Should you quit your job to trade?

[EarnOnVictor]

-Snip-
Have you had any such experiences in your life?

Let me assume that you were still young, and by virtue, you were just being newly introduced to the internet at that time. Otherwise, I don't know how you could miss the part that trading is extremely risky and what you see online/media are not what they appear to be. Those parts alone should have hinted you that it is not what you could toy with. It's good you explored though.

Despite did all sorts of insane things around the market for over 20 years (me), I never for once prioritised it for a less risky work or activities.

[LogitechMouse]

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Unfortunately, I gave up my job and started watching those trading videos regularly. I especially watch interviews with successful traders who are earning millions of taka per month from trading. I started trading mainly because of these false hopes and to be honest I lost a lot of money. But I learned a lot from my mistakes that will help me do better in crypto in the future.

Ooohhh. What a way to end your life.
No just kidding. You can just quit trading, and go back and find a stable job yet again. I'm pretty sure you have enough experience that will help you find another job again.

Sometimes, in order for us to realize something, we need to commit mistakes, and this is just one of those mistakes that you will be doing in your whole life. Quitting your own job just to trade is one of the worst mistakes that an investor can be done TBH. Like you, I'm also watching interviews and videos on YouTube that's related to trading, but I will not be doing what you did. Giving up your job for the sake of trading. If you're consistently profitable already then maybe, but you're just starting and when you're starting, you're at the peak when it comes to risk.

Anyway, enough of the talks from me. I'm pretty sure you've learned from your mistake already. Just don't do it again, and when it comes to trading, it's up to you now if you want to continue it or you will quit. Good luck.

[Smack That Ace]

There's nothing wrong about trading as full time job, I know a friend that he dont have any corporate job, but I believe most of his source of income is just trading, so I can say he is now full time trader and he is good on it and making money for sure, but he started on that after he lost his job, he didn't gave up his office job before just to trade full time.

There is nothing wrong with treating trading as a full time job, but only do so when you have a clear plan and it has proven effective over a long period of time. You should only do that when you are absolutely certain that you can make a consistent profit. Do not rush into making trading your full time job just because others are doing it or you made profit for a few month. Because profit from trading are alway unstable and there are no guarantees.

Just because someone else can do it does not mean we can do it too. Trading is not for the masses, and only a select few profit from it. We should assess ourselves and clearly understand our own capabilities.

[Humblevirus]

I can’t quit my job for trading. What is the reason behind the idea that I need to quit one source of income for another? That is a very bad idea. Even if I decide to quit trading for my job, I will make sure I do it as a side hustle for some time and get better results so that I can be convinced enough to quit my job not because I just heard people say it or watched some videos.

I had a plan to become a trader before because most young guys on social media always claim they are making their money from trading. However, after further research, I learned that most of them are not actually making their money from trading alone but from other things as well. That discouraged me a little, but I went ahead to get experience for myself.Honestly, the experience was bad. Even most of the people close to me who are trading have had bad experiences. That is why I decided that I will never become a full time trader. Instead, I will just trade sometimes and if I lose, fine; and if I get lucky sometimes, that’s fine too.

[maydna]

Unfortunately, I don't have such experience before as I works in a good office and have a well paid job but I don't want to lose my works just because I can earn money from trading. No, that is not a wise decision as I still beginners in trading.

If you can't earn bigger than your main income, you don't have quitting your job. You can works as usual while you making more money from other sources of income. It helps you to earns more money and filling your monthly expenses and also have more money to saves or invests.

[Finestream]

No need to quit your job, just do trading on your free time. That way, you can have multiple sources of income, and can even pave way for long term hodling if you are highly profitable in trading.

But quitting your job just to focus on trading, that could be a very risky decision. You can lose all your life savings if you cannot control your greed and constantly lose your money. But as what others said, if you won't take the risk, you will also not achieve something life-changing. So keep assessing oneself, know yourself when to keep your job or when to let go of it, but never solely rely on trading alone.

[Berry2d]

No need to quit your job, just do trading on your free time. That way, you can have multiple sources of income, and can even pave way for long term hodling if you are highly profitable in trading.

But quitting your job just to focus on trading, that could be a very risky decision. You can lose all your life savings if you cannot control your greed and constantly lose your money. But as what others said, if you won't take the risk, you will also not achieve something life-changing. So keep assessing oneself, know yourself when to keep your job or when to let go of it, but never solely rely on trading alone.

To me there are things I see a unfortunate situations and quitting your job and concentrating only on trading may be considered as such situations that is if trading fails to provide all that is needed for you.
With how hash our economy is now, I think multiple such of income is a very good step towards providing permanent solutions to meeting up with some bills  until one is stable financially before making choices of being centred in one job. Know doubt trading is a very good job but can only hold when one has grown big and can be able to generate capital that can pay once bills and not depend on loans for survival.

