Don't Go Full-Time Trading If You're Broke, Here's Why.

[YOSHIE]

Don't Go Full-Time Trading If You're Broke, Here's Why.

If you understand your financial management, of course you will understand where and how you treat your money when carrying out trading activities on the crypto market.

Crypto trading is exactly the same as when you play a game, automatically you don't know the profit, you come on a game basis when carrying out trading activities, if you are successful of course you will make passive profits.

In this case, if you trade using salary money or money from your routine expenses, that is a big mistake or borrowed money, the risk is high, it is true that you are fantasizing about big profits in trading, but it is just a hallucination that you haven't clearly gotten.

[Frankolala]

Trading when you're broke means you are gambling with your last money and the chance of losing it is 50-50 because you are in an unpredictable market that can go against your position any time. Even if you're rich, you don't need to go into trading full time if not how will you maintain your riches. Trading can make a rich guy who depends solemnly on trading to become poor in the long run.

[knowngunman]

It’s because they’re loaded with expectations.

They need the market to save them. They need wins now. They need every trade to mean something.

And the market doesn’t care. It doesn’t just test your strategy. It tests your emotional stability.

If you can’t detach your livelihood from your P&L, the market will expose that weakness fast.

This is the same reason why people assumed gambling is terrible. People don't longer gamble for fun, they gamble for survival. Trading is being perceived too as an avenue to generate fast revenue. Both gambling and trading have almost everything in common and when you approach any of them with the mindset of survival, you'll be disappointed eventually. No matter what you do, the market will always outlast your feelings, it better to put your emotions under control and trade with one mind. Trading should be alternative skills where you test your financial risk, it shouldn't be your source of income to rely on.

[Finebone]

Op I think that you are right on the aspect that you don't trade the financial market or crypto from the place of lack because you are going to trade with desperation, which is the fastest way to lose your margin.
Going full time trading is not a problem if you have other means of earning money, because if it's the only way you can make money without having other source, you are likely going to take too many wrong trades you never should, but just because you are in need of money, you will take more trades which put you in a sorry state where you can lose all your margin, because the fewer the trade, the better, while the higher the numbers of trades, the higher your chances of losing everything.

[Hypnosis00]

One of they key factors to succeed in life's different sources of income is through consistency, and with consistency bears resilience.

Now, if you enter trading, yet you are financially broke, how can you sustain trading and work on it until it becomes easy and profitable on your part?

There's no such thing as quick and instant method to get rich, be it investing, trading or even gambling, you need to have a regular and sustainable flow of income so that you can consistently finance your investment or trade, and recover from any loss until you start doing it right and make profitable returns.

[Stepstowealth]

If you’re struggling financially, don’t go full-time trading yet.

There are people who are interested in trading and they have fantasies about it that it is through trading that they will be able to get financial freedom as they are struggling financially, to those persons, if you give them this advice, they will take it like it is because you were unsuccessful in trading, That is why you are giving them the advice thinking that they are like you. They will later get to discover that trading requires a lot of money for you to actually be able to make good profits because when you are trading and it is not your only source of income, you will not be under pressure to enter positions on the market just because you want to make profit.

[CONVOAI]

I have seen that many people who learn trading have survival pressure and if there is survival pressure the learning phase is not good. So first you should fix a stable income and then start trade. So we have to keep in our mind that financial stability = emotional stability. Without that, nothing can be successful. Most traders fail from pressure, not lack of potential.

[TheUltraElite]

Even for those with money, I never suggest full time trading because it is not sustainable.

For trading spend time and funds allocated from your day apart from your day job or business. It should not be that you are spending time reading charts all day and night. Monitor them and make sure you place orders as the correct point. But do it for the long term and you will gradually be reaping profits.

The money from the job will provide the funds to vitalize the trading process. So the priority is always keeping that job consolidated and growing.

[Wind_FURY]

Don't Go Full-Time Trading If You're Broke, Here's Why.

