The cryptocurrency market is rapidly developing, welcoming more and more new coins and tokens, which, thanks to the market volatility, are actively used by traders and investors for earning from cryptocurrency. Trading features offered by different large crypto platforms vary from the simplest tools to the most complex.
One of the easiest ways to earn from cryptocurrency is to stake crypto. Its essence is in holding crypto coins on a platform and receiving yields (rewards) in return. Beginner traders especially often practice this tool because it does not require highly intensive and frequent operations with digital coins; thus, it offers a less risky trading option.
On the contrary, daily trading is one of the most complex trading methods that require a big set of knowledge and quick decision-making. We are going to discuss this trading strategy in this article.
Earning with Cryptocurrency: Daily Trading Method
This type of trading means that traders open and close positions to buy/sell cryptocurrencies in one day and profit from price fluctuations within 24 hours. Traders profit from small market fluctuations that occur many times a day. This is a very risky strategy and is only possible if the trader has the sufficient trading experience, as it requires quick decisions and reactions. Daily trading requires that you comprehend how the market works and understand how to read crypto charts. It would be a good idea to have some practice before starting to earn from cryptocurrency.
Where to Practice Trading?
The WhiteBIT cryptocurrency exchange allows you to use a demo account to practice different cryptocurrency trading strategies before you start earning from cryptocurrency on the real market. The platform offers tokens specifically designed for demo trading. You can neither lose them nor cash them out. This way, you can practice trading cryptocurrencies without fear and gain more confidence in using the different trading tools and functions.
Demo trading helps you react quickly to market fluctuations, identify obstacles you might miss in real trading and learn how to make quick decisions about changes in “bearish” and “bullish” market trends.