Is it okay to trade without a source of income?

[WatChe]

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.

It's best in everyone interest to stay away from every type of signalling groups because these signalling groups only help the administrator of these groups in becoming rich not the followers. It's very simple that if someone has ideas that can make somebody rich then why he is selling these ideas for few bucks? Why he is not following these ideas himself to become rich. Majority of people who follow the signalling group end up losing their money due to false signals given in such groups.     

[Zanab247]

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?

Are you saying without source of income trader will not make it from trading? I have seen many traders who became successful in trading without having sources of income before going into trading that is attracting other traders. I will not deny the fact that it will take some traders without no source of income long time to achieve their goal from trading.

Apart from newbies, I don't think there are traders who don't know there is a risk to take in crypto trading, because the moment you enter the market to start trading  your mind will surely remind you the risk you are taking and you will not blame anybody for anything that will happen to you.

[Ricardo11]

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.

It's best in everyone interest to stay away from every type of signalling groups because these signalling groups only help the administrator of these groups in becoming rich not the followers. It's very simple that if someone has ideas that can make somebody rich then why he is selling these ideas for few bucks? Why he is not following these ideas himself to become rich. Majority of people who follow the signalling group end up losing their money due to false signals given in such groups.     

I never trust these types of groups, a friend of mine always wants to join such groups by paying money and he thinks that he will be able to earn very quickly with the amount of money he will join now.
But he does not understand how much loss is possible if he believes in such false propaganda, success can never be achieved from them, it will only make you lose more.
And they should be ignored as much as possible, if their signals were really so effective, then they would have used those signals themselves and made profit, not sold them to others.
But many ordinary people do not understand these things, they are tempted by them and lose money by falling into their trap.

[Y3shot]

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?

Are you saying without source of income trader will not make it from trading? I have seen many traders who became successful in trading without having sources of income before going into trading that is attracting other traders. I will not deny the fact that it will take some traders without no source of income long time to achieve their goal from trading.

Apart from newbies, I don't think there are traders who don't know there is a risk to take in crypto trading, because the moment you enter the market to start trading  your mind will surely remind you the risk you are taking and you will not blame anybody for anything that will happen to you.

People who have a better experience in trading quit from their job to become a full time trader and they have trading as the only source of income. It is not advisable for anyone to trade without having a source of income be it experienced or beginners because in trading anything can happen,  and if anything happens you always have source of income that you can always rely on. Trading is very risky and you can't predict the market,  because of this it is not safe to rely on  just trading.

[Mahanton]

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?

Are you saying without source of income trader will not make it from trading? I have seen many traders who became successful in trading without having sources of income before going into trading that is attracting other traders. I will not deny the fact that it will take some traders without no source of income long time to achieve their goal from trading.

Apart from newbies, I don't think there are traders who don't know there is a risk to take in crypto trading, because the moment you enter the market to start trading  your mind will surely remind you the risk you are taking and you will not blame anybody for anything that will happen to you.

People who have a better experience in trading quit from their job to become a full time trader and they have trading as the only source of income. It is not advisable for anyone to trade without having a source of income be it experienced or beginners because in trading anything can happen,  and if anything happens you always have source of income that you can always rely on. Trading is very risky and you can't predict the market,  because of this it is not safe to rely on  just trading.

It would be a total suicide if you would be quitting your job directly even if you saw yourself that not still profitable with trading. Come to know that it would be that taking up for some long time and tons of efforts on which this isn't something that can be achieved in a shortened time. That's why it's recommended that you should be making it first as some sort of side income aside from your main job. Never rush up yourself on trying out to go full time if your skills isn't that enough. Always be that having that realistic approach and treatment rather than on making yourself delusional. If you are planning to touch up trading or any investment out there then you would be needing of course to have that capital on which you would be needing up to start up. Come to think that when you are just that starting up then you would be experiencing those loses and if your budget or funds are just that limited then how you would be making up that deposit to try it again? You would be having that cut off learning because you cant be able to sustain anymore and its a very wrong kind of mentality if you are just that trying out to have that kind of approach on which you do believe that you can be able to directly having a direct grasps when it comes to trading skills. You would be needing up of course to have that source of income for you to be able to sustain and would be able to provide when it comes into the time that you would be losing up money. Its important that you would be thinking up with these kind of considerations. The only bad thing on where people be doing is that they've been that believing that they can be able to find themselves that able to learn trading and thinking that they can be profitable after than. When reality do slap into their faces then they would be having that kind of realization that it was never been easy and never been that possible on which if they would be having that kind of approach towards trading without having that source of income.

