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Can you earn a living by day trading in crypto currency?

It's no secret that trading cryptocurrencies can be a lucrative endeavor.

With substantial price swings and ever-changing global regulations, cryptocurrency traders can make (or lose) a lot of money in a short period of time.

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But can you make a living day trading crypto?

The answer is yes – but it's not as easy as it sounds.

Like any other form of investing, success in cryptocurrency trading requires research, patience, and discipline.

But traders should have much emotional balance to deal with colossal price fluctuation in cryptos.

Besides, a small mistake can also cause immense damage.

Traders can deploy a Dollar-cost averaging (DCA) investment strategy to invest the total amount in multiple slots across a different period.

But this strategy is highly beneficial for long-term investors than day traders.

Below suggestions are helpful to maximize the returns on crypto:

1 - Keep Risk in Check

Any of these crypto coins can return to zero or easily display the pullback of 50-75%.

So it is a big challenge to hold these coins if they display such a deep correction. Hence it is better to invest only 10% of the portfolio per coin.

When the particular coin shows the correction of 75%, then your portfolio will go down only by 7.5%.

So, good diversification is the key!

2 - Follow the Game Plan

Most of us have a roughly designed plan to hold the cryptos. But there’s a world of difference between having a plan and sticking to it.

Hence, clearly define your game plan, especially 'Entry' and 'Exit' rules. You should note that most crypto professionals have a trading plan, and they follow it religiously.

3 - Avoid News

Everything in excess turns to poison in our life. Similarly, watching crypto-related news every day is not a good idea.

Because of the crypto boom, media channels like to share some information about cryptos to get visibility.

But watching this information is not a good idea and triggers many emotions in our minds.

4 - Avoid Averaging

Many people rebuy the coins when they show the deep correction. It is called averaging, and it is not a suitable trading/investing idea.

This idea can work only a few times. But if it goes wrong, you need more capital to protect it, and you end up losing the entire capital.

I hope this detailed explanation is helpful. If yes, please upvote and share it with your friends.

 crypto jebb

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