Quote from: Casdinyard on June 10, 2024, 04:05:53 PM

Quote from: casey15 on May 03, 2024, 12:54:04 PM

A lot of mistakes people make a lot is going into bitcoin trading without any steady source of income. While it is true that bitcoin trading can change your life for good, you should also know know that it could also wreck you. First get enough knowledge, make sure you are working as this will help you fund your trading accounts. Only trade what you can afford to lose.

Do not also invest your life savings into bitcoin trading. this will hinder your trading capabilities as you will be trading with emotions and fear of losing your money. Trading is best done without emotions attached this will allow you make decisions better.

Do not quit your job if you have one until you have become very profitable in bitcoin trading. The market can become very unpredictable and you can lose funds, so for you not to go bankrupt you should be very profitable before you quit you job or any other source of income you have.

Do not forget that you should always risk what you can afford to lose.

I think having a steady source of income is definitely great, especially if you're investing, so I won't rebuke that, but the thing is, I think the more appropriate thing that people should always take into consideration when investing in crypto, or bitcoin for that matter, is making sure that you are not investing money beyond your means. I've seen friends of mine literally have no other way of getting money but from allowances, still able to invest and grow their profits all because they employ risk management and are more than happy to consistently put a stake at bitcoin and crypto. In my opinion that's really all the things that you need if you want to succeed in here, cause steady income's great and all but just having that alone without proper mindset and discipline's not gonna bring you profits.

I know quite a number of traders who are into full time trading and still get paid from carrying out trading tutorials for newbies and mentees under their care. They have realised earlier that they cannot be waiting for trading profits first before they sort out some personal bills, hence the need to still earn from what they have passion for. I don't know if there are actually successful traders who rely on earnings from trading, if there are, then they should let us know how they do it because no trader that has no stable source of Income will be able to have a proper mindset towards his trades or investment. The urge to tamper with his investment money will be high and fighting that urge will be pointless.