Copy trading on Binance is a method that allows you to copy the trades of professional traders and benefit from their strategies without the need for prior experience. To achieve a steady income of $5 per day, here are the basic steps to follow:
1. Choosing the right traders 🧐:
Choose traders with a proven track record of consistent returns 📈.
Make sure the level of risk is consistent with your financial capabilities 💵.
Define short or long term strategies based on your goals ⏳.
2. Determine the entry amount 💰:
You can start with an entry amount of $10-$50. With daily returns of 1% to 2% 📊, your daily profit will be as follows:
If the returns are 1% daily, a $50 investment will yield a daily profit of $0.50 💡.
If the returns are 2% daily, investing $50 will make a daily profit of $1 🏦.
With lower amounts (like $10-$20), the profit will be lower but you can collect profits over time 📅.
3. Cumulative profit 📈:
Over time, profits will start to accumulate if you reinvest them 🔄. For example, if you start with $50 and make 1% returns daily:
After 1 day: $50.50 💵
After 10 days: $55.13 💪
After 30 days: $61.45 🏅
As your capital increases, your cumulative profit will increase, allowing you to earn higher income over time 💸.
4. Risk Management ⚖️:
To reduce risk, spread your investments among different traders 🔀.
Use the "Stop Loss" feature to set loss limits 🔒.
Monitor your traders' performance periodically and be ready to change your strategy or traders if necessary 👀.
5. Withdraw and reinvest profits 🔄:
You can withdraw profits daily or weekly as you wish 💵. If you decide to reinvest the profits, your capital will increase over time, which contributes to increasing income 📈.