Day trading exists in the stock market, and day trading also exists in the crypto market. Is it possible for you to earn at least 1% of your profit per day in the crypto market?
The answer is yes if you know the right strategy to do it. You also need to learn every day and refine your strategy along the way.
You might win and lose as you go in through your days, but you will win with more consistency if you can learn from your mistakes.
In this guide, you can learn how to profit 1% per day in crypto.
Is It Difficult to Profit 1% Per Day in Crypto?
Day trading in the crypto market is not the same as day trading in the stock market. The stock market is quite stable, and day traders can expect 1% of profit per day in the stock market.
However, with cryptocurrency, it’s not as simple as that. Profiting 1% per day or more in the crypto market is viable, but there are also challenges involved in doing this. The reason is that the crypto market is quite unstable.
The instability of the crypto market will often make it difficult for you to earn a consistent profit from it. Yes, you might earn 1% profit or more today, but you might lose a lot more later.
This is the reason you need to have a certain strategy to win in the crypto market and at least have more wins than losses in a month. Yes, you might end up profiting the average of 1% per day when you count your profits at the end of the month.
Also Read: Bitcoin Era Trading System App Review
The Challenges You Need to Keep in Mind
Making a consistent 1% profit per day in crypto is a bit like daydreaming. But it is doable. There are certain strategies that you can follow to make it happen.
However, don’t count on them too much. You also need to find your own winning ways, and even more important, you also need to have the courage to face failures.
Here are some challenges you need to keep in mind:
- Don’t expect a consistent 1% per day. First, you need to see the 1% per day as the average profit you can make in a month. Your mind will be more at ease when you have this perspective.
- There are days you profit more, and there are days you need to lose your investment. In good days, you might profit even over 1% per day, but in bad days, you can also lose a lot of money. The key is to find the balance in your investment and keep on the winning streaks.
- Roller coaster movements of the crypto market. The crypto market is quite unstable, so you can’t predict its movements. This is another challenge that you need to take, as you need to keep a close watch on your crypto assets.
- You can’t control your outcome. Yes, you need to understand that you can’t control your outcome. So, don’t get stressed over the fact that you are not profiting today.
- Overwhelming options. There are plenty of options in the crypto market, and these options are often overwhelming for a day trader in crypto.
Some Steps You Can Take to Earn 1% Per Day in Crypto Trading
There is no single formula that can guarantee you to earn 1% per day in crypto trading. No matter how skillful a day trader you are, you can still lose sometimes.
So, you will need to learn your own lessons the hard way. However, there are certain steps you can follow, which can help you earn 1% per day in crypto trading.
Here are the steps:
- Using crypto trading manager software. There are various apps like the-bitcoin-champions-pro.com/login which you can use to strategize your trade calls, track your crypto trading activities, and manage them. Also, you can track your wins and losses using this software. It will help to evaluate your crypto day trading activities.
- Staking crypto coins. It means holding your crypto coins for a certain period until you get some rewards from your hold. Staking a crypto asset might give you certain rewards that will help to increase the value of your asset.
- Focus on your trusted crypto assets. It is important to focus only on your trusted crypto assets. The crypto market is already unstable as it is. It will be difficult for you to switch from crypto to crypto without knowing whether you can trust them.
- Diversify your crypto assets. You also need to diversify your crypto assets. Don’t focus on just one cryptocurrency. However, it is still important for you to keep your focus on diversifying toward trusted cryptocurrencies.
- Sell fast. Don’t wait longer to sell your crypto when you know you are making a profit. The reason is that you might see it dwindle in the next hour. So, it is always better for you to sell it fast.
Don’t Get Carried Away
It’s important to act fast when you try to make profits with crypto daily. Don’t get carried away and think that you might earn more if you hold your assets.
Sometimes, it is better for you to sell your assets whenever it is viable for you to make a profit, no matter how small it is. You can start again later tomorrow.
It will be difficult for you to earn some profits if you don’t act fast and instead hold your assets when you think it will move further up. Yes, if you are a long-term investor, you might do that.
But, when you choose to be a day trader in crypto, it’s important to have a kind of detachment to your crypto assets and sell them whenever it is viable for you to make a profit for the day.
Also Read: bitcoin evolution review
Conclusion
You’ve learned some excellent steps to profit 1% per day in crypto. Yes, if this is your first time, you often need to learn by failures.
There will be many failures in front of you, as crypto is even more challenging than the stock market. However, when you’ve got a grip on it, you will sail in smooth movements, with winning streaks after winning streaks you can enjoy.
Just remember that crypto is an investment, not a gamble. So, you need to have some strategies in your investment and refine it as time goes by.