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

[ZAINmalik75]

Based on what I'm seeing now as a trend on social media, most scammers are deceiving the beginners, they make them believe that they can become rich through trading without doing any other job, that's why some newbies are so determined to be like their internet mentor. Most of those internet mentors are just content makers that got promotion offers from brokers, they are hired to promote a broker and from there, they starts to tell false stories that would convince some beginners. Other beginners in my country who fall victims to it have realized themselves and are into jobs, they will go back to trading later.

Content creators should take full responsibility of what they are advertising but the dilemma is, they give disclaimer and they save themselves from any excusations made against them. People also don't go after them once they start losing money to those brokers.

But this is just one thing, creators motivate us but it is us who wants to get motivated, who wants to get scammed by them, in reality we are not getting scammed but we was idiot enough to let them fool us into thinking that we can be rich with trading even if we are broke, that's how they start their stories that some broke person invested $10 and become rich over night.
But the real struggle never been mentioned.

[bangjoe]

Trading shouldn't be your only source of income, it is not even advisable to start trading if you don't have a back up or other means of making money then you shouldn't even think of trading because it's only going to end up frustrating you in the long run. Depending on traidng totally is only going to make you desperate and it's not going to make you make rational decisions.

I know there are people who can be day traders they manage to get profits that can be sufficient for their trading activities, but usually done by people who are already professionals, I think it will not be a problem for them when they already have the ability to trade with a high success rate.
But for beginners and have not been able to get consistent profits from trading at the end of each monthly calculation is not recommended to trade if you do not have other income, after all life must go on, the cost of basic expenses must be borne, and if we have poor finances then we cannot maintain our lives properly, which is a very big risk whether we can still finance life or not if doing it by force in the phase has not guaranteed to be able to generate profits that can meet our needs.

[shinratensei_]

When you're in tight spot to make ends meet, you need to compensate, do more trade to earn more profit, but trading is not about trading more, it's about right action at the right time so you lost all your money and you become more desperate seeking for a loan to trade again only to blow it up again.
That's the scenario when you got empty wallet but the will to make profit to trade, you become too greedy, overtrading, and desperate.

Everytime you see a rise you thought next biggest bullrun is about to come and when you see market dumping you thought the end is near. Been there done that, I'd advise only trade when you got enough of money, enough to make you feel nothing when losing it.

[justdimin]

When you're in tight spot to make ends meet, you need to compensate, do more trade to earn more profit, but trading is not about trading more, it's about right action at the right time so you lost all your money and you become more desperate seeking for a loan to trade again only to blow it up again.
That's the scenario when you got empty wallet but the will to make profit to trade, you become too greedy, overtrading, and desperate.

Everytime you see a rise you thought next biggest bullrun is about to come and when you see market dumping you thought the end is near. Been there done that, I'd advise only trade when you got enough of money, enough to make you feel nothing when losing it.

This is what people go wrong about. They think if they just "do something" they can profit, but sometimes there is nothing to do, or you just don't have an idea what you should be doing. That doesn't mean you are a bad trader, it just means the market is not ready for a good move yet.

But since they can't just watch and see what is going to happen and they need money, they force a move , make a trade and that ends up with them losing their money on the long run. I think that is the problem, we can't really consider this as a possibility and because of that I think they just end up making mistakes.

[Asuspawer09]

Doing full time trading is really one of the most stressful thing that you could do, I personally tried it back in the day and their are actually some good days, but the pressure and stress that you are going to get on it is something that is not worth-it especially if you are aiming for a profit daily for sure you wanted to make a profit everyday, but it just wasn't going to happened most of the time. We see a lot of successful traders online where they could easily make a huge amount of money in just a short time, and they are trading daily or full time, you are right they are giving us a really loaded expectations so begginers are thinking that they can easily do it as well not realizing that this successful traders are already doing it for a very long time have years of experience in it before even they get to that point where they could easily risk a huge amount.

What I realize is that doing that kind of trading is not really for everyone. If you are going to do it, that just means that you are going to put everything at risk. If you don't have any kind of savings or backup plan after it, then you are surely screwed. It is not easy, but finances should be in order before even doing something like trading. Financial foundation should already be on point, so that you always have a backup plan in case you're not successful on it, and having the financial foundation is going to give you peace that you still have something, just in case you fail.

[Peanutswar]

When it comes in trading this requires one of the most essential thing which is the capital or your money to use. Now there are people still fail in trading even though they have this money because due to lack of some instances. Could be in knowledge how to trade such as the basic technical analysis and how does the market structure works, in proper execution due to emotions carried their decision makings, and also the risk management, they always made an all-in with the current state of the market. There are a lot of factors but if you want to get successful in trading you must need to consider that always have a trading plan and stick to your trading strategy if its effective to you. Trading that has a discipline knows how to trade and make a profit even the downtrend of the market.

[Strongkored]

Why is it that those who are broke tend to rush into trading because they hope to make quick money and think it can be achieved through trading, and this is a beginner's mindset. Even if you are broke but have experience in trading, you will know that trading with the expectation of solving financial problems is a disaster because the higher the expectation, the more stressful it becomes.