Financial freedom is everyone’s dream and there are over a thousand ways to achieve this. One way is Crypto trading. In this article, I will explain how to make 50 dollars every day by trading Crypto.
But first, what is Crypto? The term ‘Crypto’ is a short form of the word ‘cryptocurrency’. Cryptocurrency refers to digital or virtual currencies that use cryptography for security. To establish further understanding, they are unlike traditional currencies like the dollar, Euro etc. which are issued by a central government. While traditional currencies or fiats are centralized in nature, cryptocurrency on the other hand is decentralized. This reality has informed the decision of many to engage in its investments and trading since they are believed to be more trustworthy than traditional currencies.
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Cryptocurrencies can be exchanged for fiat currencies making it possible for profitable trades. Without further ado, let’s dive into the ‘how to make 50 dollars every day by trading crypto’.
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Is it possible to Make 50 dollars every day by Trading Crypto?
Yes, it is possible to make 50 dollars every day by trading Crypto. The nuggets exposed in this article are a result of doggedness and an indefatigable spirit. They are inspired by self-discovery and not what was written in any book. Millions have been lost in the quest to conquer crypto trading. I wouldn’t want you to lose millions, that is why I have written this article to guide you through the path of a successful crypto trading journey.
Steps to Take Before Making 50 dollars Every day by Trading Crypto
Just like driving a car, some steps must be taken before the car can move. Therefore, before you can start making 50 dollars every day by trading crypto, the following steps must be taken:
1. Look for a Reliable Crypto Trading Platform
There are a plethora of crypto trading platforms such as gate.io, remitano etc. but I will recommend that you use Binance. I chose Binance because of its user-friendly interface. It is easy to use and it has a lot of indicators that can assist you in making 50 dollars every day by trading crypto.
2. Sign up
After you have found the trading platform of your choice, the next step is for you to sign up. Please, you need to provide valid information because of KYC. Trading platforms require true users’ information because of fraud and scams. This way, they know you are genuine.
3. Protect your Account
After successfully signing up, it is paramount that you take advantage of further securities to protect your Account from hackers. Such security includes the use of 2Factor Authenticators (2FA).
4. Fund Your Account
After you have protected your account, the next step before you can start making 50 dollars every day by trading crypto is to fund your account. While some crypto trading platforms enable users to buy crypto directly with fiat via a p2p system, others do not. In a case where the platform you are using does not support using fiat to buy crypto or using your credit or debit card, it is wise to get a reliable and trustworthy vendor like Versustrade.
At this juncture, you should be ready to start making 50 dollars every day by trading crypto after following the aforementioned steps. Also, it is important to note that before you can make 50 dollars every day by trading crypto, your capital should be around 500 dollars. This means that we have a 10% profit target every day.
So, How do you make 50 dollars every day by trading Crypto?
Now that your account is funded with 500 dollars worth of a stable coin e.g. USDT, we can now scout for a profitable cryptocurrency.
Scouting for a Profitable Cryptocurrency to Trade
As against the popular notion in the cryptosphere that whenever Bitcoin is down, every other cryptocurrency will follow suit. This is not always the case. Even while 90% of the crypto market is down, there are ALWAYS some cryptocurrencies that experience a ‘blow off top’ or huge gains. Such cryptocurrencies are what we need to scout for because they are the only ones that can help us make 50 dollars every day by trading crypto.
While it is somewhat difficult to find such cryptocurrencies because of the number of cryptocurrencies in the market, the trading platform you have chosen has a portion that highlights the top losers and gainers in the market.
Top Gainers of the Day in the Cryptocurrency Market
The Top Gainers interface on your trading platform will serve as our guide to knowing which cryptocurrencies are profitable for that day. While it is tempting to choose cryptocurrencies that have accrued over 50% increase in a day, one could still trade them provided you know when to enter and when to exit.
The Demand and Supply Range
After picking a profitable crypto of your choice from the list of top gainers, you need to be able to spot the Demand and Supply Range. The demand range refers to the point of a sell-off while the supply range refers to a point where traders take profit. There are a lot of indicators that can help you spot the Demand and Supply Range. From experience, the Bollinger Band indicator has a high-reliability rate. It helps you know when to enter a trade and when to exit it.
The Bollinger Band Indicator
While there are numerous indicators on trading platforms, the successful trader guides himself or herself with 1 or 2 indicators while trading cryptocurrencies. The Bollinger band Indicator consists of 3 lines or bands known as:
- Middle band
- Upper band and
- Lower band
The Lower band signifies a Demand region or an entry point while the Upper band signifies an exit point or a Supply region.
The RSI Indicator
The RSI indicator is also an important indicator I normally use with the Bollinger Band to ascertain when to enter a market and when to exit. The RSI comprises numbers ranging from 0-100. Cryptocurrencies indicating between 0-30 RSI show that the cryptocurrency is oversold, that is, it is in a Demand zone while a range from 70-100 signifies an overbought position. Entering at this point is unwise because this is the point where professional traders take profits.
Why it is Easy to Make 50 dollars Every day by Trading Crypto
With a 500-dollar capital, it is very easy to make 10% every day provided you pick a cryptocurrency from top gainers, wait for it to reset to the demand zone then enter. Once the green candle touches the upper band of the Bollinger Indicator or the RSI reads over 70, you should exit the market. You can repeat this 3 times daily and to your amazement, make even more than 50 dollars in profit.
To conclude, you don’t need to break the bank to start a profitable crypto trading journey. You can start with as low as 100 dollars but you must ALWAYS take your profits even if it is a dollar. This way, you can start building your account until it is 500 dollars with which you can start making 50 dollars every day by trading crypto.