As a trader, it's not good to rely solely on trading as your only source of income. Why? Depending solely on trading puts immense pressure on you to meet monthly bills. The consequence? You may find yourself taking unnecessary and low-quality trades.
However, when you have another or multiple other sources of income alongside trading, you can stay relaxed and have the mental comfort needed to make quality decisions. For example, you can be a trader and be a Bitcoin miner.
Do you have another trading psychology tip to share with me?
I wouldn't say that this is a hack though, I mean you really have another source of income, others might have a full time job 9-5 desk job and then at the side is doing crypto trading. Or others have business, online or offline and then again they trade with their free time. Of course any job that is not stable will give you problems and stress you out because you have to think of your family. You will always think that you have to bring food in the table 24x7 and if there is money issues, then it might really affect you.
In relation, I remember back in 2017 wherein there are a lot of bounty hunters here to the point that the forum were out of control because a lot of bounties that people from 3rd world could have earned more than the average salary in their own countries. And there were posts that I vividly recall saying that they quit their job to focus on it and then become a trader. However, 2018 was a bear market and not sure what happen to those guys, and bounties are no longer profitable and then Theymos introduced merit system to curb those newbie accounts spamming the community and will have difficulty ranking up.