How to earn 100 dollars a day in spot trading: a guide for beginners💥

Introducing a brief guide on earning $100 daily in spot trading, focusing on key strategies and practices for beginners:

A Beginner's Guide to Earning $100 a Day in Spot Trading

Setting a Clear Income Goal

Strive for a daily income of 100 dollars.

To achieve this goal, consider the possibility of making several trades, for example:

4 profitable trades of 25 dollars each.

2 profitable trades of 50 dollars each.

Requirements for Starting Capital

Start with an amount of at least 10,000 dollars for conservative trading.

With a smaller capital, be prepared for higher risks and lower profits.

Choosing the Right Assets

Focus on reliable cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

These assets usually show a more stable price dynamic, which facilitates trading.

Trading Strategies

Intraday trading: execute short-term trades by holding positions for several minutes to several hours.

Scalping: conduct numerous small trades, aiming for a profit of $10 to $25 for each.

Breakout trading: trade when the price of the asset breaks key support or resistance levels.

Swing trading: hold positions for one to two days to profit from short-term trends.

Application of Basic Technical Analysis

Moving averages: defining market trends.

Relative Strength Index (RSI): detecting overbought or oversold conditions of an asset.

Bollinger Bands: assessing price volatility to predict potential price movements.

Risk Management

Limit the risk to 1-2% of your trading capital per position.

For example, with a capital of $10,000, keep the risk within $100-200.

Use stop-loss and take-profit orders to protect your investments.

Stay informed

Stay updated on market news and events that could affect asset prices.

Set up notifications to receive timely updates on important events.

Portfolio Diversification

Avoid concentrating investments in a single asset.

Distribute your trades across different cryptocurrencies to reduce risk.

Maintaining and Analyzing Trading Records

Keep a trading journal to track your results.

Identify patterns and refine your strategy.

Calculation of Daily Profit Plan

If you start with 5000 dollars and aim for a return of 2%:

2% of 5000 dollars = 100 dollars.

Achieve this by making 3 trades with a target profit of $33 each.

By adhering to such a structured approach, beginners can build a solid foundation in spot trading while aiming for a stable daily income. Remember, patience and continuous learning are key factors for successful trading!