If your goal is to make $100 a day through spot trading, it's essential to plan strategically.
Set manageable targets, such as breaking down your daily profit into smaller trades.
For instance, you can aim for four trades of $25 or two trades of $50.
This method allows for better control over risks while maintaining steady growth.
Remember, the more capital you have, the easier it is to reach your daily target with less risk, ideally starting with around $10,000.
Lower amounts will require you to embrace higher risks.
Choose high-volume assets like Bitcoin ($BTC ) or Ethereum ($ETH ) for fast-moving trades.
You can adopt various strategies such as day trading, which involves short-term positions, or swing trading, where you hold onto assets for a couple of days during strong trends.
Scalping is another effective approach for smaller profits across multiple trades, and breakout trading focuses on price movements when they surpass key levels.
These techniques are supported by technical tools like Moving Averages to identify trends, RSI for determining overbought or oversold conditions, and Bollinger Bands to track market volatility.
Risk management is crucial. Avoid putting more than 1-2% of your capital on the line in any given trade.
For example, if you're working with $10,000, your maximum risk per trade should be $100-$200.
Always use stop-loss orders to limit potential losses, and take-profit orders to secure gains.
Staying informed about market news is essential, as it can directly impact your trading decisions.
Diversify your portfolio to reduce the risk of over-relying on one asset and keep track of your trades to refine your strategy over time.
Consistency and discipline will help you gradually achieve that $100 a day goal, even with a modest 2% return on your capital.
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