Is it okay to trade without a source of income?
Is it okay to trade without a source of income?
I’ve been trading for 13-15 months and investing for 5 months. While I’ve had some success, I keep losing because I struggle to control my emotions. Just yesterday, I lost both my capital and my profits.
I’m thinking of borrowing money from a friend to trade again. When I asked him for help, he advised me to first find a stable source of income and suggested I take a break from trading. He also recommended I learn more about trading and Bitcoin investment so that, once I have an income, I can invest more easily.
Should I follow his advice or go back to trading now? I’m looking for advice from experienced traders.
No, this is something that I can’t advice anyone to do. Even if you want to dive into the live market it should always be with what you are comfortable to lose. Trading without a source of income can be very risky because if you blow up your accounts how would you be able to get money to fund your trading account or do other important things. Take your time to understand the market first, while doing that work on getting something that can pay you either on a weekly or monthly basis.