Can One Actually Do Crypto Trading As A Living?
There are really certain people who excel in the field of trading and they were able to create successful trades despite of the market uncertainty. That way, they find trading as a good source of living. However, not all people were able to sustain in trading because they easily panic and lost their focus every time the market crashes. The reason why trading do not guarantee everyone to be a source of profits all the time.
Generally, trading isn't for everyone and that is why we only see a few people are happy doing this and make use of this as their source of income. There's a lot of money in trading which makes people become interested about this but this does not just work like that as trading needs a higher level of intelligence and skills to make it works and be profitable. Otherwise, we just buy, hold, and sell when the price is high as a causal traders.
That's completely a bad idea, depending completely on cryptocurrency trading for living is not really good, I believe as a trader you should have another source of income, most people think trading is easy but I will tell you trading is not easy, don't believe what you hear from people about how easy trading is, don't believe all those YouTube videos you see that only talk about profit and will never talk about lost. Some newbies started trading during the bull run, they were making money and some of them wont want to get a Job because they are making money without stressing themselves, but most of them haven't traded during bear market before, they don't know how to survive during bear market, they don't believe they can lose all the money they maid during the bull run whenever their is bear market.The only thing I always advise people is that whenever they are trading, they should always get a job and that should be a back up.
I don't think there are many traders who can consistently make profits in the market so far. Profits and losses are a consequence of crypto trading, but not a few of them live rich from the trading results that are accumulated as profits. But don't forget that some people also lose their entire fortune in trading if they are really greedy in trading.What is important is that cryptocurrencies do not guarantee wealth, but they can help you achieve good financial conditions especially if you understand how the market works. Risk is always there, but when they are able to minimize risk without being greedy when acting, at least profit can still be obtained. Do your own analysis and don't be 100% dependent on other people's opinion, it will help you grow and be knowledgeable.
You can, but be prepared for the first time (perhaps more than 1 year) to spend every day at the monitor for 12-14 hours. To start fully reaping at the expense of income from cryptocurrencies, you still need start-up capital. Thus, you will reduce the risks, and you will have a starting balance. I started with ~$5000 trading, living on the income from this business, gradually increasing my balance, not spending. In general, I began to spend what I earned only after 3 years, I deducted only for the most necessary, denying myself some purchases of gadgets, vacations and similar expenses. So if you are ready to limit yourself in many ways and work very hard, then you can try.If I decided to repeat this trick, then of course I would not choose trading, I would choose investing, starting from investing in new altcoins and ending with investing in already released projects that have sunk significantly in the market. It is much more effective if we take into account the time spent and the possible income. By investing in altcoins, you will be able to generate capital for yourself much faster than if you are trading, and even more so day trading. In trading, your chances of survival (in the sense of existing on the income from this activity) are less than 1%.
In as much that cryptocurrency has good potential it is not a go ahead for one to think of depending in cryptocurrency as a means of livelihood. Cryptocurrency can be a back up to what generate money as a source of income. Cryptocurrency is unpredictable and risky and depending only on it can be terrible at times. But when one has a business or Jobs that brings money then the potential of cryptocurrency can be well seen.
The best is always have to diversifying your investments and other source of income. Only devs and pro traders do really have good thing in this market and it's really an unpredictable one and can burn you that easily. In the future I think this will expand but for now it's still speculative but we've heard a lot who make a fortune, but that's on them since they came in early.
if you are able to trade well, then I guarantee you can make profit every day, you don't even need to work in an office, but if you have problems maintaining money management, can't read market analysis then you won't be able to make crypto currency for your life.
Yes, as long as he is serious about it. You can't do trading and after many losses, you'll quit, that's not how it works. Trading is more about losing at first, but it'll bear fruit in the long run if you're serious about this career. It may take a lot of cash on everyone but the key is not to give up as long as you can see yourself growing. It's worth to try, and definitely worth to pursue if you have the courage to fight against problems you'll face in your trading journey.
