Should you quit your job to trade?

[Italian Panic]

Some type of trading is a job, not a hobby; day trading is like a gamble, whereas long-term trading, the kind that borders on investment (but not pure hodl), means knowing how to read the market day by day, week by week. You need to know how to interpret the news correctly, as it influences the mass of investors, and not let your emotions get the better of you. So it depends on how you want to approach it: for day trading, I would never give up my job and would set stop-losses and profit targets; for long-term trading, that’s where commitment and dedication are required.

[Asuspawer09]

Obviously a bad idea.

Your job is a great source of income, it is secured it's not something that is going to easily disappear quickly if you have a corporate job it is the easiast source of income, if you don't have any other sources of income obviously quitting your job is going to be a bad idea, just because you don't have the safety net when you fail on your trading. Making trading as your main source of income is not that great for a long time because you are not really sure if it is going to make you profit at all, there are only a few people that is able to main profit on daily trading, we all know it most of the time daily traders and losing.

What is going to happened if you fail, you just doesn't have the safety net to recover, unless you have a solid financial foundation and you just want to risk it on other sources of income then I would say that it is a valid take, you have the emergency funds and you have all other expenses ready for like 6 months, meaning you could easily survive without an income for 6 months, then you have the money or budget to start daily trading just to try it. Then you could take your chances I mean job was important for sure, but your still have the financial foundation as a safety net, and you could always go back to corporate job and probably demand a even higher salary in case you fail.

But the best approach was to test it already while you are still on the job, so if you see that daily trading is giving you higher profit than your salary then It's already a no brainer it's a valid take in my opinion.

[Wakate]

I have seen in many occasions people asking if it's going to be okay for them to quit their job to become a full term trader.
We are not in the position to answer that question because if you have been a profitable gambler, you won't be asking for audience to give you their own opinion if leaving your main job to focus on trading is going to be profitable.
We have full term traders that don't have a job and everything they focused on is trading because they are profitable.

[alastantiger]

This is why I never like to depend on just one thing in any case, we must have an alternative for protection. Bad times may come, I may lose my job, if I rely on trading, I may face a lot of losses, there may be unexpected losses in business.

so we should have an alternative for everything, so that if one is lost, we can take backup from the other, and we can easily get back to normal.

This is going to be a personal question for anyone that is to answer this question because if I decided to quit my job to trade it might work for me, but if you do the same it might not end up well for you that is why this has to be a personal question for you to answer. Using the general advice of everybody won't do you any good because we have professional traders that their job is for them to trade hence people that are doing this as a job don't need other things that might distract them but for those that are trading as a casual side hustle then they should have different businesses that they do since they are not full-time traders.

[justdimin]

Trading is not a job. It is an income source, just like a job. It requires time and knowledge, just like a job. But you will not be able to make a steady cash flow with trading. In fact, you may even lose money or not make money for a long time.

Having an assortment of income sources is important. Even a job alone is not a sure thing. You can lose it at any time for any reason.

This is why I never like to depend on just one thing in any case, we must have an alternative for protection. Bad times may come, I may lose my job, if I rely on trading, I may face a lot of losses, there may be unexpected losses in business.

so we should have an alternative for everything, so that if one is lost, we can take backup from the other, and we can easily get back to normal.

What are we suppose to do then? Like let's say I do not trust my job, so I want to have a second income, passive or not, what are the other options? I am not some rich dude enough to have investments that pay dividends enough to cover my living, there are very very few people in the world who are that much rich, maybe 1% or 2% of entire human race can afford to do that, even people who are "rich" while working, would not survive with their standard of living for six months if they are unemployed.

And not like I can take up a second work, why am I required to have two jobs just in case? I barely can finish my current job on the day. So it's obvious that, if I lose my job, I will be in huge trouble, until I apply and find another job.

[Odusko]

I have seen in many occasions people asking if it's going to be okay for them to quit their job to become a full term trader.
We are not in the position to answer that question because if you have been a profitable gambler, you won't be asking for audience to give you their own opinion if leaving your main job to focus on trading is going to be profitable.
We have full term traders that don't have a job and everything they focused on is trading because they are profitable.

