Learn How I Earn $100 Daily Trading Cryptocurrency in 2022 (Step-by-Step Guide)
The RSI Strategy: A Comprehensive Guide to Trading Crypto
In the past two weeks, I’ve made a total of 13 trades and earned a profit of $5,771. In today’s article, I will be sharing the exact strategy that I use to make these trades. Whether you’re a beginner or an experienced trader, this strategy can help you make consistent gains in the cryptocurrency market.
Five Things You Need to Know
Before we dive into the strategy, there are five important things you need to know:
1. No Trading Patterns Required: This strategy does not require you to learn any specific trading patterns. It is a simple and effective approach that can be used by traders of all levels.
2. Trading View Account: To implement this strategy, you will need a Trading View account. It’s free to sign up, but if you want access to more features, you may need to pay for a subscription.
3. Separate Trading and Holding Accounts: It is crucial to keep your trading and holding portfolios separate. Mixing the two can lead to confusion and potential losses. I personally use Pionex and kucoin for my trading accounts.
4. Lux Algo: While not mandatory, the Lux Algo is a powerful tool that can enhance your trading experience. It provides valuable signals and insights, making it easier to identify profitable trades. I highly recommend trying it out.
5. Not Financial Advice: I am not a financial advisor, and nothing in this article should be considered as financial advice. It is essential to conduct your own research and due diligence before making any trading or investment decisions.
The RSI Strategy Explained
The strategy I use is called the RSI (Relative Strength Index) strategy. It is a proven approach that has helped me achieve consistent gains in the cryptocurrency market. The goal of this strategy is not to make massive gains in a single trade but to make small, consistent wins over time.
The basic idea of the strategy is to enter a trade when the RSI dips below 30 and exit before it reaches 70. The RSI is a technical indicator that measures the strength and speed of a price movement. When the RSI is below 30, it indicates that the asset is oversold, and when it reaches 70, it is considered overbought.
To implement this strategy, follow these steps:
1. Choose a Cryptocurrency: Select a cryptocurrency that you understand and want to trade consistently. For this example, we will use Rose (Oasis Network).
2. Set Up RSI Indicator: Open your Trading View account and click on “Indicators.” Type in “RSI” (Relative Strength Index) and select it. The RSI chart will appear at the bottom of the screen.
3. Choose a Time Frame: The strategy can be implemented on the 5-minute, 10-minute, or 15-minute time frame. Select the time frame that suits your trading preferences. For this example, we will use the 5-minute time frame.
4. Enter and Exit Trades: Enter a trade when the RSI dips below 30 and exit before it reaches 70. Aim for 2-3% gains per trade. Use the Lux Algo to confirm entry and exit points.
5. Manage Risk: Trade with a small portion of your portfolio (5-10%) to avoid emotional roller coasters and excessive time commitment. Enter trades in sections to ensure you have cash on hand. Consider using the Lux Algo’s Trend Tracer and Trend Catcher to identify market trends and make informed decisions.
Trading on Different Time Frames
The strategy can be implemented on different time frames, such as the 15-minute or 1-hour time frame. The time frame you choose will determine the duration of your trades and the potential gains. On the 15-minute time frame, aim for 3-5% gains, and on the 1-hour time frame, aim for 7-10% gains.
Remember, the longer the time frame, the longer you will hold onto your positions. Adjust your profit targets accordingly.
Building a Larger Account
This strategy works best with a larger trading account. If you have a smaller account, it may be challenging to make significant gains on a daily basis. Instead, focus on building a larger cash position over time. By consistently compounding your profits, you can increase the size of your trades and maximize your gains.
For example, if you have a $1,000 account and make four trades with a 10% gain each, your account will be up 46%. As your account grows, your gains will become more substantial.
Frequently Asked Questions
1. Is this strategy suitable for beginners?
Yes, this strategy is suitable for beginners. It does not require extensive knowledge of trading patterns and can be easily implemented using the RSI indicator and Lux Algo. However, it is essential to conduct thorough research and practice risk management.
2. How much should I trade with?
It is recommended to trade with 5-10% of your total portfolio. This ensures that you have cash on hand and reduces the emotional stress of constantly monitoring the market.
3. Should I use leverage?
Leverage is not recommended for this strategy. It can lead to significant losses and wipe out your entire account. Stick to trading with your available funds and focus on building a larger cash position over time.
4. How do I know when to enter and exit a trade?
Use the RSI indicator to identify entry and exit points. Enter a trade when the RSI dips below 30 and exit before it reaches 70. The Lux Algo can provide additional confirmation and signals for optimal entry and exit points.
5. Can I use this strategy for long-term trades?
While this strategy is primarily designed for short-term trades, you can adapt it for long-term trades by using higher time frames, such as the 1-hour time frame. Adjust your profit targets accordingly, aiming for 7-10% gains.
