How To Earn Daily From Cryptocurrency
Would you like to learn how to day trade cryptocurrency and earn $500 per day on a continuous basis? We frequently hear about how much money can be made day trading stocks. But what about day trading in cryptocurrency? You'll learn how to day trade cryptocurrencies utilizing our top crypto analysis tools in today's course.
Omninos Guides is fortunate to have a team with over 50 years of total day trading expertise. We'll show you what it takes to make a living day trading, and perhaps by the end of this trading guide, you'll know if you have what it takes to succeed in this industry.
The extreme volatility of Bitcoin and other cryptocurrencies has turned the crypto market into a roller-coaster ride. This is an ideal environment for day trading because there will be enough up and down swings during the day to achieve a substantial profit.
Moving forward, we'll teach you all you need to know about day trading bitcoin, as well as some unique rule-based day trading tactics.
How to Trade Cryptocurrency Every Day
Because of the unique qualities of the crypto market, you must have a thorough understanding of how it operates. If you don't have a parachute, your experience will be similar to skydiving without one.
The good news is that we'll provide you everything you need to make it through crypto day trading.
Because of its tremendous volatility, day trading the bitcoin market may be a lucrative enterprise. Because the crypto market is a new asset class, there have been large price movements.
It's best to wait until there's a high level of volatility before day trading Bitcoin or any other altcoin. The good news is that even when volatility is low in comparison to other asset classes, it is still high enough to allow you to profit from your transactions.
Many cryptocurrencies and crypto exchanges are extremely illiquid, lacking the liquidity necessary to provide fast execution like you could find when trading Forex currencies.
It's also vital to evaluate the liquidity of the cryptocurrency you want to trade before day trading Bitcoin or any other alt coin. You can perform so by just looking at the crypto trade's 24-hour volume.
Day Trading Strategy for Cryptocurrencies
The goal of crypto day trading is to find trading opportunities that will allow you to make a quick profit. If day trading appeals to you, let's get started with a step-by-step guide on how to day trade cryptocurrencies.
Step 1: Choose coins with a high level of volatility and liquidity
The most crucial decision you must make, as earlier noted, is to select cryptocurrencies with significant volatility and liquidity. If you prefer altcoins above Bitcoin, the most liquid coin on the market, look for currency with high availability and volatility.
Step 2: On the 5-Minute Chart, use the Money Flow Index Indicator
The Money Flow Index is the only technical indicator used in this day trading approach. This indicator is used to follow the smart money's activities and to determine when institutions are buying and selling cryptocurrencies.
Step 3: Keep an eye on the Money Flow Index until it reaches 100
The presence of the large sharks moving into the markets is indicated by an MFI value of 100. When it comes to purchasing, smart money can't hide their footprints. They invariably leave a trail of their trading activity in the market, which we can read using the MFI indicator.
Because technical indicators aren't always accurate, we've added a few more conditions to our day trading method. Specifically, we should ignore the first two MFI readings of 100 today and focus on the crypto price reaction.
Step 4: Buy if the MFI is equal to 100 and the next candle is bullish
Now all we have to do is wait for the third MFI measurement to rise above 100. It doesn't have to be the third MFI = 100 reading; any other MFI = 100 reading will suffice. If you don't have enough time to capture the third 100 reading on the MFI indicator, choose the next one as long as all other technical requirements are met.
Step 5: Position your protective Stop Loss below the day's low. During the first 60 minutes after you opened the deal, take profit
The most obvious spot to put your protective stop loss is below the day's low. A pause beneath it.
Step 5: Position your protective Stop Loss below the day's low. During the first 60 minutes after you opened the deal, take profit.
The most obvious spot to put your protective stop loss is below the day's low. If it breaks below it, it indicates a change in market mood, and it's better to exit the transaction. This might potentially be the start of a reversal day.
Conclusion - Day Trading in Cryptocurrencies
If you follow the entire day trading crypto guide, you should be able to purchase and sell Bitcoin and alts on a daily basis and make some money. If you want to learn how to day trade cryptocurrencies, make sure you have all of the necessary knowledge before getting started.
Crypto day trading is a very profitable alternative to the holding mentality that is killing the crypto industry, and it can be a terrific way to develop your crypto account.
Due to the significant volatility of the cryptocurrency market, making a living day trading cryptocurrencies can be a lot easier.You're at the right spot to succeed because high volatility is ideal for day trading.You might also want to check out our guide on the Best Cryptocurrency Investments for 2022.
