Is it okay to trade without a source of income?

[terrific]

Because my brother trading is not for the weak. Trading is an investment and should be treated as such. The moment you try bring your financial baggage to the market you would most likely become greedy in it.

It's not for the weak and that's true.
Those that have been treating it as an investment, it's an active one that you have to manage it.
If you've got a fainted heart, trading isn't for him. While it's one of the most rewarding thing to do.
It will only happen to appear when you've lost a lot already and lessons have been learned already.
While I don't think that someone should be greedy for it, it's one of the challenges when learning is already done and have started to profit.

[_BlackStar]

-snip-

It's not for the weak and that's true.
Those that have been treating it as an investment, it's an active one that you have to manage it.
If you've got a fainted heart, trading isn't for him. While it's one of the most rewarding thing to do.
It will only happen to appear when you've lost a lot already and lessons have been learned already.
While I don't think that someone should be greedy for it, it's one of the challenges when learning is already done and have started to profit.

Trading is not investing - they should be treated differently. Investing is about making long-term returns - while trading tends to be about making short-term gains. While they can have the same strategy for both - traders tend to take profits in the short term and investors tend to hold on for longer.

Trading is time consuming and a trader needs to be focused as long as they have an active open order - but investors can take it more relaxed without too much pressure regardless of market conditions. Traders need to cut losses when the market corrects - while investors will accumulate, so the two are definitely different.

[Leahized]

At the beginning I want to say that I am a semi-skilled trader. I do not have any source of income. I have been learning trading for the past 13 to 15 months and investing for 5 months. But even though I am temporarily profitable from here, I am completely losing because I cannot control my emotions. This is repeating itself with me again and again. Even yesterday I lost my capital along with my profit.

If anyone wants to make money by trading, then he needs to have another source. Many knowledge and techniques need to be known in trading. As you say, you have been gaining knowledge about Trade for 10 to 15 months but there is no other alternative source to make money.  Suppose you started trade with some money from your family later, you were losing them. What do you do then? You also say that your friend wants to start with some loans. I would like to say, if you do that way, you will often be stressed because a thought in your head will always turn around. You have borrowed money from your friend, which is why you will not be able to pay attention to work most of the time. Be patient, work hard, success must be, never give up.

[terrific]

-snip-

It's not for the weak and that's true.
Those that have been treating it as an investment, it's an active one that you have to manage it.
If you've got a fainted heart, trading isn't for him. While it's one of the most rewarding thing to do.
It will only happen to appear when you've lost a lot already and lessons have been learned already.
While I don't think that someone should be greedy for it, it's one of the challenges when learning is already done and have started to profit.

Trading is not investing - they should be treated differently. Investing is about making long-term returns - while trading tends to be about making short-term gains. While they can have the same strategy for both - traders tend to take profits in the short term and investors tend to hold on for longer.

Trading is time consuming and a trader needs to be focused as long as they have an active open order - but investors can take it more relaxed without too much pressure regardless of market conditions. Traders need to cut losses when the market corrects - while investors will accumulate, so the two are definitely different.

They are tied together.
Those who have invested in Bitcoin long time ago, needs to trade and sell it for the profits.
That's an example of it and that's why it's an active one although you are right that people need to treat it differently.
I agree that trading consumes a lot of time but it doesn't have to be like that at all times. Good trades doesn't always need to be monitored 24/7 because you can just put that stuff on a buy/sell order and leave it until it hits the price you set.

[Uruhara]

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 think your friend really conveyed very wise advice. Because that's how it has to be. Moreover, because trading has risks that we cannot predict, it is highly inadvisable to trade with borrowed money. It will really disturb you during your trading activities and I'm sure you won't feel calm in analyzing when the money you use is actually not money you can afford to lose. Because you have to pay off the loan on time, you will be racing against time and sometimes you will be rushed in your trading activities. And if that happens then you might not even get a profit in your trading and the opposite could happen.

If there is an opportunity to make extra money or there is a job that can be done that can bring you money then it is better to do it. And collect enough cold capital for you to trade again if you are ready to take the risk again.

but your experience reminds me of an acquaintance and friend of mine who has also taught me several analytical techniques in trading. He is also a full-time trader, he makes trading his job. But I remember him telling me that I should not follow in his footsteps. Because according to him it takes years to get to the stage where we really understand the market and can get maximum profits. In essence, becoming a trader is really not easy. It requires a long time of dedication so that we can truly become pro traders. Currently my friend is still a trader but he is also building his own business in the real world. Because he once said that being a full-time trader is more mentally tiring.

[knowngunman]

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.

Like how do you even think to survive trading without sources of income? You trade, you lose your initial capital and then resort to borrowing from friends or approach a financial institution for loan, is that the way you want to succeed in trading?

