Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: laubeaud on June 29, 2024, 04:04:55 PM
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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?
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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 agree with your post. Relying solely your source of income in trading might affect the quality of your trades. It's better save money first that you earn from trading until it's good enough to cover your bills for many months before you stop working in your physical job. Because even if you are profitable today doesn't mean you are in the future. If ever you experience a couple of losses in your trade it won't make you worry about the bills, so it won't affect your emotion. If your have stable emotion you can trade with your best.
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Do you know someone who is successful in trading as his only source of income without this trader trading with a very high capital? Trading profits are not daily, and even those profits are on a monthly average of 10%-40% for a professional trader. These profits are achieved from a capital of $1000 or Even $10,000 will not enable you to pay your bills on a regular basis, especially if you are in a country with a high cost of living.
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I think I agree with you, one should never consider trading as his/her main source of income because trading is a time-consuming thing and it needs focus and alertness. Sometimes market is in good condition and in such times one can make many profitable trades while sometimes market doesn't work the way we want it to work and that's why in such times one should think 100 times before opening any position.
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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.
Have you tried being a Bitcoin miner?
You ignore the fact that this activity also comes with a lot of stress, the average income, the maintenance of gears, the constant repair and monitoring, so you do add a potential new source of income but you also have another source of pressure and stress which lead basically to the same results. What happens when you not only lose money trading but also from mining?
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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?
Hmm, good point a sole trader cant afford most of the things, but a trader with good capital can cover anything in any market condition, good capital = high capital amount with a maximum portion of all time available to be traded. With such capital, a trader can afford his living in a high standard if he's a good trader and in some rich conditions, he can end up buying anything he dreams.
Mining is not the only alternative to multi sourse your income, there's IDO's other Launchpad opportunities, these days a new concept Nodes running, and others like staking, it all depends on how much capital you own, more capital more sources to explore.
On the tip I would say a trade needs to be greedy when everyone is fearful and needs to be fearful when everyone is greedy, it. There are so many others as well but that is the core.
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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?
Trading alone should never be seen as a source of income. Because besides trading there must be some other source of income. Because in trading anything can happen at any time. And it is said among the rules of trading that you have to be mentally prepared for any situation in the market. So don't depend on trading for your life. As there is risk in it, chances of making wrong trades are also high. Because for need of money you can make wrong trades and trade multiple times. Trading is a game of intelligence. The more intelligent the better expert in this sector. To trade you need to make wise decisions from all aspects.
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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?
Yes, your emotions play a crucial role in your trading, and that's why I agree with your thoughts. When a person gets into the trade, he needs to clear his mind from all other things and only focus on his trade. If he ignores something in it, then the result will be a loss. So it's better to find some other source of income so he may not worry about other stuff like bills, home appliances, etc., and will succeed. All successful traders use the same strategy, they do not pressure themselves, and that's why we can say they are successful. I believe if someone can adopt this behavior, then he may never experience a loss in any trade.
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how about you just be a swing trader. this is just like holding and selling your BTC at the peak off bull market and then buying back the BTC during the bottom in the bear market. but while waiting for peak and bottoms i guess you continue your regular job. seems a good plan to do than concentrate on becoming a trader when obviously its a lot harder to make it a solely a source of income.
even the day trader who engages in futures market run out of luck and sometimes lose money. he has to withdraw from his stash again for capital. not guaranteed profit let alone gambling.
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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?
Being constant profitable with gambling isnt something that could really be that giving out that kid of assurance that you would really be able to make yourself that you could really make a living with it.Although there are traders who do turn out to be profitable with their trades but doesnt mean that they could sustain themselves and if you did come into a point on which you are
already that sustaining yourself then its good but if you are someone whose really that not able to do so then it would really be that tough for you to have such consideration.
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I still think that psychology plays a big role in making good money, there isn't really anything wrong with that and you could make money that way. But I also think that its quite clear that we are going to see people do better if they have no income because of the pressure. Remember, the same pressure that turns coal into diamond (proven that pressure doesn't turn coal into diamond but you get what I mean) can break wood. So some people may not do well if they have to deal with the pressure of no income, whereas some other people may end up doing a lot better instead. Those few peoples who end up getting better because of it, could end up making so much money because they fear that if they do not make money then they have nothing else. Not saying this is true for everyone, just saying that there are some people like that.
