Is it okay to trade without a source of income?

[bettercrypto]

You might see yourself resorting to loaning money if the current position of your assets is in negative, it's tough to make a call if you don't have other resources as like what you mentioned trading is a risky venue for investment. There's no easy access to gain profits, each time you position your entry point there's possibility that the market may turned to the other side and lead you initial deposit to lose the original value.

In fact, we know that in the case of physical business, many times we have to face losses in business due to bad luck, while trading in crypto currency is more high risk but if you have proper skills, then the matter is different, but even though the matter is different, many times despite having proper skills, many big traders make mistakes in trading and face big losses. In this case, those persons whose assets are already negative value face even bigger problems.

In that case, if you do not have your own assets or income, then it is better not to trade there.

It is very risky to trade if you have no source of income especially in crypto market. As you have no guarantee that you will always get the profit, you should have your reservation or you may expect worst like losing all your bankroll.

I agree with what you said, then another thing is that we are traders because we need to have a fund, and for us to have this we must have a source of fund, its either a regular job, several part-time jobs or small business something like that.

Because trading is also a business that we can consider that we can say is ours too, because if we know a lot about it and execute what we learn correctly, we will for sure get a good and good profit from it in the future.

[HistoLock]

Considering that trading carries certain risks, it's probably best to pursue it when you have a steady income, sufficient for everything, such as meeting your needs or even having extra funds to spend on anything. For some people who have been in the business for a while, they may have already determined and allocated funds for trading from their income, but for others, this may not be the case. Trading without an income is permissible, but the risks are greater.

Having a steady source of income allows you to focus more on trading, and it is much harder to trade from a temporary source. To trade, you need to be ready to buy and sell at any time. There will be risk in short term trading, but how much risk I am financially tolerant of depends on your steady source of income.

It is possible to trade from additional funds, but this increases your risk level. The most useful is to trade through discretionary income. Use funds that you can afford to lose in trading.

Yes, of course, if you have a source of income, you can trade with additional funds. But you have to remember that it is risky, you must use as much funds as you can afford to lose because if you lose all your funds, your other sources of income may stop or it may bring big restrictions in your life. It is natural to have risks in trading, but since it is short-term, you have to analyze, and take decisions based on the results. If you have a source of income, trading will become easier for you because you can trade with your funds whenever you want.

[EarnOnVictor]

Considering that trading carries certain risks, it's probably best to pursue it when you have a steady income, sufficient for everything, such as meeting your needs or even having extra funds to spend on anything. For some people who have been in the business for a while, they may have already determined and allocated funds for trading from their income, but for others, this may not be the case. Trading without an income is permissible, but the risks are greater.

Having a steady source of income allows you to focus more on trading, and it is much harder to trade from a temporary source. To trade, you need to be ready to buy and sell at any time. There will be risk in short term trading, but how much risk I am financially tolerant of depends on your steady source of income.

It is possible to trade from additional funds, but this increases your risk level. The most useful is to trade through discretionary income. Use funds that you can afford to lose in trading.

Yes, of course, if you have a source of income, you can trade with additional funds. But you have to remember that it is risky, you must use as much funds as you can afford to lose because if you lose all your funds, your other sources of income may stop or it may bring big restrictions in your life. It is natural to have risks in trading, but since it is short-term, you have to analyze, and take decisions based on the results. If you have a source of income, trading will become easier for you because you can trade with your funds whenever you want.

The way I understand trading in relation to having a source of income is for it to help you overcome your trading psychological challenges, not a means to make you be ready to replenish the account. Any trader who does the later is inviting a problem to his trading, it must be avoided at all costs. Trading without the source of income is one of the reasons why traders lose, they are often desperate and aggressive doing it, and they often trade with fear, which makes them trade when they shouldn't trade and avoid trading when they should have actually taken the risk. Funny, right? That's trading for you. But with good source of income and trading expertise, most of these issues would be solved easily.

[Baki202]

Yes, of course, if you have a source of income, you can trade with additional funds. But you have to remember that it is risky, you must use as much funds as you can afford to lose because if you lose all your funds, your other sources of income may stop or it may bring big restrictions in your life. It is natural to have risks in trading, but since it is short-term, you have to analyze, and take decisions based on the results. If you have a source of income, trading will become easier for you because you can trade with your funds whenever you want.

Because you can accomplish a lot with the money you earn, the source of income helps you stay afloat. Without money, how can you even trade? Additionally, people are unaware of the significance of money in trading since it is necessary to set your take profit and stop loss, as well as leverage, when selling. After all, it is capital expensive to become a competent trader, therefore if you don't take all these stages, it's as if you haven't done the right steps. Because not every deal will result in a profit, you must be prepared to invest money. Once you are committed to trading, others will understand how trading should be valued.Additionally, as you mentioned, having money will make things easier.