[Pandorak]

It all comes back to you. In this industry, there is no right or wrong, only different ways of profiting from price movements in the market. If you decide to trade again, try to analyze the causes of your failure, conduct regular backtesting to test your trading strategy, and learn more about money management and risk management. This is important because it will help you manage your trading account equity.

Another important point is never to borrow money from anyone to start investing or trading. This can affect your psychology when managing that money, such as feeling confident about a setup because you’ve analyzed it beforehand, but hesitating to enter the trade out of fear of losing money if your analysis is incorrect.

[GIF-JOBS]

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?

Are you saying without source of income trader will not make it from trading? I have seen many traders who became successful in trading without having sources of income before going into trading that is attracting other traders. I will not deny the fact that it will take some traders without no source of income long time to achieve their goal from trading.

Apart from newbies, I don't think there are traders who don't know there is a risk to take in crypto trading, because the moment you enter the market to start trading  your mind will surely remind you the risk you are taking and you will not blame anybody for anything that will happen to you.

People who have a better experience in trading quit from their job to become a full time trader and they have trading as the only source of income. It is not advisable for anyone to trade without having a source of income be it experienced or beginners because in trading anything can happen,  and if anything happens you always have source of income that you can always rely on. Trading is very risky and you can't predict the market,  because of this it is not safe to rely on  just trading.

It would be a total suicide if you would be quitting your job directly even if you saw yourself that not still profitable with trading. Come to know that it would be that taking up for some long time and tons of efforts on which this isn't something that can be achieved in a shortened time. That's why it's recommended that you should be making it first as some sort of side income aside from your main job. Never rush up yourself on trying out to go full time if your skills isn't that enough. Always be that having that realistic approach and treatment rather than on making yourself delusional.

I definitely agree with you, quitting your job for trading is definitely a huge mistake, if you are not experienced enough in trading, and in that case quitting your job will definitely lead you to a negative direction in all aspects, you will be under huge financial pressure and then you will also be mentally broken, in short, many negative situations will come in your life because of this mistake.

So i definitely agree with you that, the best thing is, instead of thinking about quitting your job, you should develop trading as a side income source along with your job, you cannot consider yourself skilled here by earning a little profit in trading for a while, because a strategy never works in the long run, even if you are profitable now, you will face losses later, because an experienced trader is never invincible, even a trader with a lot of experience faces a lot of losses.

So quitting your job can never be right, I think you should first keep trading as a side income source for at least five to six years, then when you gain experience and deep skills through it and become a skilled trader, then such big steps can be taken like quitting your job, but that too has to be done through a very realistic and consistent plan.

[God Of Thunder]

I never trust these types of groups, a friend of mine always wants to join such groups by paying money and he thinks that he will be able to earn very quickly with the amount of money he will join now.

There are similar scam tactics as well. I often see ads on Facebook about Aviator hack bot, Aviator hack app, and Aviator prediction app. These guys show that their app can predict the next bet multiplier, and they can make thousands of dollars each time. This is impossible. I don't know how these people create these videos. I assume all of them are edited or pre-recorded screens, and they play the video and tell people that they are doing it live. I do not see any other possibility of how it could be. The game developer companies would never make something like this because they work on revenue sharing system.

[masulum]

Another important point is never to borrow money from anyone to start investing or trading. This can affect your psychology when managing that money, such as feeling confident about a setup because you’ve analyzed it beforehand, but hesitating to enter the trade out of fear of losing money if your analysis is incorrect.