From your narration, sorry to say but trading is not for you at all. Firstly, you don't have stable sources of income and secondly, you can not control your emotions. That's a terrible combination that easily ruin a trader life. Taking a loan to trade is a financial mistake and you won't be pleased with the outcome. You should be grateful for having a friend that offer you with such advice else that could be the end of your friendship if you eventually lost the money and refused to pay back.

[Mastercon]

You sound like an enemy of bitcoin and not a comrade at all. Remember Bitcoin isn't a get Rich quick scheme. It's retarded and based on fundamental ethnocentrism, linguistic misunderstanding, economic misunderstanding, and ignorance of Bitcoin itself. If you're buying a car for $20,000 or $20,000 worth of bitcoin though, it doesn't really make a difference; just take the $20,000 you didn't spend on the car and buy more bitcoin with it.

i will at least commend you for not relying on selling the bitcoin to cover the loan;that's where things get really dicey. Converting your fiat into bitcoin, and less about shorting fiat to buy more bitcoin. it's acting like a hedge fund that i tend to draw the line at, not being someone who fancies himself a hedge fund manager. when you buy bitcoin on a cash basis, and admit that it may take 4-5 years to break even, it's a very different thing than relying on performance relative to a loan that you've taken out which carries a compounding interest rate. Bitcoin's solid, in the long run. debt adds a time constraint to it. You getting a loan to buy bitcoin is gambling and it is buy what you can afford to loose, rather then get a loan and then pay interest and payments over time, just dca what you would make in payments and avoid paying a third party.

[Altryist]

I think your friend really conveyed very wise advice. Because that's how it has to be. Moreover, because trading has risks that we cannot predict, it is highly inadvisable to trade with borrowed money. It will really disturb you during your trading activities and I'm sure you won't feel calm in analyzing when the money you use is actually not money you can afford to lose. Because you have to pay off the loan on time, you will be racing against time and sometimes you will be rushed in your trading activities. And if that happens then you might not even get a profit in your trading and the opposite could happen.

If there is an opportunity to make extra money or there is a job that can be done that can bring you money then it is better to do it. And collect enough cold capital for you to trade again if you are ready to take the risk again.

but your experience reminds me of an acquaintance and friend of mine who has also taught me several analytical techniques in trading. He is also a full-time trader, he makes trading his job. But I remember him telling me that I should not follow in his footsteps. Because according to him it takes years to get to the stage where we really understand the market and can get maximum profits. In essence, becoming a trader is really not easy. It requires a long time of dedication so that we can truly become pro traders. Currently my friend is still a trader but he is also building his own business in the real world. Because he once said that being a full-time trader is more mentally tiring.

I think it makes sense to start trading only if you already have some substantial savings. And you can allocate a part of that money for trading so you stay safe in case you lose the money you are trading with and still have funds to live on. Or you can start trading if you have a stable job or another steady source of income from your assets or business. If you have enough time to focus on trading then you can give it a try.

But if you are just starting out you should always begin with a small amount of money to figure out your strategy. So if you want to start trading you should not delay it too long but definitely do not start with large amounts.

[DiMarxist]

My advice is that before you trade have a means of income, something that is bringing food on your table, something that gives you money monthly, weekly or daily. Because, trade crypto currencies without an income can be tress full and emotional. All your emotion will come to play when you are trading without an income. Because, you will be trading to meet up your financial demand, which will make you trade against your strategy and plan for each day. Also, you would want to recover any loss you have made by staking more money to get your losses and you may not even consider the market trend at that time.

[Joeboy]

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.

       Getting a loan, after experiencing a loss may be somewhat a wrong move, see ehn the market doesn't care if you are trading on a borrowed capital or last card. Trading is all about getting deeper and deeper understanding of the market, before taking any move. So for me I will advise that you first secure a stable source of income and then get more and more knowledge, and this forum can be a very good starting point coz there are a lot of informations flying around here, and when you position yourself very well you will be able to absorb some of this information, and as you know information is power.
        So like I said take your time, grow your knowledge, secure yourself a reliable source of income, and then you can trade again. With this you will trade with more confidence and lesser pressure. Don't be in a hurry, the market will always be there waiting for you, it not going anywhere at least not anytime soon.

[dunfida]

I think your friend really conveyed very wise advice. Because that's how it has to be. Moreover, because trading has risks that we cannot predict, it is highly inadvisable to trade with borrowed money. It will really disturb you during your trading activities and I'm sure you won't feel calm in analyzing when the money you use is actually not money you can afford to lose. Because you have to pay off the loan on time, you will be racing against time and sometimes you will be rushed in your trading activities. And if that happens then you might not even get a profit in your trading and the opposite could happen.

