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Thank you ! So much useful info. Personally I found some more things recently
This is an article I found at the service I use https://www.bitinsure.com/
Avoid greed
One of the most harmful feelings in your mind during trading is greed. Just remember what you think when the price rises after you opened a long position. It really requires lots of effort to close the position, as you are wishing more profit flowing into your wallet, admiring growing trading volumes and amazing news about this particular cryptocurrency which is so promising and will grow forever. Here it is necessary to take off the blinders and understand that eventually, the price stops. Be it a gradual decrease or a dump, probably technical problems on the exchange, if you are a trader (not a long-term investor), you should fix your profit not waiting for the reversal trend. The exit point should be identified in advance, basing on the previous coin dynamics, your ambitions, strategy, trading volumes, social media mentionings, the reaction of whales (huge market players) and many more, not enabling the greed to manage your actions.
Fix profit by parts
The top level of the price (or bottom in case of short) is very appealing, but keep in mind that it is seen on the chart only after the price passes it already, while during an uptrend, for example, it can be hardly ever noticed. That is why a wise idea to benefit from the price movement is to grab profits by parts on the way to the top or bottom. If you do not have enough time to monitor the price you can set the orders one by one on the way to the rally. Here is a useful trick: Consider support and resistance lines, and set take profit orders below support (long) and above resistance (short). The amount of the part depends on your strategy and aims. The only advice is not to close the position on the way to top/bottom. Leave a part of the initial sum (like 10% of it), as you never know if there is a jackpot after.
Do not put all your eggs in one basket
One more key concept is the diversification of the portfolio and calculation of its amount. Actually, it is a wide and fascinating point to discuss, and only the core points of it are regarded in this article.
It does not matter how promising one or another asset seems to you, try to focus on a range of opportunities, as in the crypto world something can suddenly go wrong (as anything in life). Just imagine that all the hype and price growth is ruined by one negative piece of news or was created artificially! Or, for instance, the decision of a huge market player which has a tangible impact on the price fluctuations. Never go for broke!
The wisely composed portfolio implies several types of assets of different industries and risks. The number of assets has almost the only limitation which is the number of positions you are able to manage, as even profitable coins should be monitored and controlled. Otherwise, it is not as effective as it could be, but we definitely need maximum effectiveness. What is more, no control means stress, which is not what successful trading implies.
No doubt, these features are up to your aims and overall strategy, however, to minimize risks, it is better to use up to 10% on each asset. In case of your firm confidence in the asset let it be more, but remember that all the rising tendencies finally finish. Therefore, having one outstanding asset should be better supplemented by finding more new opportunities to switch the attention to.
Below you can see a balanced portfolio example with various assets included. By the way, the detailed balance is calculated in statistics module in Bitinsure and presents your portfolio in a visual way.
Be forward-looking: Reinvest, invest, convert
It is one of the most effective ways to use your gains to multiply it. There are several options to use it, some of which are the following:
30% reinvest in new prospective altcoins,
25% enlarge the most profitable positions you have currently,
25% invest in other assets,
20% convert into fiat.
Pay attention to the last two points, as they are acting as a preparation for hard times in crypto. Of course, it may be difficult to resist the temptation of investing all into new coins, but thinking a few moves ahead a trader uses the profit
This is an article I found at the service I use https://www.bitinsure.com/
Avoid greed
One of the most harmful feelings in your mind during trading is greed. Just remember what you think when the price rises after you opened a long position. It really requires lots of effort to close the position, as you are wishing more profit flowing into your wallet, admiring growing trading volumes and amazing news about this particular cryptocurrency which is so promising and will grow forever. Here it is necessary to take off the blinders and understand that eventually, the price stops. Be it a gradual decrease or a dump, probably technical problems on the exchange, if you are a trader (not a long-term investor), you should fix your profit not waiting for the reversal trend. The exit point should be identified in advance, basing on the previous coin dynamics, your ambitions, strategy, trading volumes, social media mentionings, the reaction of whales (huge market players) and many more, not enabling the greed to manage your actions.
