Topic: Before You Go All In - page 3. (Read 568 times)

True, we can't rely on just trading, because I prefer to make it as additional income from my job. That way we are not burdened to always have to benefit from trading. Because if we rely on this as our only source of income, it will make us unable to control our ambitions. Meanwhile, in trading, trading with big ambitions can destroy us. Maybe for a professional trader it won't be a big problem, because they already understand the ins and outs of the market. But for novice traders it will be a risk that is 2 times bigger, besides they don't know everything about trading, they will also get carried away without the experience they have.

Before making trading as full time, make it part-time first. Don’t use trading as your only source of income, rather use trading to earn some extra income. Trading isn’t easy and guaranteed money, so if you have a family to care of, then you should find a steady job at first. Then with the earnings, invest a small portion of it in trading. If your luck and skills favours you and you make big money in trading, then only take trading seriously and invest big. As OP have mentioned more crucial points, those are truly needs to be followed when someone starting his trading journey. Don’t just trade blindly without any prior knowledge.

Before you go all in stop and think about it for a second. Many times I didn't take that second for thinking and I recklessly throw some money (small or big amount). I agree with OP, we usually try to make some quick profit, but all-in is a desperate move and will end up badly in most cases.


And we really have a very competitive market and very high volatility, and it is not easy for everyone to find a balance and be profitable... in the short or long run! It's risky, but if we don't dare to try and take some risks we can't know the outcome. I guess nobody has a 100% win rate, we all make mistakes and bad moves, and we need to learn from them and it is how we grow and get better in whatever we are doing.

It is always recommended that we should diversify our sources of income so that we are not completely dependent on trading as our sole source of income because it may not be going the way we may be thinking because trading have bad days because it Volatility, we can profits as same time we can lose because we are just doing predictions.so that If something were to happen to the trading industry, you would not be adversely affected much.

And keep in mind that even if you earning money from various sources, you should only trade with money you can afford to lose.Despite the fact that you may  have a different sources of income, you should never trade with money that you cannot afford to lose in order to make enormous gains. Because of how strongly this reminds me of one of my friends, who always using huge amount of money to trade in other he can be making big big profits always but at last that really affected him because it loses much in trading because it uses much money it was making in others sources to trade, infact  he even toke loans.

I almost did this back when I saw that I'm profitable into trading a few years ago. It also come to a point where the profit that I'm gaining in trading is way more than my monthly salary on my current job at that time. I've been consistent in trading at that time, and I don't get much losses, and most of the time I'm winning. I'm trading futures at that time BTW.

They suddenly, Bitcoin went down massively, and I entered in a wrong position. To cut the story short, I got liquidated at that time, but the good thing is that, I already withdrew most of my profits at that time, so I only lost a little, but that liquidation that I got served as a lesson for me. It says that whenever you are winning consecutive times, there will still be a time where you will get liquidated because of entering at a wrong position. I didn't put a stop loss at that time which is my mistake too because I didn't expect for Bitcoin to go down massively at that time.

Overall, you can still do your job, but at the same time, trade. You aren't looking at the charts 24/7, and having multiple sources of income is always a good thing. Don't quit to your current job and focus on trading, because you will not know when you will lose your capital because of wrong entries. Like OP said, get a reliable and stable source of income, and then try to do trading, and after that, do it both at the same time.

Becoming an expert in trading does not only required you studying the chart flow alone, you have to put many things i to consideration, you will beed to speculate on the price occassionally, invest your quality time in physical and mental efforts, you need to take risk investing your money, of course you have more probability of making it through than loosing it, take consultation on many track records on bitcoin price and make comparisons.

I disagree.

I mean having another source of income doesn't mean that you're going to have a lovely experience in trading, it will only help you to lessen the problem you're going to experience financially especially if you're a newbie who lost a lot of money in the process. Being financially stable has an advantage and disadvantage for me, (1) you're gonna be too comfortable about your losses, (2) you will not grow since all you think about is that you have a lot of money to spend even though you're not getting any profits.

This is exactly my thought. How do people even think one can trade without emotion? It's not possible at all to do away with emotion while trading. Anything that involves money can not be totally separated from emotion due to human nature of allergy to lose and failure. Risk and financial management should therefore be the priority of concentration when one try to venture into trading as far as I am concerned.
I have heard of local successful traders going unconscious for days after making a hefty gaffe during trading. So I must still reiterate that emotion can not be separated from trading or anything as long as the person is conscious and money is involved.

I do advice people to get something doing before they start trading, trading shouldn't be taken as their main source of income, some newbies always end up quitting their jobs maybe because the money the are making from trading is more than what they are making from the Job the are doing, so they will decide to leave their job. In the last bull run, some people decide to quit their job because of trading, thinking they are already professional traders, until bear market started and they have been regretting, some haven't been able to get a good paying job like the one they left and they are regretting now. Everyone can be making money during bull run but few people will be making money during bear market.

