Making $200 every day trading cryptocurrency is a challenging but potentially achievable goal if approached with discipline, strategy, and risk management. Below is a detailed guide explaining how to reach this target sustainably. The guide covers key strategies, essential tools, and the mindset required to succeed.
1. Understand the Basics of Cryptocurrency Trading
Before jumping into trading, it’s crucial to understand what cryptocurrency trading is. Cryptocurrency trading involves buying and selling digital assets like Bitcoin, Ethereum, and other altcoins to profit from their price fluctuations. Unlike traditional markets, the crypto market operates 24/7, which provides numerous opportunities but also exposes traders to higher volatility.
You’ll need to become familiar with trading concepts such as:
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Spot trading: Buying crypto at the current price and selling when it increases.
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Margin trading: Borrowing funds to increase your buying power.
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Futures trading: Contracts that bet on future price movements.
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Technical analysis: Studying price charts and indicators to predict market trends.
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Risk management: Strategies to minimize losses and protect profits.
2. Choose the Right Trading Platform
Start by selecting a reliable trading platform. Some popular exchanges include Binance, Coinbase Pro, Kraken, KuCoin, and Bybit. When choosing, consider:
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Security and reputation
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Trading fees
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Variety of tradable assets
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User interface
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Access to margin or futures markets if you plan to use leverage
Ensure the platform supports features like stop-loss orders, charting tools, and API access if you intend to use bots later.
3. Start with a Realistic Capital
To make $200 per day consistently, your required starting capital will depend on your average return rate. For example:
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If you aim for a 1% return per trade, you need about $20,000 in trading capital.
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With a 2% return, $10,000 may be enough.
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If you trade with leverage (e.g., 5x), even $2,000 to $4,000 might be sufficient—but the risks increase dramatically.
Leverage amplifies gains and losses, so it must be used carefully and only with proper risk controls.
4. Use a Proven Trading Strategy
There are multiple trading strategies that can help you consistently earn profits:
a. Day Trading
Day trading involves entering and exiting positions within the same day. You rely on technical analysis, volume, and price action. Look for volatility and trade coins that move at least 3-10% daily. Use indicators like:
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Relative Strength Index (RSI)
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Moving Averages (MA, EMA)
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Bollinger Bands
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MACD (Moving Average Convergence Divergence)
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Fibonacci retracement levels
Risk per trade should be no more than 1-2% of your capital.
b. Scalping
Scalping is a faster-paced strategy that involves making dozens or hundreds of trades per day for small profits. You’ll need:
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A low-latency platform
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Minimal trading fees
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Fast decision-making ability
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A good understanding of candlestick patterns
Scalping demands discipline and focus but can generate steady profits with enough volume.
c. Swing Trading
Swing trading means holding positions from a few days to weeks. It’s suitable for traders who can’t monitor the charts all day. You focus on larger price trends and breakouts. Combining technical and fundamental analysis (news, project updates, etc.) works well here.
5. Practice Sound Risk Management
Risk management is key to long-term profitability. Even if your strategy is sound, poor money management can wipe you out. Essential rules include:
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Risk only 1-2% per trade: Don’t put too much on a single position.
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Use stop-losses: Predetermine your exit point to avoid emotional decisions.
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Take profits: Secure gains regularly instead of holding indefinitely.
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Diversify: Don’t rely on one coin or trading pair.
Keep a trading journal to track trades, review what works, and refine your system.
6. Stay Updated with Market News
The crypto market is highly sensitive to news. Regulatory updates, exchange hacks, macroeconomic conditions, and influencer tweets (like from Elon Musk) can cause rapid price swings. Stay informed using:
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Twitter (follow credible analysts and crypto influencers)
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Crypto news sites (CoinDesk, CoinTelegraph, The Block)
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Telegram and Discord trading communities
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YouTube technical analysis channels
Being early to market-moving news can give you an edge.
7. Use Tools and Bots (Optional)
Once you have experience, you can automate parts of your trading with bots. Trading bots like 3Commas, Pionex, or Cryptohopper can execute trades based on your strategy 24/7. However, they still require human supervision and good configuration.
Advanced traders also use TradingView for charting and alerts or integrate bots using APIs for algorithmic trading.
8. Manage Your Emotions and Psychology
The biggest challenge in trading is not the strategy—it’s controlling your emotions. Fear and greed can lead to irrational decisions, like revenge trading or holding onto losing trades.
Tips for emotional discipline:
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Follow your trading plan strictly.
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Accept that losses are part of the game.
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Don’t overtrade to chase losses.
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Take breaks to maintain mental clarity.
Trading is a psychological game as much as it is a financial one. A calm and disciplined mind is your best asset.
9. Analyze and Optimize
Always track your performance. Use spreadsheets or platforms like Edgewonk or TraderSync to analyze:
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Win/loss ratio
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Average profit/loss per trade
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Best/worst trading times
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Strategies that work vs. fail
Review your trades weekly to identify areas for improvement.
10. Be Patient and Consistent
Making $200 per day doesn’t happen overnight. It may take weeks or months to build the skills, experience, and confidence to reach that level consistently. Many successful traders spend years refining their craft.
Focus on the process, not just the outcome. Consistent, small profits will compound over time. Stick to your plan, remain flexible, and adapt as markets change.
Final Thoughts
Earning $200 a day through cryptocurrency trading is possible—but it’s not guaranteed or easy. It requires:
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Strong knowledge and technical skills
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Strategic capital allocation
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Disciplined execution
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Ongoing learning and adaptation
Approach trading as a business, not a get-rich-quick scheme. With the right mindset and preparation, you can steadily build toward your financial goals.