Fix profit by parts
The top level of the price (or bottom in case of short) is very appealing, but keep in mind that it is seen on the chart only after the price passes it already, while during an uptrend, for example, it can be hardly ever noticed. That is why a wise idea to benefit from the price movement is to grab profits by parts on the way to the top or bottom. If you do not have enough time to monitor the price you can set the orders one by one on the way to the rally. Here is a useful trick: Consider support and resistance lines, and set take profit orders below support (long) and above resistance (short). The amount of the part depends on your strategy and aims. The only advice is not to close the position on the way to top/bottom. Leave a part of the initial sum (like 10% of it), as you never know if there is a jackpot after.
Do not put all your eggs in one basket
One more key concept is the diversification of the portfolio and calculation of its amount. Actually, it is a wide and fascinating point to discuss, and only the core points of it are regarded in this article.
It does not matter how promising one or another asset seems to you, try to focus on a range of opportunities, as in the crypto world something can suddenly go wrong (as anything in life). Just imagine that all the hype and price growth is ruined by one negative piece of news or was created artificially! Or, for instance, the decision of a huge market player which has a tangible impact on the price fluctuations. Never go for broke!
The wisely composed portfolio implies several types of assets of different industries and risks. The number of assets has almost the only limitation which is the number of positions you are able to manage, as even profitable coins should be monitored and controlled. Otherwise, it is not as effective as it could be, but we definitely need maximum effectiveness. What is more, no control means stress, which is not what successful trading implies.
No doubt, these features are up to your aims and overall strategy, however, to minimize risks, it is better to use up to 10% on each asset. In case of your firm confidence in the asset let it be more, but remember that all the rising tendencies finally finish. Therefore, having one outstanding asset should be better supplemented by finding more new opportunities to switch the attention to.
Below you can see a balanced portfolio example with various assets included. By the way, the detailed balance is calculated in statistics module in Bitinsure and presents your portfolio in a visual way.
Be forward-looking: Reinvest, invest, convert
It is one of the most effective ways to use your gains to multiply it. There are several options to use it, some of which are the following:
30% reinvest in new prospective altcoins,
25% enlarge the most profitable positions you have currently,
25% invest in other assets,
20% convert into fiat.
Pay attention to the last two points, as they are acting as a preparation for hard times in crypto. Of course, it may be difficult to resist the temptation of investing all into new coins, but thinking a few moves ahead a trader uses the profit
Re: Bitinsure. Working ways to save the deposit and increase profits
Key trading performance metrics. Profit factor
Its typical of any successful trader to evaluate final trading results for particular periods. It provides traders with plenty of opportunities for more profits, revealing the strengths of the trading system and also rooms for improvement. That is why the evaluation stage is considered to be one of the most essential parts of trading that contributes notably to profitability. Then the question arises: How to assess your results adequately?
Firstly, obviously, you need to have the data to assess. It means that your trading performance should be tracked constantly to be assessed at this or that period. Thus, the first point is to gather trading statistics. By the way, in hedge funds that stably earn huge amounts of money, the statistics is one of the most powerful instruments that is always monitored and controlled by auditors. Just do the same!
Secondly, the naked statistics you gather is not enough to get a comprehensive picture of your trading performance. It is helpful indeed, but the trading report also should contain special trading performance metrics that provide you with a tremendous amount of data to test or evaluate your trading system.
To illustrate the obligatory need for supportive calculations, imagine yourself being aware of your final, let it be, monthly, profitability. In this case, you see (hopefully) the positive number, but you are not really able to evaluate your trading strategy because you do not know the price you paid for your earnings, although it might be too high. This way, you are not aware of the trading performance efficiency and not able to increase earnings accordingly.
That is why professional traders use trading performance metrics. Among the key ones, there is a profit factor, maximum drawdown, total, and average net profit, etc. In this article, we explain the profit factor, one of the basic but fundamental metrics.
Profit factor is calculated as the gross profit divided by the gross loss (in other words the total losses including the commissions) for a particular trading period.
Profit factor = gross profit / gross loss
This way, we get a number that reveals our profit amount per risk unit. The number is crucial for traders, as trading consists of wins and losses that you cant avoid. The profit factor reveals the degree of how your profits are higher than losses, in other words, the efficiency of the trading system.
