I know a lot of people who quitted their day job to trade in the cryptocurrency market.
Yeah, that would be ideal back then when the market was good. I would've done the same; just imagine the financial and time freedom. Quitting your day job nowadays is ludicrous, well I guess for common traders that is, it's just too risky. The best way to mitigate risks is to gamble with small amounts from your salary and never go all-in. I would say about 10% of what you make in a month is a good start. You can also join and work on bounty campaigns during your free time. That way, you can get a hold of alt coins without spending a single cent. That only risk there is working for nothing; when the campaign turns out to be a scam.