"Make $100 A Day Trading Cryptocurrency 📈 - (Top 5 Strategies)"

[Hydrogen]

Make $100 A Day Trading Cryptocurrency 📈 - (Top 5 Strategies)
MDX Crypto
82.4K subscribers
https://www.youtube.com/watch?v=48OH1jU5v6E


This is probably the best introduction to technical crypto trading that I remember seeing.

He explains some of the most commonly used basic terminology and expositionary chart knowledge.

The only thing I would add is. Beginners should start out trading small amounts they can afford to lose. There's no shame in trading with only $5 or $20 to learn the basics.

While indicator and chart based trading is great. There is a completely different side to things in the form of journalism and the media. Getting in before bitcoin ETFs are given a green light in the USA can be as bullish a timing indicator as any chart or technical metric.

[Gozie51]

I will also add that trading is for people who can be patient and so is not for every body. If you have tried but failed severally you can engage in others things that online gives the opportunity to make money instead you force yourself to give money to people to trade for you, you don't want to fail into the hands of scammers.

[The Sceptical Chymist]

Generally, I think charts are completely useless in trading unless there are clear trends upward or downward--and those are situations where anyone can make money if they're paying attention.  In other words, I don't believe in TA whatsoever and think it's akin to voodoo science.  The richest people in the world?  They're not TA traders.

On the other hand, with cryptocurrencies all you have are charts, news (fake or real), and rumors.  They aren't stocks and can't be analyzed by looking at their fundamentals (although I know other people would disagree with me on that), so that's why technical analysis seems to be everywhere on Youtube and in the Trading Discussion section on bitcointalk.  I guess if that's the only thing you can use, give it a shot--but don't say I didn't warn you.  The crypto markets can break trends easily, and those patterns you think you see might be nothing more than random fluctuations that can change in the opposite way that you were expecting.

Hydrogen, I do agree with your advice about starting small if you're going to start trading crypto.  At least then you'll get a taste of how easy it is to lose money without actually losing your life's savings.

[oHnK]

I finally got a better reference regarding trading with the technical side.  So far, I've been really tired of working 8 hours per day just for the city's minimum salary, which is not commensurate with the cost of needs eroded by inflation.  But one thing I have felt so far is that, a short term trader they really have to focus on technical analysis and momentum.  It's hard for someone like me to have a good experience in crypto when enslaved by corporate work.  I need consistency and hard work according to my brain, not according to my free time.

[Hydrogen]

But one thing I have felt so far is that, a short term trader they really have to focus on technical analysis and momentum.  It's hard for someone like me to have a good experience in crypto when enslaved by corporate work.  I need consistency and hard work according to my brain, not according to my free time.

Trading long term is an option. HODL is a viable trading strategy in crypto.

I think most feel pressured to trade larger sums and quantities. As beginning traders, they feel they must trade large sums like $10,000. But no, this is not the way to do it. The best way is to start small and trade small sums of $5 to $20 focusing primarily on percentage gain/loss and ROI (return on investment) over time.

A person who can take $5 and turn it into $10 is someone who can trade profitably. The harsh truth is, most will lose money gaining the knowledge and experience to be profitable traders. Its best to trade will small amounts, that way there is no risk if and when the worst case scenario hits.

[Ararbermas]

The only thing I would add is. Beginners should start out trading small amounts they can afford to lose. There's no shame in trading with only $5 or $20 to learn the basics.

yes and probably most traders experience that way wherein in order to experience the real trading field they need to sacrifice small amount to make it real and to have a good skills as well of course.  Because to be honest demo account seems not worth it to practice especially when it comes crypto. Its like nothing and boring, unlike trading with real money even $20 its enough. At least it's more realistic and you can learn how to manage risk which is the one of the most important and at the same time you're developing your skills by trading different assets such alts.. Unlike demo that there's 3 assets available if i remember it correctly, which for me no thrill..

[adaseb]

One thing I learnt with trading with technical analysis and moving averages or RSI or what not is that as long as you chose the right direction then with technical analysis you will get a great entry. However if you think it’s going to go up and instead it goes down then obviously no technical analysis will work.

So you need experience in realizing when we are in a bull trend or bear trend because at any given moment in time it’s an area to long and also an area to short. So you need to get the direction right first.

[BitMaxz]

I think most feel pressured to trade larger sums and quantities. As beginning traders, they feel they must trade large sums like $10,000. But no, this is not the way to do it. The best way is to start small and trade small sums of $5 to $20 focusing primarily on percentage gain/loss and ROI (return on investment) over time.

Take note not all exchanges can be able to trade with $5 I think the minimum is $10 but still depends on which coin you want to trade.
All exchanges have different trading limits sample Binance if your trading pair is USDT and any coin then it's only around $10 minimum.

