Can Bitcoin trading be my sole source of income? - page 9.

Dr.Bitcoin_Strange

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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?

OP, I think Bitcoin trading is profitable to some old traders who have had a better experience, but beware; of the fact that about 90% of crypto traders don't only rely totally on trading; some of them have other investments, and some of them also have Bitcoin in their portfolio, which they are holding. I cannot advise you to leave your job because you want to start trading Bitcoin. How about if you start practicing how to trade while you are still working? It will be better that way. Keep learning how to trade until you are better at it and until you start making profit, well enough to the extent that you feel that even without your job, you can still be making a steady income.

If you are working from Monday to Friday, you can use the weekend to keep learning how to trade. Sometime after you have closed from work, you can still do a small practice until you have started making a profit. Don't leave work. There is always this enthusiasm and FOMO about trading. You may think you are missing out on a big chance of making cool cash in Bitcoin trading, but after you go into it, you will discover that it's not as easy as you have imagined making profit.

Fivestar4everMVP

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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?

Like others have said, trading is a great way to make good money, and it is very possible to become a professional trader, that is, making a living from trading bitcoin and other crypto currencies..

But quiting your white collar job isn't the best advice at the moment, before a trader considers quitting his or her job to focus solely on trading, he or she must have become so good in trading, that even with his job, still makes more money in trading compared to what the person earns as a salary every month, this simply means that, your monthly profit from trading must be far more than your monthly salary from your white collar job, this is only when you can consider quiting your job to focus on trading, since quitting the job can also translate to having more time for trading, which also should lead to increased profit.

SOKO-DEKE

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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 should rely on your decision after comparing both, but however in my case, I will never quit my full-time job and focus solely on Bitcoin trading due to the risk in cryptocurrency, especially if I am earning better wages/salaries from my place of employment. I don't crypto trader but i am investor, but from what I've heard, it's not a good idea to rely solely on trading, even if you are making money from it,this is because there is no guarantee that you will continue making the money from trading continue. The best course is to just pursue trading as a side hustle. In fact there many people that quit their job for trading but they are now regretting it.

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Quote from: JayTrain on May 07, 2023, 02:31:07 PM

It's always important to weigh the potential risks and rewards before making a major decision like quitting a stable job to pursue trading Bitcoin full-time. While there are certainly successful traders who have made a career out of trading Bitcoin, it's important to remember that the crypto market can be volatile and unpredictable. It's also important to have a solid understanding of trading strategies, risk management, and market analysis before diving in. Ultimately, it's up to the individual to assess their own level of risk tolerance and financial situation before making a decision.

what the OP can do is check first how he will perform in the trading market as a side job. been years here in this market, and i would say, i won't advise a newcomer to quit their stable job and go into trading. it is always best to have a stable job even if we say the income is not great, but it would give you peace of mind that you have regular source of funds to keep your lights turn on.
but definitely, if later on, you hone your trading skills, you acquired a lot of tips from this market, and you can confidently say, you are ready for this battle, then by all means, you can go full time. but do take note, you should have at least 6 months of spare funds to sustain your living. so if anything goes awry in your trading journey, you know you can survive before you find another job.

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The answer is yes, you can if you are truly a professional trader, who already understands how to do TA and FA well, so you are able to consider what position you should take. You also have to understand about trading activities, not only about the analysis of indicators but also the strategy used, about the loss stability that must be optimized, about the hedging system if needed. And much more.
Trading is a complex thing, and must include a variety of considerations. It's not easy to become a professional trader because they certainly experience a lot of defeats and failures. However, by learning from various experiences and also learning many things, they are finally able to have more profits than their losses. If it's like this then maybe it can. But if you're still a beginner, I'm not sure about that, it's too risky.

stomachgrowls

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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?

When it comes to this type of decision then just let those people around you on what they would be saying or recommending or suggesting. They are just simply giving off those offers but in behind they
are really just trying to use you since they could neither get some referral bonus or simply would be handling up your funds for them to trade which is something not really that recommendable at all or something
that usually happens on this space.This is why when it comes to these aspects then is never been wise on hearing up others suggestions when it comes to money or financial aspects.

