Can Bitcoin trading be my sole source of income? - page 7.

Josefjix

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Quote from: Mate2237 on May 11, 2023, 04:07:37 PM

Yes it is possible for depending solemnly only on bitcoin trading for a living. Bitcoin trading is a whole time business in which people can be engaged. But you don't have to resign from your government job. Since trading can be done at anytime and anywhere therefore you do your trading even in the office in your working place so there is no limit for that. There are many people that are here that doing the same thing here.

If depends only trading and the day the market do not favoured you, what will you do? So keep the job running because trading is unpredictable and risk.

It's a good idea to acquire a side work that can supplement your portfolio when you suffer large losses; this is the job you'll fall back on for financing; it's straightforward and recommendable. Trading full-time is also an option, but it is dependent on your level of experience in the market, which is volatile and prone to swings. It's unpredictable, and we never know what will happen next in the market, so the best thing to do is mentally prepare for any eventuality, good or bad. Trading bitcoin in the space is a legitimate way to make easy money online.

Sanitough

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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 would never say it’s safe unless you have any other stable source of income that will generate money for you when trading itself starts not working out on you. Though it’s undeniable that lots of traders have been very successful and have finally reached to where they are right now, but know that everything they pass through have been very hard and risky. You don’t know how much they have lose first before you see them succeed. And note that not everyone is capable to trade and destined to end up trading successfully, others may be good at their performance at first but still end up quitting. That’s how hard and risky trading is. So if you think you can still manage those risks and pressures, then go and take the risk in trading but keep your job first until you see yourself earning well from trading.

Mate2237

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Yes it is possible for depending solemnly only on bitcoin trading for a living. Bitcoin trading is a whole time business in which people can be engaged. But you don't have to resign from your government job. Since trading can be done at anytime and anywhere therefore you do your trading even in the office in your working place so there is no limit for that. There are many people that are here that doing the same thing here.

If depends only trading and the day the market do not favoured you, what will you do? So keep the job running because trading is unpredictable and risk.

Alpha Marine

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I think before Bitcoin trading becomes your sole source of income you have to be really, and I mean really experienced in bitcoin trading. You can't be new to trading and want to make it your sole source of income.
Before you quit your job to focus on trading you have to look at how much you have been making while trading on the side(this is assuming you have been trading previously), because bills are going to be paid from that income.
Bitcoin trading is like every other skill, you have to learn and understand it first but in this case, you can make losses. And also, you have to have a liking for trading. You can't just get involved in it because you see people who are involved making money out of it, you clearly don't know their losses.

I'm not comfortable with the word "sole". Why would you want to have only one source of income if you have the opportunity to have more than one?

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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?

Trading Bitcoin is very risky as well as profitable, however how consistent have you trading Bitcoin? How long have you started to profitable? can you continue your white collar job alongside trading? If you had been very consistent in earning profit for a very long time in trading Bitcoin then I will say the risk to quit your while collar is worth taking else I would advise you to continue with your job and trade Bitcoin in your free time, I can see that you had been overwhelmed with profits earned in trading Bitcoin, however don't get carried away if you saw massive profits earned by some signal providers from social media, some of them are Photoshopped to deceive unsuspecting new traders.

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Quote from: Awraawra on May 11, 2023, 10:15:42 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?

Much better to manage your time in your work and also in trading. Better to have work and give some time to trade. You can get income to the both of them is you can know how to manage your time. If you gonna focus in trading bitcoin you can get a good profit. And also if you have a job if you want to get a good income you must have focus on it. So it's the same you can get a good income in your job also in bitcoin trading.

It is really difficult to quit your job if you are just starting out. Yes, you can get a good profit if you go full time, but this doesn't apply to all those who go full time who are already professional traders; they have already established a strategy and gained a profit that can last for a couple of years. If you are just thinking dumbly and quit your job, for sure you'll suffer. That is why it is better to have a full-time job and at the same time make your trading a side hustle.

Awraawra

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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?

Much better to manage your time in your work and also in trading. Better to have work and give some time to trade. You can get income to the both of them is you can know how to manage your time. If you gonna focus in trading bitcoin you can get a good profit. And also if you have a job if you want to get a good income you must have focus on it. So it's the same you can get a good income in your job also in bitcoin trading.

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Quote from: vanesha on May 11, 2023, 07:02:55 AM

it would be better to make crypto as a side income unless you are really good at taking advantage of the trend here, because if only courage capital I'm sure you can't survive here. Apart from being courageous as an investor, intelligence in analysis is needed and you also have to have a community so you don't miss the latest information about crypto and its developments are really needed.

Whether it's a side income or sole income, it doesn't matter; it depends on how consistent you are in making money in crypto. However, to manage the risk effectively, it is advisable not to rely on a single income stream. Having a business that generates income is a great idea, and investing in crypto can potentially bring fortune. Nevertheless, it's important to understand that there is no easy money in crypto, and every investment carries risks. It's akin to gambling, and one must be aware that there is a possibility of losing money.

Speaking from my own experience, I started investing in crypto, and when I made profits, I cashed out some of the money and used it to start a business. Now, I am investing in crypto while simultaneously running my business.

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Actually, the reality is you can make trading while doing work, we know that most of the work today requires 8 hours of shifting per day but again its 24 hrs per day those remaining hours you can use to understand the concept of trading and how does the trading work and what are the other strategy to commit a trade. If your work has a set up of onsite and could travel within an hour you can use those number of hours to learn more again if you focus on the task you want to do even though it's hard you will do it, because you want and you learn. Another thing if your set up is work from home this might be more convenient to you.

