Make a living trading crypto

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Want to make a living trading crypto and work from home or from anywhere in the world? Consider the following and decide if it fits you.

In today’s digital age, the world of cryptocurrency trading has not only revolutionized financial markets but also redefined the concept of work itself. Imagine having the freedom to trade and earn from anywhere in the world, all while maintaining a lifestyle that suits you.

Crypto trading offers precisely that opportunity. It allows individuals to become their own financial bosses and break free from the traditional 9-to-5 grind.

What’s more, social media platforms like Instagram and TikTok have played a significant role in showcasing the lives of young, successful crypto traders. For instance, Carl Runevelt, one of the biggest crypto youtubers is giving useful trading tips to his large following on a regular basis.

With stunning locations, luxury cars, and stories of incredible profits, these young traders are inspiring a new generation to explore the limitless potential of cryptocurrency and the freedom it can offer.

Famous crypto influencers promoting Bitcoin and the luxury lifestyle

But as enticing as it may seem, success in crypto trading still demands knowledge, discipline, and a well-thought-out strategy. So, let’s consider now that you want to start making a living trading crypto, what are the odds?

Can You Make A Living Trading Crypto?

Yes, you can make a living trading crypto, but it’s not without challenges. Crypto markets are highly volatile, and success requires a deep understanding of trading strategies, risk management, and emotional discipline. Many traders have achieved financial independence, but they’ve also experienced significant ups and downs.

It’s crucial to start with a thorough education, practice on demo accounts, and only risk what you can afford to lose. Some traders opt for part-time trading while maintaining other sources of income to reduce financial pressure. Ultimately, making a living from crypto trading is possible, but it’s not for the ‘average Joe’.

Does Trading Crypto Equal a Fancy Lifestyle?

If you want to start out making a living as a crypto trader and expect a free and glamorous life, then you have to cut the expectations first. Like any other living being, you have to pay the monthly bills first. Additionally, paying the bills is often the reason why most people are in a 9 to 5 job.

To start out as a professional trader from home you need a proper start capital like 25K to be able to generate serious money. In other words, signing up at a cryptocurrency exchange like Binance and depositing only $100,- isn’t the way to begin.

Correspondingly, trading requires patience, knowledge of technical charts, and again a lot of patience. Moreover, trading is often a waiting game and can be quite boring. For example, a participant on the Quora forum posted the following according to swing trading from home:

‘A senior trader in my country said that trading is the most boring job, and I couldn’t agree more. It teaches you to be very patient and composed, very far from all the bling2 and wsb memes that are trending right now.

Trading crypto from home, boring
Trading crypto from home, boring?

After all, it’s not my goal to discourage you and there is a lot of opportunity in these volatile markets. For instance, it’s certainly true that a good position in these markets can turn people into millionaires in a very short time frame.

4 Steps To Consider When Making Money Trading Crypto

Comparatively, to start this challenge to become a profitable crypto trader, it’s very wise to consider the steps mentioned below. It’s a useful guide, that can indicate if you are the right fit:

Step 1: Education and Experience

First of all, do you have a serious track record as a professional crypto or forex trader? If your current situation is working for a trading firm then you are on the right track. If not, then you should consider following some online courses related to online trading.

Similar to any other profession out there, you need some proper education that can help you on the way to financial independence. Besides education, it is also very important to find an online community of traders and join them. Overall, gaining trading experience is essential and the quickest way to do this is to learn from other (experienced) crypto traders.

Step 2: Start Capital and Savings

When you make a living trading crypto you have to take into account that there isn’t a recurring monthly income. In other words, how are you gonna pay the bills without a monthly salary?

I mentioned this earlier in this article, to make money you also need some money to start out with. In traditional finance joining a trading platform(forex) often requires you to submit a starting capital. In addition, it depends on your local residence where every country has other regulations. However, most starting traders undergo capital checks before they can sign up for the trading platform. Overall, this starting capital ranges from(10K to 50K).

Start capital for crypto trading from home

In the cryptocurrency markets, where there are fewer regulations you don’t have to undergo capital checks and most platforms are free to start out. Besides a starting capital that allows you to trade, it’s also very smart to have some savings aside. For instance, make sure that your savings can cover at least three months of bills(rent, subscriptions, food, etc.).

Step 3: Day Trading or Swing Trading

Next comes the fun part: the actual trading. Every pro trader has a strategy to conquer the volatile markets. In general, you have to decide if you want to trade on a daily basis and practice day trading. On the other hand, you can also be more patient, take time to do some research(find new crypto coins), and trade once in a few days(swing trading crypto).

Of course, every trader has to decide what suits them best and maybe practice both strategies first. Below are the pros and cons of day trading vs. swing trading:

Pros of Day Trading

  • Better to work with targets(e.g. Make $100 per day)
  • Rewards are instantly
  • Challenging and fun
  • End of the working day closed positions and no sleepless nights

Pros of Swing Trading

  • Bigger chance of high rewards
  • Lesser trades and less money to market makers(trading fees)
  • Less time to spend watching charts
  • Better work/life balance

Finally, remember that in any market, whether trading crypto or stocks, the market always rewards the most patient people. Here is a quote from a veteran crypto trader:

the trading markets are a device to transfer money from the impatient to the patient

Patient crypto trader

Step 4: Accountability and Risk Management

Working solely from home as a crypto trader means you are your own boss, but it also means you bear the full weight of accountability. Unlike trading desks in traditional firms, where risk managers keep a vigilant eye, you are responsible for your every move.

