Is it okay to trade without a source of income?

[Alpen]

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.

Based on my experience analyzing PAMM accounts, I can say for sure that you don't have to be a successful trader to manage other people's money. In fact, it's often the opposite. It's a paradox

[tvplus006]

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.

Based on my experience analyzing PAMM accounts, I can say for sure that you don't have to be a successful trader to manage other people's money. In fact, it's often the opposite. It's a paradox

It is not clear how you will manage the accounts of other clients if you do not know how to trade. Of course, a beginner who does not understand anything about trading can also make a profit, but in any case, sooner or later he will lose the deposit anyway, and if he manages the accounts of other participants, they will also lose their deposit.

[HustleZ]

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.

I'm sorry but I don't agree with that. Managing other's funds is I believe a bigger responsibility because you not only lose money but you lose someone's trust and respect too. You can also face legal consequences  by losing someone else's money. Infact it can be riskier to trade with someone else's money  because the pressure of accountability is much higher.

But if you are a successful trader. I don't think you would need someone else's funds to trade yourself. But if you are considering taking loan from someone to trade and you are successful trader still you should take an amount that you are comfortable repaying because it is not guaranteed that a person is a good trader so he will earn money sometimes successful traders lose large amounts of money too.

[Baki202]

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.

The source of income is where the money for the investment is going to come from. This shows how important it is to have a source of income before thinking about trading because there is no way that everything can be balanced when you don't have an inflow of money. This shows how important it's going to be to have a source of income, and even if the most important thing is the capital, the most important thing is going to be the upkeep. Because when you don't have a source of income or even emergency funds, how do you keep up with everything that is going on? because you cannot enjoy your trading without having money.

[laijsica]

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.

The source of income is where the money for the investment is going to come from. This shows how important it is to have a source of income before thinking about trading because there is no way that everything can be balanced when you don't have an inflow of money. This shows how important it's going to be to have a source of income, and even if the most important thing is the capital, the most important thing is going to be the upkeep. Because when you don't have a source of income or even emergency funds, how do you keep up with everything that is going on? because you cannot enjoy your trading without having money.

Trading is like gambling for some individuals. If you don't have a stable source of income, investing/trading is pointless and you have to spend more time deciding on a strategy once the income stream starts. Once you have a source of income, you should consider how satisfactory your discretionary funds are and how much accumulating you have to make to match your expenses.

Limited experience and limited funds can make it difficult for you to enjoy trading because the market is always volatile and a wrong decision can increase the amount of losses. The most suitable decision for you is to not trade if your income stream is limited. You should continue to deposit small amounts and try to get a decent holding.

[Oshio-man]

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.

Sources of income is very important to traders to succeed on time in crypto trading, but you can trade without you having sources of income if you wish to follow that way to earn little income from your trading, you can use any amount of fund to start trading without expecting any fund from other places either winning or losing, which I have heard many traders that succeeded in that way, but I will not advice new traders to follow that step because is a big risk that will make someone get broken not to show interest on crypto trading again, using what you can afford to lose in crypto trading it will help someone not to fall out easily from trading because the person will not be eager to make it fast fast from such amount of fund in trading.

[pusaka]

It is not clear how you will manage the accounts of other clients if you do not know how to trade. Of course, a beginner who does not understand anything about trading can also make a profit, but in any case, sooner or later he will lose the deposit anyway, and if he manages the accounts of other participants, they will also lose their deposit.

Wow, this is a very difficult situation, because if it's like that, we'll be under a double burden: not only are we responsible for the client's money, but we're also expected to make a profit.

This is similar to what I experienced. Someone once approached me and offered me some money to use for trading. I immediately refused, knowing full well the risks were significant. They were certainly coming with the intention of making a profit, but they didn't want to know whether I was experiencing a loss or a profit.

[Zoomic]

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 had to read the Op very well, it seems that the purpose of the thread has been achieved because Op is now in active campaign and it is an indication that he has taken the advice of the person that introduced him to the forum . Congratulations to Op, you can now use your campaign earnings to trade or you instead invest the money.

[Cookdata]

Sources of income is very important to traders to succeed on time in crypto trading, but you can trade without you having sources of income if you wish to follow that way to earn little income from your trading, you can use any amount of fund to start trading without expecting any fund from other places either winning or losing, which I have heard many traders that succeeded in that way, but I will not advice new traders to follow that step because is a big risk that will make someone get broken not to show interest on crypto trading again, using what you can afford to lose in crypto trading it will help someone not to fall out easily from trading because the person will not be eager to make it fast fast from such amount of fund in trading.

Maybe as a person that ha been on the game for long time, not going to end well if you are new person and decide to not work. If you are going to be a day trader, make sure you have money with you that is going to last you for a couple of time because you see that journey? There is thorns on the road, yoynare going to win and you are going to lose, sometimes your win might be little to what you lose but consistency will make you go far than you expected.