Requires a broad understanding and great responsibility, someone focused and plunged into the world of crypto, especially in the field of trading.• some crypto users, very real in crypto trading, the strategies he has are also guaranteed and steady income.Crypto trading, if you understand it, you will get everything you dream of, double profit trading method, if you understand in terms of crypto market, Understandably in terms of the crypto market, crypto trading is different from trading in the real world, you don't have to wait for buyers too long, just pay attention to the green and red movements, you will have more money to make a living.I have a friend, in his daily life, time is spent in crypto trading methods, he used to be poor, for three years he focused on crypto trading, now he has become a successful man in crypto and has a lot of money, he has no other job, the money he gets to buy property is all from crypto trading results, Whether it can be categorized as a means.
Of course it is possible but it is not something that anyone can do, and this is a big problem because this is something that you cannot do with your skill alone, even if you were one of the best traders around the world you will not be able to do this if you do not have enough capital to sustain yourself.For example when there is a bull run you can make massive profits but can you generate the same amount of profits when the market is crashing? If you can, you have a great advantage over most traders, in that case you can trade for a living because you will be able to obtain good profits regardless of how the market is moving, but if you cannot do this then it is going to be almost impossible for you to make trading your only occupation.
It would not be appropriate to treat the trading sector as an entire profession. As trading is easy to earn, there are also some risk.Although there are many ways in the cryptomarket where you can actually earn more, it depends on how skilled you are.There is no such thing as always profit in trading, loss can also happen. Because the crypto market has ups and downs, you will feel good when the market is up and you will feel disappoint when the market is down.So in my opinion try something else besides cryptocurrency.
Well, considering the high risks in trading, it was really hard to just rely on this as the main source of our living but we can consider this as a sideline or another source of income. I have some friends doing this, they just do trading during their rest days as we know that trading requires ample time and focus, otherwise. However, spending time trading while looking for a stable job is a great option. It can be profitable and can't deny that but because of its nature, that seems so hard.
Thee are Crypto investors that solely depend on Cryptocurrency for livelihood but it's not just about buying and holding cryptocurrencies. It could involves mining, Crypto softwares, crypto books, lectures, Trading, selling of crypto trading strategies etc just name it. Cryptocurrency is a gold mine and a lots of Investors had made good fortune from it. You don't have to be surprised because crypto is a big world on it own looking at how it works and operate. So many benefits we can earn from Cryptocurrency woeld
Trying to live off the income generated from trading crypto for a living would be very risky even for professionals. And for amateurs, it can be financial suicide.better find a source of income that takes advantage of your talent and hard work then save the money and invest it well and that's how you create long term wealth.relying solely on crypto trading for a living is a waste of your time and money, because you will do it full time and you will end up losing money. And people can do it by no means completely depend on the income from crypto trading and they do it only as an uncertain side income for a certain period of time.
Not really a waste of time, we can make this another source of income. We can somehow enjoy ourselves by doing this anyway. However, if we talk about making this a living, that is a NO NO. Yeah, you are right to make use of your talent and skills as a tool to find a job and have a stable income rather than relying solely on crypto for we don't have a profit assurance. I guess OP, it was clear to you now what is trading gonna be. Yet, it was your decision but I encourage you to think about the risk.
^ Because the fact that people should use capital in trading is what they can afford, which means it is extra money for them that they can afford not your all assets to put at risk. Definitely right, there is no assurance of making a profit every now and then it could be your capital will easily to wipe out are you expecting this to pay your monthly bill and other daily basic needs that are supposedly a budget in your family? However, Op should not rely upon other's opinions, it should be Op has own opinion and decision about this.
I will say yes and no. Yes in the sense that, forex trading has been existence for a very long period of time and people are using forex trading for living. The profit they got from the trading in a week or a day can sustain them for the next trading days of the week or a week. Therefore, if the person is very good in prediction and trade very well then he can use it to create or generate income for a living. Then why I say no because trading is like a gamble which you can loss all and win once. If you trade in a week and the trade does not favoured you in the week you will run as lost. And also is not something that you must rush. You have to take your time to calculate before going into trading even though you are an expert you must calculate the movement of the market, and also the bear market, must wait for the bear Market to end before profit can come in again if the capital is the only money inside. And all these process you of waiting, you must eat, pay your bills, buy things etc. Therefore, it is not possible to for one to depend only on trading for a living.
