To Make a consistent $10 per day from crypto trading is possible, it involves a combination of knowledge, strategy, and risk management.
Take the time to understand how cryptocurrencies work, the technology behind them (blockchain), and the factors that influence their prices. Knowledge is crucial in making informed decisions.
Choose a Reliable Exchange:
Select a reputable cryptocurrency exchange that offers a variety of cryptocurrencies and has good security measures. Some popular exchanges include Coinbase, Binance, Luno and Kraken. For this training, we will be using the Luno Exchange.
Start with an Investment can Give You Your Desired Income over minute change in price.
Coins can be unpredictable and so we will be using a stable coin that ensures that your investment is safe. Stable coins fluctuate with tempo of the physical Dollar and so they are predictable. They are backed by Government agencies with respect to the countries that own them.
This practical will be based on the use of USDC, a United States Stable Coin.
Practical Example to Cash Out $10 Daily
Currently, the USDC Coin, fluctuates from a low of $832 Dollars to a high of $859 Dollars. What this means is that, we can skim out a decent and clean $10 Dollars from the available $27 Dollars profit margin.
The secret to trading and making profits from crypto is to eliminate the greed factor. Once you can do that, you can never be caught in between.
A greedy mind will be interested in taking all profits within the margin but that’s how you trap your funds. One thing you must realize is that, the margin can change at any moment and if you stay at the middle, you will be safe.
So for the purpose of this training, we will be buying our crypto at $840 and selling at $850. Whether it falls below $832 or rises above $859 should not be our concern, our concern and business is to consistently understudy our market and collect our desired profit at a convenient price that won’t hurt our investment and ensure that we leave the trading floor as quickly as we have entered it.
To make $10 per safe trade from USDC you need approximately $840 multiplied by existing dollar rate in your country. Be aware that there are charges to be paid and so you can either buy from a friend who will transfer the exact amount to your Luno wallet or buy USDC directly from the LUNO exchange in which case you will have to put the deposit charges into account .
To make $5 per safe trade from USDC, you need approximately $420 multiplied by existing dollar rates in your country.
To make $1 per safe trade from USDC, you need approximately 10% of $840 multiplied by existing dollar rates in your country.
To Maximise Profits, You Can Diversify Your Portfolio Into Other Stable Coins:
Using USDC is just a test case on the possibility of making $10 daily from Crypto. You don’t have to restrict yourself to only USDC, there are other stable coins.
Diversify your investment across multiple cryptocurrencies to spread risk. Research and choose assets you believe have potential for growth.
Keep yourself informed about the latest news and developments in the cryptocurrency space. Social media, crypto news websites, and forums can be valuable sources of information.
Use Dollar-Cost Averaging (DCA):
Instead of investing a lump sum, consider using dollar-cost averaging. This strategy involves investing a fixed amount of money at regular intervals (e.g., daily, weekly) regardless of the cryptocurrency’s price. DCA helps reduce the impact of short-term price fluctuations.
Set Targets and Stop-Loss:
Define your profit targets and stop-loss levels before making a trade. Profit targets help you secure gains, while stop-loss orders protect you from significant losses.
Avoid Emotional Trading:
The crypto market can be highly emotional, with prices experiencing rapid ups and downs. Avoid making impulsive decisions based on fear or excitement. Stick to your strategy and remain disciplined.
Consider Staking or Yield Farming:
Some cryptocurrencies offer staking rewards or yield farming opportunities, allowing you to earn additional tokens by holding or providing liquidity to decentralized finance (DeFi) protocols.
Withdraw Profits Regularly:
Once you start making profits, consider withdrawing a portion of them regularly. This way, you can secure some gains and reduce risk.
Be Patient and Realistic:
Making a steady income of $10 per day may take time. Be patient and realistic about your goals. Don’t chase quick profits or take excessive risks.
Beware of Scams:
Be cautious of schemes promising guaranteed profits or high returns. Stick to legitimate exchanges and projects with a strong track record.
Remember, cryptocurrency trading involves risk, and there are no guarantees. Only invest money that you can afford to lose, and consider seeking advice from a financial advisor if you’re unsure about investing in cryptocurrencies.