1. Set a Clear Goal
Your target: $100 a day.
Break it down: Aim for 4 trades making $25 each or 2 trades with $50 profit.
2. How Much Money You Need
Ideally, start with $10,000 for safer trading.
If you have less, you’ll need to take on a bit more risk to reach that $100 goal.
3. Pick the Right Coins
Trade well-known cryptos like Bitcoin (BTC) or Ethereum (ETH). These have high volume and price movement, making it easier to enter and exit trades quickly.
4. Trading Strategies
Day Trading: Hold trades for a few minutes or hours.
Scalping: Make several small trades, aiming for $10-$25 each.
Breakout Trading: Jump in when the price breaks a key level.
Swing Trading: Hold onto a trade for 1-2 days if the trend looks strong.
5. Use Simple Technical Analysis
Stick to the basics like:
Moving Averages: Spot trends.
RSI: Know when a coin is overbought or oversold.
Bollinger Bands: Measure market volatility.
6. Manage Your Risk
Don’t risk more than 1-2% of your total capital on any trade.
Example: If you have $10,000, only risk $100-$200 per trade.
Always use a stop-loss to protect yourself and a take-profit to lock in gains.
7. Stay in the Loop
Keep an eye on market news and updates that could impact prices.
Set alerts or use a news aggregator to stay updated.
8. Spread Your Bets
Don’t put all your money into one coin. Spread your trades across different cryptos to manage risk.
9. Track Your Results
Keep a simple log of your trades. It helps you see what’s working and what’s not, so you can adjust.
10. A Simple Daily Plan
If you have $5,000 and aim for a 2% return, that’s $100.
Try making 3 trades, each aiming for $33 profit to reach your goal.
With discipline, solid strategies, and good risk management, you can work towards making $100 a day from spot trading!