Re: Is it okay to trade without a source of income?

If source of income is a problem, then you are not good to go in to trading. Trading is not just about having capital to trade, the market is risky and anything can happen to your capital and if you eventually lose how do you intend to continue with the trade?

Are you saying without source of income trader will not make it from trading? I have seen many traders who became successful in trading without having sources of income before going into trading that is attracting other traders. I will not deny the fact that it will take some traders without no source of income long time to achieve their goal from trading.

Apart from newbies, I don't think there are traders who don't know there is a risk to take in crypto trading, because the moment you enter the market to start trading your mind will surely remind you the risk you are taking and you will not blame anybody for anything that will happen to you.

People who have a better experience in trading quit from their job to become a full time trader and they have trading as the only source of income. It is not advisable for anyone to trade without having a source of income be it experienced or beginners because in trading anything can happen, and if anything happens you always have source of income that you can always rely on. Trading is very risky and you can't predict the market, because of this it is not safe to rely on just trading.

No matter how experienced you might be i wouldn't advice you to quit your job to be a full time trader...trading has it's ups and downs, this is something that's inveitable , you must always be mentally prepared for it as a trader..like you said, it is not always possible to predict the market. Your job is to your backup should incase you end up blowing your trading account, don't put your eggs in one basket

Keeping a regular job or another source of income gives that safety net, it means you can approach trading more calmly without the desperation of needing every trade to succeed, it allows you to think long term and not force trades just to pay bills, which is one of the biggest traps traders fall into. And you’re right about not putting all your eggs in one basket, diversification is a principle that applies not only to trading strategies but also to life and finances, when you have different streams of income or stability outside trading you give yourself the flexibility to learn, adjust, and grow as a trader without the fear of complete ruin.