If you're looking to make money through crypto trading and have set a goal of earning $170 per day, Binance is an excellent platform to get started. Although making money consistently in trading is challenging, with the right strategies, a disciplined approach, and proper risk management, it's possible to reach this goal over time. Here’s a guide on how to get started and maximize your daily earnings on Binance as a beginner.
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1. Understand the Basics of Crypto Trading on Binance
Create and Verify Your Account: Start by creating an account on Binance and completing any required identity verification. This step allows you to access the full features of the platform, including deposits, withdrawals, and higher trading limits.
Familiarize Yourself with the Interface: Binance has a comprehensive interface. Take time to learn the basics: spot trading, futures trading, staking, and how to navigate different types of orders (market, limit, stop-loss).
Deposit Funds: Begin with a small amount of capital. For beginners, starting with an amount between $500 and $1,000 is a manageable and reasonable range, which will provide enough flexibility for trades without risking too much.
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2. Spot vs. Futures Trading: Choose Your Path
Spot Trading: In spot trading, you buy and sell actual crypto assets like Bitcoin or Ethereum. This is typically less risky than futures trading because you only lose what you invest in each position, but it may also offer smaller returns.
Futures Trading: Futures trading allows you to speculate on the price direction of cryptocurrencies using leverage, potentially amplifying your gains or losses. However, leverage is risky for beginners, so start conservatively (e.g., 2x or 3x leverage) until you gain experience.
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3. Develop a Daily Trading Strategy
A well-defined strategy is essential for consistent earnings. Here are a few strategies suitable for beginners:
Scalping: Scalping involves making multiple trades in a single day to profit from small price fluctuations. It requires monitoring the market closely and can be profitable if you manage risk and choose coins with high volatility and liquidity (e.g., BTC/USDT or ETH/USDT).
Swing Trading: Swing trading involves holding onto assets for a few days to a few weeks, capitalizing on mid-term trends. This can be easier for beginners than scalping, as it doesn’t require constant attention.
Arbitrage: Arbitrage is the practice of buying an asset at a lower price on one exchange and selling it at a higher price on another. However, Binance has a range of trading pairs, so you can explore arbitrage within the platform by buying in lower-priced pairs and selling in higher-priced pairs.
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4. Learn About Market Analysis: Technical and Fundamental
Technical Analysis (TA): Learning technical analysis will help you predict price movements. Study common indicators such as Moving Averages (MA), Relative Strength Index (RSI), and Bollinger Bands. For a beginner, focus on simple indicators and learn one at a time. Mastering even one indicator, like the RSI to identify overbought and oversold zones, can greatly enhance your trading accuracy.
Fundamental Analysis (FA): Fundamental analysis looks at the underlying factors affecting a coin’s value. Research news, project developments, and major announcements (like partnerships or upgrades), as they can impact prices significantly. Binance has a “News” tab that can help you stay informed.
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5. Leverage Volatility and Identify Patterns
Identify Divergence Patterns: Divergence between price and an indicator (like RSI) often signals a trend reversal. For example, if the price is making new highs, but the RSI is making lower highs, this bearish divergence could suggest a price drop is coming. The same logic applies to bullish divergence. Learning these patterns helps you enter and exit trades more confidently.
Trade High-Volume Cryptocurrencies: Coins with higher trading volumes often have better liquidity and are less prone to extreme fluctuations, making them a safer choice for beginners.
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6. Use Proper Risk Management
Set a Stop-Loss: A stop-loss order automatically sells your asset if it drops to a certain price, preventing more significant losses. This is crucial in both spot and futures trading to protect your capital.
Risk Only a Small Portion of Your Capital: As a beginner, aim to risk no more than 1–2% of your total capital on a single trade. This approach helps prevent heavy losses.
Daily Loss Limit: If you hit a daily loss limit (e.g., $50 or $100), stop trading for the day. This prevents emotional decision-making, which often leads to further losses.
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7. Take Advantage of Binance Features for Earnings
Binance Earn: Explore Binance Earn, where you can stake coins to earn interest passively. Although not directly trading, it provides a steady income to complement your trading profits.
Participate in Launchpool or Airdrops: Binance often runs new coin airdrops or staking pools that allow you to earn free tokens by staking your existing ones. These opportunities are often limited, but they add to your overall earnings.
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8. Track and Adjust Your Strategy
Keep a Trading Journal: Record each trade, including entry and exit points, the strategy used, and the result. Reviewing this data can help you see what works and identify mistakes.
Adjust Your Strategy Over Time: Based on your results, refine your strategies. Focus on the techniques that work and eliminate those that don’t, which will gradually improve your profitability.
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9. Be Patient and Stay Consistent
Making $175 daily as a beginner will take time, practice, and consistency. Start small, focus on preserving capital, and gradually increase your earnings as you become more confident and experienced. Crypto trading has a steep learning curve, so give yourself time to master the basics and develop a personalized approach.
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Conclusion
With patience, discipline, and the right approach, making $170 daily on Binance is achievable. Remember to always trade within your limits, prioritize risk management, and continuously educate yourself. Following these steps won’t make you an instant success, but they’ll put you on the path toward consistent profitability.