Find more detailed description here:
https://www.bitinsure.com/blog/?p=207
Its typical of any successful trader to evaluate final trading results for particular periods. It provides traders with plenty of opportunities for more profits, revealing the strengths of the trading system and also rooms for improvement. That is why the evaluation stage is considered to be one of the most essential parts of trading that contributes notably to profitability. Then the question arises: How to assess your results adequately?
Firstly, obviously, you need to have the data to assess. It means that your trading performance should be tracked constantly to be assessed at this or that period. Thus, the first point is to gather trading statistics. By the way, in hedge funds that stably earn huge amounts of money, the statistics is one of the most powerful instruments that is always monitored and controlled by auditors. Just do the same!
Secondly, the naked statistics you gather is not enough to get a comprehensive picture of your trading performance. It is helpful indeed, but the trading report also should contain special trading performance metrics that provide you with a tremendous amount of data to test or evaluate your trading system.
To illustrate the obligatory need for supportive calculations, imagine yourself being aware of your final, let it be, monthly, profitability. In this case, you see (hopefully) the positive number, but you are not really able to evaluate your trading strategy because you do not know the price you paid for your earnings, although it might be too high. This way, you are not aware of the trading performance efficiency and not able to increase earnings accordingly.
That is why professional traders use trading performance metrics. Among the key ones, there is a profit factor, maximum drawdown, total, and average net profit, etc. In this article, we explain the profit factor, one of the basic but fundamental metrics.
Profit factor is calculated as the gross profit divided by the gross loss (in other words the total losses including the commissions) for a particular trading period.
Profit factor = gross profit / gross loss
This way, we get a number that reveals our profit amount per risk unit. The number is crucial for traders, as trading consists of wins and losses that you cant avoid. The profit factor reveals the degree of how your profits are higher than losses, in other words, the efficiency of the trading system.
Find more detailed description here:
https://www.bitinsure.com/blog/?p=207
THANK YOU!! Waiting for the article about drawdown.
Stop loss is MUST
But it is not enough to keep in control of your budget.
Successful trading requires complex risk management with several risk limits (like overall drawdown, losing trades in a row and so on)
Also, it's about psychology. The idea is not to move your stop and to comply absolutely with your strategy.
Personally, for me the software related to risk management is useful (i use https://www.bitinsure.com/, idk about other similar)
It controls my risks (drawdown, losses and other trading limits and sends me alerts when any of them is reached. Also it gathers and calculates real-time stats so I do not spend any time on monitoring my accounts, looking of drawdown and other risks and have my performance stats at hand
But it is not enough to keep in control of your budget.
Successful trading requires complex risk management with several risk limits (like overall drawdown, losing trades in a row and so on)
Also, it's about psychology. The idea is not to move your stop and to comply absolutely with your strategy.
Personally, for me the software related to risk management is useful (i use https://www.bitinsure.com/, idk about other similar)
It controls my risks (drawdown, losses and other trading limits and sends me alerts when any of them is reached. Also it gathers and calculates real-time stats so I do not spend any time on monitoring my accounts, looking of drawdown and other risks and have my performance stats at hand
totally agree
what to add for me risk management along with money management play a crucial role in trading
it's much easier to gain than to save or multiply
so I calculate all risks and also use special software to control risks (like Bitinsure.com)
what to add for me risk management along with money management play a crucial role in trading
it's much easier to gain than to save or multiply
so I calculate all risks and also use special software to control risks (like Bitinsure.com)
Hi mate!
I do use trading bots (tbh I tried really many bots)
They can earn money indeed, BUT
They become ineffective one day due to several reasons (like market state or other bot etc)
That is why I use software to control these bots.
Idk if there are many controlling software but for me Bitinsure (Insurance for your Digital Assets (https://www.bitinsure.com/)) application (mobile+web)) works excellent. It is software that improves trading with 2 major functions: automated cloud risk management and real-time statistics metrics.
**Risk management **limits and controls your losses (several trading limits and sends you an alert when one of the limits that you configured is reached. This way you build a sophisticated trading system and keep in control of your funds. You stop unwanted losses and earn more with less time spent.
**The automated statistics** of your trades that can be used for the analysis or hedge fund presentation (if you give money under management). The statistics is recorded in real-time, so you can easily analyze the indices needed in a convenient form and spend your personal time on what really matters for you.