If there is an opportunity to make extra money or there is a job that can be done that can bring you money then it is better to do it. And collect enough cold capital for you to trade again if you are ready to take the risk again.

but your experience reminds me of an acquaintance and friend of mine who has also taught me several analytical techniques in trading. He is also a full-time trader, he makes trading his job. But I remember him telling me that I should not follow in his footsteps. Because according to him it takes years to get to the stage where we really understand the market and can get maximum profits. In essence, becoming a trader is really not easy. It requires a long time of dedication so that we can truly become pro traders. Currently my friend is still a trader but he is also building his own business in the real world. Because he once said that being a full-time trader is more mentally tiring.

I think it makes sense to start trading only if you already have some substantial savings. And you can allocate a part of that money for trading so you stay safe in case you lose the money you are trading with and still have funds to live on. Or you can start trading if you have a stable job or another steady source of income from your assets or business. If you have enough time to focus on trading then you can give it a try.

But if you are just starting out you should always begin with a small amount of money to figure out your strategy. So if you want to start trading you should not delay it too long but definitely do not start with large amounts.

Not all people would be having the patience on saving up first before they will be that doing trading. As much as possible they would be trying out to make use right away of their available funds at the time that they would be wanting up to do trade. Whenever you are planning out to touch up trading then of course you would be needing up that capital for you to start on. Is it okay to trade without source of income? Of course its not, because this is where you would be pulling your capital with your trading and we do know that profitability will always be in question because there's no assurance that we will be able to make profitable trades, specially when you are just that still starting or still newbie then it will be that mostly on the losing side. How you would be able to sustain it out if you dont have a day job or income source? Its just common sense in regarding into this manner because capital is we do all we do need up.

Proper financial management is needed when you are touching up investment or trading on which you will be that needing up to be careful on your spending. Just like on the most common rule when doing investment is that we should be that only making use of the amount on which we can afford to lose. Never ever compromise your life savings on which this is the most important.

[BitBakerr1]

How will you be trading without having a source of income how will you cope, for me I don't believe your story is not possible to be involved in trading without having a source of income when it comes to trading you need money so if you don't have a source of income where do you get money for those trading you did except you are telling us you have someone that gives you money and then you use it to trade and if you are doing that you are making a very big mistake.
You need to have a source of income trading should be seen as a side hustle and not a full time job because you can never be too sure of the at come of your prediction, it can come out as predicted and may not, so imagine it is not coming as you predict and you end up losing all your income how will you settle your bills, if anyone here is taking trading as his only source of income then he or she is putting himself into future financial problem.

[betswift]

My advice is that before you trade have a means of income, something that is bringing food on your table, something that gives you money monthly, weekly or daily. Because, trade crypto currencies without an income can be tress full and emotional. All your emotion will come to play when you are trading without an income. Because, you will be trading to meet up your financial demand, which will make you trade against your strategy and plan for each day. Also, you would want to recover any loss you have made by staking more money to get your losses and you may not even consider the market trend at that time.

Starting out - that's totally true.

Because trading is something that is not stable - but what needs a stable income for sure, because those who start out will definitely need it on their way.

[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.

Aside anything trading needs a lot of know how as well as a stable income to back up with and that's to say you can't trade without a source of income. And again I pointed out something you said about taking a loan, absolutely a bad idea and a destructive force i tell you.taking a loan to trade or take up some risky decisions put one in a state of regrets so instead i concur to what he's told you and as you grow in trading take note that you'll always generate loses and gains.

[rachael9385]

I will say yes because trading is not like investment that you will be waiting for a long time to make profit. There is day trading and minutes and hours trading and if you're an expert of trading them there is no need for you to wait for extra income before trading. Just look for capital and start the trading.
The risk there is not f you loss the capital which you have used to start the trading where will you have another capital to start again. But I still stand on the ground that one can start trading without a constant income but it is good you have it foe emergency and backup.

You said that they should just look for capital and start trading, where is the capital going to come from if you don't have a source of income, are you suggesting that the trader should take a loan? The importance of having a source of income different from trading is actually something that serves as a backup for you just in case you end up blowing your trading account and it also gives you the capital required to start

[Zaguru12]

Aside anything trading needs a lot of know how as well as a stable income to back up with and that's to say you can't trade without a source of income. And again I pointed out something you said about taking a loan, absolutely a bad idea and a destructive force i tell you.taking a loan to trade or take up some risky decisions put one in a state of regrets so instead i concur to what he's told you and as you grow in trading take note that you'll always generate loses and gains.

If we compare both investing and trading together we say trading is more risky than investing. But even the investing you are not even advice to go for loan to invest, talk more of trading which is generally agreed to be risky, this is because with your capital been from loan it puts you in difficult situations like wanting to make up the money fast to pay up or been too afraid to lose the money and this two affects your psychology while trading which usually results into losing. So it is a bad step using loan to trade or even invest.

