This psychology hack helped me become a profitable trader

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This psychology hack helped me become a profitable trader

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?

Lakshitha Kumara Answered question June 27, 2024
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Even if you are a pro trader you will be required to earn every day otherwise the monthly bills and needs will not be met so it is important that trading is not made the main source of income after all trading is full of risks so losses can never be avoided even if you will profit several times.

I will not leave my main job because it is more important for financial stability every month that is obtained for the needs of the household, but when you make a profit in trading or investing then this can be an addition where you will have a lot of reserve funds so that this fund is no longer collecting from your monthly salary.

The day job comes first.
Trading comes second but when you have different options then it is your decision.

Lakshitha Kumara Answered question June 27, 2024
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Good idea, be a bitcoin trader and also finds another thing to do in addition to trading, you can earn from a bitcoin paying job by providing them with a particular service, mining is also a good means but it may be capital intensive, you can as well join in doing any other job and you earn to invest on bitcoin and hold, this will allow your asset in bitcoin to also increases as you earn over time, bitcoin will always be a profitable investment to earn from.

Shabira Shafeek Answered question June 27, 2024
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I agree and we can put it in another way that do not quit your day job to go into trading full-time as a beginning. If you have a trading mental someone that you follow who is highly successful you should not think that they achieved that level of success overnight rather it took a lot of years of experience,  trials and failure for them to attain that success. When you have another means of income you would not want to fall into the trap of wanting to make a lot of money through trading overnight because you know that if you feel you’ll be out on the streets and homeless or back in your parents basement. Until you are sure that your are making enough money to sustain yourself and your basic needs as a full time trader, do not quit your job.

Lakshitha Kumara Answered question June 27, 2024
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