[God Of Thunder]

I also think that the latent greed hidden in my mind was also responsible for it, and after fully understanding these things, I don't really go into trading, but currently most of my investments are long-term and focused on bitcoin because here I know that no matter how bad the market is, the market will recover again and achieve new all-time high prices again in the bull season.

This is another side of the story.
Most people lose because of greed, and the number of scams has been increasing lately because of that. The scammers reach general people via WhatsApp and Telegram and offer freelancing jobs, and people fall for these tricks. I have been seeing many cases on Facebook lately where dozens of people invested millions of Taka, and they got scammed in the end. I mostly blame those people who think earning online is easy and invest without thinking about anything. Unfortunately, people do not learn from others mistake and they want to experience it themself, which is why they still invest and then get scammed. This is bullshit.

[Z_MBFM]

I also think that the latent greed hidden in my mind was also responsible for it, and after fully understanding these things, I don't really go into trading, but currently most of my investments are long-term and focused on bitcoin because here I know that no matter how bad the market is, the market will recover again and achieve new all-time high prices again in the bull season.

This is another side of the story.
Most people lose because of greed, and the number of scams has been increasing lately because of that. The scammers reach general people via WhatsApp and Telegram and offer freelancing jobs, and people fall for these tricks. I have been seeing many cases on Facebook lately where dozens of people invested millions of Taka, and they got scammed in the end. I mostly blame those people who think earning online is easy and invest without thinking about anything. Unfortunately, people do not learn from others mistake and they want to experience it themself, which is why they still invest and then get scammed. This is bullshit.

This type of scam is happening in many cases and I have seen many news where people are losing thousands of dollars. First they pay some money and then force them to invest more money. And those who are greedy invest there and later lose everything. But one thing they never think about is why someone will randomly offer them a job. And they always avoid young people and these scammers target them above 32 years. However, investment trading is not an easy thing that if you invest money, you will get a lot of profit. There are many things to analyze here which greedy people never think about.

[Crypto Library]

This is another side of the story.
Most people lose because of greed, and the number of scams has been increasing lately because of that. The scammers reach general people via WhatsApp and Telegram and offer freelancing jobs, and people fall for these tricks. I have been seeing many cases on Facebook lately where dozens of people invested millions of Taka, and they got scammed in the end. I mostly blame those people who think earning online is easy and invest without thinking about anything. Unfortunately, people do not learn from others mistake and they want to experience it themself, which is why they still invest and then get scammed. This is bullshit.

The story you told here is a scam involving the traditional fiat currency and yes, in this too, people fall into the trap out of greed and later face losses.
However, people facing scams and losses due to greed are increasingly happening in this crypto space, where most people, driven by greed, expect unrealistic amounts of profit that are actually unreasonable, and in most cases, you will see that these types of people who always expect unrealistic profits are the ones who end up losing.

[Fredomago]

This is another side of the story.
Most people lose because of greed, and the number of scams has been increasing lately because of that. The scammers reach general people via WhatsApp and Telegram and offer freelancing jobs, and people fall for these tricks. I have been seeing many cases on Facebook lately where dozens of people invested millions of Taka, and they got scammed in the end. I mostly blame those people who think earning online is easy and invest without thinking about anything. Unfortunately, people do not learn from others mistake and they want to experience it themself, which is why they still invest and then get scammed. This is bullshit.

The story you told here is a scam involving the traditional fiat currency and yes, in this too, people fall into the trap out of greed and later face losses.
However, people facing scams and losses due to greed are increasingly happening in this crypto space, where most people, driven by greed, expect unrealistic amounts of profit that are actually unreasonable, and in most cases, you will see that these types of people who always expect unrealistic profits are the ones who end up losing.

And even those who already have their own experienced still being victimize by scammers and yes it's because of greed, they knew all along but they tend to ride with the train and all of the sudden they also become the victim, also a reason why you need to have other sources of income since if you failed to bring good judgements with your previous trades there's no way that you may survive, you need to have backup plans and additional investment together with deeper engagements and study to enhance your skills.

[BigBos]

This is another side of the story.
Most people lose because of greed, and the number of scams has been increasing lately because of that. The scammers reach general people via WhatsApp and Telegram and offer freelancing jobs, and people fall for these tricks. I have been seeing many cases on Facebook lately where dozens of people invested millions of Taka, and they got scammed in the end. I mostly blame those people who think earning online is easy and invest without thinking about anything. Unfortunately, people do not learn from others mistake and they want to experience it themself, which is why they still invest and then get scammed. This is bullshit.

