Crypto enthusiasts who are unable to trade full-time now frequently turn to automation as a solution. That is called crypto bots. So, how to trade crypto with bots?
Previously, trading cryptocurrencies required users to choose the asset they wished to trade, create their investment strategy, schedule their trades, and manage all of the transactions. When correctly carried out, these stages could produce returns in the double or triple digits.
However, only a small number of traders can dedicate themselves to it full-time, which is why automation has emerged as a preferred remedy.
Automation is when a computer software carries out predefined algorithms to carry out a transaction. Then, a cryptocurrency bot can carry out transactions on the investor's behalf utilizing a variety of tools, such as filters, signals, or other technical analysis techniques. As a result, automation gives traders a competitive advantage because bots trade more accounts or different strategies faster and more efficiently than even a full-time trader.
TradeSanta is one of the platforms that makes crypto trading bots available to regular traders. "TradeSanta is a powerful terminal for you to trade faster, smarter, and with lesser risks," a member of their team explains.
The platform has launched a mirror trading marketplace option. Traders now have the chance to view and imitate the best-performing bots thanks to this release. Users are able to take advantage of opportunities to trade using leverage by having this feature's functionality expanded to the spot and futures markets. The marketplace will have filters based on type (DCA or Grid), strategy, exchange, market (spot, futures), and pair to help users choose a bot.
While copy trading is currently free, traders will have the ability to monetize their tactics in a few months, which means some products in the market will have a price.
Investors can really program a trading bot to place a trade immediately or in response to a signal from a chosen technical indicator. The bot will buy the base currency specified in the settings when going long after either occurrence. The deal is deemed open when this order is executed, allowing the bot to place subsequent Extra orders and the Take Profit order, which generates a profit at the level specified by the user. Similar to the long side, the bot will sell whatever coins an investor has in their holdings and then buy them back at a lower price at a predetermined price, making a profit out of the difference.
One of the Extra orders is executed, and a new order is made, if the price of the selected cryptocurrency swings in the opposite direction of the user's chosen strategy. The corresponding take profit level is adjusted each time this occurs.
Additionally, there are long and short strategy alternatives that a trader can use simultaneously, as well as stop loss and trading stop loss, trailing take profit, covering the price regardless of the asset's direction, and stop loss and trading stop loss. Users can also access technical indicators to make sure that crypto trading bots enter the market at the right time. RSI, MACD, Bollinger, TradingView signals, or a combination of them, are some examples of these indicators. Additionally, both spot and futures trading are possible with all of this.