Speaking of trading with Bitcoin, then it isnt something that you could really make some assurance that you could really make out a living of it which is something that very hard and not everyone could easily pull off.
The best thing to do is to trade by yourself and look if you do find it sustainable and this would be involving some period of time and not just overnight. If you do find out that you arent been able to sustain
then its not wise on quitting up your job but somewhat you could really make trading as a side income or hustle which you could really make it beneficial as long you do make yourself
that profitable.

JayTrain

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It's always important to weigh the potential risks and rewards before making a major decision like quitting a stable job to pursue trading Bitcoin full-time. While there are certainly successful traders who have made a career out of trading Bitcoin, it's important to remember that the crypto market can be volatile and unpredictable. It's also important to have a solid understanding of trading strategies, risk management, and market analysis before diving in. Ultimately, it's up to the individual to assess their own level of risk tolerance and financial situation before making a decision.

teosanru

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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?

If it's been atleast 2-3 years(basically if you have seen a bull and a bear run both) while trading profitably. By profitability, I mean you are getting a genuine return of let's say 60-70% per annum on a capital which cann help you meet all your expenses. You have been able to get this consistency every month as well, then only you should think of doing this. Also you should have a buffer trading capital and also a good emergency fund so that if your trading doesn't works for 3-4 months you'll still be good to go.

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Quote from: Awaklara on May 05, 2023, 04:49:08 PM

although it is very possible to do, for me it is too much. but if indeed you are not comfortable with your job, and you prefer to make a profit from trading, then do it.
I'm sure some traders actually trade every day and only focus on making a profit from the trades they make. but for me, it's too risky because when you have a family and have bigger needs every day, looking for profits from trading every day will make you quite depressed. even though when you are experienced in trading, it will be very possible to make a profit.

If we are not comfortable with our jobs due to a terror boss or toxic environment, then the best thing that we can do is to find another job. Trading is still possible to do even if we have a job but it's best advised to trade only in our break time or after we time out and go home so that we can focus more on our job. There are daily traders but I doubt if they can also make daily income and if they do then it is mostly smaller amounts.

It's not a big deal if we don't have a family to feed and if we still depend on our parents. When trading, it's important to have other sources of income because what if we lose all our capital? How can we able to trade after that?

gunhell16

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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?

You know, if your work doesn't affect your Bitcoin making, I don't think there is any reason for you to do this. This is just my advice, think about how long your work has been helping, and for sure there is no Bitcoin yet, it will be there.

But anyway the decision is still up to you of course, but I hope before you do it you think about it a few times maybe later because in the end, you will blame Bitcoin which is not a good look for me. Just think about your work, there is no risk in doing it, but with Bitcoin, there is a risk somehow.

@sriyan

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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?

If you are a newbie, do both. Otherwise, you can quit the job and do full-time trading. Also, you have to find other sources to get the income every month.

Eg :
1. buy Gold
2. sell your skills (teaching, programming)

Stable090

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Quote from: Unbunplease on May 05, 2023, 06:47:05 PM

It is not advisable to make bitcoin trading your only source of income. Its movement is too unpredictable to make a steady income. Yes, some people manage to make a steady income, but very few. Even if you are successful now, it does not mean that you will be successful in the future.

Why will you make trading your only source of income, I don’t really agree with that kind of idea, what if the market goes against you one day and you lose most of your money, where are you going to start from, have seen lots beginners in trading that what to leave their physical job and focus on only trading, we know in cryptocurrency anything can happen, incase if you lose your money, you will have physical job that you can go back to and make money then you can go back to trading again. Most people just believe trading is a easy way to make money, since they are making money from the comfort of their house, and they have to leave their physical job that’s kind of stressful, but we should all know that physical job or physical business is also important.

Patrol69

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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?

If you quit your job to trade while still employed, it will be a bad decision. Even if you choose trading as your career, you should not quit your job. Because by trading you may not be profitable every day or at the end of the month it was seen that you are suffering from the profit by trading what will you do? You can continue trading along with your job and after being associated with trading for a long time when you feel that you are a very skilled person in trading and your chances of making mistakes are very low then you can quit your job and choose trading as your paying career. Before deciding to quit your job and start trading, think about the negative aspects of trading and then decide.

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Quote from: Ziskinberg on May 07, 2023, 02:26:43 AM

Well, you may have to consider these things in making your decision about leaving your carrier for trading...
- have another source of income aside from your current job
- is your trading profit good enough to sustain your needs (or even more)
- if you could really accept that you won't receive money every end of the month anymore

Actually, making a decision to become a full-time trader is not hard but the question is if we could really survive trading when we know that not all the time we earn a profit, sometimes we gain losses as well. Take time and think it wisely OP.