Trading crypto as source of income is actually a good one because you are the boss and control the affairs of the ups and downs of your earnings. Crypto trading have lift many people from grass to Grace, only if master or traded wisely, and have also send people to trenches. I'm not fully into crypto trading but having an idea about it contributes fully to the stipends I earned. Sometimes I open trading positions with trading signals and take some profits, sometimes I lost also. It's all part of what one faces in trade. We have good, trained professionals in crypto that do it as a form of job daily, these set of people are actively in trading.
When you plan to take it as a full time job then better you already know or master it to make it work profitable since the market is too risky and unstable, you must have capital or bigger capital before you start quitting job to use in trading. It will be better to diversify it but still having other business or sidelines to do like taking some online job incase trading individually won’t work. Maybe there are others who do trading alone for aliving but we should take consideration their skills and money capacity before we compare ourselves to them or do what they do.
Trrading is risky, money used for trading can be gone in some minutes, hours or days. Having that type of mind to make it from trading doubles the pressure from the trader to risk more, the end result may be very bad. If having large amount of money already, the person can think of other businesses that are not risky, that is the best to do, he can do trading with the other business which is not risky like trading. Going for trading alone is what I can not advise, not good at all.
I'm not surprised if someone or some people say they can make money trading cryptocurrencies because I've seen proof of it from several of my friends. But when I see them trading, they use more than one monitor screen to analyze one or several coins at once and it's not easy because we have to focus on analyzing to find out when we can start trading. They say that a lot has to be done before you can earn from trading and this income will be different every month because it depends on the market situation.
I think you could do pretty much anything for a living if you are determined but, you ought to be ready for the strokes it would come with.Traders have often come with high blood pressure issues and these comes from the various activities of the market when, it doesn't play according to your prediction based on analysis and you know for one, this could lead to bankruptcy. No doubt, there are some successful traders out there but, not without scares from the currency market and as such, if you feel you could handle it should your expectations not come to realisation, you could try at OP.
Pandu Geddon2022-08-30 13:10
I have a friend who does make a living from day trading. but indeed capital will be very important to be able to finance the needs of trade.if you want to do it I think it is important for traders to be able to manage their assets properly. sorting assets for trading as well as investment assets. it's a little tricky but those who manage to do it I think can live without a lot of pressure.most importantly avoid the risk of loss. how to do it, of course by improving skills in trading.
What matters is risk management. Someone can sustain trading for a living if the person has been trading over the years and has sound knowledge of market and risk involved.Of course skill is important more far above capital. You can build small unit of capital if you have good knowledge of trading, get your entry right and exit time accurate. But if you have huge capital that amount to nothing if you don't know your entry points.
Well, have in mind that some people accumulated a lot of coins in the early days and now they can trade with huge capital! I guess for those people it's more profitable to spend time analyzing the market and making trades than sitting in some office for a regular salary every month! It's hard for small players, with small bankrolls we often choose higher-risk trades in order to make some meaningful profit, but because of that we often face losses... so without some nice capital it's impossible to fully depend on crypto trading as the only source of income!
In real talk maybe yes. Some traders quit their jobs to fully give their time on trading which they found more profitable for them than working 9 to 5 but that is not advisable since you are risking your opportunity for a high risk job which doesnt guaranteed success. I know a lot of people relying on that but that requires expertise and a wide experience to be able to consistently earn on crypto market. Unless you have a regular gig or example like signature campaign here on forum, that earns weekly crypto but that is also not guaranteed and can be considered as work but only as pass time or hobby.
Cryptocurrency trading is definitely a hot topic for many people to talk about these days. But whether it's actually possible to make a living, or if you'd rather find something else you can do for money, remains undetermined. It might work for some people, but there are many other factors to consider.Cryptocurrencies are not going to be the best way to trade right now. There are many great ways to make money, but this one has many limitations and takes a lot of time. I suggest starting with altcoins okay too, don't put all your investment up front. After all, Crypto is a painstaking job and has an impact on your Psychology.
it can be , if you are a full time trader and totally understand the market? then I see no issue on why you can sustain your living using trading platform and exchange.but this will always depend on how you deal with it and how you will function as a trader and not a kind of person that totally greedy .there are some of my friends that resigned in their respective jobs and now dealing only in crypto trading and yes, they are successful.
