Is it okay to trade without a source of income?

[pusaka]

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.

Without a source of income, it's more difficult. Logically, where would we get the money? And it's unwise to use the money for other needs. I wouldn't recommend it at all. Selling assets like land and vehicles to use as capital is also unwise, especially if you're still learning. Not only will you suffer a loss, but you'll also lose your existing assets.

Now, if we have a source of income, like a monthly salary, for example, we can budget for it, but remember, we should budget after we've covered our basic needs. So, if we experience a loss or even lose it, we won't have any new problems. And if we still want to continue learning, we can do the same thing the following month.

[breske]

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.

It’s definitely risky to trade without a stable income that means like you are gambling as trading can be unpredictable and emotions can mess with your decisions especially when money’s tight

[Bitcoin_people]

If you have been learning about trading for such a long time, I believe you may have gained good experience. If you are not making profit from trading and investing but are facing more losses, then I think there may be some mistake in your education. If you had gained complete knowledge and experience about this, then of course you would have faced less losses, so you need to consult a good trader. Moreover, if you want to profit without a source of income, then you must be extremely knowledgeable and have gained experience, and you must collect capital according to the percentage from the business that you will profit from. Moreover, if you have a good capital, then you can continue trading or investing, and if you do not have money and no source of income, then you can stop. First of all, you have to control yourself and then gain knowledge about trading, learn to analyze and have experience in various strategies, then you will not face losses.

[DaNNy001]

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.

No matter how experienced you might be i wouldn't advice you to quit your job to be a full time trader...trading has it's ups and downs, this is something that's inveitable , you must always be mentally prepared for it as a trader..like you said, it is not always possible to predict the market. Your job is to your backup should incase you end up blowing your trading account, don't put your eggs in one basket

[Wakate]

If you have been learning about trading for such a long time, I believe you may have gained good experience. If you are not making profit from trading and investing but are facing more losses, then I think there may be some mistake in your education. If you had gained complete knowledge and experience about this, then of course you would have faced less losses, so you need to consult a good trader. Moreover, if you want to profit without a source of income, then you must be extremely knowledgeable and have gained experience, and you must collect capital according to the percentage from the business that you will profit from. Moreover, if you have a good capital, then you can continue trading or investing, and if you do not have money and no source of income, then you can stop. First of all, you have to control yourself and then gain knowledge about trading, learn to analyze and have experience in various strategies, then you will not face losses.

You can still gain compete knowledge in trading and still lose money. There is nothing like you have known it all in trading so you must be able to keep trying and learning on a daily basis. The crypto market changes a lot making market analysis to be somehow complex for those that are not doing it consistently.

Everyone wants to make money from trading but must of us are nih fit enough to going through what is required in trading for us to keep having consistent profits from the market. Every trader must be to keep analyzing the market even when the market looks confusing.

[Alpen]

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 can get back to trading on one condition: you switch to using trading bots. This will solve your problem with emotional trading.

Regarding finding capital, I can share my experience. You don't necessarily need a large amount to start. You can begin with bonuses, but make sure you find offers where crypto companies pay out in real money. For example, I got a $50 bonus from Cryptomus and, using an aggressive growth strategy with memecoins, I turned it into over $1000.

You can also earn money right here on the forum by participating in signature campaigns or various trading competitions. If you switch to bots, you'll have enough free time for that

[Iranus]

No matter how experienced you might be i wouldn't advice you to quit your job to be a full time trader...trading has it's ups and downs, this is something that's inveitable , you must always be mentally prepared for it as a trader..like you said, it is not always possible to predict the market. Your job is to your backup should incase you end up blowing your trading account, don't put your eggs in one basket

Agreed, no matter how experienced we are, or even if we are experts, we cannot guarantee or be sure that will always be able to make a profit from trading. It is no coincidence that trading is considered one of the most unpredictable and difficult jobs when it comes to financial investments. And that is why those who can succeed in trading can be counted on the fingers of one hand.

Remember, knowledge and experience only help us increase our chances of winning, but do not guarantee anything. Therefore, becoming a full-time trader or starting trading without any source of income is not a wise idea.

[Lida93]

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 can get back to trading on one condition: you switch to using trading bots. This will solve your problem with emotional trading.

I don't advise people with no form of job for a reliable income source to in the main time avoid trading if they can because they can't survive it having to depend completely on trading to make earns meet. You would always be be vulnerable to emotions because you wouldn't want to lose your only funds when you don't have it knowing where another funds can come from. There's no how you wouldn't lose in trading irrespective of your expertise or many years of experience but you would do better when you have other means of income not depending only on trading as that would always fuel your emotions when trading.

[Promocodeudo]

You can still gain compete knowledge in trading and still lose money. There is nothing like you have known it all in trading so you must be able to keep trying and learning on a daily basis. The crypto market changes a lot making market analysis to be somehow complex for those that are not doing it consistently.

