Beginner's Guide to Earning $100 Daily from Spot Trading đž
1ïžâŁ Set a Clear Profit Target: Aim for a daily profit of $100. Consider multiple trades to reach this target, such as: 4 trades of $25 each 2 trades of $50 each.
2ïžâŁ Initial Capital Requirements: Start with a minimum of $10,000 for conservative trading
If your capital is lower, be ready for higher risks and smaller profits.
3ïžâŁ Choose the Right Assets: Focus on well-established cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) đ. These assets tend to have more stable price movements, making them easier to trade.
4ïžâŁ Trading Approaches:
- Day Trading: Execute short-term trades, holding positions for minutes to hours
- Scalping: Engage in numerous small trades, targeting profits of $10 to $25 each
- Breakout Trading: Trade when an asset's price breaks through key support or resistance levels .
- Swing Trading: Hold positions for a day or two to capitalize on short-term trends.
5ïžâŁ Use Essential Technical Analysis:
- Moving Averages: Identify market trends
- Relative Strength Index (RSI): Determine if an asset is overbought or oversold
- Bollinger Bands: Gauge price volatility to anticipate potential price movements.
6ïžâŁ Risk Management: Limit your risk to 1-2% of your trading capital per position
. Utilize stop-loss and take-profit orders to safeguard your investments.
7ïžâŁ Stay Informed: Monitor market news and events that could impact asset prices .
Set up alerts to receive real-time updates on significant developments.
8ïžâŁ Diversify Your Portfolio: Avoid concentrating your investments in a single asset .
Spread your trades across different cryptocurrencies to mitigate risk.
9ïžâŁ Record and Review Your Trades: Maintain a trading journal to track your performance .
Identify patterns and make improvements to your strategy.
0ïžâŁ Calculate Your Daily Profit Plan: If you start with $5,000 and aim for a 2% return: 2% of $5,000 = $100 .
Achieve this by making 3 trades, targeting $33 profit per trade.