[dunfida]

No, not at all.
Sharing my own experience, I was working in a well paid job and the salary was enough to meet my needs. Also, I was saving extra money every month. During this job I used to watch various videos on youtube about trading and a lot of greed developed inside me.
Unfortunately, I gave up my job and started watching those trading videos regularly. I especially watch interviews with successful traders who are earning millions of taka per month from trading. I started trading mainly because of these false hopes and to be honest I lost a lot of money. But I learned a lot from my mistakes that will help me do better in crypto in the future.


Have you had any such experiences in your life?

Never ever it comes into my mind on having that kind of decision making when it comes to quit or resign into my current job to go full time with trading specially now that im still that not profitable with trading then no one on their right minds on quitting up their job just because you've seen someone do make out millions. Come to think that trading skills is never been that easy to learn and not all results would be that similar into each trader on which means that they might be that earning money but once you do make your own trade then you do lose up tons and thats the reality of some people. Never ever make yourself that easily getting fomo'ed when you do see up these videos and always reflect out on your trading results and if you do find yourself that not profitable then it would be so dumb to make yourself that quit your job because you do see yourself that you can do it.

So it would be just that up to you because it would be impossible that you wouldnt be able to make yourself see on your current standing. If you do find yourself that being consistent and profitable then thats the time you would go full time and quit your job as long you can be able to sustain.

[ChocolateBitcoinK]

Your first mistake is that when you have already quit your job, you are only in the learning phase. It is not that it is impossible to make a profit from trading, it is possible but it takes a long time to learn. You quit your job and then started learning trading, but instead you should have continued your job and then learned, practiced for a long time, traded with some money, and continued like this for a long time. Then when you start trading using your own market research and strategy and get good results, and most of the time you are making a profit, then there would be consider to quitting your job and then spending all your time in trading. But in the first place you quit your job and lost everything, and this is the mistake that many people make.

[TheUltraElite]

My experience is that if you have a stable source of income, never stop that in an attempt to start a more risky venture, like trading.

Keep the first one intact, use the money from that to allocate a portion that you can use for the more risky venture. It is a basic in financials, to use the money from less risky income sources to more risky investments.

Also during the start of trading, a lot of problems will come up and the lack of patience leads to wrong steps being taken. Hence the previous source of income will act as a cushion to cope up with that bad time.

[Creeper0]

We need capital to trade, even we lose capital several times in the beginning and we have to raise capital several times. In this case, if we do not have any source of income, then how will we raise capital? Even we need a lot of time to learn trade, how will we meet our daily needs during this time? Savings may not last us for very long, it will end very soon.

Trade is such an unstable source of income that we should never consider it as a main source of income. Although it is a person's freedom, I would still suggest considering trade as an alternative source of income.

[jossiel]

We need capital to trade, even we lose capital several times in the beginning and we have to raise capital several times. In this case, if we do not have any source of income, then how will we raise capital? Even we need a lot of time to learn trade, how will we meet our daily needs during this time? Savings may not last us for very long, it will end very soon.

That's right, those who think they can quit their jobs just to trade will not be able to sustain their first trials.

It's known that trading is risky and if you don't have a deep pocket for you to fund yourself after losses, you're going to stop by then.

And so, if you don't have a job and you have decided to quit first as you do it, it's a big mistake and a serious decision.

[ALMN]

You must have done one or more of the following things:



Insufficient capital: The amount you started with was less than 50% of your annual needs. For example, if you need $50,000 a year to cover your expenses, your starting capital was less than $100,000.

Going all in without a safety net: You invested all your money without keeping a reserve for living expenses for at least a year. For instance, if you had $150,000, you invested the entire amount. In my view, the correct approach is to invest $100,000 and keep $50,000 as liquidity to live on.

Overtrading and emotional decisions: You were making multiple trades in a short periode of time and didn't stop after a certain loss. When you keep trading immediately after a loss without taking time to calm down and think, it is your emotions your heart trading, not your mind.

Lack of diversification and entry strategy: You used your entire balance on multiple coins at the same time, or worse, put it all into a single coin at once without staggering your entry prices.

Investing in emerging projects: You were putting money into new and unproven startup coins.

High risk trading (Money Burner): The most significant reason is entering the money burner known as Futures or Margin trading. It becomes a total disaster if you don't set a Stop-Loss.

Extreme greed or lack of conviction: You were either too easily satisfied or overly greedy. For example, exiting with only a 1% profit during a bull market, or staying in a trade while up 50% during a peak without exiting or at least withdrawing your initial capital.

Trading against the trend: Trying to buy the dip at the very beginning of a trend reversal. For example, when the market trend turns bearish and is just starting to drop, yet you continue to buy.

[JoyMarsha]

I will never try such a stupid mistake, quitting my present job to what its profits are not guaranteed to me at any time.

There is this proverb that says, what you have at hand is much bigger than what you are being promised, that hasn't gotten to you. Because it might at the end, not gotten to your hand.

Many individuals don't tend to reason properly when it comes to the money they labor for,  they are sure to receive every month, even if it is small compared to what they are being promised, not gotten to their hands, despite it's a big amount of money. There is a difference between the two.