Everyone wants to make money from trading but must of us are nih fit enough to going through what is required in trading for us to keep having consistent profits from the market. Every trader must be to keep analyzing the market even when the market looks confusing.

That's to say trading is very tasking right because for anyone not to be sure about anything in trading thats to say even professional traders as they call it still lose right? If so we can also see it as having similarity with gambling although I will also appreciate if there could be an extensive explanation on that part.

With what you've said, the emotional stress thats involved in trading is very much, so I agree with you that some perons doesn't fit into trading, profit is not guaranteed, analysis has to be a constant something in other to get the direction of the market and even when you thought youve gotten right, cryptocurrency being a volatile asset can a actually change it direction in a seconds, so what next?

[Agbamoni]

I don't advise people with no form of job for a reliable income source to in the main time avoid trading if they can because they can't survive it having to depend completely on trading to make earns meet. You would always be be vulnerable to emotions because you wouldn't want to lose your only funds when you don't have it knowing where another funds can come from. There's no how you wouldn't lose in trading irrespective of your expertise or many years of experience but you would do better when you have other means of income not depending only on trading as that would always fuel your emotions when trading.

I wont advise anyone who still works at a regular place with fixed amount of salary to still go into trading. And also someone who lives on paycheck to paychec.  Only those with business, that can easily recover their losses when they lose should be comfortable taking the risk of trading. My reason for saying this is because, there was a colleague of mine, who works at a Coca-Cola shop, he makes some good bucks a month and then he venture into trading. Every month he cant give an estimate of what good use of his money. All goes into trading so he has to wait for paycheck the next month.

[nara1892]

It’s definitely risky to trade without a stable income that means like you are gambling as trading can be unpredictable and emotions can mess with your decisions especially when money’s tight

That's true, and the problem is, imagine if you need money to cover your living expenses or for an emergency like hospital bills, while you're experiencing losses in trading, wouldn't you be struggling to find money to cover or resolve those urgent needs? Of course, and that's where having a primary income comes in: to cover all your living expenses at all times. As you've mentioned, trading doesn't guarantee a profit. The risk of loss is always there, and we don't know when it will happen, nor how much we'll lose, especially if you can't control your emotions.

[Rockstarguy]

If you have been learning about trading for such a long time, I believe you may have gained good experience. If you are not making profit from trading and investing but are facing more losses, then I think there may be some mistake in your education. If you had gained complete knowledge and experience about this, then of course you would have faced less losses, so you need to consult a good trader. Moreover, if you want to profit without a source of income, then you must be extremely knowledgeable and have gained experience, and you must collect capital according to the percentage from the business that you will profit from. Moreover, if you have a good capital, then you can continue trading or investing, and if you do not have money and no source of income, then you can stop. First of all, you have to control yourself and then gain knowledge about trading, learn to analyze and have experience in various strategies, then you will not face losses.

You can still gain compete knowledge in trading and still lose money. There is nothing like you have known it all in trading so you must be able to keep trying and learning on a daily basis. The crypto market changes a lot making market analysis to be somehow complex for those that are not doing it consistently.

Everyone wants to make money from trading but must of us are nih fit enough to going through what is required in trading for us to keep having consistent profits from the market. Every trader must be to keep analyzing the market even when the market looks confusing.

There is nothing like a master or know-it-all in trading; trading is just like a journey that has no end. The experience and knowledge you have can be of good advantage, but it is not a guarantee of success in trading. In trading, there are a series of events that can affect your trading, even as an experienced trader, that can lead to losses.

In trading, we learn every day, and if you think that all you have learned is enough to sustain you in trading or to give you better outcomes in trading, you may be making a mistake. Trading changes with time, but by being consistent even with change, one will be able to blend into a new strategy.

[Baki202]

No matter how experienced you might be i wouldn't advice you to quit your job to be a full time trader...trading has it's ups and downs, this is something that's inveitable , you must always be mentally prepared for it as a trader..like you said, it is not always possible to predict the market. Your job is to your backup should incase you end up blowing your trading account, don't put your eggs in one basket

It is not even the best advice. The only thing that I feel can happen is to have a selected time to trade, but going to the extent of quitting their job because of trading is not even worth it because there is always enough time to trade, and people need to learn time management if they are having issues trading. And what people don't understand is that people need to know that when it comes to trading, predicting the market is not even enough because even with the market prediction you can still lose your money, so you need both the job and the trading together. Only when you have gotten millions can you quit if you want.

