Can Bitcoin trading be my sole source of income? - page 2.

uswa56

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I would never consider trading to be the main or the most important option to work with. It is important that there are fallback options that could insure the trader.

Of course nothing is guaranteed, but if you do it right, it's not impossible that the results of Bitcoin trading can be the only source of income and even that can be quite promising.
I have a friend who only earns from Bitcoin trading and he is living in luxury already in the last few years, that's so true that it makes me believe.
But I didn't follow in his footsteps because doing so was not easy, there were many lessons to be mastered and a long time to learn them.

radjie

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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

omgitsmehehe

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Quote from: UchihaSarada on June 27, 2023, 11:21:35 PM

You can not sustainably get profit from your trading and you will not be able to rely on trading profit as your income to live. You must save your profit very disciplined like always taking out profit as your income and only using your initial trading capital to trade. Don't increase your trading capital with part of your profit. You must save your profit for times when you can not gain new profit from trading.

Trading is hard and using your profit from trading, protecting your initial capital are very challenging.

I work for income, invest for my prosperity in future and trading is not my priority.

Trading is challenging, but we have no choice but to trade and find valuable means of providing for ourselves and our demands. Although we face challenges in the market on a regular schedule, either our trades do not go our way or we lose out on substantial entries, which results in an aggregate losses for us. Individuals who understand how the market works and when to trade bitcoin can make bitcoin their sole source of income. I've met senior traders who have become more focused on the project; they've made a lot of money from trading and see its full potential. Bitcoin is a well-known initiative, and we are aware of its long history in the market.

JeremyW99

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It certainly can be, but you need a reliable strategy.

I like this one: https://youtu.be/IW3fvs-mqf4

Don't quit your job until you're consistently profitable though. You'll be under a lot more pressure if trading is your only income source - so you need to control those emotions.

UchihaSarada

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Quote from: Bushdark on June 27, 2023, 05:25:42 PM

If we want to trade on Bitcoin, that is a good idea just like the regular way we trade on other coins to make money for ourselves.

You can not sustainably get profit from your trading and you will not be able to rely on trading profit as your income to live. You must save your profit very disciplined like always taking out profit as your income and only using your initial trading capital to trade. Don't increase your trading capital with part of your profit. You must save your profit for times when you can not gain new profit from trading.

Trading is hard and using your profit from trading, protecting your initial capital are very challenging.

I work for income, invest for my prosperity in future and trading is not my priority.

Bushdark

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Quote from: WatChe on June 27, 2023, 02:44:35 AM

Quote from: lienfaye on June 27, 2023, 02:10:58 AM

It's not that bad if you're really confident to trade Bitcoin. However, despite of the time and effort you spend, there are moments you can't really take profit consistently since bearish season is for accumulation. Therefore you have to wait for an increase in order to trade your Bitcoin. Just shows that there's a certain time on when you can profit and a time to fill your bags. That being said it's not really wise to quit your job to be a full time Bitcoin trader, though no one can stop you if you think that's more beneficial in your situation.

Anyway, we have different opinion regarding this. Maybe some prefer to go full time because it's convenient rather than working 8 hours a day on a day job while some don't agree. But just remember to always choose what's giving you a profit that can sustain the needs of your family and it can be both if possible.

Its ideal to trade (preferably invest for long term) in Bitcoin along with your job or business rather quitting it altogether. I may take weeks or years for Bitcoin to see its next bull run and this can be a nightmare for anyone depending solely on it. Bitcoin in Dec 2017 was trading on its ATH of 17k and in next Dec it was trading on 3500$. There are many things we can do along with job to increase our income like participating in signature campaign here etc. Job or business is must if you have a family to feed.

If we want to trade on Bitcoin, that is a good idea just like the regular way we trade on other coins to make money for ourselves.
Trading isnjuts unique and we can choose to trade on Bitcoin pairs so that we can make money due to the market volatility of Bitcoin. Those that know how to find there way to get what they want will always want to trade on Bitcoin pairs if they understand the market very well and not to be greedy to lose the profits they will eventually make depending on the strategy they decided to use to earn from the market.