The story you told here is a scam involving the traditional fiat currency and yes, in this too, people fall into the trap out of greed and later face losses.
However, people facing scams and losses due to greed are increasingly happening in this crypto space, where most people, driven by greed, expect unrealistic amounts of profit that are actually unreasonable, and in most cases, you will see that these types of people who always expect unrealistic profits are the ones who end up losing.

Greed and ignorance, oh, that's a truly extraordinary combination. If they're greedy but knowledgeable, they can rein it in a bit. While they might ultimately lose, their losses might not be as significant as they would be without knowledge.

When it comes to scams like this, especially those involving fiat currency, I've witnessed them many times. A few months ago, many people posted about a money-making app. I tried to warn them, knowing from the start it was a Ponzi scheme. But those who weren't knowledgeable simply told me I didn't know anything about what they were doing. It was like brainwashing.

[Cgrexp]

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.

Your friend's advice is basically to find a reliable source of income, take a break from trading for a while, and take time to gain deeper knowledge. His advice is realistic and I agree with him. These things help you make responsible and realistic decisions rather than emotional decisions. When someone enters trading without income, it causes mental stress. Moreover, trading is inherently risky. So entering trading without income means taking extra risks, besides, one can make emotional decisions in it. And this causes mental stress and financial losses. Since you are not able to control and do the same thing over and over again, you are not fully prepared psychologically. Without self-control, risk management, and position monitoring, even profitable trades turn into losses. In this case, it is wise to stop learning trading as per your friend's advice. By creating a source of income and developing mental, financial, and risk management, you can become a mature and profitable trader in the future.

[Crypto Library]

Greed and ignorance, oh, that's a truly extraordinary combination. If they're greedy but knowledgeable, they can rein it in a bit. While they might ultimately lose, their losses might not be as significant as they would be without knowledge.

When it comes to scams like this, especially those involving fiat currency, I've witnessed them many times. A few months ago, many people posted about a money-making app. I tried to warn them, knowing from the start it was a Ponzi scheme. But those who weren't knowledgeable simply told me I didn't know anything about what they were doing. It was like brainwashing.

Personally, I think it is possible to get rich working in the crypto space, but the problem here is that we think we will get rich in a few days just by entering here, I mean the quick rich scheme.
It is true that you can get rich by working in the crypto space, but here too, like other sectors, you have to put in time and effort, and after a while, people become successful.

But those of us who come here and think of gaining unrealistic amounts are nothing but foolish.

[bettercrypto]

Greed and ignorance, oh, that's a truly extraordinary combination. If they're greedy but knowledgeable, they can rein it in a bit. While they might ultimately lose, their losses might not be as significant as they would be without knowledge.

When it comes to scams like this, especially those involving fiat currency, I've witnessed them many times. A few months ago, many people posted about a money-making app. I tried to warn them, knowing from the start it was a Ponzi scheme. But those who weren't knowledgeable simply told me I didn't know anything about what they were doing. It was like brainwashing.

Personally, I think it is possible to get rich working in the crypto space, but the problem here is that we think we will get rich in a few days just by entering here, I mean the quick rich scheme.
It is true that you can get rich by working in the crypto space, but here too, like other sectors, you have to put in time and effort, and after a while, people become successful.

But those of us who come here and think of gaining unrealistic amounts are nothing but foolish.

Achieving wealth in this space is never easy, but with patience, discipline, and the right knowledge, it’s absolutely possible to reach the growth and success we aspire to through the crypto space. Every effort to learn and improve brings us closer to that goal.

The key is to stay focused and never allow greed to take control. Greed has led many people to losses, but those who stay disciplined and level-headed are the ones who truly thrive.
In the end, success in crypto comes not from luck alone, but from wisdom, consistency, and the courage to keep moving forward.

[GiftedMAN]

Personally, I think it is possible to get rich working in the crypto space, but the problem here is that we think we will get rich in a few days just by entering here, I mean the quick rich scheme.
It is true that you can get rich by working in the crypto space, but here too, like other sectors, you have to put in time and effort, and after a while, people become successful.

But those of us who come here and think of gaining unrealistic amounts are nothing but foolish.

Those who think they can get rich quick are the ones you should be referring to as foolish people because they end up losing what they have in each of fast returns but those who are patient to take their times to work and invest in the crypto market will understand the importance of timing and working hard to understand the market and know the right time to invest and wait to make a good return in the future. The majority of the people who is coming for the quick gains get disappointed when they don't get what they want but those who's interested in the process remains and they are benefiting from what is happening in the crypto space.