Extra income aside trading gives you extra confidence in the market and sharpens your psychology too which I can say contribute to the success of your trades because with extra income elsewhere you don’t enter trades with the mindset of your next meal depending on such trades and this even gives extra patience not to enter some trades which might look risky and could save you from loses most of the time

[Sanitough]

I will say yes because trading is not like investment that you will be waiting for a long time to make profit. There is day trading and minutes and hours trading and if you're an expert of trading them there is no need for you to wait for extra income before trading. Just look for capital and start the trading.
The risk there is not f you loss the capital which you have used to start the trading where will you have another capital to start again. But I still stand on the ground that one can start trading without a constant income but it is good you have it foe emergency and backup.

You said that they should just look for capital and start trading, where is the capital going to come from if you don't have a source of income, are you suggesting that the trader should take a loan? The importance of having a source of income different from trading is actually something that serves as a backup for you just in case you end up blowing your trading account and it also gives you the capital required to start

I would stick to the idea that trading could be better if you have a stable source of income. Just knowing the fact that trading cannot sustain all-time profitability, so how will you survive if you solely rely from trading. While trading can give us good amount of returns and it could be a good side hustle, but having a constant and regular job is still very much important. And when your trades are no longer profitable, that’s when you will see the real essence of having a stable job.

[Faazs]

If you continue to lose, continue to trade with the amount of money that you can afford to lose. It can be $10 or $20. Trade like you are expecting the least but with little amount of money from the total trading capital. If you have $20, trade with just $2 and continue to look for a better strategy that will help you.

It can take 2 or 3 years. You need to be patient. If you are not patient, it can result to losses of money. Do not think trading can be a source of income. It will only be a source of losses for such a person.

Do not borrow money from your friend because of trading. Use low amount of money to continue to continue to trade until you see something positive about it.

You have said it all sir, use what you can afford to lose, don't be in a haste to get it all at once , trading is a process you fall you rise till you can know longer fall hard again.

Constant practice and seeking for knowledge on your particular trade is key to success in that trade,when you now combine this with hard work, patience and discipline, the rate of success in that trade is now increased by a big percentage.

Start small, improve your understanding and general knowledge and the sky is just your starting point, while it's still very important to have a source of income while trading, because the market is not always favourable and you are not always assured of a win.

[Mahanton]

If you continue to lose, continue to trade with the amount of money that you can afford to lose. It can be $10 or $20. Trade like you are expecting the least but with little amount of money from the total trading capital. If you have $20, trade with just $2 and continue to look for a better strategy that will help you.

It can take 2 or 3 years. You need to be patient. If you are not patient, it can result to losses of money. Do not think trading can be a source of income. It will only be a source of losses for such a person.

Do not borrow money from your friend because of trading. Use low amount of money to continue to continue to trade until you see something positive about it.

You have said it all sir, use what you can afford to lose, don't be in a haste to get it all at once , trading is a process you fall you rise till you can know longer fall hard again.

Constant practice and seeking for knowledge on your particular trade is key to success in that trade,when you now combine this with hard work, patience and discipline, the rate of success in that trade is now increased by a big percentage.

Start small, improve your understanding and general knowledge and the sky is just your starting point, while it's still very important to have a source of income while trading, because the market is not always favourable and you are not always assured of a win.

Its always the main first rule on which you should be that investing into the amount that you cant afford to lose, but the main problem on here is that what if you dont have that source of income? What would be your ways on making up some trading without having that enough capital on making use of? Is it okay to trade without having a source of income? that would surely be hard but if you can be able to do so then thats great but most of the time you would be having that hard time for you to be able to sustain able in trading you wont be directly making up money with trading and you would be needing up some funding to have that capital on which of course profitability will be basing up on how well you do make out some trading entries and exits on which of course not all would be that good when it comes into this aspect. Dealing up with trading or any investment out there would be needing up that capital for you to start on on which this is just that common sense. You wont be able to sustain yourself if you dont have the money for you to make use of capital. You cant be able to start up without money of course because you do need up money for you to make money on which isnt that possible that you can be able to start up if you dont have the funds. Never ever take that kind of option that you would be getting up some loan for you to be able to start up on trading. If you do have plans on making yourself dealing up with trading then better to find some income source first and trying out to save per month to allocate for your trading capital. This should be your main priority because if you do tend to make out some trading just because you do want to make income from it, then it wont be having any guarantee when it comes into this aspect. Always be wise on taking up actions and be sensible on whatever the things that you would be getting involved into. There are just that those times that you do become that too positive about making money but with this industry on doing up some trades then this doesnt give out any assurance that you would be able to make it through or be able to get it directly on being consistent. This specific skills cant be learn in a short time period.

[tvplus006]

...What would be your ways on making up some trading without having that enough capital on making use of?

Yes, this is the main problem for the OP, and obviously, when he finds the answer to his question, he will be able to ask the following, something like this: Is it possible to buy a car or go to a restaurant without having a source of income?