Mahanton

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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?

Possible but not something that can be simply be able to pull off be someone on which it would be taking lots of years with effort and time should be poured on with trading until you would really be finding yourself that
sustainable. Reaching out this state is never been able to be that some reachable for those who do engage with this field. There might be someone who do able to make living with trading but they have passed through lots of challenges within this market. Losses are inevitable but what matter the most is that you do end up on having that profit in the end of the day.It might not be consistent or constant but at least you are aware
that you are really that still on positive side. Its really that normal to have these kind of outcomes considering that this market is really that unpredictable. There's no way that we could really be able to
assure that profit is really that something we can earn on sure manner. If you do test out this kind of journey then you would be able to realize that it wont really be that so easy.

Litzki1990

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Quote from: WatChe on June 27, 2023, 02:44:35 AM

Quote from: lienfaye on June 27, 2023, 02:10:58 AM

It's not that bad if you're really confident to trade Bitcoin. However, despite of the time and effort you spend, there are moments you can't really take profit consistently since bearish season is for accumulation. Therefore you have to wait for an increase in order to trade your Bitcoin. Just shows that there's a certain time on when you can profit and a time to fill your bags. That being said it's not really wise to quit your job to be a full time Bitcoin trader, though no one can stop you if you think that's more beneficial in your situation.

Anyway, we have different opinion regarding this. Maybe some prefer to go full time because it's convenient rather than working 8 hours a day on a day job while some don't agree. But just remember to always choose what's giving you a profit that can sustain the needs of your family and it can be both if possible.

Its ideal to trade (preferably invest for long term) in Bitcoin along with your job or business rather quitting it altogether. I may take weeks or years for Bitcoin to see its next bull run and this can be a nightmare for anyone depending solely on it. Bitcoin in Dec 2017 was trading on its ATH of 17k and in next Dec it was trading on 3500$. There are many things we can do along with job to increase our income like participating in signature campaign here etc. Job or business is must if you have a family to feed.

As an alternative trader along with the job we can choose to invest in Bitcoin. Bitcoin investment this business our alternative is an income site which is very long term. That is, after long term planning we have to invest in Bitcoin. As you said it will take a long time for the price of Bitcoin to go back to the bull run, this long time may be months or years, if we can do this business along with the job, we will have a great chance of making a profit at some point in the future.

Victan22

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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?

To an extent I really don't think quitting your white collar job is a go option for me rather see your bitcoin trading as another stream of income for you while at the same time keep working hard on your job for a higher position if you so desire a promotion in your job.
The reason you should keep your job as well is, based on the unpredictable nature of the crypto market any thing can happen to the value of bitcoin because we never can tell.

rby

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It is not only a matter of being overwhelmed by your curiosity in Bitcoin trading. The fact-finding factor should be if you are making good profits in Bitcoin trading and not just being overwhelmed doing it.

If actually you are a good or a professional trader as other people might call it and then you are getting good results day in day out in Bitcoin trading. You might be tempted to quit your full-time job and focus on bitcoin trading to maximize your profit according to you. However, I would not advise you to do that. Once you stop your job and focus on bitcoin trading you will understand that you have no other alternative rather than bitcoin trading by then you will pressure yourself to produce results, that is beyond their capacity and this could lead to pepertual failure.

Even if bitcoin trading gives you more money than your real time job still maintain both of them and be at ease and peace with yourself. There is this great joy when you understand that you are side job is paying higher than your main job.
You will tend to spend based on your main job and save more from your side job.

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Quote from: lienfaye on June 27, 2023, 02:10:58 AM

Quote from: Desscount on June 27, 2023, 01:43:14 AM

I think the thought of quitting a job that provides me with a steady salary is a bad decision,
consider with a calm mind before making a decision,
better trade make it as a second job and it will be better.