Because you don't have any money?

    ¯\_(ツ)_/¯

[crwth]

It should be common sense that people shouldn't invest if they lack financial strength. It will just create problems and cause emotional instability that could snowball into something bigger. If you really plan to do it, it's better to be prepared and systematic in your approach, such as maintaining a trading journal and having the right strategies for different market conditions.

I think a lot of people can go and take this, but not if you need the money to survive. Increasing your chances by learning from books can really help you get the right emotional control and discipline. Just don't rely on it solely.

[devlin85]

Here’s something I learned the hard way and want to put out there.

If you’re struggling financially, don’t go full-time trading yet.

Don’t adopt a trading or nothing mindset.

That mindset doesn’t make you focused.

It makes you desperate.

And desperation turns trading into misery.

Have something that pays the bills.

Anything.

When your survival isn’t tied to every trade, you stop operating from lack.

This is one of the real reasons so many people lose money in this space and then conclude trading is gambling.

Not because their strategy is trash.
Not because they can't trade.

It’s because they’re loaded with expectations.

They need the market to save them. They need wins now. They need every trade to mean something.

And the market doesn’t care. It doesn’t just test your strategy. It tests your emotional stability.

If you can’t detach your livelihood from your P&L, the market will expose that weakness fast.

Big facts, Trading while broke is a fast way to blow your accounts. When bills are covered, you trade calm and not emotional. The market doesn’t care about your needs it just exposes bad mindset quick. Stability first then profits later.

[asrinur]

Here’s something I learned the hard way and want to put out there.

If you’re struggling financially, don’t go full-time trading yet.

Don’t adopt a trading or nothing mindset.

That mindset doesn’t make you focused.

It makes you desperate.

And desperation turns trading into misery.

Have something that pays the bills.

Anything.

When your survival isn’t tied to every trade, you stop operating from lack.

This is one of the real reasons so many people lose money in this space and then conclude trading is gambling.

Not because their strategy is trash.
Not because they can't trade.

It’s because they’re loaded with expectations.

They need the market to save them. They need wins now. They need every trade to mean something.

And the market doesn’t care. It doesn’t just test your strategy. It tests your emotional stability.

If you can’t detach your livelihood from your P&L, the market will expose that weakness fast.

This is straight truth. Trading with no safety net messes with your head and turns every trade into life or death. When bills are covered you think clearer and trade better this is just facts. The market doesn’t save anyone it exposes desperation fast.

 Get stable first then trade.

[Rabata]

In most cases, trading is misunderstood by newbies and that is why traders cannot benefit from trading. If a trader tries to think of trading as a source of income from the beginning, then it will not be easy for him to trade. At some point, he will start trading out of emotion. Again, if it happens that after earning money from trading, he spends that money on his necessary work, then he will make a mistake in trading. Before starting trading, the trader must be calm. It is better not to trade if you are not financially sound or with money that you cannot afford to lose. If one doesn't have proper knowledge in trading it will be compared to gambling.

[shawonngp]

If you do not have enough knowledge about trading or do not have any strategies, even if you are financially powerful, you should not do full-time trading, because it will only cause you financial loss. An experienced trader faces losses due to full-time trading because they cannot always control their emotions. It creates a lot of pressure mentally. I never do full-time trading because it carries a high risk of loss if proper risk management is not in place. So I think long-term trading is less risky,

[blockman]

I have seen that many people who learn trading have survival pressure and if there is survival pressure the learning phase is not good. So first you should fix a stable income and then start trade. So we have to keep in our mind that financial stability = emotional stability. Without that, nothing can be successful. Most traders fail from pressure, not lack of potential.

The broke ones don't think of that. They need even stable income so that they can become stable in trading. That is because they need to sustain the trades that they're about to do. And if they're broke, that's already a test and trial that they'll bid goodbye to it too early because they have no money to apply the lessons they've got with their trial trades. Some might say that's why there are demo trading. Yes, there is demo trading but it's still different if you're actually trading with your own money and you'll be more careful and serious doing that.

