How to Make $100/Day Trading Crypto with Charting Software & Leverage
TLDR; Learn how to make $100/day trading crypto using charting software, different chart types, time frames, indicators, leverage, and managing costs and fees.
💰 Making $100/Day
The video aims to teach how to make $100 a day trading cryptocurrency using technical analysis, charting software, and leverage.
The process focuses on keeping the individual in control of the outcome without relying on external factors.
It's emphasized that trading and investing come with risks, and individuals should conduct their own research and trade at their own risk.
📊 Getting Set-Up
The speaker recommends using TradingView for charting and Interactive Brokers or SwiftX for traditional markets, and ByBit for leveraged trading.
The free version of TradingView is sufficient for beginners, and various signup bonuses and perks are available for the recommended platforms.
The focus is on setting up the necessary tools and platforms for trading.
📈 The Basics [Chart Types]
Different chart types such as bar, candlestick, and line charts are explained, with emphasis on the information they provide and personal charting preferences.
The choice of chart type depends on individual preferences and the patterns they are comfortable with.
The importance of understanding different chart types for analyzing market data is highlighted.
⏲️ The Basics [Time Frames]
The significance of different time frames for different trading styles is explained, with intraday traders focusing on small time frames and swing traders using larger time frames.
The choice of time frame depends on the trading style and the duration the trader wants to hold a position.
Understanding the relationship between time frames and trading styles is crucial for effective trading.
🛠️ The Basics [Tools & Indicators]
The use of different indicators, tools, and techniques for gaining a different perspective on the market is discussed.
The speaker demonstrates the use of volume scale, drawing tools, trend lines, and the 50 tool for analyzing market trends and patterns.
The importance of leveraging tools and indicators to gain insights into the market is emphasized.
💡 Using Tools & Indicators
The process of drawing tools on a chart to gain insights into potential support and resistance levels is explained.
The speaker demonstrates the use of the 50 tool and trend lines to analyze potential future market movements.
The emphasis is on using tools to analyze historical data and make informed decisions about future market movements.
💹 Punching The Numbers [Spot Trading]
The concept of spot trading and the practical example of buying and selling Bitcoin with different account balances is discussed.
The speaker demonstrates how different account balances impact the ability to profit from market movements and the importance of understanding these dynamics.
The focus is on understanding the impact of account balance on spot trading and the potential profits or losses.
📈 Punching The Numbers [Leverage Trading]
The concept of leverage trading and its impact on trading with different account balances is explained with practical examples.
The speaker highlights the risks associated with leverage trading and the importance of managing risk when using leverage.
The focus is on understanding the risks and potential rewards of leverage trading with different account balances.
💸 How Leverage Works & Costs
The workings of leverage, including borrowing costs, transactions costs, and different fees associated with leverage trading, are discussed.
The speaker explains the role of brokers and exchanges in providing leverage and the costs associated with leveraging positions.
The focus is on understanding the costs and fees involved in leveraged trading and managing these costs effectively.
📋 Recap
The video concludes with a recap of the topics covered, including charting software, spot trading, leverage trading, and the importance of managing costs and risks.
The speaker encourages viewers to leave comments for more tutorial videos and expresses gratitude for the audience's attention.
The focus is on summarizing the key points covered in the video and encouraging further engagement from the audience.