Is it okay to trade without a source of income?

[kawetsriyanto]

Taking loans for trading and gambling is the same thing. Basically, you are gambling when you are out of control. If you cannot control your emotions, you will end up losing your money. How confident are you in your skills that you want to take a loan? Are you sure that you won't lose the money that you are taking as a loan? What if you end up losing that money as well? How would you repay the amount without having an income source?

Taking loan and gambling basically are different, but the risk seems almost the same. Especially if we take a loan for trading future. It even can be almost similar with gambling. I think taking a loan isn't too risky if it is for spot trading and we must be quite professional in trading to ensure good chance for the returns. In this way, taking a loan for trading can be understandable. Meanwhile for beginners or random traders, taking a loan is surely a bit similar with gambling in trading.

I have a kind of stable income as of now, yet I do not trade because I feel like I am not an expert enough to risk my money on trading. You should have a job or develop some skills that will help you earn money. Only then can you decide if you want to trade or not.

It is good that you have a job and you have stable income. Even you are an expert in trading, it will be much better to have a job with stable income in real life. Who knows that trading may be no longer a potential job for earning money in the future. If we have a job in real life, a problem in trading won't bother our financial stability.

[God Of Thunder]

It is good that you have a job and you have stable income. Even you are an expert in trading, it will be much better to have a job with stable income in real life. Who knows that trading may be no longer a potential job for earning money in the future. If we have a job in real life, a problem in trading won't bother our financial stability.

People shouldn't rely on trading. It is too easy to lose everything in a single session. But you cannot make a million dollars in a single session. A trader spends months gathering a smart amount, but they lose all the hard-earned money in a single session. Trading is extremely unpredictable and risky. People should never rely on their trading income. A lot of trader show off their life just because they want to get some referrals from social media.

One should not risk more than 10% of their total cash/investment. If I have a thousand dollars in cash, I would only risk a $100. But personally, I won't risk a single dollar because I am not an expert trader and I been away from trading for a long time now.

[Odusko]

It is good that you have a job and you have stable income. Even you are an expert in trading, it will be much better to have a job with stable income in real life. Who knows that trading may be no longer a potential job for earning money in the future. If we have a job in real life, a problem in trading won't bother our financial stability.

People shouldn't rely on trading. It is too easy to lose everything in a single session. But you cannot make a million dollars in a single session. A trader spends months gathering a smart amount, but they lose all the hard-earned money in a single session. Trading is extremely unpredictable and risky. People should never rely on their trading income. A lot of trader show off their life just because they want to get some referrals from social media.

One should not risk more than 10% of their total cash/investment. If I have a thousand dollars in cash, I would only risk a $100. But personally, I won't risk a single dollar because I am not an expert trader and I been away from trading for a long time now.

No sane person will take crypto trading as a source of income, doing so is exposing yourself to a risk that you likely won't be able to deal with at some point, alot of time we see individuals making the mistakes to take high risky activities like trading and gambling to be a source of income. This doesn't work out well in the end since majority of the will definitely land in debt after not being able to recover from a heavy lost while trading, some of them even take loans to trade with, such a decision put them on a bad state.

[Y3shot]

Trading without a source of income is not the best way to begin trading,  you need income to begin trading and on the case whereby you have no source of income,  what you will be looking unto is how to take loan to trade because this is the only option when their is no source of income for trading and it is not even advisable to take loan to trade because the trading can't be predicted and their is no guarantee of make as much profit as the amount of money which you took as loan.

If source of income is a problem, then you are not good to go in to trading. Trading is not just about having capital to trade, the market is risky and anything can happen to your capital and if you eventually lose how do you intend to continue with the trade?

[moneystery]

It is good that you have a job and you have stable income. Even you are an expert in trading, it will be much better to have a job with stable income in real life. Who knows that trading may be no longer a potential job for earning money in the future. If we have a job in real life, a problem in trading won't bother our financial stability.

although it is good for a trader to have a job, a trader is not required to have one to support their trading. they only need additional income that can provide a safety net, such as an offline business, stock dividends, selling products online, offering trading classes, and so on. the point is, they need a separate source of income apart from trading to help them stay afloat in the long run.

[God Of Thunder]

No sane person will take crypto trading as a source of income, doing so is exposing yourself to a risk that you likely won't be able to deal with at some point, alot of time we see individuals making the mistakes to take high risky activities like trading and gambling to be a source of income. This doesn't work out well in the end since majority of the will definitely land in debt after not being able to recover from a heavy lost while trading, some of them even take loans to trade with, such a decision put them on a bad state.

