Professional traders use a lot of indicators to build a successful trading strategy on the cryptocurrency exchange. They also work with huge databases. And if it’s not easy for beginners in crypto trading, automated bots do it perfectly. The 3Commas online platform develops automated tools to improve and simplify crypto trading. Its cryptocurrency trading bots have won numerous awards and were recognized as the best in this field.
Trading Bot as a Helpful Algorithm
A trading bot is a special program that assists in cryptocurrency deals in accordance with certain algorithms. These algorithms can be set up by the platform providing this bot or by clients themselves. With the help of a bot, all operations on cryptocurrency exchange platforms will be conducted automatically.
For example, you want to buy crypto when the price of this asset goes down and sell it when the cost goes up. To fulfill this task, you set up a bot that will monitor the exchange market and buy and sell crypto for you. Of course, you can do it on your own. However, the monitoring process itself takes a lot of time and effort. A trading bot saves your energy for more important tasks.
The Procedure of Launching a Trading Bot
Follow a few simple steps:
- Sign up for the 3Commas online platform.
- Choose the preferred exchange.
- Set up a bot. You can program it manually or use algorithms offered by artificial intelligence. Manual programming is suitable for experienced traders. They usually have personal preferences in trading strategies and can adjust bots to their plans.
- Start running your chosen strategy.
The assistance of a trading bot assumes that all your orders will be based on carefully considered decisions. Bots analyze more than a hundred indicators before making orders on your behalf. This means that possible mistakes are significantly reduced. Risks will be minimized. As a result, your satisfaction from crypto trading will grow immediately.