Easy Crypto Scalping Strategy: Earn $150/Day Trading Bitcoin & Cryptocurrency as a Beginner

Introduction

In today’s video, we will be discussing a simple day trading strategy to make $150 trading Bitcoin and cryptocurrencies. This strategy has a 100% win rate and can generate daily profits. Whether you are a beginner or an experienced trader, this strategy can help you achieve consistent profits. So, let’s dive into the details.

Why Bitcoin is the Best Cryptocurrency for Day Trading

When it comes to day trading, Bitcoin is the best cryptocurrency to focus on, especially for beginners. Bitcoin’s price movements are relatively easy to predict, making it an ideal choice for day traders. The volatility in Bitcoin provides ample opportunities to make daily profits. By sticking to Bitcoin, you can maximize your chances of success in the market.

The Strategy: Finding Key Levels

The strategy we will be discussing involves identifying key levels where the price of Bitcoin moves up or down or gets rejected. Unlike other strategies that rely on indicators, this strategy focuses on price action and key levels. Indicators can often give false signals, leading to losses. By focusing on key levels, we can achieve a 100% win rate and avoid losing money in the market.

Step 1: Analyzing Weekly Charts

To start implementing this strategy, we need to analyze the weekly charts. Look for a week where the price of Bitcoin was moving sideways. This indicates a range-bound market, which is perfect for day trading. Mark the low and high of the candle for that week using dashed lines. Additionally, mark the weekly open, as it will be crucial for our strategy.

Step 2: Analyzing Daily Charts

Once we have identified the range on the weekly charts, we move on to the daily charts. Pay special attention to Monday, as it is the first day of the trading week. Mark the low, high, and close of the Monday candle using different colors. These levels will serve as important support and resistance areas for our trades.

Step 3: Analyzing 15-Minute Charts

Now that we have our key levels marked on the daily charts, we can move to the 15-minute charts for actual trading. Start by identifying the range formed on Monday. From Tuesday onwards, we can start taking trades based on the Monday’s high and low.

Executing Trades

Using the key levels we marked, we can execute trades. For example, if the price bounces off Monday’s close and rallies up to Monday’s high, we can take a long position. Similarly, if the price drops below Monday’s low, we can take a short position. Always remember to set a stop loss to manage risk effectively.

Trading on Weekends

Even on weekends, when trading volumes are lower, we can still find trading opportunities within the established ranges. While the market may be quieter, the ranges provide ample opportunities for day trading. However, it’s important to be cautious and adjust your position sizes accordingly.

Following the Strategy on a Trading Platform

If you prefer to follow an experienced trader’s trades, you can use a copy trading platform like Fairness. By following a successful trader, you can automatically replicate their trades and generate passive income. This can be particularly beneficial for beginners who want to learn from experienced traders.

Conclusion

Day trading Bitcoin and cryptocurrencies can be a profitable venture if you have a solid strategy in place. By focusing on key levels and price action, you can achieve a 100% win rate and generate daily profits. Remember to always set stop losses and manage your risk effectively. Whether you choose to trade manually or follow an experienced trader, consistency and discipline are key to success in the market.

Frequently Asked Questions

1. Why is Bitcoin the best cryptocurrency for day trading?

Bitcoin’s price movements are relatively easy to predict, making it an ideal choice for day traders. Its volatility provides ample opportunities to make daily profits.

2. Why should I focus on key levels instead of using indicators?

Indicators can often give false signals, leading to losses. By focusing on key levels and price action, you can achieve a 100% win rate and avoid losing money in the market.

3. Can I use this strategy with other cryptocurrencies?

While this strategy is specifically designed for Bitcoin, you can apply similar principles to other cryptocurrencies. However, keep in mind that Bitcoin’s predictability makes it the best choice for day trading.

4. How do I manage risk while day trading?

Always set stop losses to manage risk effectively. This ensures that your losses are limited if the trade goes against you. Additionally, never risk more than you can afford to lose.

5. Is copy trading a good option for beginners?

Yes, copy trading can be a great option for beginners. By following an experienced trader’s trades, you can learn from their strategies and generate passive income. Just make sure to choose a reliable copy trading platform like Fairness.

6. How can I ensure consistent profits in day trading?

Consistency and discipline are key to achieving consistent profits in day trading. Stick to your strategy, manage risk effectively, and avoid emotional decision-making. Continuous learning and adapting to market conditions are also crucial for long-term success.