I trade futures on Bitmex, so, its really helpful for me! I started earning in a stable way and do not worry about losses. Bitinsure does it for me.
Thus, I use trading bots and controlling software. The results are quite impressive.
Good luck!
I do use trading bots (tbh I tried really many bots)
They can earn money indeed, BUT
They become ineffective one day due to several reasons (like market state or other bot etc)
That is why I use software to control these bots.
Idk if there are many controlling software but for me Bitinsure (Insurance for your Digital Assets (https://www.bitinsure.com/)) application (mobile+web)) works excellent. It is software that improves trading with 2 major functions: automated cloud risk management and real-time statistics metrics.
**Risk management **limits and controls your losses (several trading limits and sends you an alert when one of the limits that you configured is reached. This way you build a sophisticated trading system and keep in control of your funds. You stop unwanted losses and earn more with less time spent.
**The automated statistics** of your trades that can be used for the analysis or hedge fund presentation (if you give money under management). The statistics is recorded in real-time, so you can easily analyze the indices needed in a convenient form and spend your personal time on what really matters for you.
I trade futures on Bitmex, so, its really helpful for me! I started earning in a stable way and do not worry about losses. Bitinsure does it for me.
Thus, I use trading bots and controlling software. The results are quite impressive.
Good luck!
Hi! Well, for me Bitinsure (Insurance for your Digital Assets (https://www.bitinsure.com/)) application (mobile+web)) works excellent. It is software that improves trading with 2 major functions: automated cloud risk management and real-time statistics metrics.
**Risk management **limits and controls your losses (several trading limits and sends you an alert when one of the limits that you configured is reached. This way you build a sophisticated trading system and keep in control of your funds. You stop unwanted losses and earn more with less time spent.
**The automated statistics** of your trades that can be used for the analysis or hedge fund presentation (if you give money under management). The statistics is recorded in real-time, so you can easily analyze the indices needed in a convenient form and spend your personal time on what really matters for you.
I trade futures on Bitmex, so, its really helpful for me! I started earning in a stable way and do not worry about losses. Bitinsure does it for me.
**Risk management **limits and controls your losses (several trading limits and sends you an alert when one of the limits that you configured is reached. This way you build a sophisticated trading system and keep in control of your funds. You stop unwanted losses and earn more with less time spent.
**The automated statistics** of your trades that can be used for the analysis or hedge fund presentation (if you give money under management). The statistics is recorded in real-time, so you can easily analyze the indices needed in a convenient form and spend your personal time on what really matters for you.
I trade futures on Bitmex, so, its really helpful for me! I started earning in a stable way and do not worry about losses. Bitinsure does it for me.
Thank you mate! Looks impressive.
Personally I used several trading bots (not self written) and they were quite profitable. But not for a long time.
So for now if I use any trading bot I control it strictly. Now I found an app Bitinsure https://www.bitinsure.com/ to control risks (I configure several risk limits and an app sends me security alerts in any of risk limits are reached.
The question is if you use anything similar? Or have you the same problems with bots?
Personally I used several trading bots (not self written) and they were quite profitable. But not for a long time.
So for now if I use any trading bot I control it strictly. Now I found an app Bitinsure https://www.bitinsure.com/ to control risks (I configure several risk limits and an app sends me security alerts in any of risk limits are reached.
The question is if you use anything similar? Or have you the same problems with bots?
Re: What tools are not enough for you to interact with cryptocurrency?
I guess tech analysis knowledge and risk management. Also good software.
Personally I trade on Bitmex (futures) with trailing stops (highly recommended) and support my trades with Bitinsure app. (https://www.bitinsure.com/)
It controls my risks (drawdown, losses and other trading limits and sends me alerts when any of them is reached. Also it gathers and calculates real-time stats so I do not spend any time on monitoring my accounts, looking of drawdown and other risks and have my performance stats at hand
Personally I trade on Bitmex (futures) with trailing stops (highly recommended) and support my trades with Bitinsure app. (https://www.bitinsure.com/)
It controls my risks (drawdown, losses and other trading limits and sends me alerts when any of them is reached. Also it gathers and calculates real-time stats so I do not spend any time on monitoring my accounts, looking of drawdown and other risks and have my performance stats at hand
Hmmm
Probably you'd better use any trading software that controls your losses.
