decision in my opinion. If he has another stable source of income, maybe a loan is not really necessary because he can save first before trading.

Logically if he does have money from other sources of work, then automatically the loan is not needed and how is he supposed to pay his debt if he experiences another loss in trading and that would be quite problematic.

Even when we have a source of income but it is not yet able to fully meet the needs of life, then in my opinion it is better to postpone starting to trade. Because when we force ourselves, then it is certain that we will disturb the money that is actually allocated for other needs. We must know the scale of priorities, so what we really have to prioritize and which we can postpone until everything is really ready (in this case financially ready).
Worse still if we have to take a loan, I myself will not forbid someone from taking a loan for trading capital. However, I will only remind you to consider it carefully before doing so.

[MarjorieZimmermanGinger]

Even when we have a source of income but it is not yet able to fully meet the needs of life, then in my opinion it is better to postpone starting to trade. Because when we force ourselves, then it is certain that we will disturb the money that is actually allocated for other needs. We must know the scale of priorities, so what we really have to prioritize and which we can postpone until everything is really ready (in this case financially ready).
Worse still if we have to take a loan, I myself will not forbid someone from taking a loan for trading capital. However, I will only remind you to consider it carefully before doing so.

It is better to postpone and not force yourself to take a loan to get involved in trading because actually it can be done in a much simpler way. For example, trading with the amount of money you have and over time you can continue to increase your capital according to your abilities. Another advantage is that you can also improve your trading skills well after gaining experience in trading.

It's all up to each individual, but it is much wiser not to take a loan to force yourself to get involved in trading, especially if your trading skills are not that good and experienced.

[FortuneFollower]

It is better to postpone and not force yourself to take a loan to get involved in trading because actually it can be done in a much simpler way. For example, trading with the amount of money you have and over time you can continue to increase your capital according to your abilities. Another advantage is that you can also improve your trading skills well after gaining experience in trading.

It's all up to each individual, but it is much wiser not to take a loan to force yourself to get involved in trading, especially if your trading skills are not that good and experienced.

Agreed through and through.

We need to work with what we can afford to spend, not with what we may be not able to repay afterward.

Even if it's a small start, it would be a start nonetheless.

[boyptc]

We need to work with what we can afford to spend, not with what we may be not able to repay afterward.

Even if it's a small start, it would be a start nonetheless.

That's what people do nowadays. They buy things that they can't afford to pay.

And it's the same with trading, people shouldn't trade if they don't have money to pay for their losses or they can't avail to do so.

Every starter needs to start small so that they won't be overwhelmed by losses that they'll take through it.

[Zanab247]

Trading itself could be ones source of income, provided that you have enough experience in doing it and you almost get along with your trading, though in most cases, we do encourage that people should not depend too much on trading as a source of income, there's need for having an alternative on this regard, this will help in meeting up with financial demands as trading could be unpredictable in some situations and we may not be able to afford being disappointed all the time with losses while we trade.

You can depend on other sources of income but not in trading, because sometimes price will remain low over some days or weeks and if you trade in that low price it will not allow you to achieve what you want.Yes, trading is a source of income too when you have other businesses that is bringing profits to you when you have the knowledge on how to earn profit because is not easy to continue earning big profits from trading on the time

If you have source of income with trading, I don't think is wrong because trade require money because you will buy the coins before you can trade at your own convince.

[wmaurik]

You can depend on other sources of income but not in trading, because sometimes price will remain low over some days or weeks and if you trade in that low price it will not allow you to achieve what you want.Yes, trading is a source of income too when you have other businesses that is bringing profits to you when you have the knowledge on how to earn profit because is not easy to continue earning big profits from trading on the time

If you have source of income with trading, I don't think is wrong because trade require money because you will buy the coins before you can trade at your own convince.

Of course it is not easy to continue to make consistent profits from trading and if we only rely on profits from trading for the needs we need, of course it will make it difficult for us when we experience some failures from the trades we do, so it is important for us to have several sources of income and when we experience some failures when trading we still have capital to continue trading but we must also first analyze the mistakes we made in previous trades when we want to trade again.

There is nothing wrong with relying solely on trading as a source of income, but it will also frustrate us when we fail and do not have other funds that we can use to meet our needs and also to return to trading.

[chigo]

trading without capital? are you kidding me... if you want to be successful in trading then you must have a source of income, well here I emphasize because you are a beginner who has only become half an expert in your opinion.

find a business that you can master and then try to auto-pilot it so that you can have other free time and then focus on trading and learn everything on all the platforms that you can find, trading is not an activity that you can do without capital, even with cold money, there are still quite a lot of traders who lose, let alone with borrowed money, that makes you have a big risk of defaulting on debts.

[Barikui1]

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 not being able to control your emotions in this 13-15 months that you have been practicing shows one thing that you are trading with an amount you can't afford to lose, and to be honest with you here, the best possible way to control your emotions is by trading with an amount of money you can afford to lose, so that if the market is going against you, you wouldn't be making emotional decisions.

Then I plan to take a loan from my friend to deposit in trading again.

I normally call this a financial suicide because it's the fastest way to get wreck.

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.

Then as for this, it's not a bad idea, you need to acquire more understanding in how trading works and how to navigate your way around it before venturing into it, so your friend is not wrong, but regardless of anything the final decision rely in you, because it's your decision to make.

[MarjorieZimmermanGinger]

Agreed through and through.

We need to work with what we can afford to spend, not with what we may be not able to repay afterward.

Even if it's a small start, it would be a start nonetheless.

But we never oppose someone who wants to trade even though they don't have any other income, because in small numbers there are some people who succeed in it, even though in the end they do some activities that are much more productive in making money, such as building a business or making some policies that can make money.

Everyone has to make adjustments in making money and if the trading that is done is considered not to be progressing then maybe they need to try other activities such as investing, the goal is so that they can continue to make money.

[Bushdark]

Trading itself could be ones source of income, provided that you have enough experience in doing it and you almost get along with your trading, though in most cases, we do encourage that people should not depend too much on trading as a source of income, there's need for having an alternative on this regard, this will help in meeting up with financial demands as trading could be unpredictable in some situations and we may not be able to afford being disappointed all the time with losses while we trade.

You can depend on other sources of income but not in trading, because sometimes price will remain low over some days or weeks and if you trade in that low price it will not allow you to achieve what you want.Yes, trading is a source of income too when you have other businesses that is bringing profits to you when you have the knowledge on how to earn profit because is not easy to continue earning big profits from trading on the time

If you have source of income with trading, I don't think is wrong because trade require money because you will buy the coins before you can trade at your own convince.

Trading without any source of income could lead to a bigger problem and make a trader to be more emotional about the market because the fear or losing will be there which could make them lose more in the market because risky trades they supposed to take that will result to profit might be ignored. Trading without a source of income is a big error and we should all stop that if we are always doing that often.
Trading without source of income can affect our trade and make us lose more money with time because of fear of losing trades.