I am in crypto for a few years and i have good knowledge of the crypto markets and their behavior. For the past few years, I am mostly invested in some top crypto project and held it till I get decent profits. You can say i am a holder. Now i want to try something different. I want to try day trading methods to generate a daily income from the spot market.
Is that even possible to earn 50$-100$ every day with spot trading? If yes then what methods you are using and how do you manage your risk?
What is your portfolio, I must say that profit mostly depends on a person's portfolio, that is how much he has and how much ability he has to lose in trading at a time, he should cover himself.
The amount of $50-$100 needs a decent portfolio, through which you can generate this earning. above $15k would be better for it. How much experience do you have in crypto? If you have gained much experience and know the trading strategies then losing pressure will be less and the target is achievable, but if you are not experienced enough then it will be almost risky at some points.
But you have always been ready for a loss, some days you get more than $100, or also you can lose more than $100, so consistency is far more important, I hope you understand what I mean!
I can not totally agree on that. Having a strong portfolio is important but this is not the only factor that will give you an amazing result. A good money management strategy and having the courage to make the right decision in time are some key factors that should be on our minds. Without proper money management your portfolio can be at risk so I wanted to know the overall strategy. The plan to enter a trade, exit from it and use a money management strategy.