Topic: Can Bitcoin trading be my sole source of income? - page 6. (Read 1364 times)

Many? No I don't think so. Maybe you mean to say that many people are losing in trading. When I open tiktok, I saw lots people burning their money in doing trades but that was true because trading is not easy and there are a lot of risk that entails with it but once you mastered it or got lucky, it is also very rewarding more than any other sources of income.

Yup, trading comes in different forms. They can be stocks, forex, and the one we have here is crypto. Online trading does not need live interaction with other people. It is safe and convenient. In trading, analyzing the market is important in order to have a better success rate when it's comes to predicting.

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.

Yes you can, but the question is how knowledgeable, and profitable you are in Bitcoin trading.
Are you making the same amount that you're getting in your white collar work on a daily basis in Bitcoin trading? If yes, then are you consistent enough to gain profits on a daily basis? If yes then you're an expert then because you aren't losing. . Are you ready just incase you experience losses because even experts experiences losses in trading.

Like you, I also thought of the same thing when I was starting in trading. What if I stop my day-to-day job and just focus on trading? I also have the same questions as you are. Few weeks after that, I started trading in futures because I know that I will not earn that much in spot trading. First few days I was profiting, but after that, I made one wrong entry, forgot to put a stop loss, and got liquidated. My days worth of profit just vanished in one wrong entry.

I'm not saying that my experience will happen to you because we are different. I'm just saying that there's a chance that it might happen to you, and if that happen, are you ready for it? Are you capable of letting your emotions go because sometimes, people let their emotion decide for them. Market don't care about your emotions, and if you lose, nobody cares.

Now to answer your questions, quitting in your job, and solely focus on Bitcoin trading isn't safe at all though I'm not saying that it's prohibited. I'm not recommending you to do it as well. I would suggest to just do both if you can. Continue on your day-to-day job while at the same time, doing some Bitcoin trading. Try trading first before deciding on quitting on your daily job or not.

riches generated independently without going outside to work or exerting physical effort, rather than simply sitting at home and having a pleasant time monitoring the charts, while your technique prints big fortune for you without worry. I've acquired some bitcoin and that project is an effective one because I'm a beneficiary of it, it serves as reserves for my money during difficult times, and I'll be eternally grateful for evaluating bitcoin seriously from my very first trading attempts. Trading is not for everyone because it takes some time for traders to become acquainted with it.

Quitting your job just because you would be deciding to make trading as your main job? Then here are the considerations;

1. See if you are earning and make money despite of the losses
2. If you do see that you would really be needing ample time for you to make more
3. Sustainability
4. You should observe if you are really that could stand alone

Trading as your source of income is really indeed possible but it would really be taking lots of considerations on doing so. You cant really just rely yourself and making it as a living
without having that proper or enough preparation because this isnt something that you could really be able to do so. You would be finding out for yourself
whether you are really able to handle it out or not. It would really be depending or basing up on different conditions as you would be experiencing it
along the way.

In any game (and bitcoin trading is a game), it is very important to ask yourself the most important question - what is your competitive advantage? 

Bitcoin trading is a zero-sum game.  Some traders make profits and some traders make losses.  Money moves from one trader to another trader. 

What is your competitive advantage in this game?  Why do you think you will make a profit and not a loss? 

By answering this key question, you will also answer the question of whether you should quit your job and focus entirely on bitcoin trading.

There are people who are doing trading only and making good profits from it only but it requires trading skills, experience and knowledge of the market.You also need to have some funds with you in the start to boost up and back up your journey as well as loss to face in trading.You see those who make good trading profits but don't get too influenced by them but if you find it fine after some time you can make it full time.

have you decided what to do  as it has been week after asking the community ? because it seems that you are not interested to whatever advise and answers we bring you here , as this does not attract you to come back and inform us about what you truly wanted.
maybe holding not only bitcoin or not to solely trade bitcoin , because look at it as keeping multiple currency in your folios but of course those  best one and never engage in shitcoins.

Is really a decision you have to make on your own, if you feel you can do more better than when you're in your current job then why wait for that long, you know the potentials you possess. If you feel you can handle both jobs then you're good to go but at the same time never forget the risk involved.
On second thought, if you're a beginner don't quit your steady employment for trading unless you have amassed enough wealth for risk taken, it's never cool to quit your job and making trading a career.

