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?
Well, it's a very good advice and something many of us have advised over the years to newbies who might be coming into crypto with the wrong mindset that they can easily make all the money that they want through this industry.
Diversification is very important, because just as you have explained or said, most of the time, the direction of bitcoin is always unclear, and this sometimes drives the market into a mode I personally refer to as unreadable mode, this is a mode where by the market becomes highly risky to trade on, that is, if you force yourself to trade in the market at that particular time or period, it's pretty easy to come out unprofitable, and making matters worst is the fact that Bitcoin still controls majorly all cryptocurrencies in the market, and what this means is that, when ever bitcoin becomes untradable, majority of crypto assets become untradable too, In times like this, shifting to other source is income is highly advised.