When I started trading I used Bitinsure bitinsure.com. Probably there are other similar ones, but for me this worked well. It is software that improves trading with 2 major functions: automated cloud risk management and real-time statistics metrics.
**Risk management **limits and controls your losses (several trading limits and sends you an alert when one of the limits that you configured is reached. This way you build a sophisticated trading system and keep in control of your funds. You stop unwanted losses and earn more with less time spent.
**The automated statistics** of your trades that can be used for the analysis or hedge fund presentation (if you give money under management). The statistics is recorded in real-time, so you can easily analyze the indices needed in a convenient form and spend your personal time on what really matters for you.
I trade futures on Bitmex, so, its really helpful for me! I started earning in a stable way and do not worry about losses. Bitinsure does it for me.
Probably you'd better use any trading software that controls your losses.
When I started trading I used Bitinsure bitinsure.com. Probably there are other similar ones, but for me this worked well. It is software that improves trading with 2 major functions: automated cloud risk management and real-time statistics metrics.
**Risk management **limits and controls your losses (several trading limits and sends you an alert when one of the limits that you configured is reached. This way you build a sophisticated trading system and keep in control of your funds. You stop unwanted losses and earn more with less time spent.
**The automated statistics** of your trades that can be used for the analysis or hedge fund presentation (if you give money under management). The statistics is recorded in real-time, so you can easily analyze the indices needed in a convenient form and spend your personal time on what really matters for you.
I trade futures on Bitmex, so, its really helpful for me! I started earning in a stable way and do not worry about losses. Bitinsure does it for me.
Oh thanks
These bots are really helpful, I tried almost all of them
What is to add is that they should be controlled as any bot becomes ineffective one day + tech errors also play role
That is why for me Bitinsure https://www.bitinsure.com/ works excellent. It is software that improves trading with 2 major functions: automated cloud risk management and real-time statistics metrics.
**Risk management **limits and controls your losses (several trading limits and sends you an alert when one of the limits that you configured is reached. This way you build a sophisticated trading system and keep in control of your funds. You stop unwanted losses and earn more with less time spent.
**The automated statistics** of your trades that can be used for the analysis or hedge fund presentation (if you give money under management). The statistics is recorded in real-time, so you can easily analyze the indices needed in a convenient form and spend your personal time on what really matters for you.
I trade futures on Bitmex, so, its really helpful for me! I started earning in a stable way and do not worry about losses. Bitinsure does it for me.
These bots are really helpful, I tried almost all of them
What is to add is that they should be controlled as any bot becomes ineffective one day + tech errors also play role
That is why for me Bitinsure https://www.bitinsure.com/ works excellent. It is software that improves trading with 2 major functions: automated cloud risk management and real-time statistics metrics.
**Risk management **limits and controls your losses (several trading limits and sends you an alert when one of the limits that you configured is reached. This way you build a sophisticated trading system and keep in control of your funds. You stop unwanted losses and earn more with less time spent.
**The automated statistics** of your trades that can be used for the analysis or hedge fund presentation (if you give money under management). The statistics is recorded in real-time, so you can easily analyze the indices needed in a convenient form and spend your personal time on what really matters for you.
I trade futures on Bitmex, so, its really helpful for me! I started earning in a stable way and do not worry about losses. Bitinsure does it for me.
Hi! I'd recommend reading the following:
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy
Risk Management in Trading: Techniques to Drive Profitability of Hedge Funds and Trading Desks by Davis Edwards
And to use the software that helps in trading a lot:
This is what I mostly use currently:
1) https://www.bitinsure.com/
It is an automated risk monitor. I set the limits like max drawdown and other options at several Bitmex accounts and Bitinsure sends a notification since the limit is reached. This way I can have a rest and get notified when sth goes wrong. Also, it provides automated statistics reporting. This thing is useful for trades analysis
2) https://3commas.io/
I'm not a fan of trading bots but these I'd recommend. However, always track the performance and comply with risks (app above)
3) https://www.tradingview.com/
Observe mostly charts and signals. Nice interface and great ideas from other traders.
