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

[Asiska02]

Starting off in trading, it should not be what you’ll use as your main source of income or where your daily expenses depends on to save them. Trading is not an easy way to make money, you would need to have the knowledge of the market first before even thinking of how to make more money through trading. The money in trading is actually true but until you’ve been able to have that knowledge first before you’ll progress in trading.

Having another source of income in trading is very important when you have one, you’ll not fully rely on trading to give you that money for your daily expenses. This has also helped in reducing emotional stress that comes with trading the market when you have your own source of income that is independent of trading. Having a source of income to source your trading will really help a lot. This should be one of the focus one should prioritize in trading.

[Ziskinberg]

Trading is never a one stop click and you'll hit profits, that's never a get rich quick attempt. You still need to improve your skills and enhance your strategies through consistent trading experience in the market, which means if you're broke, it will never come into possibility.

Trading can make you rich, but never in an instant. So work and earn first, and when you have discretionary income, that's the best time to enter trading and risk your extra money, it might double or triple in the long run, or it could end up at loss, especially if you're still a beginner.

[Localhostspeed]

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.

The funny thing about those their trades is they don't do regular trading, what they know best is futures where they can turn $10 into $1000. What many traders don't know is that is the way you are trying to take money from the market is the same way another person is trying to take the money from you. Some people are smart about this market in the sense that before you take any money from you, they will take that money from you before you blink eye.

If you are trading and broke, all you will be thinking at that moment is how to make something from your capital so you can use the money sort out a responsibility for that moment. Even if you manage to make something and you spend it, the day you make loss, instead of the market to take your previous profit, they will just liquidate your trade completely and you will fall back to nothing.

[Hamza2424]

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.

Would you recommend the same to expert traders? Like you did not specified the experience level for this advice, is it only for newbies or for experts as well. Because sometimes experts can also go broke, due to their mismanagement or bad luck.

Mostly bad luck because they are professional and experienced so they know how to manage their funds and risk and Pnl.

But newbies don't know any of this so newbies should follow this and experts can give a try to trading as full time because they know what they are doing.

[Maslate]

If you are broke, trading is not the best option. Find a regular or a stable job that will provide you an income, as trading itself will only be good as a side hustle.

Do not put yourself to other shoes and believe that if they can make it from trading, then you can make it work too. They've been countless losses first before they have reached their present position.

Prioritize your job first then increase your income with trading. At least if trading does not work for you, your finances are still secured because you have a job that provides regular income.

[Ultegra134]

If you are broke, trading is not the best option. Find a regular or a stable job that will provide you an income, as trading itself will only be good as a side hustle.

Do not put yourself to other shoes and believe that if they can make it from trading, then you can make it work too. They've been countless losses first before they have reached their present position.

Prioritize your job first then increase your income with trading. At least if trading does not work for you, your finances are still secured because you have a job that provides regular income.

That's correct, trading isn't your issue, your income is. If you're broke, your main concern is that you're not making enough, thus, you're unable to trade, and even if you are, your risk is great while your profit margins are minor and insignificant. In such cases, before doing anything, whether that's investing, acquiring more Bitcoin, or trading, you need to first create the appropriate circumstances and background to be able to even discuss starting something out.

[Vaculin]

I can't blame these people who adopted this kind of mindset because they were only influenced by these trading influencers who pretend to be good in trading but can't even show proofs that they are actually profitable on their trades.

So let's just leave them on that, they will only understand the risk and learn their lesson if they have incurred too much losses already.

And when that happens, they will understand that trading isn't the best resort when you are financially broke, but getting a real job is.

[Agathamay]

funny enough, many of these traders know this but intentionally ignore them because we are in a generation where everyone wants to work remotely and in most cases, we all want to do minimal jobs with very high reward and looking at trading, you will agree that it offers that very opportunity everyone is seeking for and some other people find themselves in trading because they are running from actual gamble and want to hide under the guise of trading

I have been seeing some video adverts about Experoption brooker where content creator run some sort of affiliate marketing and almost all the video makes trading seem like a gamble and with this, I do not have to blame newbie traders but rather, i have to shift the blame to people who introduced them to trading and the kind of orientations they gave to their trainees

[MarjorieZimmermanGinger]

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

It’s because they’re loaded with expectations.

If traders think they can easily recover losses from trading, my advice is to abandon trading because this mindset will lead to more losses in future trades. Trading isn't a competition that anyone can take advantage of as without proper knowledge, it can actually lead to problems, resulting in more money being lost. The idea that trading can bring quick riches to everyone is also a major problem that can negatively impact the psychology of those involved. It's better to be realistic and only engage in trading to the point where you can afford to lose money. Learning to trade is important and not everyone can master it quickly. Therefore, patience, discipline and perseverance are essential to adapting and testing various trading methods correctly. Most importantly, avoid greed as becoming a professional trader requires a process.

[NotATether]

You're not trading if you don't have a plan, you're gambling.

Gamblers have -EV in the long run.

Go study probability, statistics, and quantitative finance along with some Python before you attempt trading.

You'll thank me later.

Hint: Technical Analysis is mostly rubbish and won't help for random chart patterns.

[Alpha Marine]

Not just full-time trading, but one should not trade at all if they have no money or if they can not afford to lose the money they are going to use. This includes borrowing money or getting loans to trade. It will massively affect one's emotional aspect of trading and that will be the beginning of a big mess.

The misconception has spread among people that trading is a get-rich-quick scheme because they have seen "traders" who are making so much money from trading. People feel that trading is simply buying at a lower price and selling at a higher price; they learn that it is so much more than that the hard way.

I see a lot of people who depend solely on trading, and these are not people who are experienced enough to be profitable, nor are they people who have a good or regular source of making money. But when you try to tell them that they are doing it wrong, they feel you're trying to discourage them. They feel that if they remain focused, they will "hit it big".
As expected, all of them abandon trading at a point and find something useful to do. It is people like this who spread the narrative that "trading is a scam". It's not a scam; they just did it wrong.

Trading is a skill that should be learnt and gets better with time. It is also a skill that requires you to have a source of income you can use to fund your trades and not invest/trade more than you can afford to lose.

[Cossyblack]

If you're broke,what the essence of going into when you don't have spare cash to use for trades. It would be difficulty for people who are broke to have any spare cash to trades as every little cash they manage to gets is already marked to meet their next expenses. It is not advisable to used the little cash they have managed to saved to meet their basics needs for trading as this could worsen their financial condition and affect they mental health. Folks who are broke should avoid trading and focus on improving their finances.

[Leahized]

100% agreed, trading while broke = recipe for stress and dumb mistakes.
Get a steady income first, chill on the “must-win” pressure, then trade.
Market doesn’t care about your bills, it only tests your nerves. Stay cool, survive first, profits come late

Well, do you think the market will always be in their favor? It's true that it always helps to have good luck.It is very important to remain calm at all times regardless of market conditions. But those who are most greedy always trade and the market destroys them. Moreover, traders are never pressured by the market. They get pressured only because of money and eventually turn to gambling. And new traders make this mistake the most and get frustrated.