To make $500 a day copy trading on Binance, the focus should be on selecting professional traders and a well-thought-out business strategy. Here are my steps:
1. Choosing professional traders:
I am looking for traders with a high success rate (above 70%) and a consistent track record of profits.
I focus on those who have strategies that fit my vision, whether short-term or long-term.
2. Manage capital intelligently:
I allocate a reasonable amount for trading and distribute it among more than one trader to ensure diversification of my investment.
I monitor daily profits, and work towards achieving my goal sustainably.
3. Use of risk management tools:
I use Stop Loss and Take Profit orders to ensure that I protect my capital and take profits at the right time.
4. Performance monitoring and analysis:
I monitor the performance of the traders I copy on a regular basis.
I adjust my strategies as needed to ensure I achieve the desired results.
5. Diversification of strategies:
I bring together traders who follow different approaches (such as day trading or long-term holding).
I exploit market opportunities based on current market analysis.
6. Commitment and patience:
I work with a clear plan and stick to it to achieve my daily goal.
I focus on continuous progress rather than looking for quick profits.
This way, I ensure that I achieve my daily goal with confidence and consistency.