Earning $10 daily trading Solana (SOL) on Binance using a Support and Resistance strategy requires discipline, risk management, and a solid plan. Here’s a step-by-step guide:

1. Understand Support & Resistance

  • Support: A price level where SOL tends to stop falling and bounce back up.

  • Resistance: A price level where SOL tends to stop rising and reverse down.

  • Use Binance TradingView charts to mark key support and resistance zones based on historical price action.

2. Set Up Your Chart on Binance

  • Timeframes: Use the 1-hour or 4-hour chart for better signals.

  • Indicators: Combine with moving averages (e.g., 50 EMA, 200 EMA) and RSI (Relative Strength Index) to confirm trends.

  • Drawing Levels: Identify recent highs (resistance) and lows (support) by checking where price has reversed multiple times.

3. Trading Plan for $10 Daily

a)Buy at Support, Sell at Resistance (Scalping or Swing Trading)

  • If SOL reaches a strong support level, wait for bullish confirmation (e.g., green candlestick or RSI near 30).

  • Enter a long trade (BUY SOL/USDT) with a stop-loss below support.

  • Sell at the next resistance level, securing profit.

b) Shorting at Resistance (If Market is Bearish)

  • If SOL hits a strong resistance level and shows bearish signals (red candles, RSI above 70), consider a short trade.

  • Enter a short position with a stop-loss above resistance.

c) Risk & Profit Calculation

  • Aim for 0.5% - 1% profit per trade with a $1,000 capital (which equals $5 - $10 per trade).

  • Risk-to-Reward Ratio (RRR): Maintain at least 1:2 (e.g., risk $5 to make $10).

  • Leverage: If comfortable, use low leverage (2x - 5x) for better returns while managing risk.

4. Execution & Risk Management

  • Trade 2-3 setups daily with $500-$1,000 per trade aiming for small, consistent profits.

  • Always use stop-loss orders to protect capital.

  • Adjust position size based on market conditions.

  • Avoid revenge trading—stick to the strategy.

5. Monitor & Adjust

  • Track SOL news (e.g., Binance announcements, partnerships, or macroeconomic events) to avoid unexpected price swings.

  • If support/resistance levels break, adjust your trading strategy accordingly.

Example Trade Setup

  1. SOL Support Level: $100

  2. Buy Entry: $101 (once it confirms support)

  3. Stop-Loss: $98

  4. Take Profit: $105 (near next resistance)

  5. Risk: $3 per SOL

  6. Reward: $4 per SOL (RRR = 1:1.3)

If you buy 10 SOL, you risk $30 to make $40 profit. Repeat this process daily to secure $10+ profits.

Final Tips

  • Start with spot trading before trying futures with leverage.

  • Use Binance’s OCO (One Cancels the Other) orders to automate entries & exits.

  • Stick to 1-2% risk per trade for long-term sustainability.

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