Many people think this is not a problem, but the reality is that borrowing money for trading doesn't allow people to trade comfortably. Also, borrowing money for trading without a primary income will only bring another financial problems when trader making wrong entry. let say, if we're down 10%, we can withdraw and repay it using the remaining moeny, but that 10% loss can be a significant loss for someone who has no income but dares to trade with borrowed funds.

[Akbarkoe]

Another important point is never to borrow money from anyone to start investing or trading. This can affect your psychology when managing that money, such as feeling confident about a setup because you’ve analyzed it beforehand, but hesitating to enter the trade out of fear of losing money if your analysis is incorrect.

Many people think this is not a problem, but the reality is that borrowing money for trading doesn't allow people to trade comfortably. Also, borrowing money for trading without a primary income will only bring another financial problems when trader making wrong entry. let say, if we're down 10%, we can withdraw and repay it using the remaining moeny, but that 10% loss can be a significant loss for someone who has no income but dares to trade with borrowed funds.

No one is suggesting that using borrowed money is a very risky move. It's better not to trade if you don't have an active income. It will only torture yourself and lead to financial ruin.

We must consider the potential, because trading has two directions: profit or loss. So, it's better to seek active income first; that will be much safer.

[Ricardo11]

Another important point is never to borrow money from anyone to start investing or trading. This can affect your psychology when managing that money, such as feeling confident about a setup because you’ve analyzed it beforehand, but hesitating to enter the trade out of fear of losing money if your analysis is incorrect.

Many people think this is not a problem, but the reality is that borrowing money for trading doesn't allow people to trade comfortably. Also, borrowing money for trading without a primary income will only bring another financial problems when trader making wrong entry. let say, if we're down 10%, we can withdraw and repay it using the remaining moeny, but that 10% loss can be a significant loss for someone who has no income but dares to trade with borrowed funds.

In trading, losses are very natural and even more possible, because trading requires very high skills, even if you are very skilled, you can face losses.
Because the market situation is very unpredictable, and there are situations where the market can go out of line unexpectedly, and you will lose.
So trading with borrowed money is never the right decision here, because if you trade with borrowed money, can you be sure that you will be able to make a profit now?
Due to a small mistake in market research, you can face losses by adopting the wrong strategy, then how will you return the money you borrowed after that?
Such decisions can lead to difficult situations, trading beyond your capabilities is always risky, so trading should always be done with your own excess income, which will not be a problem if you lose it.

[Pandorak]

(...)

Many people think this is not a problem, but the reality is that borrowing money for trading doesn't allow people to trade comfortably. Also, borrowing money for trading without a primary income will only bring another financial problems when trader making wrong entry. let say, if we're down 10%, we can withdraw and repay it using the remaining moeny, but that 10% loss can be a significant loss for someone who has no income but dares to trade with borrowed funds.

In trading, patience is needed to find profitable moments. This is important because not everyone understands that a trading plan is quite influential in the trading system we are currently using, realizing that we do not buy or sell every day. The same applies to capital. Patience is needed to save at least a portion of your income. That capital can then be used as trading capital (cold money), so that if there are losses, they do not disrupt your daily needs or add to financial problems in real life.

[nara1892]

You've come to the right place, many members here know in detail about what a person should do and prepare when he wants to dive into the world of trading or investment, and my advice is almost the same as your friend's, which is that it's better for you to find a steady income first before continuing your involvement in investment, because after all, investment or trading is risky, it's not always about profit, there will be times when you lose some of your money due to aggressive market fluctuations, so by having a steady income, you will still be able to continue living even if you experience losses in trading and that's the reason why someone should have a steady income before they get involved in trading.

[BitHodlers]

In trading, patience is needed to find profitable moments. This is important because not everyone understands that a trading plan is quite influential in the trading system we are currently using, realizing that we do not buy or sell every day. The same applies to capital. Patience is needed to save at least a portion of your income. That capital can then be used as trading capital (cold money), so that if there are losses, they do not disrupt your daily needs or add to financial problems in real life.

Most people even make mistakes in the basics. They don't even separate fully the trading capital from the rest, that is what makes them more impatient. They are not looking at their trading balance but most often they are looking at their whole crypto net worth. If there's a negative day, they may sell positions too early at a loss simply because they are afraid of losing more USD value.