In my opinion, it is possible.But this is not easy, high risk, and will give some pressure on your life. Your life will be changed into something very new, regular, tight, and also risky. When you put trading as your full-time job and set the earnings for life, it means that you must focus 100% on trading crypto. This also means that you must be a professional trader, not only temporary tarder. Here, you must do learning much more about crypto, trading, and also other knowledge, more than the basic one. This is not easy, many professional traders must pass the process very hard. SOme are responsible and survive the process until continuing as a day traders. But some give up because f the tight activities and high risks. However at least, you must have your own saving for your daily needs befre full time in crypto for living
There are those who made remarkable success trading with crypto but for sure, they never reached that point instantly. They gained lot of losses at first, before they attained crypto as a good source of living. However, trading also has its own risks, if you’re not skilled and do not have proven strategies that will work, better leave trading as a side income. Find another stable job that gives good compensation, so that if crypto fails to provide profits, at least you have your own job to sustain your family’s needs.
^ Probably. Why? Because this will upon the trader's skills if it is a professional trader which is can able to make a profit on trading then, possibly there is can able to do trading for a living. Trading is not good a full-time job there is no assurance and accuracy of generating a profit and possible you will have an unstable source of income which makes ruin your life in the future. Even myself, I will never do this thing, it will rather good if you have a stable job than a full-time trader.
It depends on his own skills and capabilities. If he is a professional trader and knows the best entry and exit in trading, then most likely he will make a good living with crypto. But as an advice, no matter how good you are, trading has its always associated risks and the market is not always good to trade. If you can find other job opportunities in crypto, that will be a lot better so you can have multi sources to generate an income.
Only top 1% may live with profit of crypto trading but it is still debatable how long it can go like that. Very hard to predict volatile crypto markets and almost impossible to get constant ROI after so many scam exits, fake projects, stop hunting market makers. I know some full-time traders who make living with forex trading that been way more predictable compared to wild crypto industry. So 95% of YouTubers don't live with crypto trading funds as they advertise on channels, IMHO.
I think you may increase that percentage but won't still be that high. It's true that there could be some that are possible to live with their crypto profits in trading. But I can imagine how hard it is that you don't know how much you're going to earn and will depend on your trades. What if the day isn't that good and you're into losses, and it's also possible that you may have bad days and will put you into losing streak. If you're a family man, you'll have hard days if you're just trying it out and testing. Trading is a wild ride and there's more percentage losing than winning.
It depends though since every traders have their own different strategy and making it as a money for living might take for a while since you don't know your strategy well yet. Some are trading for almost 1 to 3 years before they could make a living, I mean they could make money from trading after a long time of trading while losing at the same time. It's a long process if you ask but you will get there eventually just trust the process. Everyone experience like that but it pays off in the end.
Yes and no. The fact is, it depends on a lot of factors. Such as marital status. Number of dependents. Years of experience. I have seen single young folks who hit it big trading crypto and were able to buy nice cars. But this is not in my opinion sustainable in the long run if the factors I mentioned above is put into consideration. You need to have attained a level of expertise to live on it.
If it's possible then the answer to the op's question is only yes because that's the only thing he wanted to know but like you said, there must be conditions that he needs to meet first. If you are not single and there are people that depends on you like your family or relatives, it is still possible to buy your dream items such as a car but the only difference is that you can attain it in a slower rate because you are prioritizing the people that you think is more important the material things.I like that kind of personality than to those who choose to be single and ignore the people around them because they are chasing personal goals first. They are too selfish.
If we say "one" then it becomes a very easy question. Yes "one" can do it, but who? I can't tell you to pursue this as a business idea and start being a full-time crypto trader because you could be an amazing one or you could be a horrible one, how would I know? I have tried it before, studied a lot, and learned as much as I can and did trading for a year, and I found out that long term holding was always better for me and easier way of making money.This is why I do not think that we should be focusing that much on trading, it is just not worth it for me. But I also know people who made tons of profit from it as well and living a great life, doesn't mean one is right and the other is wrong.
You wouldnt know unless you try and that the key for you to answer up your own question whether it would turn out to be easy or very tough which is almost close to impossible.We can do make trades but due to unpredictability of the market then it would really be that hard to be done but actually there are people who do able to make trading as their living.Although these are people who do have some experience and that have skills which you could really able to rely on but not all would able to attain it.Some might be thinking that it is really easy to attain these stuffs but its not imho.
