Can Bitcoin trading be my sole source of income?

TelolettOm

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Quote from: bitzizzix on July 28, 2023, 02:23:39 PM

If it were easy we all would do it and everyone wants to make a living trading. And even though there are those who want to make a living from trading, you can be sure they are very smart and have a lot of experience and knowledge that is very supportive.
It would be ridiculous to think it was easy especially for beginners, if it was that easy we would all be leaving our jobs today if trading were truly a reliable source of income.

Agree. Everyone will rely on Bitcoin trading as their main source of income if it is easy and there is a guarantee for profits. Although it requires sufficient knowledge and experience, people will try to live with trading. But even you have enough knowledge and experience, there is no guarantee for profits and the market is always difficult to predict. So, there is no way to make Bitcoin trading as a sole source of our income. I think it is ideally as an additional income.

For beginners, Bitcoin trading doesn't deserve to be the source of income. Unless they get profits, they probably get more losses during learning trading. They must focus on learning if they are beginners. They can consider it as an additional income when they already know how to trade properly and understand how to trade with an effective strategy.

alastantiger

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Quote from: iBaba on May 05, 2023, 06:09:45 AM

Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

Yes. It is. The person would need to transition slowly from their current place of work into bitcoin trading fully because it requires detailed planning of what to expect and what not to expect. Secondly the person must have a rethink especially if they have a family and other neck breaking responsibilities. They must speak to their spouse about it.

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Quote from: bitzizzix on July 28, 2023, 02:23:39 PM

Quote from: Rockstarguy on July 28, 2023, 01:08:29 PM

Quote from: adiksau0414 on July 27, 2023, 08:36:55 AM

Before, i am thinking that bitcoin trading can really be my source of income. But as what happened to the bitcoin massive decline, many traders really loss a lot. So better to balance, have a job or business and still enjoy trading your bitcoin.

I think trading is not enough to just hold on because trading is risky and can never be predicted, it is better to have a source of income than to depend on trading. Trading must be funded from earnings we get from other sources of income. Trading should never be the only source of get money expecially for beginners but an alternative way of getting money. Depending on trading will always result to panicking all the time but when their is another source of income it will reduce the rate of being panicking.

If it were easy we all would do it and everyone wants to make a living trading. And even though there are those who want to make a living from trading, you can be sure they are very smart and have a lot of experience and knowledge that is very supportive.
It would be ridiculous to think it was easy especially for beginners, if it was that easy we would all be leaving our jobs today if trading were truly a reliable source of income.
Of course, those who can give us income only by working or doing business, and trading can only be used as side income.

That mindsets are common to everyone, if trading is a safe venue to make money for a living for sure, most people, if not all
will venture into this business and will try their luck to achieve financial freedom.

But reality wise, there are many who lose a lot with that kind of mentality as they think they can just buy and earn not knowing the
actual concept of trading.

Always depends on how you will take your time in learning and keep yourself updated to execute good patterns that may give you
decent chances to earn money.

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Quote from: Rockstarguy on July 28, 2023, 01:08:29 PM

Quote from: adiksau0414 on July 27, 2023, 08:36:55 AM

Before, i am thinking that bitcoin trading can really be my source of income. But as what happened to the bitcoin massive decline, many traders really loss a lot. So better to balance, have a job or business and still enjoy trading your bitcoin.

I think trading is not enough to just hold on because trading is risky and can never be predicted, it is better to have a source of income than to depend on trading. Trading must be funded from earnings we get from other sources of income. Trading should never be the only source of get money expecially for beginners but an alternative way of getting money. Depending on trading will always result to panicking all the time but when their is another source of income it will reduce the rate of being panicking.

If it were easy we all would do it and everyone wants to make a living trading. And even though there are those who want to make a living from trading, you can be sure they are very smart and have a lot of experience and knowledge that is very supportive.
It would be ridiculous to think it was easy especially for beginners, if it was that easy we would all be leaving our jobs today if trading were truly a reliable source of income.
Of course, those who can give us income only by working or doing business, and trading can only be used as side income.

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Quote from: adiksau0414 on July 27, 2023, 08:36:55 AM

Before, i am thinking that bitcoin trading can really be my source of income. But as what happened to the bitcoin massive decline, many traders really loss a lot. So better to balance, have a job or business and still enjoy trading your bitcoin.

