Unlocking a Full Strategy to Earn $100 Per Day Trading Cryptocurrency in 2023

Make $100 a Day Trading Crypto: A Comprehensive Guide

Cryptocurrency trading has gained immense popularity in recent years, with many individuals looking to make a profit from the volatile nature of digital assets. In this article, we will explore a strategy known as “biari” (break and retest) and how it can help you make $100 a day trading crypto. We will delve into the details of this strategy, discuss its implementation, and shed light on the truths behind successful trading. So, let’s dive in!

The Biari Strategy: Understanding the Basics

The biari strategy revolves around identifying and drawing support and resistance zones in the market. These zones are crucial as they represent areas where price repeatedly tests and experiences rejection. By focusing on these zones, traders can pinpoint potential buying and selling opportunities.

To implement the biari strategy effectively, it is essential to have a solid understanding of how to buy and sell in the market. If you are new to trading, we recommend referring to our comprehensive guide on buying and selling cryptocurrencies.

Implementing the Strategy: Making $100 a Day

The concept behind making $100 a day using the biari strategy is to risk $50 on each trade to potentially make a $100 profit. This translates to a risk-to-reward ratio of 1:2, where you risk $50 to make $100. However, it’s important to note that these figures can be adjusted based on your trading capital and risk tolerance.

To illustrate how this strategy works, let’s consider a day trading chart. Suppose we identify a support zone where we want to enter a trade. We place our stop loss below the support level and set our take profit at 2R (twice the amount we risked). By following this approach, we can potentially make $100 on each successful trade.

Proof of Concept: Demonstrating Profit Potential

To demonstrate the profit potential of the biari strategy, let’s analyze a recent chart. In the past five days, there were four trades that hit the take profit level, resulting in profits of $100, $200, $300, and $400. Additionally, there were two trades that hit the stop loss, resulting in losses of $50 each. Overall, these trades would have yielded a net profit of $550.

By examining historical charts, we can see that the biari strategy has the potential to generate consistent profits. However, it’s important to note that not every trade will be successful, and losses are a part of trading. It’s crucial to manage risk effectively and stick to your trading plan.

Calculating Position Size: Tools to Help You

To calculate the appropriate position size for each trade, you can use a position size calculator. One such calculator is available on the Bitget platform, which also offers up to $40,000 in bonuses and a 20% discount. By inputting the entry price, stop loss, and take profit levels, the calculator can determine the quantity of cryptocurrency you need to trade.

Alternatively, you can use trading view integrated platforms that provide similar features. These platforms allow you to set your entry, stop loss, and take profit levels visually, making it easier to execute your trades.

Why People Succeed and Fail in Trading

While the biari strategy can be highly profitable, it’s essential to understand why some traders succeed while others fail. One common reason for failure is greed. Trading can seem easy when you have a mechanical process to follow, but it becomes challenging when emotions come into play. Greed can lead to overtrading, breaking your trading rules, and making impulsive decisions that result in losses.

Successful traders understand that trading is a slow equity curve with ups and downs. It requires discipline, patience, and the ability to stick to a trading plan. Mental fatigue and emotional decision-making can be detrimental to your trading success. Remember that not every day will be profitable, and it’s crucial to focus on long-term improvement rather than short-term gains.

Frequently Asked Questions (FAQs)

Q: Can I use the biari strategy for swing trading?

Yes, the biari strategy can be applied to swing trading as well. The key is to identify support and resistance zones on higher timeframes and enter trades accordingly.

Q: Is the biari strategy suitable for all cryptocurrencies?

The biari strategy can be used for trading any cryptocurrency that exhibits clear support and resistance levels. However, it’s important to conduct thorough research and analysis before trading any specific cryptocurrency.

Q: How much capital do I need to start trading with this strategy?

The amount of capital required to start trading with this strategy depends on your risk tolerance and the size of your trades. It’s recommended to start with a capital that you can afford to lose and gradually increase your position size as you gain experience and confidence.

Q: Are there any risks involved in trading cryptocurrencies?

Yes, trading cryptocurrencies involves risks, including the potential loss of your invested capital. The cryptocurrency market is highly volatile, and prices can fluctuate rapidly. It’s crucial to manage your risk effectively, set stop losses, and never invest more than you can afford to lose.

Q: Can I automate the biari strategy using trading bots?

Yes, it is possible to automate the biari strategy using trading bots. However, it’s important to choose a reliable and reputable trading bot that aligns with your trading goals and risk tolerance. Conduct thorough research and backtest the bot before deploying it with real funds.

In conclusion, the biari strategy can be a profitable approach to trading cryptocurrencies and potentially make $100 a day. By identifying support and resistance zones and implementing a risk-to-reward ratio of 1:2, traders can increase their chances of success. However, it’s crucial to manage risk effectively, stick to your trading plan, and avoid succumbing to greed. Remember that trading is a journey of continuous improvement, and consistency is key to long-term success.