Quiting a job requires some things to be in place before that decision can be taken to avoid any possibility of regret along the line, such as having an emergency savings that can cover up for your bills for at least 5 months while you try to figure out yourself in trading, because trading is not an auto pilot activities that give you profits, you need knowledge, skills and approach to profit in trading.

[Popkon6]

Have you had any such experiences in your life?

Quitting your job is wrong, because you could have earned money permanently in your job, but you do not have the opportunity to earn money permanently from trading. There is a possibility of profit and loss here, there is no such thing as always being profitable in trading. However, the possibility of losing money is higher than being profitable. It would have been better if you had done such work along with your job, but now you could have stayed with long-term investment in Bitcoin.
Because if you invested in Bitcoin for the long term, you could have earned money here, and your wealth would have been created. However, you can enter the job again and make Bitcoin investment along with your job.

[Gladitorcomeback]

Some type of trading is a job, not a hobby; day trading is like a gamble, whereas long-term trading, the kind that borders on investment (but not pure hodl), means knowing how to read the market day by day, week by week. You need to know how to interpret the news correctly, as it influences the mass of investors, and not let your emotions get the better of you. So it depends on how you want to approach it: for day trading, I would never give up my job and would set stop-losses and profit targets; for long-term trading, that’s where commitment and dedication are required.

I would say it depends. Day trading is not pure gambling as long as the person doing it has enough knowledge and experience about trading and the market itself, and there are so many day traders who are making a living through day trading with dedication and knowledge. I know that there are so many day traders who are at a loss, but that doesn't mean it's because of day trading, it could be because they are not able to deal with the risks properly, and that means they lack knowledge and experience about the market and they are not making their trades in the right way or the right time.

I wouldn't recommend anyone leaving their job only to become a trader unless they are fully prepared for it, and by being prepared I mean that they should understand how much risks there are, and whether they have enough knowledge to mitigate the risks invovled. They also need to make sure that their trading techniques and strategies are able to make them money constantly, because you can't rely on trading if you are making profits one day and losing money for the whole remaining days in a week.

[Olatundespo]

I do not depend on investing and trading to make money. I work according to my skills to earn. I invest Bitcoin from the money I earn. I use a portion of my discretionary income to save Bitcoin. Investing or trading is a way to make money but you have to invest capital. You have to raise capital from your earned funds. It would not be wise to choose trading as a profession.

Trading is lucrative and has the potential to make high profits but you have to master trading to get to that level, yet it is not a guaranteed source of income. Master a reliable job to earn regularly and focus on it.

[Out of mind]

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?

We should always stay away from greed, it is a very terrible medium that harms a person financially. Since you have become interested in it by watching videos about trading on various YouTube and social platforms and you have started thinking that you can earn a lot of money by trading. But this is completely wrong, if you do not have your own experience and skill strategy, you will never be able to earn money by trading, rather you will lose. Moreover, since you have a good job and get a salary, if you save a small amount of money from there, then in the future you can do it when you gain experience about investing. Trading is the biggest risk for you and there is no doubt that you will lose your money, so you cannot be greedy. I would say that you deposit money and keep buying Bitcoin in the future which will give you a lot of financial success. If you invest in Bitcoin, you will not have to face losses but whenever you start trading in all other places, you will definitely lose your money.

[WatChe]

I have seen in many occasions people asking if it's going to be okay for them to quit their job to become a full term trader.
We are not in the position to answer that question because if you have been a profitable gambler, you won't be asking for audience to give you their own opinion if leaving your main job to focus on trading is going to be profitable.
We have full term traders that don't have a job and everything they focused on is trading because they are profitable.

It varies from person to person. If you are a trader who is confident that he can work as full time trader then he can quit his job and rely on profits from trade. Those who don't have much success in trading and get profit occasionally can continue with there job and do trading as side business. If you have a stable job and you are leaving it for crypto trading then quit only if you are confident that you can earn enough money from trading. Trading is risky and majority only lose money here, think wisely before leaving your job for trading.