Can you make $100 a day trading cryptocurrency? Absolutely yes! If you are just starting crypto day trading now, here is everything you should know about making money with trading.
The best way to make $100 a day on cryptocurrency is to invest around $1000 to $1500 and track around 10% gains on a single pair. This is a realistic and better approach than investing $200 and tracking a 50% increase in the pair. This is because, when it comes to investing in cryptocurrencies, the trick is to always invest enough money to maximize your chances of making a profit.
But, before you can make $100 or more per day, you need to know how to day trade. And, day trading works for those who are willing to devote their valuable time and money. To begin this task, you need to have the time and the right software to analyze the data – so you can make the right decisions.
You may not necessarily make $100 per day but with proper skills and experience, you can reach your goal.
Way How to Day Trade Crypto Make $100 a Day Trading Cryptocurrency
Day trading refers to the buying and selling of trades on the same day. If you want to day trade you need to dedicate some of your precious time to learn the skills. The best day traders spend a lot of time analyzing trades to make more profits. Here are some tips to help you day trade:
Mathematical analysis
Mathematical analysis is very important for day traders. It helps you a lot in studying trends and predicting the outcome of certain trades. If you are not a mathematician person, don't worry. You can still easily learn the basics like reading charts and patterns.
Even better, there are incredible automation software and tools you can use for this. NinjaTrader 8 Indicators from Buyside Global is a great example. With the NinjaTrader 8 automation software platform, you get analytics, trends, and support to help you with technical analysis.
Whether you are interested in futures, forex, stock markets, crypto, or even CDCs, all these analytical tools are at your back. Note that using the right software is critical, as it gives you the confidence to know that you are making decisions based on your real data.
Stay up to date on market trends
It is always important for you to know what happens in the crypto market. You can do this by reading news or following blogs. Well, social media is also a great place to get news but you have to do it from reliable sources.
Staying updated on where the market is trending will help you make the right decision. Trading market analysis through news sources is as important as technical analysis. Keeping up with the news can also help you learn about other coins in the market.
Manage risk.
Risk management is a very important aspect when investing in cryptocurrency. When you manage risk in advance you will trade well for a long time without losing hope.
The first step is to only invest in currency that you can afford to lose. Avoid investing too much money initially. You have to go through a learning curve so incremental development is the way to go.
Diversify
Like any other form of investing, you need to diversify. We have a wide variety of cryptocurrencies so don't just put your money into one coin.
Look for the best performing coins and try to diversify your investments. This is one of the better ways to manage risk. For example, if one coin is performing poorly, you will be able to make money from other coins.
Work with patience.
Patience and consistency will take you far in trading. Patience is advised while trading as you are likely to have some good and bad days. Persistence is also very important because it allows you to learn faster
As a beginner trader, you will need to learn trends and analytics. And that's why trading every day will help you learn.
How Much Do Day Traders Earn?
Although there is no straight answer to how much a day trader makes, taking into account various factors such as experience and investment, day traders make good money. Research are shows that the average day trader salary is around maximum $109,000 per year.
On the other hand, the highest earning day traders easily earn up to $180,000 per year while the lowest earning day traders earn up to $63,000 per year. This is data based on US traders.
But to get to this point, remember to have the best tools and use a trading platform or brokerage platform. If you are just starting your trading as a day trader, NinjaTrader is a good place to start. The platform offers you the best charting features, trade simulation, and market analysis tools.
The best part is that it allows you to start trading for less than $400.
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