I think trading is not enough to just hold on because trading is risky and can never be predicted, it is better to have a source of income than to depend on trading. Trading must be funded from earnings we get from other sources of income. Trading should never be the only source of get money expecially for beginners but an alternative way of getting money. Depending on trading will always result to panicking all the time but when their is another source of income it will reduce the rate of being panicking.

Dr.Bitcoin_Strange

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Quote from: coinerer on June 17, 2023, 07:15:51 AM

By trading Bitcoin, it is possible to make a living.

Making a living means the person can really survive just by profiting from his trading profits. It's the opposite; just like you said in the other paragraph, traders don't make steady profits as they also encounter some losses. It's wise for someone to have a real job and just see trading as another means of supporting their income. Unless someone knows that they make a huge profit that is able to sustain them for other things, they can only rely on trading.

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Before, i am thinking that bitcoin trading can really be my source of income. But as what happened to the bitcoin massive decline, many traders really loss a lot. So better to balance, have a job or business and still enjoy trading your bitcoin.

Aanuoluwatofunmi

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Quote from: sysoe on July 26, 2023, 01:59:09 AM

Quitting your job to trade Bitcoin is like jumping off a plane without a parachute. It might seem exciting and adventurous at first, but it’s also risky and reckless. You never know when the market will crash or when the regulators will knock on your door. So unless you have a death wish or a trust fund, I wouldn’t recommend it.

You're right mate, such a decision is not good enough for one to take, quitting your job for trading bitcoin, well maybe if the job nature isn't profitable enough to meat his needs and the terms and conditions for it as well are unfavourable, we cannot compare everyone to have same experience of work place, but despite that, it's still not a good advice quitting job except on rare conditions whereby you think you've acquired enough money a trading experience to live independent of job offers, but always be remembered that trading has its ups and downs also.

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Quote from: sysoe on July 26, 2023, 01:59:09 AM

Quitting your job to trade Bitcoin is like jumping off a plane without a parachute. It might seem exciting and adventurous at first, but it’s also risky and reckless. You never know when the market will crash or when the regulators will knock on your door. So unless you have a death wish or a trust fund, I wouldn’t recommend it.

It seems that you have a logical view here friends, only when we have a way of how to trade properly and correctly to get consistent profits from the trades that are carried out, that is a good thing, but just trying it is of course a stupid action, you better work while learning first before forcing yourself to be a full time trader.

Quote from: gunhell16 on July 26, 2023, 04:06:17 AM

It can really be the source of income to the Bitcoin Trading or Cryptocurrency but your understanding and knowledge of trading here should be deep. It is not advisable for the newbies to do this as source of income immediately, because you will only have difficulty especially if you pay for the expenses.

It is no joke to do trading here in this industry, there is a lot to consider, it can't come what we have to do here in the trading business here. But everyone is being studied as long as the dedication and determination is there in your decison.

Because there are so many price fluctuations that cannot be explained by technical analysis, and besides that daily bitcoin is very volatile, it will be very difficult if you don't have an in-depth understanding.
And risk management, mentality, funds, and so on, we have to really understand things like that, for example, so that we can be more organized in trading.

gunhell16

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It can really be the source of income to the Bitcoin Trading or Cryptocurrency but your understanding and knowledge of trading here should be deep. It is not advisable for the newbies to do this as source of income immediately, because you will only have difficulty especially if you pay for the expenses.

It is no joke to do trading here in this industry, there is a lot to consider, it can't come what we have to do here in the trading business here. But everyone is being studied as long as the dedication and determination is there in your decison.

sysoe

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Quitting your job to trade Bitcoin is like jumping off a plane without a parachute. It might seem exciting and adventurous at first, but it’s also risky and reckless. You never know when the market will crash or when the regulators will knock on your door. So unless you have a death wish or a trust fund, I wouldn’t recommend it.

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Quote from: Ricardo11 on July 25, 2023, 11:58:53 PM

In my opinion, Bitcoin trading should never be your only source of income. Because Bitcoin never guarantees 100% profit. Because the Bitcoin market is extremely volatile. And Bitcoin trading is high risk. If you don't know the details about Bitcoin trading, trading in Bitcoin at the wrong time, the volatility of Bitcoin can depress your earnings. Which will be very difficult for you. So Bitcoin trading can never be the only source of income.

