How to Make $100 a Day Trading Crypto on Buy Bit

If you want to earn extra money by trading cryptocurrencies, this article is for you. We will explore simple strategies to make $100 per day trading Bitcoin and altcoins on Buy Bit, a reliable trading platform. Let’s get started

Choosing the Right Coin

To begin, you need to select the most promising cryptocurrencies for trading. Visit Coin Market Cap, where you can find a list of coins with the highest gains and losses in the past 24 hours. This information will help you identify potential trading opportunities.

Understanding Price Patterns

Before making trades, it’s important to understand common price patterns. These patterns can provide insights into future price movements. Let’s discuss a few simple ones:

Double Top or Double Bottom Pattern

A double top pattern occurs when the price reaches a high point, drops, and then attempts to reach the previous high again. On the other hand, a double bottom pattern is the opposite, with two consecutive low points. When these patterns break, it’s a good time to enter a trade. You can calculate the target by measuring the distance between the support and resistance levels.

Descending Wedge

A descending wedge is a pattern where the price moves in a narrowing range with lower highs and lower lows. It is usually a bullish pattern. Connect the resistance and support levels with trendlines. The target for this pattern is typically the top of the wedge. If the pattern follows an uptrend, a second target can be calculated.

Head and Shoulders

The head and shoulders pattern consists of three peaks, with the middle peak being the highest (the head). The two outer peaks (the shoulders) are lower. When the price breaks the neckline resistance, it confirms the pattern. You can enter a trade at the breakout or wait for a retracement to the neckline. The target is calculated from the bottom of the head to the neckline.

Getting Started on Buy Bit

To start trading on Buy Bit, you need to create an account and deposit funds. Choose whether to deposit Bitcoin, altcoins, or fiat currency. Follow the instructions provided by Buy Bit to complete the deposit process.

Opening a Trade on Buy Bit

Once your account is funded, you can open a trade on Buy Bit. Select the altcoin you want to trade and set your preferred leverage (avoid going beyond 10x for better risk management). Choose between a limit order or a market order, based on your trading strategy. Enter the amount you want to trade and indicate whether you want to go “Long” or “Short” based on the pattern you are trading.

Managing Risk

Successful trading requires proper risk management. Here are a few important tips:

1. Trade with leverage that you are comfortable with (between 5x and 10x).
2. Be aware that higher leverage increases both potential profits and losses.
3. Use stop-loss orders to limit your losses if the market moves against your trade.
4. Stick to your trading strategy and avoid making impulsive decisions based on emotions.
5. Stay updated on market trends and educational resources to improve your trading skills.

Conclusion

By following these simple strategies and patterns on Buy Bit, you can potentially make $100 a day trading cryptocurrencies. Remember to choose the right coins, understand price patterns, and manage your risks effectively. Keep learning and stay disciplined in your trading approach. Best of luck in your crypto trading journey