Conclusion
The RSI strategy is a simple and effective approach to trading cryptocurrencies. By focusing on small, consistent gains, you can steadily grow your trading account over time. Remember to trade responsibly, conduct your own research, and use risk management techniques. With practice and discipline, this strategy can help you achieve success in the cryptocurrency market.
Stupid question, but how do you have sell/buy signals on the Trading View?
Nice
Big
One thing I don’t understand is that you would go out of the trade at a 2-3% profit. But why wouldn’t you just move your out up higher and set your stop loss at 2-3% ?
We work for years to earn $1million on our retirement, while some people put thousands of dollars in some meme coins and they become millionaires.
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Thanks for the update. <I will advise traders, especially newbies, to have an orientation of the market before getting involved. I must say trading offers more benefits than just holding, thanks to Rolando Eric for always keeping me ahead of the trend, so glad I started her program
beautiful lecture. just wondering @eddie Moon if you have 10k do you use it for day trading or buy and hold at this time?!
It’s Easy to say what happened but it’s Very hard to say what’s Going to happen. True to the Core 😊
We work for years to earn $1million on our retirement, while some people put thousands of dollars in some meme coins and they become millionaires.
How much investment requires for making 100 dollars per day
you strategie is only go long? you make spot traiding? or is it future
how did you draw rectangle box with gain percentage ?
Bro there are so many lux algo indicators, which one did you use in the video? and is it free?
I recently bought the Lux Algo and I'm not getting the same smooth signals you are. Mine looks really choppy.
I like your video but what if the market doesn't go your way ? You don't talk about setting up your stop loss. At what % ?
Hi, I like the way you explain it. I like to learn more.
I wish they taught me this in college. You've helped my family With your advice. You're such a blessing to this community. As of last week Thursday I invested $3,000 and received $8,000 through the lady you recommended MYLAH EVANDER
can you show how to set SL & TP so I do not have to be infront of screen all day
I would advise everyone not to get a membership from Eddie Moon. It's like you are lured by his video, be in the discord and then scammers are waiting there. It's sad…Eddie moon you should step and fix this problem.
Is there any additional settings in RSI?
Hi,
What's the best strategy for a position entering
10k usdt or more than 10k usdt ?
It should be a difference between a strategy when open a position with 100 usdt in comparison with a 10k usdt or more.
Thanks,
з усіх каналів на цьому зібрана найкорисніша інформація по крипті, тому не пропустіть нічого😁
ok so who ever is watching this, let me tell you, what he is talking about is total horseshit. If it was that easy anyone would have done it. I am telling you this after my personal experience of 3 years. You need to study the market if you wanna day trade. people don't understand and educate themselves and expect to make money from their day one. Thats just not possible. and yeah dont shit talk yourself if you lose or even blow up your account. it happens to the best of us. just learn the fundamentals, not this shit
Context: Into = Intro
I lost over $70K when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I find one source to recover my money, at least $9k profits weekly. Thanks so much Erik Redondo
Eddie why is your patreon not active I just paid $50 for your patreon you haven’t been active I just got scammed
Can I use the (UT BOT ALERT) instead of (LUX ALGO) ?
We work for years to earn $1million on our retirement, while some people put thousands of dollars in some meme coins and they become millionaires.
Thanks bud for keeping us financially Educated! Regardless of how bad it gets on the economy, I still make over $28K every single week,
im new to all this trading thing does anyone still do this ?
Thanks WildVestCorps Account Page for keeping us financially Educated! Regardless of how bad it gets on the economy, I still make over $47K every single week.’
Great video!. Well I'm so happy I made the decisions by having a good investment, Recently I'm able to acquire my third house even at my age and I believe if things keep going well I would retire early
So if I get liquidated but continue to hold and it rebounds back above (long position is still open) will the account continue to go into the positive?
Basically if it goes to the liquidation point but then rallies back up 5% and continues to go up from there. Well I continue to be in the positive if my position was never closed
Great video, trading come with a lot of benefits And I have just bought my first house through it. As a beginner I was scared of loosing my savings but I’m glad I took the bold step that is now favoring me.
I have a 20$ account how can I grow it to 50
This was the best most clear strategy explanation I've watched. Thank you!!
I like your presentation and advice, but could you please explain what you are doing on the trades? Where are you buying and where are you selling? thank you
As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?,
all good until u come up with a paid indicator
As a newbie about to invest, you must have these three things in mind
1. Have a long term mindset.
2. Be willing to take risk.
3. Be careful on money usage, if you're not spending to earn back, then stop spending.
4. Never claim to know – Ask questions and it's best you work with a financial advisor.
Successful people don't become that way overnight. What most people see as a glance of wealth, a great career, and purpose is the result of hard work and hustle over time. I pray that anyone who is reading this will be successful in life,..,.,.