Post
Topic
Board Trading Discussion
Re: The Importance of Income Diversification for Crypto Traders
by
Maslate
on 10/07/2024, 22:56:11 UTC
Since the retracement of Bitcoin, the market has become boring. Sometimes, the direction of Bitcoin is unclear. For example, the price action of Bitcoin is actually confusing. I have learned one thing in these recent days: As a crypto trader, do not rely on trading as your only source of income. It is good to have another source of income like real estate, staking, crypto jobs, mining,  and other legitimate sources of income. If I say that I will force trade now, it can end up in a loss.


What is your take on this?
It's like you shouldn't be in trading if you don't have reliable source of funds or let's say a good paying job that will turn your trading attempt into possibility. Otherwise, your trading funds won't be sustainable enough and by losing even a small amount, you will end up quitting on your trading since you don't have funds anymore to continue trading.

Trading is never a permanent and stable job. It could make you profitable at first but you could also endure possible losses at some point while trading. Probably the reason why one should not rely on trading alone, or if you chose to pursue trading, better have other sources of income or investments that generate sustainable funds so you can still trade and achieve your trading goals in the end.