[HistoLock]

Yes, it is certainly true that it is very important to have a source of income for trading. I would say that before taking a risk, you must keep in mind how much you can lose, yes, it is definitely winning. It is not certain whether you will win from trading, so I would say that if you do not have a source of income, you will lose money and may face debt later. Which can affect your financial position. If you have a source of income, then trade with some money from there and of course have a good understanding of the market. If you do not have a source of income, then if you face a loss, you will lose all your money, which will make your life difficult. Finally, I would say that it is important to have a source of income for trading.

[Ricardo11]

No matter how experienced you might be i wouldn't advice you to quit your job to be a full time trader...trading has it's ups and downs, this is something that's inveitable , you must always be mentally prepared for it as a trader..like you said, it is not always possible to predict the market. Your job is to your backup should incase you end up blowing your trading account, don't put your eggs in one basket

It is not even the best advice. The only thing that I feel can happen is to have a selected time to trade, but going to the extent of quitting their job because of trading is not even worth it because there is always enough time to trade, and people need to learn time management if they are having issues trading. And what people don't understand is that people need to know that when it comes to trading, predicting the market is not even enough because even with the market prediction you can still lose your money, so you need both the job and the trading together. Only when you have gotten millions can you quit if you want.

I would never advocate quitting your job for trading, a job that will definitely pay you money at a certain time.
But in trading, you will sometimes succeed and sometimes you will face big losses, so such things should never be considered as a permanent source of income.
No matter how skilled you are, you will also face losses at times, there will always be risks and without the right strategy, losses are inevitable, so the safest way is to keep your job and continue trading side by side.

[Alpen]

You can get back to trading on one condition: you switch to using trading bots. This will solve your problem with emotional trading.

I don't advise people with no form of job for a reliable income source to in the main time avoid trading if they can because they can't survive it having to depend completely on trading to make earns meet. You would always be be vulnerable to emotions because you wouldn't want to lose your only funds when you don't have it knowing where another funds can come from. There's no how you wouldn't lose in trading irrespective of your expertise or many years of experience but you would do better when you have other means of income not depending only on trading as that would always fuel your emotions when trading.

[/quote]

I couldn't agree more.

That's why there's always the option of managing other people's funds. That way, you're no longer risking your own money, but someone else's investments. For a steady income, you could also launch a subscription-based copy trading service or build a referral network.

[Bd officer]

I would never advocate quitting your job for trading, a job that will definitely pay you money at a certain time.
But in trading, you will sometimes succeed and sometimes you will face big losses, so such things should never be considered as a permanent source of income.
No matter how skilled you are, you will also face losses at times, there will always be risks and without the right strategy, losses are inevitable, so the safest way is to keep your job and continue trading side by side.

You are right, sometimes even professional traders face losses, even professional traders cannot make consistent profits. In fact, trading is very risky, which not everyone can be successful in trading. Now some newbies plan to trade with little knowledge and consider trading as a source of income, in fact trading can never be a permanent source of income. Again, some newbies plan to trade with loans, which is a wrong step, if they trade with loans and face losses, how will they repay the loans? As you said, I will say the same, the best thing is to trade alongside a job or any work, but you should use money that you can afford to lose.

[dunfida]

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.

No matter how experienced you might be i wouldn't advice you to quit your job to be a full time trader...trading has it's ups and downs, this is something that's inveitable , you must always be mentally prepared for it as a trader..like you said, it is not always possible to predict the market. Your job is to your backup should incase you end up blowing your trading account, don't put your eggs in one basket

Keeping a regular job or another source of income gives that safety net, it means you can approach trading more calmly without the desperation of needing every trade to succeed, it allows you to think long term and not force trades just to pay bills, which is one of the biggest traps traders fall into. And you’re right about not putting all your eggs in one basket, diversification is a principle that applies not only to trading strategies but also to life and finances, when you have different streams of income or stability outside trading you give yourself the flexibility to learn, adjust, and grow as a trader without the fear of complete ruin.

[SuperBitMan]

If you don't have a source of income how will you get money to trade, will you be begging money in order to trade when you don't have a source of income there is no way you can be a trader because trading involves money and without money you cannot trade and you need something that will be giving you money in order to trade, some people really do not understand how trading work, they see people discuss about trading without asking a questions they see trading being talked about online without asking questions they jump into trading in order to make money, if you don't have a source of income don't bother going into trading because if you do you will just get frustrated, and don't even use money that is meant for paying of bills to trade, the money that you should use to trade is only your Discretionary income or money you can afford to lose if you use money for paying of bills to trade you will suffer for it.

[tvplus006]

That's why there's always the option of managing other people's funds. That way, you're no longer risking your own money, but someone else's investments. For a steady income, you could also launch a subscription-based copy trading service or build a referral network.

For me, these are mutually exclusive things and it is not clear how the ability to trade and at the same time the complete lack of money for trading can be combined. Maybe things are different, he just thinks he knows how to trade, but in fact he's just a loser who lost a deposit.