I want you to understand that not everything you read or watch online is always true and if it's true they are always hyped. Besides, people always say the sweet aspect of cryptocurrency and they won't tell you the price they have to pay before getting a good result.Having said that, you can depend on cryptocurrency as a means of livelihood but you can't solely depend on crypto trading due to the market's up and down trend. Besides, if we look into the world economy and the nature of the world we live in doing a single job cant provide for all the basic and other important needs.if you can develop another skill with crypto trading, yes you'll be fine using crypto as a means of livelihood.
Think about it this way, there is a stock market and people are trading on it. Does that mean they are so competent that they can depend fully on it or are such people living in constant anxiety and depression while coping with increasing debts?This should not be the case here, we all want to live in a healthy manner and for that a source of stable income, possibly a day job has its importance. Second to that one needs to allocate money to saving and spending, in the spending group decide how to much spend on investments and that is how you should manage your money.Going all in on crypto and following it as the source of your daily bread is a risky move to make.
There are a lot of traders that are focused on trading and gaining profits with cryptocurrencies. I know that there are a lot of people who are handling different portfolios and different markets. Some skills can be transferred with varying trading needs, so it's not always going to be fully on cryptocurrency. Sometimes you should have multiple different incomes. It's not just in trading that you could earn; you could also with bounties and other methods that you can do like Buy and Sell, etc. It's a vast thing, the world of cryptocurrency, and you must know where you would go.
Yes you can depend on cryptocurrency trading alone and still live a comfortable and luxury life. The only limitations here is that you will have to endure the days of losses because becoming a pro trader will take a long while and until then discouragements and emotions will always get the upper hand but the interesting thing is once you become good at your analysis you will become so comfortable with trading alone without been bothered about doing anything else
No, you can't. Although some traders have been good at trading and make it as a source of living, however, they don't just also rely upon everything with this. It was still the best option to have other sources of income if possible just to be sure that everything is fine when there are terrible cases happening in the market. I certainly don't buy people saying it was enough and guaranteed profit for we know that all the time the market gives us a favor and not all traders are also working well.
You can but that’s not appropriate, why will depend on trading for leaving, they only people that should try that are professional, if you are not yet a professional don’t try that, and even as a professional, it’s advisable not to have only single source of income, it is advisable you are having multiple source of income, immediately some beginners start trading and they start making money, they will start thinking about leaving their job which is very wrong some of them haven’t witnessed bear market before and they don’t know how to survive during the bear market.
One 'can' depend on anything they like as a means of livelihood, it is their life and they can do whatever they want. The question is 'should' one depend on cryptocurrency only as a means of survival and livelihood, then people can now answer you objectively, in my opinion i would say one 'shouldn't' (not can't) depend on crypto only as their job, when you choose a source of livelihood or a job, usually there is a certain or assured payment you must receive monthly or weekly, and there are also post-work benefits like pension, with these you can plan your life and take some important decisions like choosing an investment plan, etc. But if crypto is all you do, the risk is great, you can lose, gain, lose all, go broke or become rich; you do not know what to expect and how to make plans, that is why crypto is good as a second job, and not the first or main job.
What Do You Mean By Depend On Cryptocurrency You need to understand that making a living depending on trading and making a living depending on whole cryptocurrency are not the same thing. And depending on these two things people can earn their living and still many are doing it. I would prefer only trading as a living source because It has a lot of risk of loss. Besides trading You can do all the others thing like block chain development , mining, in forum signature campaign (need ranked up) etc you can see in
Yes of course, if you are skillful enough and then you are also lucky to win most of your trades then you can probably survived day after day but if you think you don't possess that two qualities for a while, then you better not attempt to because your life can be in great danger.You must first find a stable source of income like working in a real job e.g office jobs and then you can practice trading on the side on your free time. It is true that many people talk about crypto and its potential but those people didn't directly say to quit your jobs and depend on crypto full time. You know, cryptos are too unpredictable so you are not sure if you can take profits continuously.
It is feasible to make money through trading, but it shouldn't be your full-time career. I occasionally trade and make money doing it. Having a business is preferable to gambling with cryptocurrencies.
It is very possible that there are those who can do it live from crypto trading but the percentage of those who succeed in doing it can not be known for sure, but when compared to those who fail it will probably be higher. My guess is that the person already has sufficient skills and assets and has gone through a long enough period of time to actually only do crypto trading for his living expenses.
