1. **Set a Clear Profit Target**
Aim to make a daily profit of $100. You can achieve this through multiple trades, such as 4 trades making $25 each, or 2 trades yielding $50 each.
### 2. **Initial Capital Requirements**
Start with a minimum of $10,000 to trade more conservatively. If your capital is lower, be prepared for higher risks and smaller profits.
### 3. **Choose the Right Assets**
Focus on well-established cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH). These assets tend to have more stable price movements, making them easier to trade.
### 4. **Trading Strategies:**
- **Day Trading**: Make short-term trades, holding positions for minutes or hours.
- **Scalping**: Execute numerous small trades, targeting profits of $10 to $25 each.
- **Breakout Trading**: Trade when an asset’s price breaks through key support or resistance levels.
- **Swing Trading**: Hold positions for a day or two to capitalize on short-term trends.
### 5. **Use Essential Technical Analysis Tools**
- **Moving Averages**: Identify market trends.
- **Relative Strength Index (RSI)**: Determine if an asset is overbought or oversold.
- **Bollinger Bands**: Gauge price volatility and anticipate potential price movements.
### 6. **Implement Risk Management**
Limit your risk to 1-2% of your trading capital per position. For example, if you have $10,000, keep your risk between $100 and $200 per trade. Use stop-loss and take-profit orders to safeguard your investments.
### 7. **Stay Informed**
Monitor market news and events that could impact asset prices. Set up alerts for real-time updates on significant developments.
### 8. **Diversify Your Portfolio**
Avoid putting all your investments in a single asset. Spread your trades across different cryptocurrencies to reduce risk.
### 9. **Record and Review Your Trades**
Maintain a trading journal to track your performance, identify patterns, and refine your strategy.
### 10. **Calculate Your Daily Profit Plan**
If you start with $5,000 and aim for a 2% return:
- 2% of $5,000 = $100.
You could achieve this by making 3 trades, targeting $33 profit per trade.
