Post
Topic
Board Trading Discussion
Re: The Importance of Income Diversification for Crypto Traders
by
doomloop
on 17/07/2024, 20:35:42 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.
The market will never be boring no matter what side it is. Maybe you only focus on one side or when the price is rising? And that is why you feel bored when the market is dumping. You didn't realize how important it is to buy at the dip. Bitcoin having an unclear direction is only normal, and this is why it is said that it is risky. So, people should only invest what they can afford to lose, and the other one would be is to diversify. Lastly, we should not treat trading as our only source or primary source of income, just like you said, even if we are experienced already because there will always be times that the market will not be in favour with us.