How to Make $100 Per Day on Bybit [Beginner Guide]

Lark Davis

Introduction to Making $100 per Day on Bybit

To make $100 per day trading on a cryptocurrency exchange like Bybit, one must use leverage trading with perpetual contracts. This method is risky and requires a good understanding of trading concepts.

Mindset Principles for Successful Trading

  1. Be Disciplined: Develop your own trading rules and stick to them.
  2. Be Patient: Wait for the right trade, don't force it.
  3. Have a Winning or Learning Mindset: Learn from your losses, don't just lose.

Tracking Cryptocurrencies

  • Track 10 to 20 different cryptocurrencies listed on Bybit.
  • Frequently check their charts for opportunities.
  • Be patient, as not every day will have a trade, and some weeks might pass without making a trade.

Starting Capital, Leverage, and Stop Losses

  • Starting Capital: At least $1,000 to $2,000, possibly up to $5,000 for realistic $100 daily returns.
  • Leverage: Use between 5x to 10x leverage. However, it's recommended to stick between 2x to 5x for safety.
  • Stop Losses: Always use stop losses to avoid liquidation. Never risk your entire portfolio on one trade.

Trading Strategies

  1. Trend Trading: Identify and trade with the overall market direction.

    • Use 20 and 50 EMAs on 4-hour or daily timeframes.
    • Enter trades when there's a pullback and bounce off these moving averages.

  2. Chart Pattern Trading: Look for technical patterns like continuation and reversal patterns.

    • Continuation Patterns (e.g., flags, pennants, wedges) suggest the trend will continue.
    • Reversal Patterns (e.g., head and shoulders, inverse head and shoulders) indicate a trend reversal.
    • Enter trades when the price breaks out of the pattern.

  3. Breakout Trading: Go long when an asset breaks above an important resistance level or short when it breaks below a critical support level.

    • Enter on the confirmation candle that breaks out, with more volume indicating more power.

Setting Take Profit Levels

  • Research ideal take profit levels based on the trading strategy.
  • For making $100 per day, consider moving the stop loss up to lock in profits once the trade is in your favor, rather than closing the trade immediately.

Conclusion

Making $100 per day on Bybit requires discipline, patience, and a good understanding of leverage trading, stop losses, and various trading strategies. Always prioritize risk management and continuous learning.