It's true that Bitcoin trading has a high risk but that doesn't mean just because it makes Bitcoin trading unable to be the main source of income, I think it's very capable of making Bitcoin trading the main income and even I've seen people with a luxurious life just from their income trading Bitcoin, all of that goes back to the knowledge they already have for bitcoin trading, if you already have qualified knowledge I think it's very possible to make bitcoin trading the main income, especially with very fast price movements it's possible to be able to take a lot of profit.

Sebas.tian

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Yes, is possible to quit your job and focus on Bitcoin trading to be your source of income when you carry out your personal research to know that it will not affect your living and savings. Many people that took such decision in the past to quit their jobs to focus on Bitcoin trading, find it difficult to cope with the inflation that occurred early last year 2022 and the price of Bitcoin was low through out the year that made many investors never to embarked on such decision to quit their jobs than to be doing the two together. I don't think, Bitcoin trading can be only source of my income because it will be difficult for me to cope with one source of income at my age, which it will really affect my living and wealth growth in the society.

Ricardo11

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In my opinion, Bitcoin trading should never be your only source of income. Because Bitcoin never guarantees 100% profit. Because the Bitcoin market is extremely volatile. And Bitcoin trading is high risk. If you don't know the details about Bitcoin trading, trading in Bitcoin at the wrong time, the volatility of Bitcoin can depress your earnings. Which will be very difficult for you. So Bitcoin trading can never be the only source of income.

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Quote from: iBaba on May 05, 2023, 06:09:45 AM

~Snip
Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

In my personal opinion, if you let go of jobs in the real world and switch completely to bitcoin, such an action is not the right thing. Because it would be nice, if you already have a steady job, don't just waste it, just because you want to focus on investing or trading in bitcoin. Because in my opinion, work in the real world remains the main one and cannot be let go. Because jobs in the real world have advantages such as having regular salaries and jobs that can be done for a long time. So basically work in the real world can be called a safe zone.

Because what I experienced, actually could have done both things simultaneously. I am also a bitcoin investor, but I also have a job in the real world, to be more precise, have a business that I manage. But in reality I can work on bitcoin and the business that I have at the same time and quite well.
So in my opinion, don't make bitcoin as an excuse for someone to leave their job, because it has risks. And most importantly must be able to manage time as well as possible. Because what I've experienced so far, being able to manage time is the right key to be able to do both things (work and trading in bitcoin).

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Quote from: abel1337 on June 28, 2023, 11:48:31 AM

Quote from: xSkylarx on June 28, 2023, 08:33:36 AM

Quote from: radjie on June 28, 2023, 07:33:57 AM

Quote from: iBaba on May 05, 2023, 06:09:45 AM

As a young person, I am overwhelmed by my curiosity in trading Bitcoin, but I'm not sure if it is appropriate for me to resign my white collar work and return to trading exclusively Bitcoin.

This was a conversation a buddy of mine and I had yesterday, and I felt compelled to bring it to this illustrious platform for the best types of advice and counsel.

Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

Focusing on Bitcoin trading can indeed be profitable, but it depends on market conditions, and the best option that can minimize the risk of loss is to prioritize trading in the long term
If you decide to leave the main job that you currently have, I think it's an incorrect decision and very risky, because relying on day trading on Bitcoin is quite difficult to be able to make a profit

The stability in trading compared to your stable job is very different because in trading there are really times that you are in loss, unlike in your job, which is a stable one. That is why others are making trading their side hustle because they can do both: go to work and trade after work. Though there are really professionals that are quitting their jobs, they have already established a profit, which means they have recorded that in the past few years they have been in profit even though the market is very bad.

I agree, this is why we can only see few people who are considering trading as their full time job. Those who are doing trading as their full time jobs knows the risk and the scenarios they might because of the experience they have. Winning a few times doesn't mean you are good enough to consider quitting your stable job and just doing trading. We have different cases in life but if we have a stable job, don't quit it and make a very careful decision if you are planning to do trading as your main job. Trading is a very good side hustle indeed but doing it full time is not for everyone since you can consider yourself aware of the whole market scenario 24/7 which is strenuous to some people.