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy
Risk Management in Trading: Techniques to Drive Profitability of Hedge Funds and Trading Desks by Davis Edwards
And to use the software that helps in trading a lot:
This is what I mostly use currently:
1) https://www.bitinsure.com/
It is an automated risk monitor. I set the limits like max drawdown and other options at several Bitmex accounts and Bitinsure sends a notification since the limit is reached. This way I can have a rest and get notified when sth goes wrong. Also, it provides automated statistics reporting. This thing is useful for trades analysis
2) https://3commas.io/
I'm not a fan of trading bots but these I'd recommend. However, always track the performance and comply with risks (app above)
3) https://www.tradingview.com/
Observe mostly charts and signals. Nice interface and great ideas from other traders.
This is what I mostly use currently:
1) https://www.bitinsure.com/
It is an automated risk monitor. I set the limits like max drawdown and other options at several Bitmex accounts and Bitinsure sends a notification since the limit is reached. This way I can have a rest and get notified when sth goes wrong. Also, it provides automated statistics reporting. This thing is useful for trades analysis
2) https://3commas.io/
I'm not a fan of trading bots but these I'd recommend. However, always track the performance and comply with risks (app above)
3) https://www.tradingview.com/
Observe mostly charts and signals. Nice interface and great ideas from other traders.
1) https://www.bitinsure.com/
It is an automated risk monitor. I set the limits like max drawdown and other options at several Bitmex accounts and Bitinsure sends a notification since the limit is reached. This way I can have a rest and get notified when sth goes wrong. Also, it provides automated statistics reporting. This thing is useful for trades analysis
2) https://3commas.io/
I'm not a fan of trading bots but these I'd recommend. However, always track the performance and comply with risks (app above)
3) https://www.tradingview.com/
Observe mostly charts and signals. Nice interface and great ideas from other traders.
I'd recommend to make a structured plan with trading schedule and limits. To identify the max drawdown, the number of losing trades etc. These are the basics of RM to start with. Also, you may try the software to help you in it (automatization of risk management):
[b https://www.bitinsure.com/
[/b]
It is an automated risk monitor. I set the limits like max drawdown and other options at several Bitmex accounts and Bitinsure sends a notification since the limit is reached. This way I can have a rest and get notified when sth goes wrong. Also, it provides automated statistics reporting. This thing is useful for trades analysis
Also, try to learn about money management. It works along with risk management to multiply the capital.
Good luck!
[b https://www.bitinsure.com/
[/b]
It is an automated risk monitor. I set the limits like max drawdown and other options at several Bitmex accounts and Bitinsure sends a notification since the limit is reached. This way I can have a rest and get notified when sth goes wrong. Also, it provides automated statistics reporting. This thing is useful for trades analysis
Also, try to learn about money management. It works along with risk management to multiply the capital.
Good luck!
This is what I mostly use currently:
1) https://www.bitinsure.com/
It is an automated risk monitor. I set the limits like max drawdown and other options at several Bitmex accounts and Bitinsure sends a notification since the limit is reached. This way I can have a rest and get notified when sth goes wrong. Also, it provides automated statistics reporting. This thing is useful for trades analysis
2) https://3commas.io/
I'm not a fan of trading bots but these I'd recommend. However, always track the performance and comply with risks (app above)
3) https://www.tradingview.com/
Observe mostly charts and signals. Nice interface and great ideas from other traders.
1) https://www.bitinsure.com/
It is an automated risk monitor. I set the limits like max drawdown and other options at several Bitmex accounts and Bitinsure sends a notification since the limit is reached. This way I can have a rest and get notified when sth goes wrong. Also, it provides automated statistics reporting. This thing is useful for trades analysis
2) https://3commas.io/
I'm not a fan of trading bots but these I'd recommend. However, always track the performance and comply with risks (app above)
3) https://www.tradingview.com/
Observe mostly charts and signals. Nice interface and great ideas from other traders.
Top 5 bots 2020 that I use
- cryptohopper
- gunbot
- 3commas
- Haasbot
- Cap.Club
Also while trading with a bot always be aware of what is happening on your account. Install the tracker application to track all the information on trades and analyze them. Set several types of risks and set the function of special notifications that come to you in case of reaching the risk limit.