[Obim34]

Even for those with money, I never suggest full time trading because it is not sustainable.

It will definitely hit them, for a trader who solely relies on trading to survive as a crucial source of income. I know pretty well that traders don't approach the market every single day, when the market is unstable for them, they can stay up to days or a week without making any move, what happens during this period, survive on the funds that are supposed for trading. Even for those who are filthy rich, don't depend on one actual source of income, not alone to depend on trading that is somehow profitable and risky at the same time.

[WatChe]

This is the same reason why people assumed gambling is terrible. People don't longer gamble for fun, they gamble for survival. Trading is being perceived too as an avenue to generate fast revenue. Both gambling and trading have almost everything in common and when you approach any of them with the mindset of survival, you'll be disappointed eventually. No matter what you do, the market will always outlast your feelings, it better to put your emotions under control and trade with one mind. Trading should be alternative skills where you test your financial risk, it shouldn't be your source of income to rely on.

Trading is risky and if you are opting for trading then make sure you fully understand the underlying risks associated with it. You will hear stories from different people about the success they got in trading and it's equally important to ask them about their losses. I have a friend who was in need of money and he invested what he has in trading, result is he has nothing in his hand. Trading require long time efforts, you can't become rich with one or two trades but with carelessness you can surly lose heavy amount in few trades.   

[Wiwo]

Funny thing that we hear from people around alot of time, trading shouldn't be seen as a profits making race that one think of when you are in need of finance, this will be a disappointment for you and who ever take that part, trading is a highly risky thing and newbies are advised to avoid trading by a means.

Make use of investment options Instead of trading because investment at least leave your capital with no risk of losing.

Unlike trading that can make you more broke that you are if you lack the right trading skills to apply accurately.

[bangjoe]

Here’s something I learned the hard way and want to put out there.

If you’re struggling financially, don’t go full-time trading yet.

Don’t adopt a trading or nothing mindset.

That mindset doesn’t make you focused.

It makes you desperate.

And desperation turns trading into misery.

Have something that pays the bills.

Anything.

When your survival isn’t tied to every trade, you stop operating from lack.

This is one of the real reasons so many people lose money in this space and then conclude trading is gambling.

Not because their strategy is trash.
Not because they can't trade.

It’s because they’re loaded with expectations.

They need the market to save them. They need wins now. They need every trade to mean something.

And the market doesn’t care. It doesn’t just test your strategy. It tests your emotional stability.

If you can’t detach your livelihood from your P&L, the market will expose that weakness fast.

Entering the world of trading requires having a mature, stable economy and having good financial management so that you can form risk management scenarios in other business activities such as trading, if you don't have that you will only give money to the market, because it will be tiring if you have financial demands for your living expenses while you are losing money on the trading you do, this is something that will put more pressure on your mental and psychological level in the market when trading, your brain will start to be unrealistic about market conditions, because it will be unstable. Trying to make money can trigger wrong decisions, that's not a good way, especially if you already have a family.

If we are still very young and our parents still pay for our food, it doesn't matter, whether we are bankrupt or just starting to do everything, entering the world of trading is not bad, but what is certain is that we need a basic capital flow because trading is not easy, it takes a lot of time to study and experiment in real terms in testing the strategy, mentality and knowledge we have to gain other knowledge and experience.

[beerlover]

Here is why? I mean don't go trading if you are broke because you are broke, that's it? Seriously, do we really need a further reason? A broke person can't trade, they can't have a big capital, if they have a big capital then they are not broke, if they are broke then they do not have what they need to trade to begin with so they can't be a trader.

We seriously need to consider further when making topics like this. It's like "do not be an MLB pitcher if your arms do not work", or "do not be a basketball player if you do not have legs" type of thing, if you do not have a capital, do not be a trader, as simple as that. Long term investment is better, that way you can just hold and wait for better days and wouldn't need a big capital.