How to Earn $164 Daily on Binance: A Step-by-Step Guide for Beginners 🚀

Earning $164 a day on Binance is an achievable goal, but it requires a solid strategy, risk management, and continuous learning. This step-by-step guide is designed for beginners who want to learn how to trade and make a consistent daily profit. Let’s break it down:

Step 1: Understand the Basics 📚

1. Learn Trading Fundamentals:

  • Market Orders & Limit Orders: Understand how to enter and exit trades effectively.

  • Stop-Loss & Take-Profit Orders: Use these to protect your capital and lock in profits.

  • Technical Indicators: Study tools like moving averages, RSI, MACD, and candlestick patterns to analyze market trends.

  • Fundamental Analysis: Keep an eye on news, partnerships, and developments that could impact prices.

2. Set a Realistic Daily Goal:

  • $164/day = $5,000/month. This is possible with disciplined trading and a solid strategy.

  • Adjust your strategy based on your risk tolerance and available capital.

Step 2: Choose a Trading Strategy 🔍

1. Scalping:

  • Make small, frequent trades for quick profits. Scalping requires more capital to make $164 a day from small price movements.

  • Target 0.5%–1% profit per trade, with a high win rate. Leverage can be used if you're comfortable.

2. Swing Trading:

  • Hold trades for a few days to capitalize on bigger price movements.

  • Focus on key support and resistance levels using 4H and daily charts.

3. Spot vs. Futures Trading:

  • Spot Trading: Less risky as you’re trading only the amount you’ve invested.

  • Futures Trading: Offers leverage (higher potential profit but increased risk). Beginners should start with spot trading.

Step 3: Technical Analysis & Set-Up 📈

1. Identify Divergence Patterns:

  • Look for bullish or bearish divergence between price and indicators like RSI or MACD. This helps identify potential trend reversals.

2. Use Indicators for Confirmation:

  • Combine Moving Averages (50-day, 200-day) to understand trend direction.

  • Use RSI to detect overbought or oversold conditions.

  • Volume Analysis confirms the strength of price movements.

3. Set Risk/Reward Ratios:

  • Aim for a 1:2 or 1:3 risk-to-reward ratio. This means that for every $1 at risk, you aim to make $2–$3 in profit.

  • Limit risk to 1%–2% of your capital per trade.

Step 4: Execute Trades 💥

1. Spot Entry Points:

  • Look for favorable entry points like support levels or confirmed trends.

  • If using leverage, start with low leverage (2x–5x) to minimize risks.

2. Manage Each Trade:

  • Set a stop-loss to protect your capital and a take-profit to lock in profits.

  • Monitor trades regularly, especially when using leverage.

3. Review and Adjust:

  • Analyze your trades daily, learn from mistakes, and adjust your strategy as necessary based on market conditions.

Step 5: Compound Your Gains 💸

1. Reinvest Profits:

  • Reinvest a portion of your daily profits to increase your trading capital. This will allow you to make larger trades as you grow your account.

2. Avoid Emotional Trading:

  • Stick to your plan and avoid impulsive decisions, which can lead to losses.

Step 6: Use Binance Features to Your Advantage 🛠️

1. Stop-Limit and Trailing Stops:

  • Automate your trades and lock in profits using stop-limit orders and trailing stops.

2. Staking or Yield:

  • Consider allocating a portion of your earnings to Binance Earn products like staking or liquidity pools for passive income.

3. Risk Management:

  • Never risk more than 1%–2% of your capital on any single trade. This ensures you minimize losses and protect your account.

Example Calculation 💡

If you target 1% profit per trade and make five successful trades on a $3,300 balance, you could make around $164. This requires good risk management and clear exit strategies for each trade.

Key Takeaways 💬

  • Learn the basics of trading and start with a demo account or small amounts.

  • Use strategies like scalping, swing trading, or spot trading, depending on your risk tolerance.

  • Focus on technical analysis and risk management to ensure consistent profits.

  • Compound your gains and avoid emotional trading to grow your account steadily.

With dedication and strategic execution, earning $164 daily on Binance is absolutely within your reach!