💥Guide to Making $100 a Day with Spot Trading💥
🎯1. Set Realistic Profit Targets
A daily target of $100 can be broken down into 4 trades of $25 each, or 2 trades of $50 each.
💰2. Determine the Funds Required
For safety reasons, it is recommended to start with $10,000. If you do not have enough funds, you will need to take higher risks to reach your goals.
📈3. Choose the Right Assets
Trading popular cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) has large trading volumes and large price fluctuations, which makes it easy to enter and exit quickly and is not easily affected by large price changes.
📊4. Use the Right Trading Strategy
Day trading: short-term trading that lasts for a few minutes or hours. Scalping: multiple small trades of $10-25 each. Breakout trading: trading when the price breaks through a key level. Swing trading: holding trades for 1-2 days when the market trend is strong.
🧐5. Use simple technical analysis
Use moving averages to find trends, RSI to determine whether a token is oversold or overbought, and Bollinger Bands to measure volatility.
🛡️6. Do a good job of risk management
Do not risk more than 1-2% of your capital on any transaction. For example, if you have $10,000, control the risk of each transaction to $100-200, set a stop loss to protect your capital, and take profits in time to lock in your gains.
📰7. Keep updated
Pay close attention to the market, news, and dynamics that may affect prices. Use alerts or news aggregators to get quick updates.
🎲8. Diversify your trading
Do not bet on a single token, diversify your trading to several different cryptocurrencies.
📝9. Track your trading progress
Keep a simple trading log to see which strategies are effective and where they can be improved.
💡10. Simple daily profit plan
If you have $5,000 and expect a 2% return, 2% of $5,000 is $100. 3 trades can be made, with a target profit of $33 per trade.
With the above simple methods, strict discipline and good risk management, it is not out of reach to strive to earn $100 per day from spot trading. 💪