Exactly. But some crypto traders don't have any income source. Their main income source is selling signals and scamming people. They record videos or download trading videos from other sources and upload them to their accounts as if they are making daily profits from trading. They invite people to join their private group, and people have to pay some fees to join their group/channel to get signals. This is the main source of income for these traders.

Unfortunately, people believe these fraudsters and fall for them. I myself tried these trading strategies as well. Some of these signals actually work, while some others don't. But once people rely on these signals, they open big positions and they drain their balance. A single wrong signal is enough to drain your balance.

[Inwestour]

although it is good for a trader to have a job, a trader is not required to have one to support their trading. they only need additional income that can provide a safety net, such as an offline business, stock dividends, selling products online, offering trading classes, and so on. the point is, they need a separate source of income apart from trading to help them stay afloat in the long run.

If you are a trader who needs a constant source of income, then I assume you simply can't make money from trading. Or do you mean that such a source of income is needed when you are only learning to trade? In that case, I agree you should not stop trading or quit your job while you are learning to trade. After that, everything will depend on your results, If you can make money, then you can quit. If you can't make money from trading, then perhaps there is no point in doing it at all.

[Baki202]

Trading without a source of income is not the best way to begin trading,  you need income to begin trading and on the case whereby you have no source of income,  what you will be looking unto is how to take loan to trade because this is the only option when their is no source of income for trading and it is not even advisable to take loan to trade because the trading can't be predicted and their is no guarantee of make as much profit as the amount of money which you took as loan.

If source of income is a problem, then you are not good to go in to trading. Trading is not just about having capital to trade, the market is risky and anything can happen to your capital and if you eventually lose how do you intend to continue with the trade?

And that is one of the mistakes people make when it comes to either trading or investing, and you cannot trade without money, so the best thing will be for them to just source money or go get a job, except for those who are learning how to trade. That will be using a demo account because that is the only way that people can trade without funds because when you are learning, it is always better to use a demo account to learn than to use your real money to invest because when you are using money to invest, then you will lose more, so it is better to use a demo to get more experience.

And when you have a source of income, then everything becomes easier to deal with than not having anything at because, from what is happening currently, the fuel to the car is money, and just like some people will say, you use money to get money back that is a simple principle.

[Wakate]

It is good that you have a job and you have stable income. Even you are an expert in trading, it will be much better to have a job with stable income in real life. Who knows that trading may be no longer a potential job for earning money in the future. If we have a job in real life, a problem in trading won't bother our financial stability.

People shouldn't rely on trading. It is too easy to lose everything in a single session. But you cannot make a million dollars in a single session. A trader spends months gathering a smart amount, but they lose all the hard-earned money in a single session. Trading is extremely unpredictable and risky. People should never rely on their trading income. A lot of trader show off their life just because they want to get some referrals from social media.

One should not risk more than 10% of their total cash/investment. If I have a thousand dollars in cash, I would only risk a $100. But personally, I won't risk a single dollar because I am not an expert trader and I been away from trading for a long time now.

You are very correct mate! How I wish people would always check the risks in trading before every attempting to make money from the market. Nothing is easy as a trader, even when you are making profits. Traders have to be very careful when making decisions so you don't have to end up losing everything due to the market reaction and not having enough knowledge about the market.

People that have the mentality that they can trade in the market without having a source of income are only decieving themselves because I don't see any possibility in that except they took loans to trade which is never advisable because of the risk it pose to traders.

[God Of Thunder]

People that have the mentality that they can trade in the market without having a source of income are only decieving themselves because I don't see any possibility in that except they took loans to trade which is never advisable because of the risk it pose to traders.

Well, it is okay if someone does this just to see how trading works and get some experience. But a professional trader needs a stable income source so he can still trade and live his life in case he loses a significant amount. If someone is a crypto and leverage trader at the same time, they should know the risks involved. The market movement can occur within a few hours, and it is pretty much possible to get liquidated within an hour.

I am not a trader myself. But I tried trading a couple of times before. Sometimes I made some profit. But overall I am in a loss. I do not have enough trading knowledge and I do not understand the chart. So, I actually tried it to experience it and see how it works even though I have a stable income.

[goldkingcoiner]

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 would recommend that you find a reliable source of income.

If you have no source of income, what are you going to be trading with when you need money? It is important to have a source of income! Trading is not a reliable source of income nor should it be seen as such. You need to trade only with what you money you can set aside.

And since you have said you are a semi-skilled trader making losses because of emotional mistakes, that just further puts into contrast that your trading income has a high risk profile, which means you cannot depend on it.

[rachael9385]

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.

