Should you quit your job to trade?

[tygeade]

The golden rule of trading and investing for me is to invest money I can only afford to loose. Leaving my job to perform a risky operation is not the way I’m doing things.

This is the golden rule in financial investing, and it existed long before the crypto market emerged.
Investing inherently involves risk, so only investing money you can afford to lose is a fundamental principle everyone should follow. But in reality, not many people can do that. Most people are too greedy and blinded by their unrealistic expectation.

Going all in on Bitcoin or quitting your job to pursue trading full time are both bad idea. Those who are doing that is going against the basic principles of investing.

This is why quitting a job means the last thing you should be doing. Like you need to have capital so big that you would not need money ever again in order to trade with it and also start living with it. You need to have two separate accounts, one that is paying you to live, and the other for you to trade. It is not something many people have, and that means you are not good enough trader to pull this off.

This is why people should keep their job and work to make sure that they are doing fine. If they insist on quitting, eventually they will realize that they are not making enough from trading to both live and also increase their capital, not that many people are good enough to pull that off, and won't work for 99% of the public.

[WatChe]

That is why if we decide to quit our jobs before acquiring full knowledge and skills, it will definitely bring about a very bad situation for us. We will have to take a different approach to trading based on our financial situation, as you mentioned. But those who are confident in themselves in the first place without thinking about these things and if they quit their jobs and completely shift to trading without any knowledge, then they will definitely not be able to survive here, but they will soon take their situation to the worse.

One more thing we have to understand is that trading is a risky stuff and this is also true that majority of traders are at loss in trading. Today you are doing good in trading doesn't mean that you will be good in trading in coming days also. Even experienced traders find it hard to handle wild fire of trading at times. If you have a stable job and you are doing good in trading then even in such scenario you must not quit your job rather continue trading after office hours. Stable income is essential to meet daily requirements and that only your job salary can give you.

[Pandorak]

Deciding to quit your job solely to become a freelancer, in this context, focusing on trading, could be considered a mistake or an unwise choice. Not without reason, as we know, there are no guarantees in trading. It might seem easy to make money here, especially after watching YouTube videos that motivate you and make you believe you can do the same, yet to achieve consistent profits in trading, it takes more than just money or capital, it requires in depth knowledge and extensive experience dealing with past losses, this is what will sharpen your ability to analyze the market. Nothing happens overnight, even with all the knowledge and preparation, it’s extremely difficult to achieve the consistent profit accumulation we all desire.

[icebar]

Deciding to quit your job solely to become a freelancer, in this context, focusing on trading, could be considered a mistake or an unwise choice. Not without reason, as we know, there are no guarantees in trading. It might seem easy to make money here, especially after watching YouTube videos that motivate you and make you believe you can do the same, yet to achieve consistent profits in trading, it takes more than just money or capital, it requires in depth knowledge and extensive experience dealing with past losses, this is what will sharpen your ability to analyze the market. Nothing happens overnight, even with all the knowledge and preparation, it’s extremely difficult to achieve the consistent profit accumulation we all desire.

Trading is a job where there is no guaranteed income. If someone quits his job just to become a trader, then he is taking a fatal decision. He may have gained a lot of experience in trading, but that experience will not give him any guaranteed income, rather if he makes a mistake, there will be a big chance of his loss. We often see that various attractive advertisements of trading are seen on social media where only money is given priority. Those who are new to trading try to trade after seeing those attractive advertisements, but when they start, they lose their wealth. Every person needs to have a certain income to survive. After that, if he tries to do something extra to increase his income, then that is suitable for him. It is never suitable to rely only on trading for his financial security.

[Wiwo]

Deciding to quit your job solely to become a freelancer, in this context, focusing on trading, could be considered a mistake or an unwise choice. Not without reason, as we know, there are no guarantees in trading. It might seem easy to make money here, especially after watching YouTube videos that motivate you and make you believe you can do the same, yet to achieve consistent profits in trading, it takes more than just money or capital, it requires in depth knowledge and extensive experience dealing with past losses, this is what will sharpen your ability to analyze the market. Nothing happens overnight, even with all the knowledge and preparation, it’s extremely difficult to achieve the consistent profit accumulation we all desire.

What I know about most cryptocurrency trader's is that, they don't work for anyone but solely depend on their trading, this is because, trading will require you to put in full attention and if you have anything else you want to do you should do that after you have put in measures that protect your current trades and positions.

Very Important to know that trading can not be easily combined with some other activities, like real life job, that is why you see some government officials going in for stock shares instead day trading live markets.

[Stable090]

Trading is a job where there is no guaranteed income. If someone quits his job just to become a trader, then he is taking a fatal decision.