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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.
If you're don't something and not being productive in it, then its either you're the one that is not experienced or having the required knowledge about it, or maybe you're not making the rightful application of the required strategy over it and you're also having it on a wrong place and still doing it on a wrong timing, al these are what constitute towards having failures in some cases over making a trade.
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As
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.
Even if you have other sources of income to support your trading, you will never be too comfortable with losing because it is still your money that you worked hard to get. The people who enjoy trading the most are traders who trade with other people's money, not traders who trade with their own money. The only way you can achieve expertise up to the level of trading with other people's money is by learning and accumulating more knowledge. This is why every new trader needs to be dedicated to learning.
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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?
Diversifying income sources also diversifies the investment portfolio. A trader with multiple income sources may have less psychological pressure when making decisions, as trading profits are not the only source of income they can receive to ensure their living needs.
However, I think this is just the first step in trading psychology management. Many full-time traders are still very successful and they find ways to escape from extreme emotions in their trading career. They have no difficulty analyzing the market and placing orders, they always have stop-losses and are willing to miss opportunities, and they even find trading to be a boring job that only involves numbers, not profits or losses.
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I'm actually learning how to trade cryptocurrencies, and my income is not full from crypto trading.
But I saw a friend of mine who used to work with me, and he now works full time in crypto trading and is successful. This is what I am currently studying, and it turns out that in crypto trading we don't always trade on spot or futures only.
There's more potential than that, and that's what makes me curious and I haven't found the answer yet.
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However, I think this is just the first step in trading psychology management. Many full-time traders are still very successful and they find ways to escape from extreme emotions in their trading career. They have no difficulty analyzing the market and placing orders, they always have stop-losses and are willing to miss opportunities, and they even find trading to be a boring job that only involves numbers, not profits or losses.
It is difficult for this to happen without having a good and generous investment amount, and therefore you must have a full-time job and diversified investments before stopping work and taking trading as your primary job. It is rare to find a young man in the beginning of life, without any capital, who takes up trading as a full-time job.
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This relates to what I used to think like in my point of view one should have multiple sources of income so that he/she can feel relaxed. With the help of multiple sources of income, we can generate good money and even we can invest them further to earn more. We can invest our earned money in different places like We can buy physical assets and digital assets, and we can start trading, depending on the plans one have to make more money.
Well, in case if one is just depending or focusing on trading as his future career so, in my point we view, this sole plan will not fit well as a trader has to face losses along with his profits. One should use his separate money for his trading and should build his separate portfolio for his trading so that he/she does not need to face any trouble in his financial stability. DYOR!
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Relying solely on trading is not a good idea and if someone does not have another job and completely rely on trading then first problem he will face is to manage money for trading as well as for daily expenses and another issue will be that he will trade continuously with the hope of getting profit from it but one thing here is to remember that more trade cannot give them profit but an accurate trade can do so.
Money management is very important for trading and if someone says that he has less money therefore he wants to trade for earning more then he should also learn well before trading and a jobless person will face more difficulties as compared to a person having a job because a job gives us salary which we can use without any stress.
One thing is here that jobless people can give extra time to trading but still will be in trouble because trading does not require only time but money is also very necessary for it.
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For example, you can be a trader and be a Bitcoin miner.
Do you have another trading psychology tip to share with me?
One makes you safe, the other makes you bet... that has become a standard of safety for someone to survive... relying on something that is high risk, of course it will be dangerous, everyone still needs a stable income to survive, and they do I prefer this because it seems safer.
In general, a stable income will keep you going forever... and a high risk income will make you an ordinary person, or a super rich person when fighting with these risks.
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In general, a stable income will keep you going forever... and a high risk income will make you an ordinary person, or a super rich person when fighting with these risks.
A stable income with low risk will also make psychology stable so that there is no excessive level of stress.
But a job with high risk but with income will become a person can get rich instantly or even become homeless in an instant.
But it is better to manage everything well, not to force trading with high risks like in futures trading.
Take it slow and use the best strategy that will yield huge profits as well.