Some people say that you have to trade with no emotions. I thought it's possible to do that when money is involved you can do it like nothing happens. Well, that's not true anymore. It is impossible not to have emotions when you trade, especially if you are new to trading. You need to build up your self discipline as well as your mind. Consistent winning trades are very helpful for your emotions, and vice versa if consistent losing trades. Those professional and profitable traders, they are still nervous but the only difference between them and us is that they know how to handle their emotions, they know how to execute trades without their emotions making decisions. It's true that it's hard to trade when you're stressed, but reading books that have been tested by profitable traders like "Atomic Habits" and "Trading In The Zone" will help you a lot.

It isn't "guaranteed" but at the same time it is a pretty simple way of making sure nothing you buy could end up crashing by itself and making you poor. I am not saying the whole market can't crash, that happened a few times already and that could make it harder for you and that's true, and unfortunate event as well. But that doesn't change the fact that you can't end up with better results most of the time, or even better yet, unless the whole market crashes, we are talking about just a single thing crashing wouldn't mattering to you in the end, that's the good part. I personally do it, and so far I have been never burned by this method, and definitely will keep using it.

Right. It is imporatnt to trade only your extra funds or the fund that you can afford to lose. You can more effectively manage your risk by trading with just the extra fund you have. If you spend your savings or money needed for living expenses to trade, you'll be putting yourself in a difficult financial situation if you lose money. But if you simply use your extra fund, you won't likely lose money if your trading don't go as you expected. Also, you may make more logical decisions when trading with just the money you can lose That's because emotions can cloud our judgment which can result in poor choices. But if all of your trading is done with extra cash that you can afford to lose, you'll be less likely to let your feelings get in the way. We can be more disciplined when our resources are limited like making realistic goals and following own trading strategy and soon this will result in wiser trading decisions. The only con that I can see in trading only the extra fund is that we become confident to lose it that sometimes we don't put much effort in not losing it.

Things work differently for people, something might suit you but it doesn't suit me. We have people that becomes successful only when they're under pressure and we also have those that don't do well under pressure which are the majority in the world. This set of people are those this advise is meant for because when they don't have other income except trading.

But then, we have those that for them to become successful at trading, they need to burn the bridges, they don't need a plan B and for those set of individuals, this advise doesn't suit them as it'll destroy them instead of turning them into a good trader. Pressure does have its benefits and disadvantages.

Its never a good choice to invest money that you'll be needing soon. Not only that it will have an impact to your mental and emotional stability, but also your financial status. Where will you get funds for your everyday needs? Debt? Then it will just worsen your situation, it would be better to not risk the money that you're not afford to lose. If you might do, then its more like a gamble to profit or not. Still not a good practice to entrust your money in risk, luck won't save you because it wouldn't be always by your side. Earn first then your extra money would be a good investment in a volatile situations.

If you trade using your extra money, and not those funds that will be used later on, you will have your peace of mind and emotional stability when trading. Unlike when you are trying to trade when your funds are not yet ready, you will always be pressured not to lose so you will lost your focus and get easily destructed with your emotions. In the end, you will lose your trade and regret wishing you did not trade when your finances and emotions are not yet stable.

One of the most difficult challenges you'll face while trading is having your emotional stability tested. Those who are unable to control their emotions will leave the market quickly and heartbroken. Depending solely on the profits from trading is a big risk that everyone should avoid when entering the trading market. The market's volatility is enough to put your emotional stability to the test, as is your reaction to such incidents.

Consider your trading experience to be a side hustle, distinct from your regular monthly or weekly income. If you don't have a steady source of income, it's best not to trade for fear of losing everything and having nothing to fall back on. Money invested in trading should be regarded as money that we are willing to lose if the trading doesn’t go well.

I agree with your advice. Trading can be a very emotionally and mentally challenging endeavor, especially when you are just starting out. It is important to have a steady source of income to rely on so that you can approach trading with a clear and calm mind.

it is important to approach trading with a balanced mindset and to have a solid foundation of financial stability before diving in. This can help set you up for success in the long run.

When you do have this kind of initial impression then you would definitely find it sooner or later on what are the things that would really be happening.It might sounds to easy or basic but it isnt something that
you could be able to deal or attain specially on making yourself that sustainable on a market which is really that unpredictable and way too random.If you could be able to do so then consider yourself to be a real
trader on which not all would be able to acquire such skill so easily and it does really takes time and lots of efforts before you do achieve out this one. Going all in is never that kind of a good habit or behavior
because you cant really be able to assure out that it is really that something that you could make sure that it would really be that a precise approach.

This is a good idea, if you end up with some sort of steady income, that means even if you lose all of your trading capital, then you would be able to live off from the salary that you have. I mean I have supported this for so long, I have talked about this for many years as well. I said that long term investment and income are the two most important things anyone can do. Have a job, and put some of that into bitcoin and that would be the coolest way to live.

After you done both those, save some aside for trading as well and then trade with it, if it goes to zero then it won't matter because you still have an income and you still have bitcoin aside anyway.

It is not guaranteed that you minimize the risk when you diversify. You're even attracting greater risks towards your way of trading and investing. But as said, that's to each their own.
And we're all agreeing on one thing and that's when we profit, one must take it and don't forget to do it.
Many have done thinking that they should take it only when they're seeing huge profits instead of little ones but then, they're missing the whole point of it and then actually misses the chance to make profits and instead, they're getting losses as that moment of potential profit on them was ignored.