Read them here https://www.binance.us/en/trade-limits under USD market

However, you can able to trade with around $5 if you are trading with other pairs not on any stable coins sample BTC to ETH minimum is 10k sats which is around $5 in the current price.

Based on my experienced if you trade with a pretty small amount just like that you will lose on trading fees unless if you are trading on exchanges with free and discounted trading fees.

[NeuroticFish]

Based on my experienced if you trade with a pretty small amount just like that you will lose on trading fees unless if you are trading on exchanges with free and discounted trading fees.

Indeed. On such small amounts you can get funds stuck for not meeting the minimum trade value, the minimum withdrawal value and, since the fees are usually rounded up, the loses caused by fees are a bit higher in percents. Since one cannot expect all trades be successful, I think that the starting amount should really be higher than 5$.

There's no shame in trading with only $5 or $20 to learn the basics.

I agree with OP that trading should be learned on small amounts, but I think that the values should start at 20$ (at best), not at 5$.

[crzy]

I will also add that trading is for people who can be patient and so is not for every body. If you have tried but failed severally you can engage in others things that online gives the opportunity to make money instead you force yourself to give money to people to trade for you, you don't want to fail into the hands of scammers.

Depends on your strategy in trading since day trader tends to sell more often than to wait for the price to have its trend and that is not about having impatient, its just that he is trading based on his own timeline. Beginners have to really start from the basic and small capital only because if they become more greedy and trade huge capital with a limited knowledge, we can expect them to lose that money easily. Trade slowly but surely, analyze very well and study everything then once you know it already, you can start to increase your capital in trading.

[2double0]

His advice is great for beginners and even novices.
I would also add that there are some no deposit bonuses available in forex that, if a trader manages to gain with by seriously trading that money instead of taking it for granted due to it being free money, then such traders become successful very quickly because traders who can trade so good with free money by thinking it's theirs, what performance will they show when they will invest their own money? It will be mind blowing.

P.S.: Check FBS for a $50 no-deposit bonus where, after trading 2 lots and gaining $500 will get you a quick withdrawal.

[milewilda]

I started to trade small and that journey has been memorable to me because I lose everything and I guess that’s a beginners mistake which is very normal and this is why you have to start small because losing is very inevitable when you trade at first. Learning how to trade is a long journey and expect always to lose money because that is trading and we cannot always win. $100 a day of profit looks impossible for me especially if you only have small capital but that is fine, you can still make profit anyway.

We all had experienced these unfortunate events but with those mistakes we've grown and able to enhance ourselves because this is something a normal path for you to take because we wont really be making ourselves better if we dont experience those things thats why you should do all sorts of things needed for you to sustain this unpredictable market.
If you arent that serious or passionate on doing things then you would really be finding this a big problem into your trading or investment journey.
There's no specific method or ways to make money because you are the only ones would able to discover it for yourself.

[crwth]

Great video to watch About trading. MDX Crypto touched on the essential points that being a day reader doesn’t mean you have To trade daily.  I am Unsure whether the trading strategies would be effective with everyone knowing that different personalities are trying to beat the market.

One thing I'm concerned about is how someone could make $100 with a small account. Mostly people should trade 1 to 2% of their capital per trade depending on how you approach trading. But your advice is good since if the trader is just starting out and wants to get his feet wet.

[trickys]

So the post is really about trading and HOPING to take some money.
Crypto is over-hyped now and too many people think it's free money and they'll make a fortune easily but we all know it's not as easy as some might think.

[Quidat]

So the post is really about trading and HOPING to take some money.
Crypto is over-hyped now and too many people think it's free money and they'll make a fortune easily but we all know it's not as easy as some might think.

Newbies would definitely think up this way which is actually the reality as of this moment on where they do really believed that they could earn money on fast pace?Think again and once reality would slapped you in the face then you would definitely be having some realization
that this isnt something that wont be easy as it sounds. $100 constant on day trading? It cant be possible because not all the time
you would be profitable with all of your trades.

[Zilon]

You can't trade crypto with $5 -$20 most especially bitcoin because of its highly volatile nature. Getting the knowledge before even thinking about placing a trade is Paramount then trading the obvious which involves stating clearly the trend and avoiding emotions which is highly deceptive. Trading along the trend makes trading easy but if the trend isn't clear losses is inevitable

[LUCKMCFLY]

Anything that is in favor of technical analysis is welcome, strategies and different ways of seeing the market for me are highly valued, when analyzing the market in a fundamental way or through Wyckoff which is how I like to analyze the market, I have given that it is worth having very specific knowledge about technical analysis because it gives greater precision to what you want to look for.