DAY TRADING WILL MAKE YOU A MILLIONAIRE.
Day trading is simply put trading multiple times in a day to obtain daily profit. It requires a lot of skill, knowledge, discipline, courage, and experience.
It is a lucrative side hustle, but it is not for everyone. Lets face it, emotional traders and the weak of hearts should scratch day trading from the bucket list. If youre a scaredy cat, this type of trading style will stress you out, opt for swing or position trading instead.
HOW LUCRATIVE IS DAY TRADING? Well this question will largely depend on the trader's risk appetite. Reality is, those who are brave enough usually earns more since they're either using leverage to boost their actual capital or are actually trading with huge capital.
Warning, unless you have developed the skill, and the strategy please don't day trade with huge money. If you're relatively new, try trade with a little amount, if you're able to tripple it, then you're good to go. Hey, you can always trade your 1USD at Binance futures๐๐ .
SO, LETS GO STRAIGHT TO THE POINT, WHAT IS THE BEST DAY TRADING STRATEGY? The answer to that question are questions too. โ๏ธ๐
Before opening a trade, always ask yourself these classic questions:
1. Is the market bearish or bullish?
If its bullish, then trade long. If its bearish, then trade short. Go with the flow. Don't short a bullmarket. Don't long a bearmarket.
2. Am I buying in the support zone? Am i shorting in the resistance zone?
This is a basic trading strategy. Just buy at support and short at resistance. Yup, an "old but gold strategy."
3. When will I take profit?
If you're trading long, take profit before or at the next resistance zone. If you're shorting, take profit before or at the next support zone.
4. Have I set my stop loss?
Don't trade without your stop loss. No one will be able to 100% predict where the crypto market is going. Always protect your capital, make it a priority. A 3-5% stoploss is ideal.