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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?
You are right depending only on trading to meet the monthly bills while having no other source of income will only put stress and make you desperate to make a profit. Thus you will overtrade and a time will come when one trade will wipe out all of your assets. This will put you in a stressful situation.
Multiple sources of income are necessary because trading does not require all 24 hours to do it. A person can manage to do trading in less time and can give the spare time to work on another source of income. This must be stressful too but this stress will help us manage ourselves in bad times. Another tip will be to control your emotions and don't over-trade in any situation. Only take trades that are necessary even if you have to wait days.
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I think I agree with you, one should never consider trading as his/her main source of income because trading is a time-consuming thing and it needs focus and alertness. Sometimes market is in good condition and in such times one can make many profitable trades while sometimes market doesn't work the way we want it to work and that's why in such times one should think 100 times before opening any position.
Exactly, someone should not depend solely on trading as a source of income, just because you're a trader doesn't mean you shouldn't find a good and well paying job. Diversifying your income streams is essential, even if trading is your primary source of income. Having a well-paying job or alternative income sources can provide financial stability during market downturns or periods of low trading activity.
Maintaining multiple income streams can help mitigate financial risks, but it's equally important to prioritize your mental health. Managing multiple income streams can be stressful, so it's important to
Set clear boundaries and priorities, Engage yourself in stress reducing activities, keep monitoring and adjusting your mental well-being.
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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?
Trading as your only source of income? Maybe it's possible if you're profitable in the last 2 years, but if you're not then don't do it.
Trading can be a reliable source of income, but it's not for all. It's only for those who have huge amount of starting capital, and they can be profitable consistently every month. Like what the OP has shared, there will always be consequences if your target is trading as your ONLY source of income. I just started trading, and I'm not relying on it as my income source at all and I still have other sources.
Trading psychology tip? Hmmm, maybe take profit if there's an opportunity and whatever you do, always put a stop loss.
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Being a Bitcoin miner and trader is less stressful than just being a trader but it's not going to give consistent income either from your mining. You can make the most out of it by holding the mined coins and sell them at peak meanwhile you need to cover all the expenses like electricity bill so it's just same as doing trading alone.
The idea of having multiple income source is the right way but I would say pick different field from the crypto to ensure even if the trend is bad you still can survive from other income.
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In general, a stable income will keep you going forever... and a high risk income will make you an ordinary person, or a super rich person when fighting with these risks.
A stable income with low risk will also make psychology stable so that there is no excessive level of stress.
But a job with high risk but with income will become a person can get rich instantly or even become homeless in an instant.
But it is better to manage everything well, not to force trading with high risks like in futures trading.
Take it slow and use the best strategy that will yield huge profits as well.
futures trading can indeed generate big profits, but the risks are also very large. If we do not have experience in futures trading, we should choose spot trading.
because risk is always directly proportional to profit, but I personally choose a small risk even though the profit is smaller.
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In general, a stable income will keep you going forever... and a high risk income will make you an ordinary person, or a super rich person when fighting with these risks.
A stable income with low risk will also make psychology stable so that there is no excessive level of stress.
But a job with high risk but with income will become a person can get rich instantly or even become homeless in an instant.
But it is better to manage everything well, not to force trading with high risks like in futures trading.
Take it slow and use the best strategy that will yield huge profits as well.
futures trading can indeed generate big profits, but the risks are also very large. If we do not have experience in futures trading, we should choose spot trading.
because risk is always directly proportional to profit, but I personally choose a small risk even though the profit is smaller.
It makes a whole lot of sense to decide to transact in spot trading because it is actually a logical approach when it comes to effectively controlling the inherent risks of profit making chances. While trading in futures has the prospect of promising high returns, the vulnerability to risk is much more here as I also saw if we don’t have enough experience it is much easier to be exposed to large losses. Alternative, we can concentrate on the utilisation of less risky and certainly more sustainable ways to better manage available capital. But gradually, we work on learning patterns in the market, and make our strength in analysis, and then switch over to other options with higher risk constituents. Organised wealth growing is far more than the process of getting high unconventional returns and being consistently right in making sensible proportionate bets.