To succeed, implement rigorous risk management practices. Set clear stop-loss orders for every trade, limiting potential losses. Calculate position sizes based on your risk tolerance and the trade’s volatility. Embrace risk-reward ratios to ensure that potential gains outweigh potential losses.

Also, leverage risk management tools like trading journals to track your performance and identify patterns of success and failure. Utilize risk calculators and volatility indicators to make informed decisions.

And remember, maintaining emotional discipline is at the core of risk management, helping you avoid impulsive actions during market fluctuations.

Pros of Making a Living as a Crypto Trader:

  1. Location Independence: Crypto trading offers the freedom to work from anywhere, whether it’s a cozy home office or an exotic beach destination. Your laptop becomes your passport to a life less ordinary.
  2. Flexible Schedule: You set your own hours, allowing for a work-life balance that suits you. No more early morning commutes or rigid office hours.
  3. Potential for High Profits: Cryptocurrency markets are known for their volatility, presenting opportunities for substantial gains if approached strategically.
  4. Diverse Income Streams: Beyond trading, the crypto space offers various income streams, such as crypto staking, yield farming, and NFT investments, diversifying your financial portfolio.
  5. Community and Learning: Engage with a vibrant crypto community through social media, forums, and online courses to continually expand your knowledge.
Make a living trading crypto
Make a living trading Bitcoin

Cons of Making a Living as a Crypto Trader:

  1. High Risk: Crypto markets are incredibly volatile, and the potential for substantial losses is equally high. Risk management is crucial.
  2. Emotional Rollercoaster: Price swings can lead to emotional stress and anxiety, especially during market downturns.
  3. Lack of Regulation: The crypto space is relatively unregulated, which can expose traders to scams, fraud, and market manipulation.
  4. Constant Learning: Staying profitable requires continuous learning and adaptation to ever-evolving market conditions.
  5. Uncertain Income: Unlike traditional jobs, crypto trading income is uncertain and can fluctuate widely, making financial planning challenging.

The Best Crypto Trading Apps

To make a living trading crypto you have to install an app first. Most of them are mobile applications that allow users to trade and manage various cryptocurrencies directly from their smartphones or PCs. These apps provide a user-friendly interface to access cryptocurrency markets, make trades, check real-time price data, and manage portfolios.

Binance and Kucoin are prime examples of popular cryptocurrency trading platforms, but there are many more and it also depends on your local situation. However, these two platforms are reputable and are accessible to a more mainstream audience.

  • Binance(The most popular platform and well-known cryptocurrency exchange globally)
  • Kucoin(Another reputable cryptocurrency exchange with a mobile app, it allows Bitcoin trading for US residents)
Go to BinanceGo To Kucoin

How Does Creating an Account at an Exchange work?

Creating an account at a platform like Binance is free and can be done in minutes. Overall below are the steps you have to take:

First, create an account with your mobile or email address. This is very straightforward. Next, you have to undergo the verification process(KYC). It requires the following steps:

  1. Upload official documents(passport, identity card, driving license, or else)
  2. Take pictures of both sides of the document
  3. Make a selfie

Finally, when the account is created, you can decide to add a credit card or use a bank account as a payment option. From here it’s a matter of depositing funds and starting trading 😁

Conclusion: Can You Make A Living Trading Crypto?

Finally, at this point, you must realize that starting as a pro-crypto trader is not for the average Joe. The journey to making a living in the cryptocurrency markets is paved with both success and failure.

While the allure of financial freedom, location independence, and potential profits is undeniable, it’s crucial to understand that success doesn’t come without effort and risk.

To embark on this path, you must equip yourself with knowledge, practice, and a disciplined mindset. Education is your compass, and experience is your teacher. Remember, trading can be tedious, and market swings can test your emotional resilience.

Yet, for those who embrace the challenges and approach crypto trading with a thoughtful strategy, there are opportunities to thrive in this dynamic space. The cryptocurrency market, though volatile, offers unparalleled flexibility, diverse income streams, and access to a vibrant community of traders.

In conclusion, making a living trading crypto is within reach for those willing to invest the time and effort required. Just remember, it’s not a get-rich-quick scheme but a journey that rewards patience, perseverance, and prudence.

Related: Spot Trading Bitcoin: A Beginners Guide To Profitable Trades

📣Important: List of top Crypto Projects

👨🏻‍💻 StealthEX: Buy crypto no KYC(< $750,-)
🎁 Swapzone: Find the best crypto offer
🚀 Bitsgap: Best Automated Trading Bots
💲 Nexo: Reliable Crypto Lending Platform and get $25 free Bitcoin

***To be Profitable in the markets

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