Its possible but unless if you're a good trader, like you have a good skills and proper knowledge how to handle every situation in order to bring your account into green always everyday, wherein despite of some mistakes. Because tbh witj you mate i actually have my favourite trader but he is trading stocks not crypto for a living . And yes sometimes he faced some lose but most of his trades afterward has a good results and he still can regain more profits. So IMO it depends.
Of course, you can make crypto trading your main job to fulfill your daily needs. As long as we are experienced in the crypto world and have good trading skills, it is possible to trade crypto for a living. But unfortunately the percentage that succeeds is very small, it can be said that most people fail to make crypto trading for a living. I've been trying this myself since 2017, but until now the losses that I experienced were greater than the profits that I made. Therefore I only make crypto trading only as a side job, and still work in the real world to be able to make ends meet. I think crypto trading is very difficult because crypto prices are very volatile and very difficult to predict. So then you should try crypto trading, you will know the answer after you try it. Since everyone has different trading skills, I know there are some people who have succeeded in making crypto trading as a living.
It will depend on who you are and what you are doing in the real life. Putting all activities and jobs in cryptocurrency may have higher risks than having other jobs in real life. But in fact, many people focus only on crypto and leave the real job. ANd they are able to do it much better and fulfill all needs from cryptocurrency. I personally am also one of them. Right now, I only have jobs in crypto, this signature campaign, and doing trading (although not a regular daily trader). But this really pays me and really fulfills my needs. I am doing this because having no job in my real life although having searched for some jobs here. But this is too difficult to get the job. So, whatever the codnition,I must moptimize the eanring from crypto. However,if you are new and don't have enough ways to work on crypto in whatever the activities, I think that it is no need to full worki here.
IMO, No.Trading isn't an easy way of making money, it might that day it will lose them all.I can't do trading to sustain my living, there's no stable source of income if you do that. But if you've said, trading could be an additional way of making money then, I tend to agree. It might be good if you have a business first and then do trading, why do I say a business not a job? Because when your business becomes stable, you don't need to spend too much time on it which means, you've more extra time for trading. You can't rely upon a single source of income, it should always have an alternative.However, making money in trading is possible but this is on a case-to-case basis and it depends on your skills. Because for me, trading isn't meant for everyone.
In actual sense, cryptocurrency is supposed to be our second option to be survive in world. if actually you have something doing from my own perspective you have to know that nobody choosed Bitcoin as means of surviving. Because nobody knows the time frame of elapsed.
It depends on your skills, strategy and capital if you want to earn huge in trading and make it as a living. But for my own point of view and experiece, you can't consider crypto trading as a means of livelihood because of market volatility. It is still better to have another source of income while doing trade in crypto. Don't rely on trading alone.
Depends on what you are doing!You could really make a living with it but it would really be pertaining on how you do able to sustain considering that this market is totally unpredictable and there's no way that you could really assure that you couldmake out profits day by day but if you do able to bare out such risk then its up to you to decide.Its your life and its just common sense on sticking into something which you do see that it would really be thataffecting your life on a positive way.There are people who do make crypto trading as a living but this is something or a condition which not everybody could able to achieve.Its never been easy and would need that extreme knowledge and experience towards the market first.
Yes, I have known people personally who've been day trading all of their lives now. But they didn't start as a trader in an instant, they've learned it along the way.It may sound easy but that's not what it is and they've been doing other things for their living for so many years until they've tried to move forward with trading as they see the potential of it. They're now depending on their daily lives and income with trading. The discipline is there and as well as the capital, it is enticing when they tell such stories but the capital they use is quite high and they're not exempted in losses.
It is possible but it is nowhere near as easy as they make it out to be, to begin with you will need to have great abilities as a trader and those abilities are not easy to get, also you need to have a lot of capital, people dream of using a small amount of capital and multiply it over many times, but you need to be more conservative in your predictions, if you can get 10% profits per year, which sounds easy but it is not, and unless you could survive with that 10% of profits then you have no chance of living just out of your trading skills, so if you have plans of doing this I recommend that you keep your job and start to save all the money that you can while you trade on your free-time, and only once a few years have passed and your skill and capital are up to it then you could try to make this a reality.
