How To Make $100 Per Day Trading Crypto On Bybit (Beginners Guide)

How to Make $100 per Day Trading Crypto on Bybit

Trading cryptocurrency can be a lucrative endeavor if done correctly. In this article, we will explore the techniques and patterns for trading Bitcoin and altcoins on Bybit, a popular cryptocurrency exchange. Please note that the information provided in this article is not financial advice, and it is important to conduct your own research and exercise caution when trading.

Getting Started on Bybit

The first step to start trading on Bybit is to create an account and deposit funds. Bybit accepts both cryptocurrencies and fiat currencies. To deposit funds, you can use your wallet address to transfer Bitcoin or altcoins. Alternatively, you can choose to deposit fiat currency using your credit or debit card. Once you have deposited funds, you can proceed to choose the cryptocurrency you want to trade.

Choosing the Right Coin to Trade

When selecting a cryptocurrency to trade, it is important to analyze its potential for gains. Coinmarketcap is a useful platform to check the performance of various cryptocurrencies. By examining the biggest gainers and losers in the last 24 hours, you can identify altcoins with potential for trading. It is worth noting that altcoins can be more volatile than established cryptocurrencies like Bitcoin, which presents both opportunities and risks.

Trading Patterns for Profit

Now that you have chosen your altcoin, it’s time to explore some trading patterns that can help you make $100 per day. Here are a few patterns to consider:

1. Double Top or Double Bottom Pattern

The double top or double bottom pattern is a common pattern used by traders. In this pattern, the price of the cryptocurrency reaches a high or low point, retraces, and then retests the previous support or resistance level. Once the pattern breaks, traders can enter a trade and potentially make a profit. To calculate the target, measure the width between the support and resistance levels and project it from the breakout point. It is important to wait for confirmation of the breakout and ensure that it is supported by significant volume levels.

2. Descending Wedge Pattern

The descending wedge pattern is a bullish pattern that indicates a potential upward trend. To identify this pattern, connect the resistance points and support lines. The target for this pattern is usually the top of the wedge. However, if the cryptocurrency is in an uptrend, you can also calculate a second target by measuring the move from the low point to the resistance level. Entry points for this pattern can be at the breakout or during a retracement to the neckline.

3. Head and Shoulders Pattern

The head and shoulders pattern is another popular pattern used by traders. This pattern consists of a left shoulder, a head, and a right shoulder. The breakout from the neckline indicates a potential trade opportunity. To calculate the target, measure the distance from the bottom of the head to the neckline and project it from the breakout point. Traders can enter the trade at the breakout or wait for a retracement to the neckline.

Opening a Trade on Bybit

To open a trade on Bybit, click on the derivatives USDT perpetual option and choose the altcoin or Bitcoin you want to trade. Select your desired leverage (recommended not to exceed 10x) and decide whether to make a limit order or a market order. Specify the amount of USDT you want to open for the trade and choose whether to go long or short based on the pattern you are trading. Once you have completed these steps, your trade is officially open.

Trade Safely and Use Risk Management

When trading on Bybit or any other cryptocurrency exchange, it is crucial to prioritize risk management. Use leverage that you are comfortable with and be aware that higher leverage can lead to faster losses. It is important to trade like a robot and not let emotions dictate your decisions. Stick to your strategy and exercise caution when investing. Remember, trading cryptocurrency involves risks, and it is essential to only invest what you can afford to lose.

Frequently Asked Questions (FAQs)

1. Is trading cryptocurrency on Bybit risky?

Yes, trading cryptocurrency on Bybit or any other exchange carries inherent risks. Cryptocurrency markets are highly volatile, and prices can fluctuate rapidly. It is important to conduct thorough research, use risk management strategies, and only invest what you can afford to lose.

2. Can I make $100 per day trading crypto on Bybit?

While it is possible to make $100 per day trading crypto on Bybit, it is not guaranteed. Success in trading depends on various factors, including market conditions, trading strategies, and risk management. It is important to approach trading with a realistic mindset and not solely focus on making a specific amount of money.

3. Are there other exchanges similar to Bybit?

Yes, there are several exchanges that offer derivatives trading similar to Bybit. Some popular alternatives include Binance, Bitget, and Bitflex. It is recommended to research and compare different exchanges to find the one that best suits your trading needs.

4. How can I learn more about trading on Bybit?

If you want to learn more about trading on Bybit, you can watch comprehensive tutorials available on various platforms. The author of this article has a popular Bybit tutorial on their YouTube channel, which provides step-by-step guidance on trading on Bybit. Additionally, Bybit itself offers educational resources and guides on its platform.

Remember, trading cryptocurrency involves risks, and it is important to stay informed, exercise caution, and make informed decisions based on your own research and risk tolerance.