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.

[Oluwa-btc]

For a broke person!, trading fulltime will surely add that mental and emotional pressure and constant fear. Because you will be so desperate for every trade to be a win and that's just not going to happen because you win some and losesome, that emotion takes over the mind will just drive you to make so many mistakes in the market. So, clearly having another source of income helps you trade calmly and think clearly. The market won’t save anyone!! All it does is to reward patience and emotional control, not desperation.

It's a huge mental mess entirely,it's more like having no solid streams of Income and making plans to invest in stocks,lands and the likes.People skip financial preparedness and face the aftermath results.It shouldn't be underestimated because If losing would wreck your life or your sleep,you’re not financially prepared to trade.Get your finances right,ready and goals properly in check and aligned before you trade.

[Issa56]

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.

If you are trading, you shouldn’t depend on trading alone for survival. You need to have other sources of income, I don’t think trading is going to to take so much of your time thats going to stop you from other things, you can be a trader, and still have other sources of income.

It’s not proper to have just a source of income, if you want to be a trader, then get something else doing so that whenever you not making so much profits from trading, you know you still have other sources of income which you going to depend on. As a trader you won’t be making profits always, there are some times that you going to be losing, so if you have other sources of income, you won’t really be affected.

It makes you desperate.

And desperation turns trading into misery.

If you are a trader and you so desperate to make money from trading, then you just going to be losing, because there are some decisions which you are suppose to take, but just because you are so desperate, you going to be ignoring them. When you are trading, don’t be so desperate because you might just end up being addicted to trading.

[Odusko]

The ultimate thing is that, trading is not recommended for anyone in financial distress the reason is that, cryptocurrency trading is not as easy as you May be made to think, and you lose much more than you profits that the reason you should only trade with small amount of capital that you can afford lose easily, taking loan to trade with is bad idea.
Trading to meet your financial demands is also a bad idea.
Having set aim or goals to how much you want to make from trading is also a bad idea.
Avoiding all the above Make you a better trader and won't run into any financial troubles along the way.

[Findingnemo]

One should not going into trading if they are not someone who can't control their emotions and the reality of trading is not being consistent but if they come with the hope of making profits for every month that will force them to pick the wrong trades and as rightly said the word 'desperation'. Do trading as one of your job but not as your only hob, yes it is possible to make your monthly salary in just one or few trades but the other fact is you can lose your capital in one or few trades.

[batang_bitcoin]

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.

That will result into disaster, they have no money, and they want to trade. They're only giving themselves a huge problem and a problem that won't be solved by another problem. That's why if they're going to look at trading as their financial solution, they'll need to prove themselves first that it is a solution rather than a choice that they'll go as a secondary option. Those who are saying they're good traders but they can't do it because they're broke, don't believe them. If they're good traders, they'll never be broke.

[Questat]

People who are broke easily lost their focus and determination when trading, because they're up for sure and secured profits, yet trading alone cannot guarantee that.

This is one of the reasons why poor traders do not end up trading successfully, because its hard for them to continue trading after a single loss, and if ever they insist of trading still, most probably that would be their last money, once lose, their whole finances would be ruined and messy.

Instead, trade when you are financially able and capable, and trade using your discretionary income, that way you won't worry if you lose, but will make more efforts to improve trading performance, until losses get minimized while gains have ended up maximized.

[Alone055]

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.

I don't know how someone broke can make money from trading, because trading requires a person to have an extensive capital if they want to make good money from it. If you are not financially stable, or at least have a capital that you can afford to lose, I wouldn't recommend trading. People sometimes borrow money only so that they can trade with it, but I wouldn't recommend doing that because if you don't manage to make anything from it, you will get in trouble because now you will have to repay the money along with your own financial problems that were trying to solve through trading.

Even if someone is experienced and knowledeable, it's still not a good thing to borrow money for trading because market is not going to favour you all the time. Three things should only be done with your own money, and money that you can afford to lose even if you don't lose it. The first thing is gambling, because it's all about luck and you can always lose. The second thing is trading, because as I said, the market is not always going to move in your favour, so anything can happen. And the third thing is investments, because not all investments can be profitable.

[fuguebtc]

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.

I agree that there are still people who make a profit from trading and turn it into a full time job and their primary source of income. But let's be realistic, the number of people who can do that can be counted on one hand, not many people have done it.

Therefore, not only newbies but even us, experienced investors. Do not try to imitate them because we are not like them. Just because they did it does not mean we can do it too. Instead, it is important to understand yourself, your limitations, and choose a more suitable approach.


Trading is not for everyone, and only a select few can succeed in this field.

[Agbe]

First of all, trading shouldn't be anyone mains source of income because no matter how good you are with you it the market isn't always going to be predictable so don't expect to always make profit. When you blow up your trading account it's going to be difficult for you to get back on your feet if you don't have any other thing that doing to generate income trading is going to be very frustrating for you.