Can Bitcoin trading be my sole source of income? - page 5.

Yamifoud

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Quote from: AicecreaME on May 27, 2023, 07:15:11 AM

If you don't want your job anymore and want to go full time in trading, quit on your job.

But, if you're going to be practical and want to play it safe, you could do trading, just don't quit your job. You could gain experience in trading little by little by spending some time trading when you don't have work, like every weekends or any day when you don't have anything to do. Then, when you know you can do it, quit your job then go full time in trading.

That is a good suggestion because learning can't be instant. Meaning it takes time and more experience before we fully understand trading and make ourselves confident that we can earn profit from trading and make this our main source of income. If we quit our job, meaning we are cutting our one source of income. So it must be sure that we earn enough from trading similar or more from what we get from our job otherwise, leaving is not the right option to take.

So OP, should have to think it several time and consider the impact in your finances when you don't have salary to receive at the end of the month.

Mauser

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Quote from: iBaba on May 05, 2023, 07:09:45 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?

No it's definitely not safe to quit your job and become a full time crypto trader. Trading income is not guaranteed and is not going go be constant. That is a very difficult decision that you should think about in detail and don't make it a hasty decision based on emotions. A successful trader needs two things, experience and capital to make a lot of money. You could always get around one or the other with some help, but if you are young without experience and no real starting capital, than it's really hard to make. To live of your trading income you need constant payouts to buy food and pay your bills. Before taking such a drastic step I would recommend you a crypto portfolio on the side and see how profitable you are. Quitting our job and losing our main source of income can be devastating.

AicecreaME

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If you don't want your job anymore and want to go full time in trading, quit on your job.

But, if you're going to be practical and want to play it safe, you could do trading, just don't quit your job. You could gain experience in trading little by little by spending some time trading when you don't have work, like every weekends or any day when you don't have anything to do. Then, when you know you can do it, quit your job then go full time in trading.

newdevices

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Quote from: carlisle1 on May 27, 2023, 02:14:10 AM

Quote from: Rockstarguy on May 27, 2023, 01:52:44 AM

Quote from: iBaba on May 05, 2023, 07:09:45 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?

It is not safe expecially for someone who is not experienced in trading, as young trader you need a source of income that can fund your trading , and won't let you depend too much on the profit of your trade. If at all one should quit job for trading, their must at least good experience over the years in trading, you can't just start trading and thinking of quiting your job to concentrate on trading as a source of income, it is a wrong financial decision. Trading is unpredictable.

I also see that way, unless you already gain the knowledge that you need to have a good patterns and sets of strategy that you can rely
while dealing with your trades.

Having a main source of income and use trading as additional or means of your investment might give you a better chance to establish your future goals.

Trading is a venue where you can't just place your position and expect to generate profits, it's a two-way outcome where chances to lose
is always possible, there's always risk anticipating aside from a possible benefits.

It's not ideal if you place trading as your main job, because as you said, the risk will always be there, namely experiencing a loss,
trade better make it as an additional income only which we do not depend on it,
what is clear trading will not always be profitable.

carlisle1

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Quote from: Rockstarguy on May 27, 2023, 01:52:44 AM

Quote from: iBaba on May 05, 2023, 07:09:45 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?

It is not safe expecially for someone who is not experienced in trading, as young trader you need a source of income that can fund your trading , and won't let you depend too much on the profit of your trade. If at all one should quit job for trading, their must at least good experience over the years in trading, you can't just start trading and thinking of quiting your job to concentrate on trading as a source of income, it is a wrong financial decision. Trading is unpredictable.

I also see that way, unless you already gain the knowledge that you need to have a good patterns and sets of strategy that you can rely
while dealing with your trades.

Having a main source of income and use trading as additional or means of your investment might give you a better chance to establish your future goals.

Trading is a venue where you can't just place your position and expect to generate profits, it's a two-way outcome where chances to lose
is always possible, there's always risk anticipating aside from a possible benefits.

Latviand

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Quote from: isaac_clarke22 on May 08, 2023, 10:31:12 AM

Quote from: Latviand on May 08, 2023, 07:12:24 AM

~

80% kinda high though possible. Just not that easy considering the volatility, don't you think?

Definitely not easy but OP said asked if trading can be his only source of income so 80% is what I felt the best estimate so OP can subsist on just trading.

Rockstarguy

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Quote from: iBaba on May 05, 2023, 07:09:45 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?