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Being a Bitcoin miner and trader is less stressful than just being a trader
Less stressful?
How is having another business with no guaranteed money that can go bankrupt less stressful?
You need $, you pay gear up front, you have to worry they break, your power company might raise prices, bitcoin might go down in price, other miners might add more gear making you unprofitable, how is having these many risks less stressful?
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Being a Bitcoin miner and trader is less stressful than just being a trader
Less stressful?
How is having another business with no guaranteed money that can go bankrupt less stressful?
You need $, you pay gear up front, you have to worry they break, your power company might raise prices, bitcoin might go down in price, other miners might add more gear making you unprofitable, how is having these many risks less stressful?
Trading is one of the best profitable source for cryptocurrency market. So I think that you could explain a best opinion in your comment. But we could understand in cryptocurrency market that's trading is very risky, if we don't understand in cryptocurrency market. We also know that trading system is also depending on your intelligent and your knowledge. Without knowledge you could not get best profit from cryptocurrency market. So I think that for best profit we can trying to future trading in this time. But day or spot trading will be best risk for us. So I believe that if we want to trying to understand in cryptocurrency market and trading properly we could success in this crypto trading system.
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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 agree with your opinion,is not advisable to rely on trading as your only source of income,people that trades still have other businesses or still a working class.
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Being a Bitcoin miner and trader is less stressful than just being a trader but it's not going to give consistent income either from your mining. You can make the most out of it by holding the mined coins and sell them at peak meanwhile you need to cover all the expenses like electricity bill so it's just same as doing trading alone.
The idea of having multiple income source is the right way but I would say pick different field from the crypto to ensure even if the trend is bad you still can survive from other income.
I agree with you, what will be the benefit of having multiple source of income if they are related to the same field for example crypto. There can be many ways to earn in crypto like developing sites, providing services to crypto projects and earning in crypto, joining signature campaigns, mining, airdrops, bounties, trading and investing.
These different source of incomes are related to the same field so you are right if BTC is down we will be making lose from all these field so we have to find another source of income which is stable and from different field.
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Because of how trading is, many people don't like to depend on it without having any other thing doing to back it up because trading losses can make someone go bankrupt if they don't learn to detach themselves from having an emotional attachment to specific trades or outcomes.
Trading shouldn't be a full time job. It can only be a part-time job, to support one finances
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Because of how trading is, many people don't like to depend on it without having any other thing doing to back it up because trading losses can make someone go bankrupt if they don't learn to detach themselves from having an emotional attachment to specific trades or outcomes.
Trading shouldn't be a full time job. It can only be a part-time job, to support one finances
Some people prefer to go full-in into trading - we can't blame them. But if you do so - you should live by trading and be an expert.
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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?
- Well, what you said is right mate, because in this era, we humans need to be capable especially if you are a family man who is the only one your family expects from you. It is not easy to be the breadwinner or head of the family because you do not want your loved ones to go hungry.
Crypto trading is difficult to be your main source of income, although it can be done, but while you are doing it, you should also look for other ways to earn money besides crypto trading.
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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?
- Well, what you said is right mate, because in this era, we humans need to be capable especially if you are a family man who is the only one your family expects from you. It is not easy to be the breadwinner or head of the family because you do not want your loved ones to go hungry.
Crypto trading is difficult to be your main source of income, although it can be done, but while you are doing it, you should also look for other ways to earn money besides crypto trading.
As the head of the family, we should have a fixed income to finance our family's needs because we cannot rely on profits from trading. Maybe if we are a professional trader, we can get consistent profits, but if we are not focused on trading, it is difficult to do.
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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?
- Well, what you said is right mate, because in this era, we humans need to be capable especially if you are a family man who is the only one your family expects from you. It is not easy to be the breadwinner or head of the family because you do not want your loved ones to go hungry.
Crypto trading is difficult to be your main source of income, although it can be done, but while you are doing it, you should also look for other ways to earn money besides crypto trading.
As the head of the family, we should have a fixed income to finance our family's needs because we cannot rely on profits from trading. Maybe if we are a professional trader, we can get consistent profits, but if we are not focused on trading, it is difficult to do.
