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

While it’s tempting to think you can easily make $100 per day trading crypto, the reality is much more complex. Here’s a breakdown of what you need to understand, along with responsible trading practices, before aiming for consistent profits:

Important Considerations

Cryptocurrency Markets are Volatile: Crypto prices can experience huge swings, both upwards and downwards. Expect some days where you’ll make significant profits, and others where you’ll lose money. $100 in daily profit is not guaranteed.

Trading Requires Skills: Success isn’t about luck. You’ll need to study charts, patterns, market trends, and develop working strategies.

Risk Management is Crucial: Never invest more than you can afford to lose. Set stop-losses to limit potential losses, and don’t get emotionally attached to trades.

A Beginner’s Guide to Trading on Bybit

1. Get Educated
   • Technical Analysis: Learn to read charts, spot candlestick patterns, use indicators like RSI and moving averages. You can find many online resources for these.
   • Fundamental Analysis: Understand the projects behind the cryptocurrencies, their use cases, development teams, and the wider market sentiment.
   • Practice: Use Bybit’s demo trading or start with very small amounts of real money to test your skills and refine your strategies.
2. Choose a Trading Style:
   • Day Trading: Opening and closing positions within the same day, taking advantage of short-term price fluctuations.
   • Scalping: Lots of very small trades throughout the day aiming to profit off tiny price movements.
   • Swing Trading: Holding positions for a few days or weeks, aiming to ride broader market trends.
3. Set Realistic Goals: Don’t expect to become a millionaire overnight. Start with smaller, achievable targets and adjust expectations based on the market.
4. Utilize Trading Tools
   • Limit Orders: Automatically buy or sell at specific prices to lock in profits or cut losses.
   • Stop-loss Orders: Vital for risk management. These orders automatically exit a trade when a certain price is reached, limiting your losses.

Caveats

• Success is not Guaranteed: Even experienced traders have bad days. Making a consistent $100 per day requires significant skill, dedication, and calculated risk.
• Beware of Scams: There are many YouTube videos, “gurus”, and websites promising unrealistic profits. Always do your research and be wary of anything that sounds too good to be true.

Is Bybit good for day trading?

Absolutely! Bybit is considered a good platform for day trading cryptocurrencies due to several factors.

Firstly, it offers a wide variety of cryptocurrencies with good liquidity, giving you plenty of trading options. Secondly, its platform features advanced trading tools like various order types (stop-limit, trailing stops),

and technical indicators, crucial for day trading strategies. Additionally, Bybit often has competitive trading fees, especially for higher-volume traders. However, it’s important to remember that day trading always carries inherent risk, and you should always employ proper risk management strategies.

Can I earn money in Bybit?

Yes, you can potentially earn money on Bybit through various methods. The most common way is through active trading: buying cryptocurrencies at lower prices and selling them at higher prices to make a profit. Bybit also offers earning programs like Bybit Savings,

where you can deposit your crypto holdings to earn interest, or staking, where you can participate in the validation process of certain blockchains to earn rewards.

Additionally, Bybit may have promotional events or competitions where you can win prizes. Remember, all these methods involve risk, so do your research and never invest more than you can afford to lose.

What is the easiest crypto to day trade?

There’s no single “easiest” crypto to day trade. However, some cryptocurrencies generally offer characteristics that make them more suitable for day trading than others:

• High Liquidity: High 24-hour trading volume means you can enter and exit trades quickly without significantly affecting the price. Bitcoin (BTC) and Ethereum (ETH) are known for their excellent liquidity.
• Moderate Volatility: Enough price movement is needed to generate profits, but extreme volatility increases risk. Larger-cap altcoins often fall within a more predictable range compared to smaller, more speculative projects.
• Responsiveness to News: Coins that react to news and market sentiment can offer more day trading opportunities as long as you stay updated on current events.

FAQ

Q: Is it realistic to make $100 per day trading crypto on Bybit?

A: While it’s possible, it’s certainly not guaranteed and requires skill, experience, and a degree of luck. The crypto market is volatile, and consistent daily profits are very challenging, even for seasoned traders. It’s better to start with smaller, achievable goals and a longer-term mindset.

Q: How much money do I need to start trading on Bybit to make $100 per day?

A: There’s no fixed amount. However, to aim for $100 in daily profits, you’d likely need a substantial starting capital to generate meaningful returns. Consider how much you can afford to risk and start small as you build your skills.

Q: What are the best strategies for beginners to make money on Bybit?

A: Beginner-friendly strategies might include:

• Dollar-Cost Averaging (DCA): Regularly investing a fixed amount in specific crypto, reducing the impact of volatility.
• Scalping: Attempting to profit from small price fluctuations with many trades throughout the day (this is a very high-risk strategy).
• Holding for long-term gains: Choosing strong projects and holding them through market cycles (this won’t generally yield $100 per day)

Q: Is there a ‘magic formula’ to guarantee $100 in profits every day?

A: No, if there were, everyone would be rich! Crypto trading involves risks. Beware of anyone promising unrealistic returns or “easy money” schemes.

Q: What resources can I use to learn how to day trade?

A: Start with:

• Bybit’s Resources: Check their help center, blog, and any educational material they provide.
• Online Courses: Platforms like Udemy, Coursera, etc., offer courses on technical analysis and trading strategies.
• YouTube Channels: Look for reputable channels focusing on educational content, not get-rich-quick schemes.
• Trading Communities: Join online forums or Discord groups to connect with other traders, but exercise caution with advice you receive.

Disclaimer: This is not financial advice. Cryptocurrency trading carries high risks. Before investing, please understand those risks and always conduct thorough research.