It's not that bad if you're really confident to trade Bitcoin. However, despite of the time and effort you spend, there are moments you can't really take profit consistently since bearish season is for accumulation. Therefore you have to wait for an increase in order to trade your Bitcoin. Just shows that there's a certain time on when you can profit and a time to fill your bags. That being said it's not really wise to quit your job to be a full time Bitcoin trader, though no one can stop you if you think that's more beneficial in your situation.

Anyway, we have different opinion regarding this. Maybe some prefer to go full time because it's convenient rather than working 8 hours a day on a day job while some don't agree. But just remember to always choose what's giving you a profit that can sustain the needs of your family and it can be both if possible.

Correct. There are different opinions about how to take things out of this situation, if you feel that your level of confidence is already
that high and you fully understand all the risks that involves inside this business.

Taking your chance and try your best to achieve your goals is still possible. Trading is an opportunity for those who will invest time and money.

With your knowledge and your good anticipation, you can maximize the benefits of trading. This venue is open for risk takers who
can play well and make a decent outcome.

WatChe

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Quote from: lienfaye on June 27, 2023, 02:10:58 AM

It's not that bad if you're really confident to trade Bitcoin. However, despite of the time and effort you spend, there are moments you can't really take profit consistently since bearish season is for accumulation. Therefore you have to wait for an increase in order to trade your Bitcoin. Just shows that there's a certain time on when you can profit and a time to fill your bags. That being said it's not really wise to quit your job to be a full time Bitcoin trader, though no one can stop you if you think that's more beneficial in your situation.

Anyway, we have different opinion regarding this. Maybe some prefer to go full time because it's convenient rather than working 8 hours a day on a day job while some don't agree. But just remember to always choose what's giving you a profit that can sustain the needs of your family and it can be both if possible.

Its ideal to trade (preferably invest for long term) in Bitcoin along with your job or business rather quitting it altogether. I may take weeks or years for Bitcoin to see its next bull run and this can be a nightmare for anyone depending solely on it. Bitcoin in Dec 2017 was trading on its ATH of 17k and in next Dec it was trading on 3500$. There are many things we can do along with job to increase our income like participating in signature campaign here etc. Job or business is must if you have a family to feed.

lienfaye

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Quote from: Desscount on June 27, 2023, 01:43:14 AM

I think the thought of quitting a job that provides me with a steady salary is a bad decision,
consider with a calm mind before making a decision,
better trade make it as a second job and it will be better.

It's not that bad if you're really confident to trade Bitcoin. However, despite of the time and effort you spend, there are moments you can't really take profit consistently since bearish season is for accumulation. Therefore you have to wait for an increase in order to trade your Bitcoin. Just shows that there's a certain time on when you can profit and a time to fill your bags. That being said it's not really wise to quit your job to be a full time Bitcoin trader, though no one can stop you if you think that's more beneficial in your situation.

Anyway, we have different opinion regarding this. Maybe some prefer to go full time because it's convenient rather than working 8 hours a day on a day job while some don't agree. But just remember to always choose what's giving you a profit that can sustain the needs of your family and it can be both if possible.

Desscount

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Quote from: Alisha-k on June 27, 2023, 12:44:58 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?

except there's another reason why you'd want to quit your job, I personally think it's not necessary.

What grounds have you attained in trading, how much have you earned so far and what's the guarantee or confidence you have that Bitcoin would be able to meet up your daily demands, answer this questions and you'll get the advice you seek.

P.s, hope you they're days of dip and of dump, don't get overwhelmed, take your time.

I think the thought of quitting a job that provides me with a steady salary is a bad decision,
consider with a calm mind before making a decision,
better trade make it as a second job and it will be better.

Alisha-k

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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?

except there's another reason why you'd want to quit your job, I personally think it's not necessary.

What grounds have you attained in trading, how much have you earned so far and what's the guarantee or confidence you have that Bitcoin would be able to meet up your daily demands, answer this questions and you'll get the advice you seek.

P.s, hope you they're days of dip and of dump, don't get overwhelmed, take your time.

blockman

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Quote from: ?? on ??

