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âą Target: $300/day
âą Timeframe: Short-term or medium-term trading, depending on your strategy.
âą Capital: Estimate your starting capital. For example, if you plan to make $300/day, starting with $10,000-$15,000 may give you a decent return while maintaining low-risk trades.
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Based on the strategies discussed earlier, you can choose one or combine a few:
âą Scalping for quick, small profits multiple times a day.
âą Swing trading if you're aiming to capitalize on trends over several days.
âą Breakout trading for capturing momentum from price breakouts.
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âą Position Sizing: Limit each trade to 1-2% of your total capital. If you have $10,000, risk no more than $100-$200 per trade.
âą Stop-Loss: Set a stop-loss for each trade. For example, if you're aiming to make $300 in profit, set a stop-loss of $100-200 to protect your downside.
âą Take-Profit: Lock in profits by using a take-profit order. This could be set at $300 or more, depending on market conditions and how strong the trend looks.
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Focus on liquid assets that have high daily trading volumes, such as:
âą Bitcoin (BTC)
âą Ethereum (ETH)
âą High-volume altcoins like BNB, SOL, or ADA.
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Use these tools to make informed trading decisions:
âą Moving Averages (MA): For understanding trends. Use 50-day and 200-day MA to spot momentum.
âą RSI (Relative Strength Index): To spot overbought and oversold conditions.
âą MACD: For confirming trend changes.
âą Bollinger Bands: For gauging volatility and potential breakouts.
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âą Pre-market preparation: Analyze overnight market news, price movements, and relevant updates in the crypto space.
âą Set up alerts: Use platforms like Binance or TradingView to set price alerts at key levels.
âą Check volume and sentiment: Ensure high liquidity before entering trades.
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âą Reinvest a portion of your daily profits to gradually increase your trading capital.
âą By compounding returns, your $300/day target can grow over time as your capital and experience improve.
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âą Keep a trading journal: Log every trade, noting the rationale, entry/exit points, and profit/loss. This will help you analyze your performance over time and make adjustments.