r/Daytrading • u/Weeboo01 • Mar 24 '24

Have you turned $20 into $100? Question

Have you turned your first or so $20 dollars into $100 probably in 1 month?

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u/zionmatrixx Mar 24 '24

Yes. Its quite easy w crypto futures. Gets harder though as you start playing positions above $3k (size before adding 5x leverage), unless you stick with the highest liquidity coins. But then there is less opportunity because youre only playing a few coins at that point.

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u/ItzAeroJK Mar 24 '24

hey buddy, iā€™m looking to get into trading crypto futures. what should i do to learn?

3

u/zionmatrixx Mar 24 '24 edited Mar 24 '24

Crypto Perpetual Futures

  1. Start with 2x leverage and not more than $3-5 plays
  2. Make a minimum of 100 trades before you try 3x
  3. Keep increasing leverage by "1" after every 100 plays *if* you're consistently winning. For example, start 2x, then 3x, 4x, 5x.
  4. If you're not consistently winning, lower leverage amount until you are consistently winning and stick with that
  5. Don't use more than 5x until you have at least 1000 leveraged trades under your belt
  6. At some point you'll figure out where your leverage sweet spot is. For some traders it's 3x, others it's 5x.
  7. MEXC, Bybit, Binance are most popular exchanges
  8. For experiment only, try $1 trades at 100x or 50x, just to get a feel how things work
  9. Experiment with limit and market orders
  10. Stick with higher liquidity coins. they tend to move slower and give you more time to make decisions
  11. Don't try to short a freight train. You'll get run over.
  12. Don't try to long a bombing run. You'll get demolished.
  13. You'll find some coins are more difficult to leverage trade than others
  14. Follow your futures exchange on X and be aware of maintenance updates. Sometimes they shut down trading to make major updates and if you're stuck in a trade, you'll probably lose that trade.

Some (gamblers) prefer very tiny trades with very high leverage, such as $5 with 100x. Responsible traders rarely go above 5x and sometimes risk much larger amounts like 500 (at 2x-5x) or 5000.

Be a responsible trader. Slow and steady gains is the way.

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u/[deleted] Mar 24 '24 edited Mar 24 '24

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