Making $200 every day trading cryptocurrency is technically possible—but it's also risky, inconsistent, and requires experience, strategy, and discipline. Here's a practical guide to get started, with realistic insights and warnings:
Quick Reality Check
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Crypto trading is high risk. Many traders lose money, especially beginners.
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No guaranteed profits. Anyone promising you "easy daily profits" is likely scamming.
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Market is 24/7. Crypto doesn’t sleep, but you should.
Step-by-Step Guide to Aim for $200 Daily
1. Start with Capital You Can Afford to Lose
To realistically make $200/day, you’ll probably need $5,000–$20,000+ depending on your strategy and risk level. More capital = lower risk per trade.
2. Choose Your Trading Style
Pick one that fits your schedule and personality:
| Style | Time Needed | Strategy Focus |
|---|---|---|
| Day Trading | Full-time | Fast trades, charts, news |
| Swing Trading | Part-time | Hold for days/weeks |
| Scalping | Intense | Quick gains, high volume |
| Bot Trading | Passive | Algorithmic, code-based |
3. Master Technical Analysis (TA)
You’ll need to understand:
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Support/resistance
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Trend lines
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Candlestick patterns
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Indicators: RSI, MACD, Bollinger Bands, Volume
Tools: TradingView, CoinMarketCap, CryptoQuant
4. Pick Reliable Exchanges
Use secure platforms with good liquidity:
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Binance
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Coinbase Pro
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Kraken
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Bybit
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OKX
5. Create a Strategy and Stick to It
Sample strategies:
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Breakout Trading: Enter when price breaks above/below key level.
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Mean Reversion: Buy oversold, sell overbought assets.
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News Trading: Trade based on headlines and catalysts.
Avoid revenge trading, FOMO, or deviating from your plan.
6. Use Risk Management
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Risk 1–2% of your capital per trade
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Always set stop-loss and take-profit levels
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Keep a trading journal to analyze mistakes and wins
7. Stay Updated
Follow:
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Twitter (Crypto Twitter is huge)
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Reddit: r/CryptoCurrency, r/BitcoinMarkets
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News sites: CoinDesk, The Block, Decrypt
Mindset Tips
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Be patient. Consistency > luck.
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Learn from losses. Every trade is a lesson.
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Take profits regularly. Don't get greedy.
Example: Small Day Trade Setup
| Asset | Entry | Stop Loss | Take Profit | Risk/Reward |
|---|---|---|---|---|
| ETH/USDT | $3,000 | $2,970 | $3,060 | 1:2 |
If you risk $100 and hit your TP, you earn $200.
Optional: Use Trading Bots (Advanced)
If you're tech-savvy, you can automate strategies with platforms like:
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3Commas
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Cryptohopper
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Pionex
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Custom scripts using Python + APIs
Recommended Learning Resources
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"Technical Analysis of Financial Markets" – John Murphy
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BabyPips.com (great for beginners)
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YouTube Channels: DataDash, The Chart Guys, Crypto Banter