Crypto trading is a promising source of (passive) income. With minimal effort, a crypto trader can make bucks. But can Crypto Trading be a full-time job? This is the most commonly searched query on the internet.
The advancement of the internet and technology has introduced us to multiple ways of earning. Crypto is one of them. By trading crypto coins; i.e. by buying and selling them, a trader actually makes a good profit.
Given the nature and conditions of the crypto market, should a trader make it his full-time job? The short answer is; YES, we can take crypto trading as a full-time job. But, there are multiple conditions attached to it. If you meet those conditions, you can become a full-time trader.
Let’s discuss the conditions that are mandatory for us to become full-time crypto traders.
Conditions to become a Full-Time Crypto Trader
Crypto-trading can be a very risky business. If you are new to it, then becoming a full-time trader is akin to inviting bankruptcy.
Therefore, you should meet the following conditions if you really want to make it your full-time business.
1. Understand How Crypto Markets Work
Not most of the people who do trading are real traders. Someone who does not understand the crypto market sentiments cannot be a trader, but rather a Gambler who speculates on price.
A full-time trader should know how to do proper Technical and Fundamental Analysis of the Crypto Market before investing his hard-earned money.
He should be aware of all the factors that move this market. Some of these factors involve the inflation rate in the USA, supply and demand forces, SPX, etc.
In short, crypto is a full-fledged field that requires a thorough study before acing its sentiments.
2. You must Earn and Save before Investing in Crypto
Before you make a choice to become a full-time trader, make sure you own enough money for rainy days. The Crypto market is highly volatile and it can move against your position. It can even make you wait for weeks or months too.
So, we should not expect a huge return every month. Rather, we must always have a good backup fund to support ourselves and the family even if Crypto Market ends up in loss.
Therefore, it is strongly recommended that you should have either enough savings or a constant stream of monthly income to kickstart your career in crypto trading.
3. Become a Day Trader & Achieve Daily Profit Targets
If you really want to make crypto trading a full-time business, you have to be a day trader. Day trading involves booking small profits daily.
For that, all you need to do is to set your daily targets. Let’s say, I set $10 as my daily target. So, like any other job, I will sit down and analyze the market to make a proper strategy.
After achieving our daily target, we should spend time on other activities like reading books, watching movies, or spending time with friends to lead a well-balanced life.
Otherwise, greed will take hold of us and we can lose what we have earned for the day in a blink.
4. Make Sure You Are Saving Money
In a 9 to 5 job, we work daily and earn on the monthly basis. On the other hand, in Crypto Trading, we earn daily.
The difference that I can highlight in the nature of both the jobs is; that in a 9 to 5 job, the worker spends his money wisely to pass his month and save some amount of money too.
On the other hand, a Crypto Trader does not pay any special heed to saving money and making a monthly strategy. He earns and spends with an almost equal proportion.
So, in order to be a successful full-time crypto trader, always try to save your money. As we have discussed earlier, the market can go anytime against your position or expectation. During that time, only your savings will save you.
5. Be in a Company of other Traders
It is very important to surround ourselves with like-minded people. Being a full-time trader, you might not be able to find traders in your neighborhood or even in your city. You can, however, always find your company on the internet.
Find people on platforms like Facebook, Twitter, Instagram, etc, and interact with them. Share your strategies with like-minded people and learn from their experiences.
6. Trade with a Calm & Composed Mind
Last, but not least, you should always keep yourself calm and cool-minded. Trading requires a positive attitude. So, one should always try not to be overexcited during profit and frustrated during losses.
In short, if you are someone who is controlled by the situation instead of controlling it, you are unfit for the job.
To cap it all, crypto trading can be a full-time job but with the right set of conditions as we have discussed above. A large number of people are running their homes just by trading crypto.
All you need is: to know the right strategies, understand the market sentiments, and remain cognizant of all the factors in play that are driving the market.
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