Yes, one can earn livelihood only in trading. Many people I know are doing it and have been doing it. But it depends on the level you are trading. You cannot be trading with a few hundred dollars and want to make livelihood from it. You should have enough capital and understand very well how to trade. I mean be a pro in trading, you can make a living from it. If you understand the risk, remove greed and have good financial management you can do it and be successful. Anybody can earning living from anything, it depends on your level of commitment and determination.
The answer is yes, they can depend entirely on cryptocurrencies for income and make ends meet through the money they earn from cryptocurrencies. But it won't be easy because they have to stay focused on trying to earn more money. Cryptocurrencies offer many ways for people to make money, one of which is by trading and this is not as easy as one might think. We must have the ability to trade so that we can make a decent profit every day and every month. I'm sure many of us have made a lot of money from cryptocurrencies and that opportunity is still open as long as we are willing to put in the effort.
Listen brother trading is not a fixed source of income to be honest. I mean the amount that you will get while doing trading is uncertain. It doesn’t depend what type of trading you do, but yes the income that you gonna generate will vary each day or week.If you can really survive on a uncertain amount, then yes you can completely rely on trading and will definitely survive from the money you make on trading.But on a safer side, you can do anything part time to get a fixed amount per month.
It depends on tour experiences in the past and how much capital you have at hand. In case you traded cryptos for a few years, maybe even stocks before that and you made good returns than I would say give it a try. It's very important to know what you get yourself into and if you are able to sustain such a lifestyle. You need to have a decent bankroll to start with, because otherwise your return expectations are unrealistic and you will take too much risk to chance returns. Let's say your yearly fix cost for food, rent and other bills are 10,000 USD. Then you would need to make 20% of 50k USD or 10% of 100,000 USD returns each year before breaking even. Without a decent starting capital it's not realistic in my opinion. Maybe give it a try first to start off part time and rely atleast partially on a second job.
Its potential is there, the reality of the market is more and more participants, but the number of people who make a profit here is only a few, most of them are more losses than profits. Crypto trading is like any other business, there will be winners and losers, there will be people who find it appropriate, and those who find it inappropriate. I've been into crypto for a while but since I'm not a very good trader I don't tend to trade often, I mostly pick a good coin and hold it for a long time.
Trading of cryptocurrency or any kind of online trading involving crypto or fiat should be seen as a way of diversification and not a source of direct income or only income. Although the truth is that with trading you can make a bigger profit from your paid job but at what time to get lucky for that or to have such profit can't be determined by the trader. So with such, a paid job is better to concentrate on because it is steady and you can plan your finance and family with an income that is stable and guarantee than what you can't determine like cryptocurrency trading. The returns from a good trader is higher than paid job only if you are willing for the risk against when you are having losses.
As many user already pointed out. Market volatility makes crypto trading almost a gambling which means you can’t get a consistent trading result unless you have an insider trading info because the market can be easily manipulated by news or fud in social media that usually invalidate all the TA for that particular time. You can’t make a consistent profit on this kind of market no matter how good you are on trading because the risk involved is too high with just a one huge price swing against your position even if you are just using spot trading.
Honestly to achieve success and become profitable in trading, such a trader must be well grounded in TA and fundamental analysis, for instance I was in a crypto trade on Friday which was already in profit, I wasn't aware that there will be a big news "Fed Chair Powell Speaks" at the exact hour he spoke almost 99% of crypto/USDT pairs reverses and dumped massively with high volatility, another obstacle hindering crypto traders is price manipulations, thus it's a lot of efforts, knowledge and skills to be profitable in crypto trading as well as depend on it for a living, personally I prefer forex trading whose volatility is moderate except during a RED news announcement that always increases price volatility.
The bottom line is that nothing good comes cheap. It takes a mastery of whatever one is doing to prosper in it. Whether cryptos or Forex trading, having a set skills and handle on such is key. Yes, I do agree with you that Forex trading is a bit more organized and less manipulated than what happens in the crypto industry. I'm certain by the time crypto gets just about half of the type of regulations the Forex market has got a lot of things will firm up.Yes OP, people can actually live on trading alone. Nothing pays better than indulging it as a career. Sadly, only a few take the time to learn the craft and expectedly become profitable in it.
