Can You Turn Crypto Into A Full-Time Career?

The cryptocurrency sector is considered very potent by many people who are well aware of the benefits enthusiasts enjoy. While global adoption is still relatively low, the industry has successfully produced several billionaires, especially early adopters who entered the sector in its infancy and held on long enough to reap significant benefits.

The crypto sector is a trusted and exciting way to earn because it is not as structured as the average 9-to-5 job. Since there are no hard rules, traders can approach crypto in different ways, choose the most suitable, and enjoy a lifetime of exciting trades. Although transitioning from a conventional job to a professional crypto trader can be somewhat challenging, the potential benefits make the move worth it.

 

Trading Crypto

There are several different options for making money from crypto. The sector’s integration with traditional industries like gaming and casinos has made it easy for people to earn from digital assets without extensive industry knowledge. For instance, people with gambling knowledge can earn by playing crypto craps at an online casino to enjoy crypto support and earn digital assets. Players also get exciting bonuses and experience instantaneous deposits and withdrawals. Notwithstanding online casino gameplay, trading crypto is easily the most direct way to enter the market. 

Crypto trading can be very lucrative and can help people earn significantly from the sector. According to an October note published by the New York Digital Investment Group (NYDIG), Bitcoin (BTC) is the year’s best-performing asset despite weak performance in the third quarter. As of December, Bitcoin has already crossed the $100,000 mark.

Benefits of a Full-Time Crypto Trading Career

Since the crypto market is considerably volatile, many people are understandably worried about a full-time crypto career and whether or not it is worth leaving a conventional option. The following are a few perks that could help you decide.

Flexibility

Instead of having to worry about the challenges of working a corporate job, you can enjoy relative flexibility and freedom through crypto. Being a crypto trader means that you are free to decide your working hours and are not restricted by location since all that is necessary is an internet-enabled device. However, you should know that certain market conditions may require you to work much longer hours than you would at a structured job. Fortunately, this may not happen often.

Work-Life Balance

People with crypto as full-time careers are more likely to enjoy work-life balance. Since the schedule is flexible, you can find time for hobbies, a new source of income, or other activities that contribute to personal growth. Your quality of life will likely improve if you can generally decide when to work and when not to.

No Commute

As a full-time trader, long commutes are no longer necessary. Since you can work from the comfort of your home or on the go, the quality of your life could significantly improve as you save valuable time and energy that would have been spent commuting.

 

How to Begin Trading with Crypto

Learn the Basics

The first step is to establish a strong foundation of knowledge to easily understand the workings of the sector. Thankfully, there are already several resource materials that can help simplify the learning process if you devote enough time. For instance, there are many books that teach about specific assets in addition to general trading knowledge. These help to introduce the basics of crypto trading, as well as delve deeply into technicalities.

In addition to books, learning platforms like Udemy and Coursera offer detailed and structured courses on crypto and the blockchain market. These courses provide a flexible and comprehensive curriculum that allows you to progress at your own pace. Furthermore, online resources, including news websites, YouTube videos, and subreddits, help new users learn from experts.

Apply a Trading Strategy

The best traders are those who create a trading plan and stick to it regardless of market movements. Creating a strategy begins with deciding the aim of trading. For instance, people looking to stay in the market for long-term gains might need a different approach from others seeking quick profits. 

In addition, traders must determine their individual risk levels and understand that it is an essential factor influencing success. People who consider their risk levels low must apply several measures to keep losses at a minimum. If you have a low-risk tolerance, you must never invest more than you are willing to lose and generously use stop-loss orders on your trades. 

Regardless of skill level or risk tolerance, crypto traders must be highly disciplined. You must maintain your trading plan and avoid all impulsive decisions instead of chasing losses or reacting according to market conditions.

 

Spot, Futures, and Contract Trading

Diving deeper into crypto trading reveals to traders that earning from market activity can be achieved in different ways. Spot trading transactions occur “on the spot,” as buyers and sellers directly exchange digital assets using market prices. It is a simple trading method with high liquidity since transactions are concluded instantaneously.

For futures trading, buyers and sellers enter into a contract where they are obligated to exchange a specific asset at a predetermined price on a set future date. The benefits here are expansive and allow traders access to more than their initial investment. However, traders must note that futures trading can significantly magnify gains and losses. In addition, futures trading helps to manage risk because assets are locked in at specific prices. Furthermore, traders can enjoy some speculation because they can bet on price movements without owning any assets.

With contract trading, you can make money from the fluctuations in the price of cryptocurrencies without actually owning the coins. Essentially, you trade contracts that track the asset’s price instead of buying and selling the crypto itself. A perpetual contract bets on a coin’s price, while an options contract allows buying or selling an asset at a set price before a particular date.

All of these options are available to crypto traders and allow you to expand the potential methods of trading, choosing the best possible option depending on the size of your investment portfolio and risk tolerance.

Diversification

All traders must understand the importance of diversification. Traders must spread investments across multiple cryptocurrencies and sectors to reduce risk. For instance, you may put some funds in coins like Bitcoin and Ether and allocate a percentage to sectors such as gaming or decentralized finance (DeFi). Crypto diversification also involves spreading risks across tokens, stablecoins, and non-fungible tokens (NFTs), to protect against market volatility. 

Transitioning

The best way is to gradually build a network of fellow traders that you can engage with for support. There are several trading forums and communities where newbies and expert crypto traders can learn from each other, share strategies, and also mirror trading styles for the best possible results.

Furthermore, consider finding a mentor to guide you and help avoid mistakes. Keeping a close relationship with a mentor fast-tracks the learning process and helps avoid pitfalls common to newbies.

Conclusion

Transitioning to full-time crypto trading is possible even for inexperienced market participants. By staying informed and remaining adaptable, you can create a fulfilling career in the dynamic cryptocurrency industry. Nonetheless, all traders should always proceed with caution as digital asset prices are notoriously volatile.