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?
For someone who is skilled at trading on the market, such as daily traders, making profits every day seems to be possible. But the problem is that not everyone can become a reliable day trader. I am also studying to become a day trader. And yeah I'm still not proficient. I still have more to learn. Because each of me often messes up by leaving the analysis that I have made. But one thing that is certain in trading on the spot market is that we must have quite large capital if we want to easily get daily profits of up to $50 USD per day.
I have an acquaintance who is also a day trader. But he said that not every day he can get maximum profits.
It is possible to earn 50-100 dollars a day in crypto trading, but it is not easy to do that. The only ones who can do that are traders who have a large fund in the exchange and a deep understanding of trading activity. Now this is my question: are you an expert crypto trader? Do you have a lot of trading experience here in the crypto space? Do you have a big fund?
So that you can get that, there is a chance that no matter how good you are at reading the chart in terms of technical and fundamentals, if the market is a bit gentle and the bad news in the crypto industry goes hand in hand, it will appear in the end as useless.
I do not consider myself an expert but I do have extensive knowledge about trading and market behavior. I started trading way before I started learning about bitcoin. I have experience in forex, stock and option trading though my trading career wasn't that charming back in time. I have learned my lesson and gained experience along the way. What i found is that market behavior is wild in bitcoin compared to forex. So I need a strategy to earn as much as i was earning in forex and stock.