Yes it do, but the question is how good you're in trading?I have a friend who like to trade shitcoins, usually he pick around 20-50 projects and hope either 1-3 projects will going to the moon. Because if at least 3 projects is successful, it can cover all the capital he use to spend to 20-50 projects, so if there's another one project become successful, he can earn profit. But it doesn't mean his journey is always smooth, there's few months he suffered a debt since the dump market make the whole coins can't pump.
Now this is why I actually don't consider it as a sole means of livelihood because what happens when one run into debts or when the market is in bear period and one has emergency. I still suggest a work with steady wage/salary to cover up emergency bills
Given how volatile the market may be, I don't think this can be a full or dependable source of sustenance. You cannot make an investment in cryptocurrency and expecting a 100% return or predicting how it will turn out in the long run. It is possible to view cryptocurrency as a side business rather than a full-time job. However, this depends on your decision and your ability to control your emotions when the market doesn't work in your favor. Because of high hopes after investing in cryptocurrencies, most people commit suicide when they lose their bitcoin investments. Spending only what you can afford to lose is always advised. Your emotional state and level of mental readiness will determine whether you should pursue cryptocurrencies as a full or part-time job.
Depends.... on the trader.People make a living out of lots of things. Some people are very successful gamblers and make a living out of it. You'll find lots of people here telling you that it is impossible to make a living out of gambling but there are indeed people who do that successfully.If you do the right trades... why not?All you need to do is finding them right trades.
No, a person should not depend just on trading, and it is not a good idea. Always do trading as a side business. You can give more time to trading if you are a good trader and your win rate is good.
First of all, how experienced are you? Despite the level of your experience, Crypto trading can actually not sustain one as means of livelihood due to market fluctuations. To some, they see crypto as an investment and not a means of living. If you rely on crypto for daily survival, then I'm sorry to say hunger will teach you a lesson during unfavorable market condition. Look for another alternative aside trading.
Yes, crypto is not about trading because there's a lot of ways in cryptomarket where you can actually earn more which I have so many friends who are full time in cryptocurrency activities, they do trading, bounty and even managing a social account and they will get paid by that. You can only achieve this level once you already have good knowledge about cryptocurrency and same thing with trading, experience and trading is the key so if you are a newbie don't rush yourself to do full time, have some experience first and soon if you are already good enough, you can do full time in crypto, this will also depend on your dedication.
A lot of traders claimed to be. But I'm sure don't focus on crypto alone. When it's a bear market like we have right now, it's hard even if they are into leverage and futures trading, the market is just too unpredictable. 5% today and tomorrow the market may close to -10%, that's how they'd lose with just a piece of news from FED or due to messed up fork.
I'd say 99% of people can't, even those YouTubers that have '''How I made X amount of money using this new strategy''' as their video title.Truth is market trend is just too volatile for almost anyone to be able to consistently use a certain strategy and manage to get out of trades with profit, there are times that making money in the market is too easy like when it's bull market but that will end at some point and if you can not see the top and see it fast enough to exit your trades/investments you might end up losing a good chunk of profit that you made in bull market.So trading is only a reliable source of making money until the trend changes and suddenly before you know it market behavior shifts and if you don't see that happening you're going to start losing money from then.
In real talk, if you are zero knowledge of cryptocurrency and you jump into crypto trading right away, I think it's like you're killing yourself suddenly or you jump right into a war with no weapons and no experience fighting a war battle.If you're planning to enter the crypto trading industry to make it your job to survive in this generation, I think it's better to study and learn about Bitcoin and cryptocurrency first, because it's not a joke that you enter, because you can you will fail or fall if the method you do here is wrong, but if your method is right you can also change your life in the present.
NO, but it depends on how good the trader is, but most people that think like this do not know much about trading and they have more chance to fail in trading, the reason not to think this way, having other work that you are doing is wise and better.I will not advice anyone that is trading to depend on it for a living, better to have other work that you are doing. But while having other work that you are doing and you are making profit from trading in a way your profit is significantly more than your loss, such people later can go for trading alone, but in a way they still have other things they are doing like their personal work, but leaving where they are employees.I will not advice anyone to fully depend on trading, but trading choose some people, this are the kind of people that really make it from trading, but this kind of people diversify by having other businesses.If I should choose yes or no, it is no. People should not depend only on trading for a living.
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