[Byebyebtc]

Yes it is very advisable to have a source of income before moving  into trading. Trading can highly be profitable at the same time comes with a lot of risk that involves loss of money. Especially for beginners, most traders become constantly profitable after like 1 to 2 years after starting. So you have to be dependent on another source of income before you have the confidence to quit your job and rely fully on trading.

[Odusko]

Greed and ignorance, oh, that's a truly extraordinary combination. If they're greedy but knowledgeable, they can rein it in a bit. While they might ultimately lose, their losses might not be as significant as they would be without knowledge.

When it comes to scams like this, especially those involving fiat currency, I've witnessed them many times. A few months ago, many people posted about a money-making app. I tried to warn them, knowing from the start it was a Ponzi scheme. But those who weren't knowledgeable simply told me I didn't know anything about what they were doing. It was like brainwashing.

Personally, I think it is possible to get rich working in the crypto space, but the problem here is that we think we will get rich in a few days just by entering here, I mean the quick rich scheme.
It is true that you can get rich by working in the crypto space, but here too, like other sectors, you have to put in time and effort, and after a while, people become successful.

But those of us who come here and think of gaining unrealistic amounts are nothing but foolish.

cryptocurrency space is full of uncertainty, just like holding, you can be rich in your portfolio today, and the next day when volatilities hit the market you lose some of your money and have to wait for a while again for the market to recover back for you to be rich again, hehe that is being sarcastic right but that is the reality with cryptocurrency, despite the fact that we have several chances of making good money from our activities over this crypto space, we still need to know the risks and patience that comes with cryptocurrency and how we endure any market uncertainties so we shouldn't have a one direction expectations in this crypto space.

[Barikui1]

The way I understand trading in relation to having a source of income is for it to help you overcome your trading psychological challenges, not a means to make you be ready to replenish the account. Any trader who does the later is inviting a problem to his trading, it must be avoided at all costs. Trading without the source of income is one of the reasons why traders lose, they are often desperate and aggressive doing it, and they often trade with fear, which makes them trade when they shouldn't trade and avoid trading when they should have actually taken the risk. Funny, right? That's trading for you. But with good source of income and trading expertise, most of these issues would be solved easily.

Yea, you are actually right bro, trading without a source of income makes you dependant on trading to survive which put you in a sorry state whereby you will want to take more useless trading set-up believing to make something out of the market, even though you know that you are not that sure of a particular set-up, you will still take the trade and eventually lose money in the process.
Sometimes knowing that if you lose your margin, you don't have anywhere to get it back from, you will  start trading with fear just as you have rightfully said, but the key thing there is that it will make you to enter the market regularly in a desperate manner, and you will start chasing trades you should have waited to come to a particular point you sees as the best entry point, so it's a terrible idea to be fully dependant on trading for survival, or trading without a source of income because to me, it's the fastest way to go crazy, since it messes with your psychology as you have said.

[macson]

Personally, I think it is possible to get rich working in the crypto space, but the problem here is that we think we will get rich in a few days just by entering here, I mean the quick rich scheme.
It is true that you can get rich by working in the crypto space, but here too, like other sectors, you have to put in time and effort, and after a while, people become successful.

But those of us who come here and think of gaining unrealistic amounts are nothing but foolish.

Anyone who thinks they can enter the crypto market and get rich quick will only end up disappointed, as the market is volatile and full of risks, and they can lose their money at any time. Those interested in entering the crypto space need to solidify their knowledge, be more consistent, and be realistic about the fact that the crypto space isn't a place to make a lot of money quickly. Rather, it's a place where they need to continuously learn, develop their knowledge, and learn from their experiences so they can make informed decisions and profit from the crypto market.

[Crypto Library]

Anyone who thinks they can enter the crypto market and get rich quick will only end up disappointed, as the market is volatile and full of risks, and they can lose their money at any time. Those interested in entering the crypto space need to solidify their knowledge, be more consistent, and be realistic about the fact that the crypto space isn't a place to make a lot of money quickly. Rather, it's a place where they need to continuously learn, develop their knowledge, and learn from their experiences so they can make informed decisions and profit from the crypto market.

You are right, most of those who invest in cryptocurrency with this kind of mindset end up disappointed.
When I myself started my journey in the crypto space, I hoped that by investing in small coins I would easily become rich, but that fund has gradually dwindled to the point where it is the same as having it or not.
But now I have seen the reality that if I have illogical and unrealistic expectations, this will happen. And so now I have shifted to long-term investment in Bitcoin so that I don't lose money anymore.