Grid trading got my attention and I looked for some cheap and easy bots to do that but didn't find any solution without problems. Can anyone recommend me a good grid trading bot that's simple to use for a beginner?
All I know about grid trading is you create a counter buy order for every sell order. Can we do it manually? Can anyone point me to how it can be done. I don't have great knowledge about APIs but I can automate things. Any experience about grid trading are welcome.
Ain't experts on using this but as what I have heard this is not advisable for beginners to use. This is a very crucial step if you are using a grid strategy, you should always have double care and vigilance with the movement of the market price while using this strategy. The stop-loss orders prove to be essential with this grid strategy and yes, you can manually set up your using trading bot through this grid.
I have a little insight into this abut I don't know how accurate it is.
Pros.
- It Could be beneficial if you don't rely on the single fluctuation in the market.
- You can always take advantage of the market range, consistency of market definition value.
- Low but consistent profit.
Cons.
- Not recommended for newbie because this is not a failsafe way to trade your crypto asset.
- If you don't know how to work stop-loss orders set up, this isn't recommended.
- Aways have care and vigilance against the market movement.
PS, I wrote this for my own opinion. Manage your own risk if you don't want to lose all your money.
I have a good online link to read for you,
HOW TO GRID TRADE: The Good, The Bad and The Ugly