I used to trade in 2021 when I was doing nothing at home but at some points, I have to travel for some important things, and I left it there to focus on other things, it was very challenging and I can assure you that the way people think you will make money from trading isn't the way it's in practice. At the end, I made some money but I lost as well. You have to develoed a thick skin in trades and don't care about what people think, just do you as you think the market will go, you will get used to it.

[Alpen]

I'm sorry but I don't agree with that. Managing other's funds is I believe a bigger responsibility because you not only lose money but you lose someone's trust and respect too. You can also face legal consequences  by losing someone else's money. Infact it can be riskier to trade with someone else's money  because the pressure of accountability is much higher.

But if you are a successful trader. I don't think you would need someone else's funds to trade yourself. But if you are considering taking loan from someone to trade and you are successful trader still you should take an amount that you are comfortable repaying because it is not guaranteed that a person is a good trader so he will earn money sometimes successful traders lose large amounts of money too.

You're saying all the right things, and I completely agree with your perspective in principle. However, the reality of the market is often different.

Any trader on a crypto exchange, and especially at Forex brokers (who now also offer crypto), can open a copy-trading or PAMM account to attract investments. The problem is, a majority of these traders use a Martingale strategy: they average down losing positions using the inflow of new clients' money, essentially building a pyramid scheme. Brokers often push these accounts to the top of their rankings because the averaging creates a very smooth equity curve with no drawdowns. But then, one day, the pyramid inevitably collapses and wipes out everything.

I'm writing this from personal experience, as I've been analyzing these types of accounts for 8 years. And I can say with confidence that crypto exchanges have adopted all the worst practices from the Forex market. As for the traders' lack of responsibility and fear of risk when using other people's money — I've had them admit this to me themselves in unofficial, off-the-record conversations

[Alpen]

It is not clear how you will manage the accounts of other clients if you do not know how to trade. Of course, a beginner who does not understand anything about trading can also make a profit, but in any case, sooner or later he will lose the deposit anyway, and if he manages the accounts of other participants, they will also lose their deposit.

It's simpler than you think. Any trader can set up their account to copy signals from another trader.
Then, they connect that same account to a PAMM system and start accepting investments from others.

All they really need to do is pick an account to copy. No actual trading knowledge is required

[junder]

The source of income is where the money for the investment is going to come from. This shows how important it is to have a source of income before thinking about trading because there is no way that everything can be balanced when you don't have an inflow of money. This shows how important it's going to be to have a source of income, and even if the most important thing is the capital, the most important thing is going to be the upkeep. Because when you don't have a source of income or even emergency funds, how do you keep up with everything that is going on? because you cannot enjoy your trading without having money.

Before engaging in or diving into the world of trading, we should have a real and stable income. I believe trading is not suitable and not recommended as a primary source of income. The risk of loss is certainly present, but it can be minimized with good skills and knowledge. Furthermore, it's also crucial to have an emergency fund when entering this field. If you only have a certain amount of money but no steady income, it's best not to trade. It's best to trade when you have a steady income, including investments.

[Ricardo11]

The source of income is where the money for the investment is going to come from. This shows how important it is to have a source of income before thinking about trading because there is no way that everything can be balanced when you don't have an inflow of money. This shows how important it's going to be to have a source of income, and even if the most important thing is the capital, the most important thing is going to be the upkeep. Because when you don't have a source of income or even emergency funds, how do you keep up with everything that is going on? because you cannot enjoy your trading without having money.

Before engaging in or diving into the world of trading, we should have a real and stable income. I believe trading is not suitable and not recommended as a primary source of income. The risk of loss is certainly present, but it can be minimized with good skills and knowledge. Furthermore, it's also crucial to have an emergency fund when entering this field. If you only have a certain amount of money but no steady income, it's best not to trade. It's best to trade when you have a steady income, including investments.

I agree with you, trading is a field where there will be unusual losses in the first place, because that time the possibility of losses is very high and also for those who come here with little knowledge or who are new here, losses will be very natural.
And so that you do not face any financial problems at this time, you need to have a permanent source of income, and in the first place, without expecting too much from it, with a losing mentality, in the first place you should trade only for the purpose of learning trading.
Because in the first place you will not be able to trade perfectly, and you will not be able to profit from it, so before considering trading as a source of income, you need to learn trading for a long time, and have a mentality of learning more from each loss.
In this way, you have to develop yourself over time and become skilled here, and this definitely requires time, patience and hard work.

[tvplus006]

It's simpler than you think. Any trader can set up their account to copy signals from another trader.
Then, they connect that same account to a PAMM system and start accepting investments from others.
All they really need to do is pick an account to copy. No actual trading knowledge is required

I don't understand how you can be so sure that if you copy the trades of other traders, you will receive a guaranteed profit. Everyone makes mistakes, and at some point the trader whose transactions you copy will make mistakes, and this will lead to the liquidation of your deposit, and consequently the money of the investors who entrusted their money to you will be lost.