Be informed that Bitcoin trading is a highly flexible activity with significant risks. Despite the potential for huge returns, great losses can also be significant. As such, it's crucial to approach Bitcoin trading with a defined strategy and effective risk management. Before quitting your current job, it is essential to assess your financial situation and responsibilities. Are they people who are solely dependent on you for financial coverage? considering whether financial support is available in the event of trading failure.
Furthermore, it is important to do proper research on Bitcoin trading to enhance your scope and to boost your confidence in the crypto world.
All in all, it remains entirely your decision whether or not to quit your present job and go into Bitcoin trading full time after you have weighed your options properly.

Don't quit your job bro. I would suggest not quitting your job to trade Bitcoin full time, especially if you are new to the world of cryptocurrencies. Trading Bitcoin and other cryptocurrencies can be very volatile and unpredictable. Relying solely on trading Bitcoins for your income can be stressful, as the market is open 24/7, and you may feel compelled to constantly monitor the market and place trades. This can lead to burnout and poor decision making. Make trading bitcoin as a side job only. You can still learn and gain experience in trading while maintaining the stability of your current income.

Generally many people around the world today have made à living through trading , and it being in all sorts of forms..for others they have actually made gòod money through peer to peer trading using bitcoin which is the simplest forms of trading ,and for others that don't want to interact with people could trade it by analysing charts and choosing to long or short the market and its paying people's  bills... Overall when it comes to trading,  their is something for everyone.

There are traders out there especially those who are profitable focus their time in trading. That's because they prove in their selves that they can earn money without their outside work, in short they are profitable already in trading. So if you're a beginner who wants to trade, I would highly recommend not to quit on your job because this time you can't be sure that you can survive if you only rely on Bitcoin. Just put a small amount of money and make it double using your backtested trading plan. If you successfully accomplished this, you can do again with the same amount and make it double or triple, in a specific period of time. So, if you do it in a year and have established yourself to be a profitable trader, now is the time to quit your job, especially if you feel like you're earning more than you do at your work.

Don’t pressure yourself if you are still in doubt, no need to hurry because there will always be opportunities to trade and make profits once you become a pro trader in the market. I know the feeling since I’ve experienced the same way back then, but then I chose to keep my job along with trading because aside that I am family man, I know how trading is so risky that even if you’re a legend in trading, there will always be unstoppable losses that may happen to your trades.

Bitcoin is a volatile currency. Its value can fluctuate rapidly within a single day. Meaning, It can create opportunities for profits because its value might increase suddenly. While bitcoin trading can be a great source of income because of its demand, it is still a risky take to quit your stable job with steady income to something that changes from time to time. I suggest that you shouldn't quit your job for bitcoin— instead, find ways to incorporate bitcoin to your job to further increase the income you're getting. Your job will sustain your daily needs while bitcoin is an investment for your future. Also, Having various ways to produce money will be a great help on your journey in trading.

There is no doubt that the cryptocurrency market is a good platform to earn profits.It is also very risky.Even a very experienced person cannot take it as a full time job.There are also many occasions where your entire fund gets stuck and due to which you are stuck for a long time, And often experienced people also get lost here.

This platform can be trusted as a side business but I would not advise anyone to quit their job and start trading in Bitcoin based on experience.
According to my opinion trading in bitcoins every person should have any other business or job.This is a part-time job and should be treated as a part-time job.

a wise step in responding to trading as the main livelihood. especially if we are still in the learning trading phase like me, we haven't been able to make a consistent profit making it my side job, this can be done because trading is not time bound and we can even place pending orders, and place stop losses and targets without having to be in front of the market every time time. the main job sustains our lives and the results of trading as a developer of our assets so that in the future we can achieve financial freedom

yes, it all depends on how the market moves. I also suggest not to quit his job because it can also make him an additional income, unless he is really proficient in trading, and build other businesses from it. However, for starters, it's best to keep your job. try to live that life for a while, so when you don't feel right for trading, then you still have your job.

How long have you been trading in the Bitcoin industry? How deep is your knowledge of Bitcoin trading? and how much is the minimum profit you get from trading here?
It's hard to sacrifice the job you have if this is your only source of income and then there are bills that must be paid every month. If you think you can earn more from trading than your salary as an employee, do it. But if not, you should think about it carefully.

Working from 8 m-5pm and doing trading after getting home for at least 2-3 hours, well, that is pretty enough. Because trading doesn't require a whole day facing on the computer and even if you are a full-time trader, nobody is doing that for sure. It is really all about managing our time properly and if we can get on the schedule. But I see it was not the main concern here, what I'm trying to say is that we need financial assurance which is why it was hard to leave our job just for trading. Maybe we can do this in the future when we already have enough savings.