People don't realize how risky trading can be until they end up losing a lot of money, especially beginner traders. Like you said trading isn't for that faint hearted, there are lots of things you can invest in asides from trading. I don't know why people Force themselves to trade when they are not really ready to manage the risks involved. Trading takes a lot of courage and if you are the type that can't handle the psychological aspects of it don't get involved

[DaNNy001]

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.

There's a reason why only people that are financially stable to an extent makes profit from trading and actually enjoy it, this is because they are not emotional and overly careful... Having something to fall back to gives you the confidence that if you lose that amount of money you are trading with you are going to have a way to get it back but when you don't have a source of income anxiety would definitely set in

[Roseline492]

There's a reason why only people that are financially stable to an extent makes profit from trading and actually enjoy it, this is because they are not emotional and overly careful... Having something to fall back to gives you the confidence that if you lose that amount of money you are trading with you are going to have a way to get it back but when you don't have a source of income anxiety would definitely set in

The idea of knowing that there is something greater than what they have to spend gives the person the courage to do it and even if it fails to move on so actually this does not only applied on the trading but in everything that has to do with every financial engagement someone might decide to establish, however without a source if income this will bring a limitation to the person because they would be over cautious of there capital and they would hold or take it as there last capital since every decision will be based on the fact that if there be a failure is finished so actually someone who is going into trading without a source of income should analyse themselves carefully.

[tvplus006]

...Trading takes a lot of courage and if you are the type that can't handle the psychological aspects of it don't get involved

Trading does not require courage, but knowledge and experience. In addition, a prerequisite for profitable trading is compliance with risk management, which will help you reduce losses and thereby save your deposit.

[CageMabok]

People don't realize how risky trading can be until they end up losing a lot of money, especially beginner traders. Like you said trading isn't for that faint hearted, there are lots of things you can invest in asides from trading. I don't know why people Force themselves to trade when they are not really ready to manage the risks involved. Trading takes a lot of courage and if you are the type that can't handle the psychological aspects of it don't get involved

Beginner traders really need to hone and sharpen their knowledge before jumping into trading. If they're still excessively afraid of price corrections and even deeper declines, they're certainly not fit to trade. In such conditions, a trader will not only be tested on their patience to survive, but also be tempted by other temptations that could lead to losses by selling assets at a negative price, leading to losses. And clearly, all of this is influenced by their panic, which is still too great compared to their trading goals, resulting in them not being able to manage themselves properly while trading.

[Coin_info]

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 have been affected mostly by your emotions because you do not have a source of income and you are depending solely on trading. If you're able to get another source of income you would trade from a more relaxed position because you are not trading to survive but mainly as a way to increase and multiply what you already have. Traders who often trade from this side view are less prone to making trading decisions from their emotions.

[Odusko]

...Trading takes a lot of courage and if you are the type that can't handle the psychological aspects of it don't get involved

Trading does not require courage, but knowledge and experience. In addition, a prerequisite for profitable trading is compliance with risk management, which will help you reduce losses and thereby save your deposit.

If you bring courage into trading, you are indirectly injecting emotions into trading like tvplus said, what you need to be a successful traders is skills and basic trading knowledge, not luck or courage all of that are elements of emotional support which in most cases take us far from the reality of the current trading demands, skills vs smart moves is what gives you profits in trading when I say smart moves, what I mean is taking calculated risks.

[Barikui1]

You are very correct mate! How I wish people would always check the risks in trading before every attempting to make money from the market. Nothing is easy as a trader, even when you are making profits. Traders have to be very careful when making decisions so you don't have to end up losing everything due to the market reaction and not having enough knowledge about the market.

People that have the mentality that they can trade in the market without having a source of income are only decieving themselves because I don't see any possibility in that except they took loans to trade which is never advisable because of the risk it pose to traders.

Sometimes I sees it as having too much blind confidence because one thing I have noticed about trading is that, you might use like one full month to make $100k and use a single hour to lose everything, and in time's like that it's your weekly or monthly income that is going to make you not to feel much of the effect, so anyone that thinks that he can be able to survive and make a living in the market without having any other sources of income is not helping himself because with time, he is going to understand the hard way.
Sometimes you don't necessarily need to have a job, you just need another source that pays your bills, it might be a business or an investment, but depending solely on trading is actually not healthy if you want to stay long in the market.

[@nn@_pen9]

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

If you don't have a source of income, it's best not to overexert yourself in trading, whether by borrowing from others or otherwise. The pressure to generate income from trading to repay debt can cause significant stress, which can influence your trading decisions and lead to significantly greater losses. If you truly don't have capital, use your free time to learn various trading methods. Understanding the market and appropriate strategies can help you when you're ready to start. It's best to wait until you have a stable source of income before considering trading. This will give you more flexibility, both in terms of capital.