You've come to the right place, many members here know in detail about what a person should do and prepare when he wants to dive into the world of trading or investment,

I don't think more than a few people here know anything about trading. If you can repeat the theory from somewhere, that does not mean you know how to apply it. Rote learning does not make you an expert, and here there are very few expert traders.

[Abdulzuruku01]

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 know that you frequently lose and struggle to control your emotions, but you still intend to take a loan to trade, which isn't a good habit of traders because your decision to take a loan and keep trading proves that you want to take revenge by whatever means and which may result in large losses, because the trading market is unpredictable. So if this happened how will you repay your loan if you lose it and you have no other source of income? I believe you should put more of an emphasis on learning and taking a break from trading. Sometimes, even with your best efforts, trading won't be profitable for you.
But my advice for you is to Consider learning about Bitcoin investing, securing a steady income, and adopting a long-term investment strategy. With patience and discipline, you're likely to see profits.

[irhact]

In trading, patience is needed to find profitable moments. This is important because not everyone understands that a trading plan is quite influential in the trading system we are currently using, realizing that we do not buy or sell every day. The same applies to capital. Patience is needed to save at least a portion of your income. That capital can then be used as trading capital (cold money), so that if there are losses, they do not disrupt your daily needs or add to financial problems in real life.

Trading without a source of income is like digging your own grave because the  market is going to make you regret taking that decision. Source of income is like your backing as it's going to help you to always know that you have a source that brings you money to fall back to if things doesn't go as you expected. The market has it's own way of thinking and when you think you have understood the market, it does it own thing without considering what the traders have decided to happen and that's why when many traders have long the market, they get met with the disappointment of the market falling.

[MissNonFall9]

At first you have to ensure you have another source of income to be a trader. Otherwise it will hamper your real life as well as family life but it depends upon a person's situation and the condition of training. Trading is very much sensitive and risky to do. And most important thing is financial ability when anyone think to be a trader. One should know the risk and money management before started trading. Considering all the matters related trading, if it profitable for you then you should take steps to trade but not borrowing.

[Baki202]

It's best in everyone interest to stay away from every type of signalling groups because these signalling groups only help the administrator of these groups in becoming rich not the followers. It's very simple that if someone has ideas that can make somebody rich then why he is selling these ideas for few bucks? Why he is not following these ideas himself to become rich. Majority of people who follow the signalling group end up losing their money due to false signals given in such groups.     

It's a bad idea to want to trade without a source of income because even if you want to do DCA, you still need money to do DCA, so everything is still around having money to either invest or trade, so even if there are plans for trading or holding, the first thing I still feel should be sought out is before anything else because when you have something coming in, then you will be able to maintain consistency. Consistency goes a long way when it comes to trading, because you will continue to get better at it. I'm not a fan of signal groups because finding the real one is hard, and is it not better to do your analysis to trade than you want to follow signal groups for ease, and don't be surprised if you lose all your money to that group.

[Nahl]

Recently on the social media i have watching the stories some of professional traders has decide to focus to trade and quit from their jobs and so far those traders said their decession is correct because they can make decent profit from this profession but i wouldn't says they are liars and i still believe success traders is exist but probably only 1% from the current crypto traders who success can make living but 99% out of them are failed

Trading has uncertain results because there is no guarantee you always gets profit for everyday that's why you should have other source of income to anticipate loss from trading and i think if you were quite often and still familiar with loss during trade especially crypto trading i would says don't ever leave your current jobs because it can save your financial condition while you gets bad results during trading

[reagansimms]

Trading can be a source of income if you have sufficient knowledge and experience, but trading without a substantial source of income can be high risk because it can lead to capital loss, especially if you rely too much on trading to meet your living needs. Further consequences may include experiencing stress and pressure if market conditions do not meet expectations.
Although this action is not recommended by most forum users, if you are willing to bear the risks of trading and still want to do it, then you must have sufficient knowledge and experience about trading before starting. You can carry out good risk management such as using stop-loss or position sizing to control potential losses and maximize profits.