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âą Your goal is to make $100 per day, so you need to structure your trades to meet this target consistently.
âą Break it down into smaller, manageable trades. For example, aim for 4 trades with a $25 profit each or 2 trades with a $50 profit.
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âą To generate $100 daily, you typically need a sufficient amount of capital to withstand volatility and execute multiple trades.
âą Assuming you aim for a 1% daily return, youâll need at least $10,000 in trading capital. A smaller amount might require higher-risk trades to reach the same target.
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âą Focus on high-volume assets like Bitcoin (BTC), Ethereum (ETH), or popular altcoins. These assets provide liquidity and enough volatility to generate profit from daily price movements.
âą Liquidity ensures you can enter and exit positions easily without significant price slippage.
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âą Day Trading: Focus on short-term trades that last minutes or hours to capture small price movements.
o Scalping: Make multiple trades in a day for small profits, accumulating to $100.
o Breakout Trading: Trade when assets break key levels of support or resistance.
âą Swing Trading: Hold positions for a day or two if you see strong market trends forming.
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âą Employ technical analysis to make informed decisions. Use indicators like:
o Moving Averages to identify trends.
o Relative Strength Index (RSI) to find overbought or oversold conditions.
o Bollinger Bands to assess volatility.
o MACD (Moving Average Convergence Divergence) to spot momentum changes.
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âą Risk no more than 1-2% of your capital per trade. For example, if you have $10,000, risk only $100 to $200 per trade.
âą Use stop-loss orders to limit losses and take profit orders to lock in gains.
âą Aim for a risk-to-reward ratio of at least 1:2, meaning you risk $50 to make $100 on a trade.
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âą Follow market trends, news, and updates. Market-moving events (like economic reports or regulatory changes) can affect cryptocurrency prices.
âą Use tools like news aggregators and price alerts to stay updated.
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âą Don't put all your funds into one trade or one asset. Spread your trades across different cryptocurrencies to reduce risk.
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âą Keep a trading journal to monitor your progress. Review your daily trades to understand what worked and where improvements are needed.
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Letâs say you have $5,000 in capital and aim for 2% return daily:
âą 2% of $5,000 = $100.
âą You could make 3 trades with a target of $33 each.
If you can consistently hit this target, you'll generate $100 per day. With proper risk management and discipline, this strategy is scalable. However, always account for market volatility and adjust your approach based on performance.