That's right, those professional traders have safety net which means that they have basically another sources of income because you cannot always make profit in trading, red days are inevitable so better if you have another source of income like passive incomg (rent or royalties) if you want to do it full time. The market is too volatile, are you sure that you have a trading system that can be flexible and help you to continue to earn? what will you do if you experience consecutive losses? what will you do if you got liquidated? What you will do if your account is negative and you do not have enough money to pay your necessities? These are the kind of question that you should ask for yourselves if you will pursue full time trading.

Remember that it is not about your trading analysis skill, it is about how you will manage and be aware to your emotion when you are trading and also be prepared to different situations that I metioned earlier. The misconception is that, people think that you need to spend 8 hours a day just looking for a chart to be profitable. It is a myth because you do not need to always be on your screen to be profitable trader, all you need is proven system that can automate your trades.

michellee

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I don't think resigning from your current job is the right decision, especially if you are new to bitcoin trading because you still need income to meet your needs. I suggest you trade crypto or bitcoin as your side job until you can become a professional trader.

But no one is safe from anything but as long as you can deal with the risks that will arise, you will be fine. Maybe he can try to focus on trading bitcoins. But it depends on his skills in analyzing the bitcoin market.

And as long as you are still a beginner, you better stay focused on work first and enjoy learning the process of trading crypto. You can also still get income from your work.

Dzwaafu11

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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?

Your question cannot be answered by anyone else here, in my opinion. If trading is what you plan to do in the future, you must decide whether it will be profitable for you or not. I believe you are still considering how things will play out for you in the future. It is not difficult to become a full-time trader, but how will it go for you? Ask yourself if you are informed about trading and all you need to know about traders. Remember that trading carries a large danger of losing money; what will happen to you if you rely solely on it for income?

Therefore, you must carefully consider which option will benefit you: becoming a full-time trader or combining the two so that trading will be another source of income for you.

Ziskinberg

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Well, you may have to consider these things in making your decision about leaving your carrier for trading...
- have another source of income aside from your current job
- is your trading profit good enough to sustain your needs (or even more)
- if you could really accept that you won't receive money every end of the month anymore

Actually, making a decision to become a full-time trader is not hard but the question is if we could really survive trading when we know that not all the time we earn a profit, sometimes we gain losses as well. Take time and think it wisely OP.

dansus021

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I think there is similar question like this somewhere in this forum hehe, but If you have plenty of time, willing to learn, know how to control emotion and have pile of cash trading is best choice but its rarely to fill all the gap.

I mean trade is risky business if you can still work and somehow there is space to do trade why not doing both but if I were you I will still trade as my other source of income and do with spot markets only not futures since it is still do need technical and fundamental analysis but doesn't take a lot of time when you trade on spot markets.

If you made dozen of profit from trade is like surplus in your life hehehe

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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?

You can still do your white collar job and have time for trading, you don't have to be present on your phone or laptop to trade. All those can be done automatically and you can set up your stop loss or take profits and continue with your main job. Trading news a supporting source of income since the market can be very unpredictable and if you don't have other sources it'll be difficult.

You can rely fulling on trading but you'll be putting too much pressure on yourself and if you can't trade under pressure then it means you'll be losing your trades and it has nothing to do with your trading knowledge but pressure is making you make the wrong decisions.

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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?

No, it's not. Most likely, with a very high probability, you will end up broke.

Quote from: Yamane_Keto on May 05, 2023, 08:12:10 AM

This would be the stupidest thing you might do in your life...

Probably.

Quote from: a298b112 on May 05, 2023, 08:18:38 AM

I saw some statistics that confirms most of traders are not profitable in the long term. The funny thing about trading is, it seems easy. You buy low, and sell high. In reality it is very difficult.

That's right, and it's not the same to do it with a demo than playing with your real money, and even less to leave your job and depend only on it, because emotionally you are affected, your mind puts pressure on you in every trade.

To do it you should have savings to spend at least 6 months if you do not get any income, plus a good capital. Using leverage is an even more direct path to broke.

Topic: Can Bitcoin trading be my sole source of income? - page 9. (Read 1356 times)