It is very true that it is the responsibility of the family to ensure that the financial part of the family is in order and having a steady income is very essentalial to day to day life. Thus, trade, opening which ones a lot of shiny and actual global profit opportunities, as a rule, contains uncertainty, especially if one has no enough experience or inbuilt amazing passion in this sphere. Indeed for most of us who are not fully active as professional traders it is very risky to focus all our financial expectations on these trading results. So, main and stable source of income is the safer and wiser decision that guarantees satisfying family needs. While trading is possible as an addition, trading must be made as secondary, so long as we conduct it cautiously and with funds that do not necessarily go to our basic necessities.
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Crypto trading is difficult to be your main source of income, although it can be done, but while you are doing it, you should also look for other ways to earn money besides crypto trading.
actually it is difficult to have crypto trading as your main source of income while doing something else maybe if it was just a business you do not have to focus on that much all the time then it is possible but if you plan on crypto trading while having a day job you should know that it will not be easy since crypto trading, unlike stock trading, do not have a time for when it opens or closes the market and it is extremely volatile that if you miss a specific time you might not be able to get the same opportunity previously presented
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As the head of the family, we should have a fixed income to finance our family's needs because we cannot rely on profits from trading. Maybe if we are a professional trader, we can get consistent profits, but if we are not focused on trading, it is difficult to do.
We either lock into trading fully, or we need to have a stable job, I agree with that.
Either way - profit is at stake, and our life's comfort too.
Much knowledge and expertise are needed to live fully through trading.
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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?
There are actually some factors that may limit some persons ability to rely on trading as one's means of earning on the crypto economy, and it not a bad ideas to rely on trading coins as a means of income or a career. One of the factors that limit some persons on making trading as the only means of earning is good capital.
I think that low capital has been one of the biggest setbacks to traders who wanted take crypto trading as a career. In addition, low capital has also caused many delays in closing market positions as prices hit some profit levels as certain traders had planned.
For example, there are great difference between two traders that took a long positions with a capital of, $100 and $500 to to trade a coin on a long position of $1, and to close their positions when the price of the asset increases to $1.3,
Now, if you multiply both outcomes, the results will be like this, 1.3×100= $130, 1.3×500= 650. This is the take profit rates, $30 and $150 respectively.
As a matter of facts, if another trader has a bigger capital to trade the same coin, you may agreed with me that he may even close his position before the price increase to $1.3, and for fear of a dump, he may choose to close his position at $1.15, if he entered this trade with $1000 as his capital.
Others setbacks for effective trading are experiences, emotions,
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I agree with your post. Relying solely your source of income in trading might affect the quality of your trades. It's better save money first that you earn from trading until it's good enough to cover your bills for many months before you stop working in your physical job. Because even if you are profitable today doesn't mean you are in the future. If ever you experience a couple of losses in your trade it won't make you worry about the bills, so it won't affect your emotion. If your have stable emotion you can trade with your best.
Exactly, it is advisable for a trader to avoid using your trading profits immediately to fulfill your financial responsibilities because doing so will make it challenging to gauge your progress and sustainability. Just maintain a diversified income stream and don't rely solely on trading profits to make your life stable or achieve your goals and desires. Trading profitability can be unpredictable, and relying solely on trading income can lead to financial problems. It is also advisable for a trader to ensure that he has another sources of income to fall back on during periods of trading losses or uncertainty.
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the dogecoinmillionaire user although he because a millionaire after Elon shilled Doge, he still works in his regular 9-5 job despite having so much money. it must have given him extra security while investing in some crypto tokens that he might not even withdraw when he needed it fast.
Whatever happens to his investment, he sure will still not worry the next day since he has a stable job.
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Do you have another trading psychology tip to share with me?
One of the psychological hacks I can add up is for someone who calls him or herself a trader to have a long-term perspective about trading, not focusing on short-term losses that will have them discouraged because trading really requires continuous learning and improving your trading skills often.
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Exactly full agree with OP statement "when you have multiple way source income get relaxed with trading although on losses position" You can hold as long possibility without take cut loss when cryptocurrency assets price going dump because your daily day needed back up by another source income, but if trading as your main job its risk when holding as longer possibility and your saving decreasing drastically without any back up from another way for source income.
