I Want To Quit My Job - Can I be a Full-Time Trader?
Updated: Feb 21, 2022
Many working professionals are planning to switch to full-time Trading as a career option. I get it; everyone needs stress-free money. One of the most frequently asked questions in the trading community is – 'Can I make a living through full-time trading?'
Many people think of taking full-time Trading to escape from the issues they are facing in their office. Quitting their job, work from anywhere with a laptop, no boss, and no politics looks like a dream job for many people. But the reality is different.
So, can a person make his living through full-time Trading?
The straightforward answer to this question is – YES, it is possible to make a living through full-time Trading. But it is not easy, and it demands more focus, discipline, and emotional control behavior.
I suggest improving your trading skills when you are working in a 9-to-5 job.
Because emotions and expectations from Trading are less when you are working, you can easily pass through the learning curve when you have a fixed monthly income.
Can I be a full-time Crypto Trader?
Cryptocurrency is the new buzz in the trading community. Recently Tesla Inc declared a $1.5 billion investment in Bitcoins, and Goldman Sachs decided to offer Bitcoins to its clients.
Cryptocurrency is a digital currency with no physical presence like a coin or note. Satoshi Nakamoto developed the first cryptocurrency 'Bitcoin' in 2009, and many such currencies were born in the last few years.
Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Cardano (ADA) are some of the popular cryptocurrencies.
There are many debates regarding investing in Cryptocurrency.
The world's most significant investor Warren Buffet compared Cryptocurrency to paper checks.
It raised an important question – "It's a very effective way of transmitting money, and you can do it anonymously and all that. A check is a way of transmitting money too. Are checks worth a whole lot of money? Just because they can transmit money?"
According to him, investing in Cryptocurrency is risky and worthless.
However, the world's richest person Elon Musk takes the opposite view, and he thinks these cryptocurrencies are the future universal currency of the world.
Trading and investing in cryptocurrencies come with a specific risk. They are mentioned below:
Cryptocurrencies don't have an underlying asset as security
Cryptos are not authorized by any sovereign bodies (reserve banks or government)
Cryptocurrency is a digital currency; hence there is a risk of hacking or losing your investment if the digital wallet company goes out of business
Therefore, one can plan to invest some portion of their capital in cryptocurrencies (if required), but thinking of a full-time career in crypto trading is not a good idea as the volatility factor is high with cryptos and also because of t