Trading in cryptocurrencies is utterly complex, unpredictable and volatile. Most often, experts and newbies alike are emotional, confused and sometimes cranky when it comes to trading Bitcoins and other coins. No wonder experts and stakeholders have resorted to an automated trading system (ATS).
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According to Wikipedia, ATS is a subset of algorithmic trading, which uses a computer program to create buy and sell orders and automatically submits the orders to a market centre or exchange.
The computer program will automatically generate orders based on a predefined set of rules using a trading strategy that is based on technical analysis, advanced statistical and mathematical computations or input from other electronic sources. One of those solutions to come out of ATS is Crypto Trading Bots.
Crypto trading bots are a set of platforms constructed to automate cryptocurrency trading on your behalf. Commonly, the investor/trader will have to pay attention to market statistics that play a crucial role in practising trading and then pick which cryptocurrency to buy/sell and at what time. Crypto trading bots can easily automate the analysis and translation of market statistics. They can gather market data, analyze it, evaluate the probable market stake, and perform buying/selling cryptocurrency assets.
It’s like employing a professional to do crypto trading for you while you can sit back and watch the profit grow. For instance, you can set up a crypto trading bot to buy more Bitcoin when the price goes lower than a certain limit. Crypto trading bots can often conserve a lot of time and are more cost-effective than employing human experts. In this article, we shall look at four benefits of using crypto trading bots.
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Access to the Markets 24/7
The advantage of using crypto trading bots is that it solves the major problem of time, yet navigating the markets all day long. Unlike the human trader who might be drowned by tiredness and fatigue by simply watching the markets, which can lead to poor decisions, trading bots can trade round the clock on a global scale. Regardless, of time zones which are very crucial to market triggers and movements, the trading bots excel. Unlike the human trader who can be constrained by time zone, for instance as a Nigerian trader, you might find yourself resting in the night when trading is ongoing elsewhere outside your zone, which can affect the market, sometimes by 15 per cent, a trading bot is always running, navigating the market regardless of varying timezones.
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Multiple Markets
The use of crypto bots grants you access to multiple markets because you can trade on multiple third-party cryptocurrency exchanges concurrently. Ordinarily, the complex structure of the financial and cryptocurrency markets means that we can only trade on one platform at a time. However, you can run more than one market at a time, but the problem lies in effective monitoring of each, due to varying prices that fluctuate in real-time. Therefore, using bots can help you effectively monitor various exchange-to-exchange rates.
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Sophisticated Strategies
Third, crypto bots offer the opportunity to either adopt in-built, customised or ready-made strategies. This is a huge advantage for seasoned traders. Basically, third-party providers offer traders the opportunity to build their strategies and program the algorithm from the scratch. With this, you can trade effectively according to market prices and foundations with zero risk, without having to stress yourself monitoring and racking your head.
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Suited for all Experience Levels
Crypto trading bot is ideal for both experts and newbies alike. First, for the expert trader, armed with the technologies from past trading, he can easily build up his automated bot trading strategies or know which strategy to choose from as offered by crypto trading bots provider companies. With the capacity to install thousands of potential triggers built into the bot, the underlying algorithm can make a significant amount of calculations per second – something that is beyond the capacity of the human brain.
On the other hand, for the novice trader, trading bots can be a good place to start. The novice can purchase a pre-programmed strategy, of which no expertise is needed to kick off trading. The novice can run bots according to his individual design such as the amount of money that the bot trades per order, or the specific exchange platform(s) that the bot operates on. With the presence of a “drag and drop” interface, the novice can build up bots from the scratch, and even modify them as time goes on.
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This article was first published on 22nd November 2021
nnaemeka-emmanuel
Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.
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