So for trader after earn much profit from trading don't worry for spending at real business or another way to earn more source income in the future.
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Well I know people who do make a living from trading, I don't know how they do it, but they have that ability, however things have to be seen from the point of view that best suits each one of us, we have very different tendencies from each other, personally I would not venture to make trading my only means of survival because the moment I make a mistake everything would go that far, it would be quite irresponsible to do so, however a psychologist only gives you their vision, a psychologist is not a trader, he only provides a general solution.
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Do you have another trading psychology tip to share with me?
Well, I will agree here that when a person have a stable income source he will able to do the trading with relaxed and yes that also save some time doing the mistakes on trading. But in the mean time I think we have to also keep this on our mind that even if we have a stable income we must know the our affordable zone on trading, like even if we have a stable job and we made the amount invest on trading what we can't afford to lose then there will be nothing different.
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Because of how trading is, many people don't like to depend on it without having any other thing doing to back it up because trading losses can make someone go bankrupt if they don't learn to detach themselves from having an emotional attachment to specific trades or outcomes.
Trading shouldn't be a full time job. It can only be a part-time job, to support one finances
Trading can not be part time job too because if we are doing a 9 to 5 job it would hard for us to give time to trading because it require us to act fact in times when market is volatile and in 9 to 5 job it can be hard to keep track of the market and with pressure and more work load we might not be able to see the charts.
Therefore to ean from trading we must give full time or at least dedicate most of our time to it to analyze and find more opportunties to make money.
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Do you know someone who is successful in trading as his only source of income without this trader trading with a very high capital? Trading profits are not daily, and even those profits are on a monthly average of 10%-40% for a professional trader. These profits are achieved from a capital of $1000 or Even $10,000 will not enable you to pay your bills on a regular basis, especially if you are in a country with a high cost of living.
An experienced trader with $10k as capital is can afford to pay his bill from the profit earned on a weekly intervals, though it may depend on the size of his bills or the size of his family.
However, just like i said, a professional trader can afford to pay his bill when giving $10k as his trading capitals, and for me, though not an expert, but if i am given $10k as capital, i will do great things. I am a regular trader with above average experienced with good exposure to the market, a $10k capital will be special to me, i can afford to pay my bills from the profit earned on a weekly intervals. It is possible in my opinion as a trader.
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An experienced trader with $10k as capital is can afford to pay his bill from the profit earned on a weekly intervals, though it may depend on the size of his bills or the size of his family.
However, just like i said, a professional trader can afford to pay his bill when giving $10k as his trading capitals, and for me, though not an expert, but if i am given $10k as capital, i will do great things. I am a regular trader with above average experienced with good exposure to the market, a $10k capital will be special to me, i can afford to pay my bills from the profit earned on a weekly intervals. It is possible in my opinion as a trader.
You're right, at that point you can offer profits, of course I would do each operation with 1% and although 1% of $10k is 100usd it seems to me that it is a lot, I would choose in that case to do operations below 1%, since if we do around 3 or 4 operations per day depending on the results then it is something that can be played with there, and since you talk about income that can be weekly then something like that can be done, or at least I would handle it like that, this is something that we are already independent of doing.
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Do you know someone who is successful in trading as his only source of income without this trader trading with a very high capital? Trading profits are not daily, and even those profits are on a monthly average of 10%-40% for a professional trader. These profits are achieved from a capital of $1000 or Even $10,000 will not enable you to pay your bills on a regular basis, especially if you are in a country with a high cost of living.
An experienced trader with $10k as capital is can afford to pay his bill from the profit earned on a weekly intervals, though it may depend on the size of his bills or the size of his family.
However, just like i said, a professional trader can afford to pay his bill when giving $10k as his trading capitals, and for me, though not an expert, but if i am given $10k as capital, i will do great things. I am a regular trader with above average experienced with good exposure to the market, a $10k capital will be special to me, i can afford to pay my bills from the profit earned on a weekly intervals. It is possible in my opinion as a trader.
$10K capital is quite large for me, because I don't have that much capital for trading.
I am also not a professional trader, just like you, just a regular trader.
Because of my limited capital, I prefer not to take a loan so I focus more on my small capital.