It is not safe expecially for someone who is not experienced in trading, as young trader you need a source of income that can fund your trading , and won't let you depend too much on the profit of your trade. If at all one should quit job for trading, their must at least good experience over the years in trading, you can't just start trading and thinking of quiting your job to concentrate on trading as a source of income, it is a wrong financial decision. Trading is unpredictable.

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Quote from: iBaba on May 05, 2023, 07:09:45 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 is a silly choice when you have to stop working and choose the only source of income through Bitcoin trading and it is not recommended in my opinion?

Quote from: iBaba on May 05, 2023, 07:09:45 AM

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.

You have correctly introduced your friend to trade, but the problem is the way he is in understanding trade and the extent of their concentration and consistency in taking opportunities in trading by learning first.

Quote from: iBaba on May 05, 2023, 07:09:45 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?

Why choose to stop working? And what reasons make you encouraged to be involved in Bitcoin trading? Can't you do it simultaneously and try to manage time to be involved in the Bitcoin trading. I think you have to review the decision and also you have to learn about Bitcoin votality when you trade.

MiF

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Quote from: iBaba on May 05, 2023, 07:09:45 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 it is possible but it needs a lot attention or full time monitoring, there are traders and investors here that earn trading in daily basis however the earning is not the same it is sometimes big and sometimes small, so they used to find another job to earn extra income, but as what i have observe it is possible to make trading a sole source of income.

CryptoHeadlineNews

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Quote from: iBaba on May 05, 2023, 07:09:45 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?

The worst thing anybody can do is quit their job to start trading bitcoin or any other digital currencies when he/she has got no experience with how the market works, the risks involved, and the best strategies to achieving results even in the worst-case scenario. Because one thing O.P just needs to understand is that in trading, profit is never guaranteed, as you could either make a profit or loses depending on the market movement and time of the trade. But that doesn't mean trading is not lucrative in which you can make thousands of dollars in a few minutes, but in the same way is it also risky in which you can lose thousands of dollars in the same few minutes. So as a newbie, I will advise you to continue with your white-collar job, and keep on perfecting your trading skills, until you are sure enough to make a good decent amount of money more than what you are getting paid at your workplace, then you can quit.

Iadegbola34

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When considering quitting your job to focus solely on Bitcoin trading, it's important to:

1. Assess your financial stability.
2. Gain knowledge and experience in Bitcoin trading.
3. Diversify your investment portfolio.
4. Stay informed and adapt to market changes.
5. Plan for the long term and seek guidance from experts.

btcfan8

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Quote from: iBaba on May 05, 2023, 07:09:45 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?

As others have said, it's fully possible to make a full time living trading Bitcoin. There are many who do it. Just be aware of the MANY risks involved.
I would only consider it if I have a decently sized safety net for if things go tits up. You do not want to be without a job, and end up losing trades 6 months in a row, and BTC is down 50%.

Similificator

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Quote from: iBaba on May 05, 2023, 07:09:45 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?

Personally, I would advise you to always have backup plans if you really want to go full time trading. At least be financially stable first before quitting your job(s) just to focus on trading crypto. Also, it would be best that along with earning enough money to support you on bad trading seasons or losses, learning as much as you can and getting used to trading in this industry on your free time is something that would be very beneficial for you in the long run.

Of course, there are also those lucky ones that really risked it and started focusing on trading then just diversifying their investments on other industries to financially stabilize themselves.

It really just depends on the type of person you are and the circumstances you are in.

Anyway, however you want to go about it, good luck and hope you succeed.

HailunBu

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I have tried a variety of investment methods, stocks, foreign exchange, bitcoin. I think it is best to choose a currency transaction that suits you~
Our ultimate goal is to make a profit。

Rigon

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Quote from: iBaba on May 05, 2023, 07:09:45 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 have been trading with the trading platform for a long time. I have gained a lot of experience from trading platforms over the past few years. But till now trading platform 'source of income' I can't say for sure. Because you have to lose most of the time to trade and you have to be in loss most of the time. In such a situation how can you consider the trading platform as high income. But if you get enough education from here then I would say you can do trading along with job.

xSkylarx

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Quote from: Dr.Osh on May 22, 2023, 11:35:01 PM

Quote from: Bitcoin_people on May 16, 2023, 07:26:41 AM

If you are young or a student then you should definitely focus on your current studies. and can invest small amount of money in bitcoins along with studying. And if you can manage your own expenses by investing in this Bitcoin then it is good for you. and if you are employed then you should work and in free times you can be related to Bitcoin if you want. Quitting your job thinking of investing in Bitcoin will be your biggest mistake. So save some money besides your job and invest in Bitcoin later with the saved money. Only then will your Bitcoin investment remain a future asset.

