This psychology hack helped me become a profitable trader

[laubeaud]

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?

[jeraldskie11]

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.

[Husires]

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.

[SamReomo]

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.

[Stompix]

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?

[Hamza2424]

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.

[|MINER|]

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.

[JunaidAzizi]

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.

[electronicash]

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.

[milewilda]

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.

[Captain Corporate]

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.

[Aanuoluwatofunmi]

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.

[Rruchi man]

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.

[MrSpasybo]

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.

[Vx1]

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.