SUI$1.5-3.08%
MANTA$2.6-2.64%
UMA$4.1-0.21%
How do I trade cryptocurrency on Binance and make profit? I'm a beginner.I have been trading crypto currencies on Binance for a 6+ years now.
As an experienced trader, I can tell you that trading crypto currencies on Binance has been a roller coaster of super crazy highs and lows. I have watched some crypto pairs rise 11,000%, 800%, 200%, and even 5% on some days.
At times I have managed to multiply my money 400% in a week and other times I have snagged a 5% profit in a week.I am not a major crypto hodler.Despite the high volatility of cryptos, I have chosen to remain a crypto trader rather than a hodler because I need my money to be circulating in and out of a venture for it to best benefit me and my situation.
I simply cannot sit around as I wait months or years even for crypto to rise and for me to watch it go through these crazy highs and lows.For these reasons, I needed a strategy that could best suit me. And after some experience, I came up with this one.I trade my crypto on Binance.
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 even go to crazy highs of 800% in one day on some occasions! Some selected few manage 100% rises while others do between 40% and 80%.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 strategyScenario 1If you put in $1000 on Binance and track a 10% rise on one pair, you will have made $100. Repeat this every day and you will be making $100 a day, every single day. At the time of writing, Several pairs rose at least 10%. And this happens every single day! With your $1000 investment, you only need to pick one pair that pleased you and you fell comfortable with, buy it, wait for it to rise at least 10% then sell it.
You can even set a stop limit price on the platform that will automatically do this for you. You just put in the price you wish to exit at and the platform will it sell for you.You will exit the trade with $100 profit give or take as you still have to pay trading fees.A 10% rise in my experience can happen in about a few hours, or less than a minute even depending on the volatility of the pair you chose.
On some lucky days, it happens within the first 10 minutes. You make your entry and exit, make your money, leave the platform and move on to other things until the next trading day.Scenario 2If you put in $2000 on Binance and track a 5% rise, you will also make $100 per day every single day.With $2000 in, a 10% rise will guarantee you $200 daily!Scenario 3Put in $500 on Binance and track a 20% rise you will make $100 daily.Remember that they are maker and taker fees that are deductible by Binance for facilitating these transactions.Why put in more money and not less?
Imagine putting in $200. For you to make $100, you would need to trade a pair that would rise 50% which is much rarer than a pair rising 10%.Again with $200, you would need to trade at least five different crypto pairs rising 10% a day to make your minimal $100 target. This can be exhausting as the different pairs could be rising at the same time. It could create confusion on which one to choose which could lead to mistakes that will lead to losses.Putting in at least $1000 for this strategy is much safer and less taxing.
The more money you put in, the easier it is to make a profit and the less taxing it is to find different pairs at different times to turn in $100 a day.A $5000 investment with a 10% profit strategy could give you $500 daily! Neat, right?Stable coinsMake sure that you are trading your crypto against a stable coin such as USDT, BUSB, BIDR, GBP, etc. That way, after exiting a trade, you store your money in a currency that won’t change in price until you decide to trade again.
You don’t want the surprise of finding that your $1000 turned into $340 overnight after storing it in dogecoin. Remember that your $1000 using this strategy is the investment that will make you $100 a day. So you must make sure it remains intact.Of course, there is some probability that dogecoin could rise during that period which could mean more profits for you, but that is not the strategy here.
Remember to withdraw or transfer your daily gains if you do not wish to reinvest them.After some days of using this strategy and after a thorough understanding of it, you can adjust your profit margins to 15% or higher to make more money per day.Trading feesYou can also learn to trade past the 10% mark maybe 12 to 14% to allow some room to make the extra money needed to pay the trading fees. This will ensure that your initial $1000 investment remains intact. But this is after you have mastered the strategy.
Alternatively, you can set aside some money in BNB if you are using Binance which will not only lower your trading fees but will also ensure that your $1000 initial investment remains intact and that the trading fees are not being deducted from it.
