What is a crypto trading bot?
It may sound too good to be true. Making money while you sleep. Trading Cryptocurrency without having to do anything yourself. A Binancebot will automatically execute this process for you, 24 hours a day and 365 days a year. The crypto trading bot is always on and will always be looking for suitable trades for you in order to earn more crypto. It follows your instructions to trade successfully on the crypto market.
It trades according to pre-programmed rules and settings. The extent to which a bot makes a choice depends on price developments in the market. In general, bots analyse market developments in terms of price, volume, time and orders. Many bots can be completely adjusted to your own preferences, so it does exactly what you want him to do.
Bots run best when you've done your homework and tested different strategies. It's always a good idea to be open to the latest developments in the market and adjust your bot where necessary.
Why would you want to use a crypto trading bot?
Crypto traders mainly use a bot for the following 2 reasons:
- 1. Emotions and terms like FOMO (fear of missing out) belong to the past. Because a crypto bot has no emotions, it chooses based on logic and analytical data. It is not influenced by media updates, friends, a euphoric feeling, fear of losing everything. Because of this, acting with a bot is generally steady and follows a tight schedule, instead of flying from hot to cold through your own emotions.
Most traders among us have bought or sold a crypto coin at times when it wasn't really convenient. Did you sell your coins and then see the price go through the roof? Then you're upset. Not selling because you think it's a shame to take your loss and then the price goes down even more? Also then, you're pretty upset.
Apart from the fact that you can annoy yourself a lot in the moment itself, or maybe afterwards, before, during and after trading there is a lot of emotion involved. After all, it's about money. And sometimes a lot of money too. With a bot you can prevent acting from that emotion.
- 2. A pre-programmed trading strategy prevents you from having to be involved with the market 24/7, while continuing to trade actively. Not everyone has the luxury (or the desire) to be a full-time day trader.
It's quite a cool profession, but personally I prefer not to scroll through countless of charts all day in order to justify a certain choice. Others just have a different job, for example at the office. Because of this they don't have the opportunity to be on top of the course.
With a crypto trading bot you can make sure that day and night, early and late, in summer and winter, you can keep on trading. Of course, there's nothing better than getting rich while sleeping, or making a big profit while enjoying a beer or cocktail in your with your friends.
Click here to start automated trading now.