I know lots of people that have done that, most of them started trading during the bull run and they were making so much money during that period and they decided to leave their job, they don’t know the implication of what they did, and they don’t have much knowledge about trading yet, but since they were making profits, they already concluded that they are professional traders already, but immediately the bear market started, they lost most of the money they made during the bull run, and they were regretting why they left their job.

If you are a trader, and you believe working under someone is going to take most of your time, and it’s going to affect your trading, you can just decide to establish a business, you going to be your own boss, and you will be able to spend more time trading, and whenever you not making much money from trading, then you have a business that can sustain you.

[Bd officer]

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Have you had any such experiences in your life?

Actually it was a bad decision. No one can make consistent profits by trading and you can't make your living just by trading. If you quit your job to trade, where will you get the capital to trade? Anyway, trading is very risky so it is better to stay away from trading. But if you want to trade, then do your job and trade along with it. But don't use all your money for trading, trade with money that you can afford to lose.
No, personally I have not faced such an experience, I am not willing to quit my job to trade.

[beej]

With the state our world economy is in right now, I believe
it would be much clever to do both. Have a job and trade
on the sides, its manageable if you put effort into it. Probably
invest while your at it, diversify in how you earn money and
wealth. Its much broader and wider now compared to like
5 years ago, theres so plenty of decent earning potentials
and opportunities you can choose from.

[masulum]

Actually it was a bad decision. No one can make consistent profits by trading and you can't make your living just by trading. If you quit your job to trade, where will you get the capital to trade? Anyway, trading is very risky so it is better to stay away from trading. But if you want to trade, then do your job and trade along with it. But don't use all your money for trading, trade with money that you can afford to lose.
No, personally I have not faced such an experience, I am not willing to quit my job to trade.

I agree quitting job for trade is not good option, but if you find this condition:

• if you have good income from your job and not good from daily trade, it's better to stay because it can be used for daily need and additional source for investment and saving from your main job not trading.

or

• if your job doesn't giving you better income than your trading income, I think you need to focus on your trade instead of your job.

but for the second one, you as a full time trader must be have a trade strategy, risk management and stay away from greed. as far as the trade income enough to cover your daily need, this can be good option. but if not work, back to the first, better to find another job for your income.

[Somto9Light]

With the state our world economy is in right now, I believe
it would be much clever to do both. Have a job and trade
on the sides, its manageable if you put effort into it. Probably
invest while your at it, diversify in how you earn money and
wealth. Its much broader and wider now compared to like
5 years ago, theres so plenty of decent earning potentials
and opportunities you can choose from.

Most traders seem to see such a thing as a major distraction to their trading career, they feel they stand a much better chance of succeeding in trading if they are mostly concentrating in trading, than having to give some if not most of their attentions to other areas that’s not related to their trading career. And that’s why most traders feel it’s way more profitable to quit every form of distractions and focus more on their trading, and honestly if this wouldn’t cause any form of financial burden on the trader, then it’s kinda like the best option for any trader.

[Hatchy]

Have you had any such experiences in your life?

Well trading is not something unreal. The problem are the people who wish to learn or master trading. You don't quit your job just because you want to learn trading, where you you get the capital to fund your trades? Trading is not some kind of magic, it's more like an investment but in this regards, you watch the screen to see how your investment plays out. Without a solid source of income or funding you won't be able to master the market. Most traders quit because they feel like trading is a get rich quick scheme and once they learn a strategy they've somehow conquered the market..

[Faisal2202]

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?

You left your job before learning anything? That was a very idiotic move, if I were you, I would have managed my time to trade while I am at my job, it might won't be that hard because I have tried it, the only difference is our growth would be slow because we would be giving less time and that mean less knowledge acquired in compared to giving full time in learning.

But that's still progress and if I don't have to feed anyone except myself, and I have sources to manage those expenses and I think I can work it out if I leave the job so maybe I will otherwise I would never do that because it is not that hard, the videos we watch make us think big, make us do a lot better even but only if we will think wisely and the very first step you took was not so very wise sorry but it was idiotic. I don't know about your life and how it works around you, but here job has to be done to live your live peacefully and trading is just part time for me and I don't even trade that much, mostly active in bull run.

[cxtreenal]

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?

I have not spent much time trading because I have been involved in long term Bitcoin investment almost from the beginning. Many of my friends who were with me lost a lot while trading for high profits, I understood from that experience that trading is a risky way to make money. Many experienced investors believe that there is not much difference between trading and gambling. This is true to a large extent because just as it is not possible to accurately predict future prices, it is also impossible to predict the future outcome of gambling.