For yourself, you should understand that no one and nothing will solve your problems, except for yourself. If you approach the work responsibly, then you can really achieve pretty good results.

If it works for him then it works. But coming up with the idea of quitting jobs for trading, you have to make sure that you're doing well and you're making a profit that's enough or more than enough to your needs. Why not do both of it while practicing and if you think that you're good to quit your day job for trading bitcoin and dealing with this tough market, you decide. There have been traders that are jumping from market to another one if they think they're not profitable with the first one. And the logic is just the same on it where you'll look for the market like the topic we've got, bitcoin. That you know you can dominate it and even if some losses may come, that's pretty normal but you've got higher percentage of wins to your trades than losses.

arwin100

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Quote from: TheUltraElite on June 26, 2023, 03:35:08 AM

Quote from: rojan on June 17, 2023, 09:40:23 AM

Yes I agree with you. I used to spend my own money and family expenses by trading but sometimes I had to face many problems. Because trading is not always profitable, sometimes I lose from trading and then I have to face problems. I am working now and earning income from trading. From my job, I get fixed salary every month and if I earn money from trading, then I can live happily. Besides trading, we have to do some other work.

Trading from an amateur or professional standpoint is not a guaranteed profit every month but the salary is and hence I never recommend trading as the first line of money making but a stable job to give you mental peace while you take the risky moves with trading. You might get sudden profits or losses on trading and the stable income or the job will cushion those losses.

Hard to be on situation where we can't earn anything when we are bearish on our trade so I bet much better for us not to focus only with trading since there would be a chance that we could lose everything in bad market movements. Much better to have stable job which is recommended by many since it can give us proper security. Maybe best to add up trading as alternative source of income and try to add other more since this could make our life better if we have multiple income stream.

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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?

I think the same query has been asked by many Members here by different timeframes, but as we all know the answer of the query will change once the OP, put some conditions and situations facing from. For example, if you are doing a white-collar job then AFAI Remember, there are not so many members doing the white-collar job and want to shift to crypto trading as full-time. Well, for you, my suggestion is:

If you think you are really good at crypto trading and you can take it as your full-time job and you have all the privacy, and facilities to work from home or from anywhere as a crypto trader then it all depends on you, means what remains there to stop you doing it. But if you are just a newbie to crypto and by following some of your instincts or paid signals, or you think you made a strategy that will make you profit for a lifetime.

Then dear op, open your eyes, these are not there to remain permanent, sentiments of the market change, and these things will changes. So, in my POV, you should not resign from your job as it will become a permanent source of income for you, while you can take or at least try to cross the risk limits, because you know if things go as not planned then at least you have another job to do.

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Quote from: rojan on June 17, 2023, 09:40:23 AM

Yes I agree with you. I used to spend my own money and family expenses by trading but sometimes I had to face many problems. Because trading is not always profitable, sometimes I lose from trading and then I have to face problems. I am working now and earning income from trading. From my job, I get fixed salary every month and if I earn money from trading, then I can live happily. Besides trading, we have to do some other work.

Trading from an amateur or professional standpoint is not a guaranteed profit every month but the salary is and hence I never recommend trading as the first line of money making but a stable job to give you mental peace while you take the risky moves with trading. You might get sudden profits or losses on trading and the stable income or the job will cushion those losses.

Family expenses will come daily and this trading cannot cover those everyday but your job will help it.

rojan

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

By trading Bitcoin, it is possible to make a living. However, I don't think it will be possible to make daily profit from trading so it cannot be considered as a source of passive income. So you definitely need a fixed job or business to lead a happy life. And besides that you can trade bitcoins which will bring you extra income. and if you hold Bitcoin for a long time instead of short term trading, you can make better profit and in this case the risk will be less.

Yes I agree with you. I used to spend my own money and family expenses by trading but sometimes I had to face many problems. Because trading is not always profitable, sometimes I lose from trading and then I have to face problems. I am working now and earning income from trading. From my job, I get fixed salary every month and if I earn money from trading, then I can live happily. Besides trading, we have to do some other work.

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