This psychology hack helped me become a profitable trader

[Husires]

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.

[snowpega]

<snip>

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!

[Jamal Aezaz]

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.

[bayu7adi]

~snip~
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.

[taufik123]

-snip-
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.

[ZAINmalik75]

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.

[Chilwell]

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.

[LogitechMouse]

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.

[Findingnemo]

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.

[nakmantu99]

-snip-
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.

[enwi]

-snip-
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.

[Stompix]

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?

[Azharul]

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.

[Penlex_Writer]

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.

[ZAINmalik75]

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.