Full time job or would be considered to be a job if you are really that trying to look into your monitor the entire day but its true that this one would really be good as a side hustle on which it doesnt really need

for you to stay in front of your computer all day on just simply watching on the position that you had made.Even if you do have your day job then you could always be having the chance or opportunity on checking out those trading positions at ease. Therefore, it would really be just that entirely depending on how someone would really be handling themselves on multiple positions or conditions
on which it would be normal if you have decided to have some other extra income.

The more the better we know right? It is really just that a matter of more time spending and sacrifices if you do have that extra time on everyday on watching up your trades.

Captain Corporate

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Knowing what I know right now, if I started from scratch again, I would be able to make this into a sole source of income, and I do not mean like if I knew the prices, no need to know prices because that would be a cheat code and obviously everyone would make a profit if they knew the prices. I mean back when I first started I knew nothing about trading, no charts, no nothing, it was basically nothing at all. But right now I know enough to know when to get out, I have made about 11 correct decisions in a row now and I think that's the type of thing that I lacked a lot back in the day. This is why its so important for me to study because when you study that ends up being something so much more important.

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Quote from: xSkylarx on June 28, 2023, 08:33:36 AM

Quote from: radjie on June 28, 2023, 07:33:57 AM

Quote from: iBaba on May 05, 2023, 06:09:45 AM

As a young person, I am overwhelmed by my curiosity in trading Bitcoin, but I'm not sure if it is appropriate for me to resign my white collar work and return to trading exclusively Bitcoin.

This was a conversation a buddy of mine and I had yesterday, and I felt compelled to bring it to this illustrious platform for the best types of advice and counsel.

Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

Focusing on Bitcoin trading can indeed be profitable, but it depends on market conditions, and the best option that can minimize the risk of loss is to prioritize trading in the long term
If you decide to leave the main job that you currently have, I think it's an incorrect decision and very risky, because relying on day trading on Bitcoin is quite difficult to be able to make a profit

The stability in trading compared to your stable job is very different because in trading there are really times that you are in loss, unlike in your job, which is a stable one. That is why others are making trading their side hustle because they can do both: go to work and trade after work. Though there are really professionals that are quitting their jobs, they have already established a profit, which means they have recorded that in the past few years they have been in profit even though the market is very bad.

I agree, this is why we can only see few people who are considering trading as their full time job. Those who are doing trading as their full time jobs knows the risk and the scenarios they might because of the experience they have. Winning a few times doesn't mean you are good enough to consider quitting your stable job and just doing trading. We have different cases in life but if we have a stable job, don't quit it and make a very careful decision if you are planning to do trading as your main job. Trading is a very good side hustle indeed but doing it full time is not for everyone since you can consider yourself aware of the whole market scenario 24/7 which is strenuous to some people.

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Quote from: radjie on June 28, 2023, 07:33:57 AM

Quote from: iBaba on May 05, 2023, 06:09:45 AM

As a young person, I am overwhelmed by my curiosity in trading Bitcoin, but I'm not sure if it is appropriate for me to resign my white collar work and return to trading exclusively Bitcoin.

This was a conversation a buddy of mine and I had yesterday, and I felt compelled to bring it to this illustrious platform for the best types of advice and counsel.

Is it safe for a Bitcoin trader to quit their jobs and focus solely on Bitcoin trading if they can devote their time and attention to maximize the benefits in the Bitcoin world?

Focusing on Bitcoin trading can indeed be profitable, but it depends on market conditions, and the best option that can minimize the risk of loss is to prioritize trading in the long term
If you decide to leave the main job that you currently have, I think it's an incorrect decision and very risky, because relying on day trading on Bitcoin is quite difficult to be able to make a profit

The stability in trading compared to your stable job is very different because in trading there are really times that you are in loss, unlike in your job, which is a stable one. That is why others are making trading their side hustle because they can do both: go to work and trade after work. Though there are really professionals that are quitting their jobs, they have already established a profit, which means they have recorded that in the past few years they have been in profit even though the market is very bad.

Topic: Can Bitcoin trading be my sole source of income? (Read 1364 times)