Quite opposite to stock markets, the cryptocurrency markets never sleep, which can be a highly stressful scenario for traders and for investors as well. Those familiar with crypto trading will know the feeling of waking up in the morning to a joyful or an unpleasant surprise when they check their portfolio and see large losses or gains. As a result of this volatility and uncertainty in crypto trading markets, crypto trading bots are becoming increasingly popular among the traders. In addition to this, correctly specified bots allow trades to be executed more efficiently and quickly than the humans themself would be able to do manually. The bots allow them to remain in control of their trading all the times, with the bot never sleeping even when the human does. The rise in the popularity of in the number of crypto trading bots available. cryptocurrencies has also resulted in a big increase The bots are available both free from the open-source platforms and licensed to the users in exchange for a certain fee. However, it is very difficult to analyze which of them work exactly the way they are supposed to and which are just a waste of time. If you know anything about online trading, you know that success comes from the ability to analyze the financial markets and to understand the factors that impact asset price movements. What is bitcoin trading bot? Basically, a trading bot is a software program that interacts directly with financial exchanges for selling or purchasing on your behalf depending on the interpretation of the market data. The bots are programmed in such a way that they and based on these moments reacts according to the predefined rules. monitor the market’s price movement In typical scenarios, a bot will analyze the market actions such as volume, order, price, and time. However, it can generally be programmed based on your preferences. How trading bots are better? , here are some other benefits of using bitcoin trading bots: While it’s obvious that bots automate the process and can perform functions better than humans could do manually Emotionlessness Some may argue but a most distinctive feature that makes bots or machines different from a human is emotionlessness and unbiasedness. . They understand the implications for a wider range of events and typically won’t get wed to their positions. Bots can analyze data without emotions and bias Artificial Intelligence A.I. & Machine Learning is beating humans across the board, from to . We’re right at the beginning of the A.I. age with the advent of self-driving cars and healthcare diagnoses. and it helps them learning and improving. Go Poker Some trading bots are AI extensively Scale Bots are able to process and analyse a large amount of data in realtime. This means they will be keeping eye on important announcements on the desired stocks. It also makes them suitable for making decisions by analysing different companies. Longevity As discussed earlier, cryptocurrencies fluctuate in seconds and bots can be up and running 24/7. On the contrary, humans need to eat, sleep and live. Humans can typically work 40 hours a week, while bots can work 168 hours producing 4.2x faster efficiency. Strategy Diversity As bots are able to scale and run at speed, they can also work on different time frames and with different strategies at the same time and without correlating both of these strategies, which reduces the risk. What did I learn from a little bitcoin trading? While I am fond of cryptocurrency trading but gathering the courage to invest in bitcoin isn’t easy. What I did was I started to look for what people in the market and the customers have to say. Obviously, there were some fake reviews but dug deeper. For instance, someone suggested trading through bitcoin revolution software. I wasn’t sure what should I be doing so I started to look for . In the same way, people suggested different trading platforms for me. bitcoin revolution software reviews Along my path, I learned a lot about crypto trading. For instance, choosing trading platforms with low transaction fees. Overall, the journey was beautiful as I got to learn a lot. I lost and earned but learned. Conclusion Trading bots can assist traders in ensuring that they are always interacting with the market, even when they are physically unable to do so. They can assist in removing some of the stress and emotions that are often found in any financial trading markets, not least the cryptocurrency market. However, trading bots do not always work best. They should surely not be opted by beginners in the trading unless they are willing to pay a premium fee for the best bots in the market. I consider that anyone willing to trade crypto or any other asset must first understand the market before experimenting with bots. In addition, if you are not a competent programmer or familiar with the creation of financial strategies, trading bots may also not be for you. However, if you have the requisite knowledge and ability to overcome these obstacles then a trading bot can be a worthwhile tool in monitoring and making gains from the Bitcoin market, while . you eat, rest, and sleep Also read this wonderful story on Developing Your Own Trading System: A Step by Step Logical Guide

fees

Shuftipro

Read My Stories

Too Long; Didn't Read

Discover Saakuru: Web3 Mass-Adoption with 0-FEES

5 Ways Bitcoin Trading Bots are More Reliable than Humans

Too Long; Didn't Read

Company Mentioned

Jeff Parker

About Author

TOPICS

THIS ARTICLE WAS FEATURED IN...

5 Ways Bitcoin Trading Bots are More Reliable than Humans

Too Long; Didn't Read

Company Mentioned

Jeff Parker

About Author

TOPICS

THIS ARTICLE WAS FEATURED IN...

RELATED STORIES