The difference is, you are sure of one(100%), being paid as a monthly salary to you, while the other you are not sure(trading)

[avp2306]

My experience is that if you have a stable source of income, never stop that in an attempt to start a more risky venture, like trading.

Keep the first one intact, use the money from that to allocate a portion that you can use for the more risky venture. It is a basic in financials, to use the money from less risky income sources to more risky investments.

Also during the start of trading, a lot of problems will come up and the lack of patience leads to wrong steps being taken. Hence the previous source of income will act as a cushion to cope up with that bad time.

That will be the most dumbest decisions in life they made if they exchange their job on trading.

Because they are creating their own mess and there's a chance that they would find another job to sustain their daily expenses, once they didn't get their targets on trading.

They would face lots of issues on their trade because market is so unpredictable. That's why keeping their job is best option since this will add financial protection. Also you are right that they just allocate some portion of their income so they could try to work these new activity they try to participate.

That's right, those who think they can quit their jobs just to trade will not be able to sustain their first trials.

It's known that trading is risky and if you don't have a deep pocket for you to fund yourself after losses, you're going to stop by then.

And so, if you don't have a job and you have decided to quit first as you do it, it's a big mistake and a serious decision.

Base on experience people usually think about that are those total newbies on trading and taste early win on their trades. Then they imagine that they can leave their  jobs that they don't like on the first place if they can always win on their trades.

But this is not really possible since as we all know here trading is so risky.

[gwapako]

No. In my own experience, I quit my job before the Covid Pandemic. I focus on trading stocks. I also trade crytocurrencies. Although I have some earnings but  there were still unstable stocks. Not to mention, the market is still bearish so I had't earn that much yet.

Your job gives you stability. Why not have them both? You do your job and then you also do trading.

[Pressurizedem]

No. In my own experience, I quit my job before the Covid Pandemic. I focus on trading stocks. I also trade crytocurrencies. Although I have some earnings but  there were still unstable stocks. Not to mention, the market is still bearish so I had't earn that much yet.

Your job gives you stability. Why not have them both? You do your job and then you also do trading.

You are very right mate, I think combining it with your job gives you an extra income.
Then talking about quiting your job during the COVID, I think the pandemic was like a blessing in disguise to many people especially the youths because it gave everyone no choice but to start looking for something else to do apart from that physical work people do to make money. It was the same time I heard of Bitcoin and bitcointalk.
Nevertheless, I won't advice anyone to quit their well paying job for trading, we all know trading is not guaranteed, rather, combine the two, and see how much profit the both can give you.

[macson]

For anyone who gives up their job and chooses to become a full-time trader based only on belief, it will only bring regret to themselves. Some say that only 10% of traders truly generate profits consistently. With such a small percentage, does someone think they can be different and become successful? Becoming a full-time trader is very easy, but being able to consistently generate profit is a different matter.

It is better to think about learning to trade while still working. If you have already obtained consistent profit, only then consider gradually entering the world of trading. Even then, it should be with risks that have been carefully considered and with backup funds ready to endure a period without income.

If you don't have any preparation and only rely on videos from trading influencers, don't even think about becoming a trader.

[Arenga pinnata]

No, not at all.
Sharing my own experience, I was working in a well paid job and the salary was enough to meet my needs. Also, I was saving extra money every month. During this job I used to watch various videos on youtube about trading and a lot of greed developed inside me.
Unfortunately, I gave up my job and started watching those trading videos regularly. I especially watch interviews with successful traders who are earning millions of taka per month from trading. I started trading mainly because of these false hopes and to be honest I lost a lot of money. But I learned a lot from my mistakes that will help me do better in crypto in the future.

Trading cryptocurrency, stocks, forex, or similar assets is better suited as a side job rather than a primary source of income, due to the inherent uncertainty in trading. Even if someone considers themselves an expert in trading, market conditions can sometimes be full of surprises, as there are many factors that constantly influence the market—both directly and indirectly.

For example, news about wars, global economic policies, interest rates, or anything else that impacts the market usually makes trading more difficult. This is especially true for those who aren’t good at getting information early on.

Have you had any such experiences in your life?

I only know someone who’s gone through the same thing. In fact, since it’s become quite a trend in my country with many influencers claiming to have made it big through trading, it seems like a lot of young people are experiencing something similar to what you’re going through, OP.

[BALIK]

That will be the most dumbest decisions in life they made if they exchange their job on trading.

Because they are creating their own mess and there's a chance that they would find another job to sustain their daily expenses, once they didn't get their targets on trading.

They would face lots of issues on their trade because market is so unpredictable. That's why keeping their job is best option since this will add financial protection. Also you are right that they just allocate some portion of their income so they could try to work these new activity they try to participate.

It is not just the OP, I guess many people have had or are having similar intention. But honestly, that would be the worst decision of their live, and they would regret it forever whenever they think about it.

We need to be realistic, although trading is considered a part of financial investment, it is essentially still a game of probability. Although it is not gambling, it shares many similarities and carries no less risk. It does not provide a stable income and offer no guarantees whatsoever. Therefore, any idea of ​​making it your main job and depending on it for survival is a bad idea.