I have been trading cryptocurrencies on Binance for a few months now. As a beginner, it has been a roller coaster of super crazy highs and even more super crazy lows. I have watched some crypto pairs rise 11,000%, 800%, 200%, and even 5% on some days. At times, I managed to multiply my money 400% in a week, only to lose all these gains the next due to crypto's high volatility.
I am not a major crypto hodler simply because I cannot afford to. I don’t have extra money that I can leave to sit around for months or years, especially with money being tight in the second year of a global pandemic. I need my money circulating in and out of ventures to best benefit me right now. For these reasons, I needed a strategy that could best suit me. After gaining some experience, I came up with this one.
*My Binance Trading Strategy*
*Observation:* After a few months of interacting with the platform, I noticed that at least 50 different trading pairs manage a 10-20% rise daily. Some pairs even go to crazy highs of 800% in one day on rare occasions! Some selected few manage 100% rises while others do between 40% and 80%.
*Focus:* My focus at this point is usually on the ones that rise 10-20% daily, as they are the regular occurrences and the purpose of this story. This strategy applies only to spot trading.
*The Strategy*
*Scenario 1:*
- *Initial Investment:* If you put in $1,000 on Binance and track a 10% rise on one pair, you will have made $100.
- *Consistency:* Repeat this every day, and you will be making $100 a day, every single day.
*Additional Tips for Success*
1. *Stay Informed:* Follow the latest news and updates in the crypto world. Being aware of market trends and news can help you make informed decisions.
2. *Diversify:* While focusing on specific pairs, it’s also wise to diversify your investments to spread risk.
3. *Set Stop-Loss Orders:* Protect your investments by setting stop-loss orders to minimize potential losses.
4. *Risk Management:* Never invest more than you can afford to lose. It’s important to manage your risk and not get carried away by high returns.
5. *Regular Monitoring:* Keep a close eye on your trades and the market. Regular monitoring helps in making timely decisions.
With this strategy and tips, you can aim to make $100 a day trading crypto on Binance. However, always remember that the market is highly volatile and unpredictable. Stay cautious and trade wisely.