You should have invested Bitcoin for the long term instead of quitting your job and wasting time on uncertain (trading) earnings. Accumulate Bitcoin every week in accordance with your financial capacity. On the one hand, you will earn and spend money for your personal and family, and accumulate Bitcoin through additional funds (discretionary funds), so you will increase the chances of getting large Bitcoin holding and after full 1-2 cycle getting chance to high return.

[atookz]

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?

I would never leave my job to trade particularly when I am a new trader. I am able to continue with my job and keep trading hence it does not bother me to do both. It is time to accept that what we see on the Internet may be large outcomes, living standards, and stories of success, but it does not demonstrate the process that allows reaching them. At least you have now a more realistic view of things, with what you have experienced.

I wonder, with all the things that you have gone through, is it still your desire to trade with discipline or is it better to first of all get back to a stable income?

[shawonngp]

Trading can be a your full time work, but it depends on how far and how profitable you have grown in trading.

Apart from how profitable you are you have to have a very significant amount of money in your account before taking such decisions, a friend of mine says profitability and $50-$60 k is enough for him to totally quit his Job, and I feel that that is fair and stable, as long as your profitable your good to go all in

I don't agree with you, trading can never be full time work, even if someone makes regular profit and it should not be considered as full time job, because job is your financial freedom, no matter how much or little you earn, you will be paid on a certain date of the month without any risk, but there is no guaranteed income in trading. You can lose all the funds you've accumulated over your life in a few seconds, so it is very risky. 50k$-60k$ is never enough for life time. If you quit your job and trade, it can be a big mistake.

[summonerrk]

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?

When I was a young professional after university, I immediately realized that my job wasn't right for me and that I needed to find something else. However, cryptocurrencies weren't widely traded at the time, but forex was.
This sparked my interest, and I began studying technical analysis, reversal patterns, and price continuation strategies, feeling like a wolf from Wall Street. But in reality, it was a moment from the category of "feel but not" I earned $100 per month and it helped me quite well as an additional income, but now it seems like a ridiculous frivolity. But over time, these technical knowledge help me in cryptocurrency trading.

[Peanutswar]

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?

Personally its not really a good idea, better is to have a job and then you still keep doing trading of course this will takes some of your time but imagine you can have a double source of income while you are doing your job is you can get profit when the market goes well. Social media easily deceived people that trading is a very easy source of money that you can make a millions overnight but the reality is not you must need to consider how to read with the market, technical analysis, psychological market, and etc. Personally I do consider only quitting my job if I think that trading can now sustain the lifestyle I had, also it can now earn more money more than my current job, but again not all the time market are profitable there is a downside which is during the bear market.

[taufik123]

-snip-
Personally I do consider only quitting my job if I think that trading can now sustain the lifestyle I had, also it can now earn more money more than my current job, but again not all the time market are profitable there is a downside which is during the bear market.

There will be a lot of consideration, because Trading is not a job that will always make money sometimes there are some moments when losing and losing more money.

Those who think of quitting their main job just because trading is more profitable at the beginning, they no longer think that they are getting capital from the main job done.

Although the income earned from trading is quite large, the main or offline job becoming an identity in society, I initially experienced such a thing, working in crypto and having an offline job.
But then because of mass layoffs, jobs in crypto became the main job but not just trading, there are more jobs in crypto that can be done and make money.

[Finebone]

There will be a lot of consideration, because Trading is not a job that will always make money sometimes there are some moments when losing and losing more money.

Those who think of quitting their main job just because trading is more profitable at the beginning, they no longer think that they are getting capital from the main job done.

Although the income earned from trading is quite large, the main or offline job becoming an identity in society, I initially experienced such a thing, working in crypto and having an offline job.
But then because of mass layoffs, jobs in crypto became the main job but not just trading, there are more jobs in crypto that can be done and make money.

Not just in trading, anything that doesn't guarantees income at the end of a particular period in time is  not good to solely depend on, for a living because it might disappoint you when you needed it the most, that's why I will never encourage anyone to quit his job and focus only on trading, just because it gives  more money than your job or your business, because it doesn't guarantees you profit at the end of a particular period in time, besides it's not a bad idea to be doing both of them, since it gives you that security financially, than be relying only on trading for a living.

[Roggeredek]

Quitting your job to trade is never the right decision the market is not always predictable. Even the best traders in the world sometimes go through long periods of losing. If there is no alternative source of income at that time, people are forced to make bad decisions which ultimately ruin everything. If you have a permanent job or source of income you will not make reckless or gamble like decisions while trading. Because you know that your living expenses or family responsibilities are being met with the income from that job. This peace of mind helps you to be more patient and disciplined in the market.