If you have a regular job and not still good in trading continue on it, but if you think you have enough money and capable to risk in trading its your decision.

Litzki1990

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Is it really safe to quit your job for trading? If you don't know yourself whether you will gain or lose by trading then on what basis you want to make such a decision. Trading is always risky. You may know that you have to trade with the thought that you will lose your money because the market can go in any direction at any time.

Since there are many risks involved in trading, you should not leave your employment before you have to trade alongside the employment you are currently engaged in and this decision will be a good decision for you.

vanesha

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it would be better to make crypto as a side income unless you are really good at taking advantage of the trend here, because if only courage capital I'm sure you can't survive here. Apart from being courageous as an investor, intelligence in analysis is needed and you also have to have a community so you don't miss the latest information about crypto and its developments are really needed.

Mart1ncrypto

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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?

Even though Bitcoin trading might be tempting, it's quite risky. As with any finances, you shouldn't rely on just one source of income. Better to have a backup!

Oilacris

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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?

Yes you can but it would be taking lots of years and experiences for you to make yourself that sustainable and this is why its never been that considered on doing so when you are still tending to learn or simply newbie into it which it would really be that not simple as it sounds or looks. Sole income or relying your way of living into trading is something that not everyone could be able to achieve but if you do have that kind of plan and target then you should really be serious on achieving it and just like on what i had mentioned that it would be not that simple or easy as it looks.

Not everyone could be able to have a good grasps on the market and making themselves sustainable and making and depending their living into it. It is really just that too risky on doing so.
So better to take those small or baby steps for you to consider on on which you need to have some day job and making trading as a side income or hustle on which you could
really see whether it would be that viable on your part on making it as a side income or not. You would be finding out for yourself on what it would be.

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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?

The decision is really up to you based on how you evaluate yourself in trading and how you see yourself in the future with trading alone. If you have the skills and winning strategies that will keep you beat the market and make you profitable, then it’s a good decision to focus for trading. But always remember that we are trading in a very changeable market, that sometimes when the market is in a bad shape, it’s also impossible to be profitable no matter how you tried to. So relying on trading alone can never guarantee consistency in profits, but expect that most who do trading are at loss most especially if they are new in trading.

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Quote from: Yaunfitda on May 05, 2023, 06:59:36 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?

For me it's going to be hard if you are just going to rely on bitcoin trading as your sole source of income. We have heard this before, there are beginner traders in 2017 wherein they thought that they can just make huge money on trading because that time we are in a bull run. So not sure what happen to those who resign from their regular job and solely focus on bitcoin trading.

Because as we all know, market is very volatile, it could be a day that you make money but possible that you can lose more in the long run. So very difficult in the beginning, and if you don't have experience, then it's better to just take it easy, in my opinion.

Know that bitcoin trading is hard and burdensome most especially for beginners who still have a lot to learn in the market. So you can’t expect that your trades will succeed and make you become profitable consistently. Having it as your only source of income will only add pressures and risks as a trader. That is the reason why most people just do trading as a side hustle rather than making it as a main source of income. Otherwise, if you focus on trading alone thinking that it could offer you huge amount of profits, yes it could be possible but the process will be very hard and risky particularly for those who have less knowledge and experience in trading.

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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?

I'm not going to forever say that quitting a job that doesn't pay well is bad. I mean, some workers are just so low paid out there who may no longer be able to make ends meet since inflation is getting worse. So if supposing you are a trader who has a good budget, you can make worth profits with it, then it might be good to focus on trading instead of forcing yourself to work where you are not well appreciated.

But it is also good if you have your own business instead of just focusing on trading because you can never know if you will make a profit every trading time frame or you may even lose due to price volatility. Have your own business, it will help you have financial stability.

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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?

That is a bad decision.

Investing responsibly needs you to have a stable income source, usually a job that keeps your wallets refilled every month with salary and then on top of that you put in your side hustles and investments where you earn "extras" which are non-stable but happening every now and then.

Trading in bitcoin with profit is usually a long term thing, like buying today at 27k you will have to sell at the next all time high, which might take 6months, so during this dry period, how do you expect to feed yourself? - that is the practical question, now if you have given up your job then you will die of starvation considering you dont have any other source to get money.

So you need to balance both, long term bitcoin trading and a stable job at hand. Under no circumstances, will trading bitcoin replace the other, otherwise everyone would be trading coins and stocks and not working their asses off at their offices.

wajik-tempe

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It might be risky to leave a steady employment to concentrate completely on Bitcoin trading, especially if you do not have a sizable amount of cash to fall back on. Prior to making such a significant choice, it is crucial to have a well-defined strategy and reasonable expectations.
Additionally, learning the discipline, expertise, and experience needed for Bitcoin trading may take some time. It is crucial to have a plan and to follow it consistently.

peter0425

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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?

What I have in mind is that about to ask the reason of need to leave the job as in a collar job just to trade, Yeah I do believe that we can make a living in bitcoin as we have people around living with it.
but to solely depending in trading while there is a decent Job and paying good to be leave behind?
nope I don't think there is a need for this , why not just trade and work together?

Dr.Osh

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if you want to quit your job, make sure that you have another income each month. whether it's from the business you live in, or you have other things. I think quitting your job and focusing on trading is not a good idea. if you are really curious about trading, then try to do it during your free time, or when you have a day off or come home from work. there's still plenty of time to trade, unless you're working 24 hours and I don't think that's possible for someone working a white collar. you can probably start by making trading your side job while learning to do it.

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