[nara1892]

It's simpler than you think. Any trader can set up their account to copy signals from another trader.
Then, they connect that same account to a PAMM system and start accepting investments from others.
All they really need to do is pick an account to copy. No actual trading knowledge is required

I don't understand how you can be so sure that if you copy the trades of other traders, you will receive a guaranteed profit. Everyone makes mistakes, and at some point the trader whose transactions you copy will make mistakes, and this will lead to the liquidation of your deposit, and consequently the money of the investors who entrusted their money to you will be lost.

That was a mistake I made when I was first learning about trading and just starting out with real money. You understand how difficult it is to learn everything about trading, especially market analysis. It's incredibly difficult, and that's what led me to try trading by relying on predictions from other people in groups or channels.

Initially, I was profitable, but over time, the results changed drastically. The average result per session was a loss, and it even led to me experiencing a trading loss. After evaluating it, it's true, as you said, that there's absolutely no guarantee of profit, regardless of whoever's predictions we follow. Now, I prefer to trade independently according to my abilities and knowledge.

[Awaklara]

It's simpler than you think. Any trader can set up their account to copy signals from another trader.
Then, they connect that same account to a PAMM system and start accepting investments from others.
All they really need to do is pick an account to copy. No actual trading knowledge is required

I don't understand how you can be so sure that if you copy the trades of other traders, you will receive a guaranteed profit. Everyone makes mistakes, and at some point the trader whose transactions you copy will make mistakes, and this will lead to the liquidation of your deposit, and consequently the money of the investors who entrusted their money to you will be lost.

That was a mistake I made when I was first learning about trading and just starting out with real money. You understand how difficult it is to learn everything about trading, especially market analysis. It's incredibly difficult, and that's what led me to try trading by relying on predictions from other people in groups or channels.

Initially, I was profitable, but over time, the results changed drastically. The average result per session was a loss, and it even led to me experiencing a trading loss. After evaluating it, it's true, as you said, that there's absolutely no guarantee of profit, regardless of whoever's predictions we follow. Now, I prefer to trade independently according to my abilities and knowledge.

It is the right choice, as you gather your own experience, and you can learn from there to develop your trading skills. Copying the trades of other traders does not guarantee that we will continue to make profits.
It is very incorrect to say that it does not require actual trading knowledge. Traders can indeed copy trades from other traders, but without knowledge or experience, it might be like you are betting based solely on the speculation of others. No wonder many novice traders see trading as gambling.

[tvplus006]

...No wonder many novice traders see trading as gambling.

As a rule, beginners turn trading into a gambling game, who do not know how to trade, have no experience and do not adhere to risk management. Therefore, using leverage of x50 or 100 for the entire deposit turns trading into a casino.

[Cryptmuster]

It's simpler than you think. Any trader can set up their account to copy signals from another trader.
Then, they connect that same account to a PAMM system and start accepting investments from others.

All they really need to do is pick an account to copy. No actual trading knowledge is required

You shouldn’t get into trading when you don’t have enough knowledge for it, because not every signal brings profit. Try to observe such groups where you have access, they provide a lot of signals and close many trades even with a small loss, but if you follow them you won’t be able to copy all the trades if there are too many. Because of that, you may end up getting more losing trades, especially if you’re just guessing while trading signals. My opinion is that if you don’t understand what you’re doing, then don’t risk your money.

[mvdheuvel1983]

Before engaging in or diving into the world of trading, we should have a real and stable income. I believe trading is not suitable and not recommended as a primary source of income. The risk of loss is certainly present, but it can be minimized with good skills and knowledge. Furthermore, it's also crucial to have an emergency fund when entering this field. If you only have a certain amount of money but no steady income, it's best not to trade. It's best to trade when you have a steady income, including investments.

Trading requires capital to start and steady source of income to sustain the trader who may not be lucky in trading all the time so for a trader who doesn't have other sources of income aside trading it will not be good since there could be loss during trading and you need to fund your account to continue trading. With knowledge in trading you have less issues with loss but it is not a guarantee that you will always be at profit, to enjoy trading you should not take it as a main source of income and having back up funds to sustain you should be considered first before going into trading.

[Man of peace]

Well, I think I will say that you have a very good friend, for give you that advise, what he or she told you is just a simple truth,for one to engage his or her self into trading,you need to have a source of income, because it's not advisable for someone to borrow money and go into trading especially a beginner like you.

Because you never can tell what the future will hold, trading requires someone who is financially balanced who can sustain his or herself in time of losses,who can bear any consequences that he or she may come across with in trading.. trading is not really predictable, it's just a game of luck..so the best advise is,do not borrow money and go into trading for your own good...