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Earning $164 daily on Binance (or any trading platform) requires a strategy that balances risk management, knowledge of the markets, and consistent monitoring. Here’s a step-by-step guide to help you reach this goal:

Step 1: Understand the Basics

1. Learn Trading Fundamentals:

Study concepts like market orders, limit orders, stop-loss orders, and take-profit orders.

Understand technical indicators (e.g., moving averages, RSI, MACD) and candlestick patterns to analyze price movements.

Familiarize yourself with fundamental analysis (understanding a project’s value, news, partnerships).

2. Set a Realistic Daily Goal:

$164/day amounts to around $5,000/month, which is achievable with disciplined trading, though the capital required may vary depending on your risk tolerance and strategy.

Step 2: Choose a Trading Strategy

1. Scalping:

This involves making small profits multiple times a day.

Scalping typically requires large capital to make a significant daily profit from small price movements.

You may target 0.5%–1% profit per trade with a high win rate, using leverage if comfortable.

2. Swing Trading:

Involves holding trades for a few days to capitalize on larger price movements.

Look for key support and resistance levels on higher timeframes (4H, daily).

3. Spot Trading vs. Futures Trading:

Spot trading limits risks to the amount you’ve invested, while futures trading allows leverage but increases risks.

Beginners often start with spot trading to avoid liquidation risk.

Step 3: Technical Analysis & Set-Up

1. Identify Divergence Patterns:

Look for bullish or bearish divergence between the price and indicators like RSI or MACD, which can signal potential trend reversals.

Use divergence to spot entry and exit points for trades.

2. Use Indicators for Confirmation:

Combine Moving Averages (50-day, 200-day) to gauge trend direction.

Use RSI to identify overbought or oversold conditions.

Consider Volume Analysis to confirm the strength of a move.

3. Set Risk/Reward Ratios:

Aim for a 1:2 or 1:3 risk-to-reward ratio to ensure potential profits exceed risks.

Set stop-loss orders to limit losses on each trade (e.g., 1%–2% per trade).

Step 4: Execute Trades

1. Spot Entry Points:

Look for favorable entry points (e.g., support levels, confirmed trends, or divergence patterns).

If using leverage, start with low leverage (2x–5x) to minimize risk.

2. Manage Each Trade:

Set a stop-loss to protect your capital and a take-profit at your desired profit target.

Monitor trades actively, especially if using leverage.

3. Review and Adjust:

Review your trades daily to learn from mistakes and improve your strategy.

Adjust your strategy based on market conditions (e.g., if the market is very volatile or trending sideways).

Step 5: Compound Your Gains

1. Reinvest Profits:

Reinvest a portion of your daily earnings to increase your trading capital, allowing you to make larger trades over time.

2. Avoid Emotional Trading:

Stick to your plan and avoid impulsive decisions, which can lead to losses.

Step 6: Use Binance Features to Your Advantage

1. Stop-Limit and Trailing Stops:

Use stop-limit orders and trailing stops to automate trades and lock in profits.

2. Consider Staking or Yield:

Allocate a portion of earnings to Binance Earn products like staking or liquidity pools for passive income.

3. Risk Management:

Never risk more than a small portion (e.g., 1%–2%) of your capital on any single trade.

Example Calculation

If you target 1% profit per trade and make five successful trades on a $3,300 balance, you could make about $164. However, this requires solid risk management and a clear exit strategy for each trade.

Key Takeaways

Start with a strong understanding of trading basics and practice with a demo account or small amounts.

Use strategies like scalping, swing trading, or spot trading based on
your experience and risk tolerance.

Monitor the market closely, use divergence patterns to refine entries, and apply technical analysis to reduce risks.