I am pretty sure that he has finished school and is working, but I think it is a bad idea to quit his current job, especially since he is just about to start focusing on trading.
Personally, I might be inclined to work and trade on the side. it could be my only source of income if I maybe have nothing else to do at the moment, and am still looking for a job, or still growing a business. however, if I had a job, I would be trading on the side. it is because trading does not require 24 hours to be noticed. besides that, trading can also be accessed via smartphone, which means you can even do it while working, or taking a break.

Just imagine you are working and top of that is you are doing trading which is an extra income, people right now needed those jobs and side hustle to survive so it is really better to make the trading side hustle and not your full time job mostly if you are just starting out as it is not good idea , you'll be needing to learn more and experience more in trading , also you can trade while at work or after your work when you got home , just manage your time well and for sure you'll not regret it.

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It depend the way you want it as a trader, because you can be working in an organizations and still be a crypto traders but the most important thing is to have potential skills on crypto trading so that it will be easy for you to get something good at the end of your trading. I will not advise you to leave your primary job and focus on Bitcoin trading alone, which is not advisable because Bitcoin price is unpredictable, it can decide to pump higher this year and dum through out next year. You can continue doing your normal job and still trading your Bitcoin which it will help you to make a double income that will increase your capital in future.

Dr.Osh

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Quote from: Bitcoin_people on May 16, 2023, 07:26:41 AM

If you are young or a student then you should definitely focus on your current studies. and can invest small amount of money in bitcoins along with studying. And if you can manage your own expenses by investing in this Bitcoin then it is good for you. and if you are employed then you should work and in free times you can be related to Bitcoin if you want. Quitting your job thinking of investing in Bitcoin will be your biggest mistake. So save some money besides your job and invest in Bitcoin later with the saved money. Only then will your Bitcoin investment remain a future asset.

I am pretty sure that he has finished school and is working, but I think it is a bad idea to quit his current job, especially since he is just about to start focusing on trading.
Personally, I might be inclined to work and trade on the side. it could be my only source of income if I maybe have nothing else to do at the moment, and am still looking for a job, or still growing a business. however, if I had a job, I would be trading on the side. it is because trading does not require 24 hours to be noticed. besides that, trading can also be accessed via smartphone, which means you can even do it while working, or taking a break.

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Quote from: iBaba on May 05, 2023, 07:09:45 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?

Dont quit your job because dealing up with trading nor investment doesnt really assure someones success or survival on day to day living.We know about expenses are in day to day on which you would be needing
to earn something in weekly,bi-weekly or monthly on which you could really able to get on having that day job with having some security or assurance that you would really be getting something on that particular
date. It is really just that making trading as your source of income is something that not everyone could do so.

We do have different knowledge and expertise or on how we do trade and our income or profit would be the ones will really be adding up into our other day job. Its just good for side income
and not really that worth on quitting just because you've been seeing others making money but you dont know on what are their struggles and challenges before
they do able to hit it up.

LUCKMCFLY

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Quote from: blockman on May 05, 2023, 06:52:00 PM

Quote from: iBaba on May 05, 2023, 07:09:45 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?

It's safe but one that has become full-time in trading bitcoin has understood the risk that he's going to take. I advice you not to quit your job while trading bitcoin.
You can do the same thing at the same time without even the need for you to resign from your job. This is a risky market and volatility shouldn't be taken easily since you're still new to this. A full time trader can't only be found in Bitcoin but also in other markets like stocks, you'll see people that have committed and decided to go full time with those because they know that they can.

I think that what Influences there is the decision and the power of knowledge that the person has, he could not deny that it is too risky a decision, but if he makes it, it is a matter of being very sure that he will win consistently and that he obviously has a very big so that you can resist the losses and can recover with other trades, that is always the hope, otherwise I think it would not make sense, because if you have Little capital and if you arrive with a bad Streak then you lose everything,then trading is not something That it is decided in this way to be a Profession that is taken as a way of living, otherwise the required responsibility must be very well Assumed.

Topic: Can Bitcoin trading be my sole source of income? - page 5. (Read 1320 times)