Software example:
https://www.bitinsure.com/
Trading bots can save time, speed up trading activity and help make a profit. However, you can not leave the bot unattended - they need to be used consciously. It must be remembered that the bot is not a trader. Only a person decides which strategy to use, as well as what and how to trade.
- cryptohopper
- gunbot
- 3commas
- Haasbot
- Cap.Club
Also while trading with a bot always be aware of what is happening on your account. Install the tracker application to track all the information on trades and analyze them. Set several types of risks and set the function of special notifications that come to you in case of reaching the risk limit.
Software example:
https://www.bitinsure.com/
Trading bots can save time, speed up trading activity and help make a profit. However, you can not leave the bot unattended - they need to be used consciously. It must be remembered that the bot is not a trader. Only a person decides which strategy to use, as well as what and how to trade.
1. Watch your bot
To successfully trade using the bot, it needs to be managed. It is necessary to regularly check its activity: how well it works in a specific market situation. Keep track of your trading pairs, analyze charts and check the news from the world of cryptocurrencies so as not to lose your investment.
2. Limit risk
Define a limit: the amount you are not ready to lose more. To do this, you can create a separate account for the trading bot on the exchange
3. Beware of scammers
Examine the bot information before using it. Check how long it has been on the market and what reviews it leaves. This can help avoid fraud and protect your money.
Never trust bots that promise you income after depositing cryptocurrency into their smart contract. Real bots should only work through your account on the well-known cryptocurrency exchange. You should see all the deals and applications of your bot. The bot cannot independently withdraw money from your account. Permission to execute transactions should always come from you - through the chosen trading strategy.
Top 5 bots 2020:
- cryptohopper
- gunbot
- 3commas
- Haasbot
- Cap.Club
4. Automate your statistics and risks.
Always be aware of what is happening on your account. Install the tracker application to track all the information on trades and analyze them. Set several types of risks and set the function of special notifications that come to you in case of reaching the risk limit.
Software example:
https://www.bitinsure.com/
Trading bots can save time, speed up trading activity and help make a profit. However, you can not leave the bot unattended - they need to be used consciously. It must be remembered that the bot is not a trader. Only a person decides which strategy to use, as well as what and how to trade.
1. Watch your bot
To successfully trade using the bot, it needs to be managed. It is necessary to regularly check its activity: how well it works in a specific market situation. Keep track of your trading pairs, analyze charts and check the news from the world of cryptocurrencies so as not to lose your investment.
2. Limit risk
Define a limit: the amount you are not ready to lose more. To do this, you can create a separate account for the trading bot on the exchange
3. Beware of scammers
Examine the bot information before using it. Check how long it has been on the market and what reviews it leaves. This can help avoid fraud and protect your money.
Never trust bots that promise you income after depositing cryptocurrency into their smart contract. Real bots should only work through your account on the well-known cryptocurrency exchange. You should see all the deals and applications of your bot. The bot cannot independently withdraw money from your account. Permission to execute transactions should always come from you - through the chosen trading strategy.
Top 5 bots 2020:
- cryptohopper
- gunbot
- 3commas
- Haasbot
- Cap.Club
4. Automate your statistics and risks.
Always be aware of what is happening on your account. Install the tracker application to track all the information on trades and analyze them. Set several types of risks and set the function of special notifications that come to you in case of reaching the risk limit.
Software example:
https://www.bitinsure.com/
Trading bots can save time, speed up trading activity and help make a profit. However, you can not leave the bot unattended - they need to be used consciously. It must be remembered that the bot is not a trader. Only a person decides which strategy to use, as well as what and how to trade.
To successfully trade using the bot, it needs to be managed. It is necessary to regularly check its activity: how well it works in a specific market situation. Keep track of your trading pairs, analyze charts and check the news from the world of cryptocurrencies so as not to lose your investment.
2. Limit risk
Define a limit: the amount you are not ready to lose more. To do this, you can create a separate account for the trading bot on the exchange
3. Beware of scammers
Examine the bot information before using it. Check how long it has been on the market and what reviews it leaves. This can help avoid fraud and protect your money.
Never trust bots that promise you income after depositing cryptocurrency into their smart contract. Real bots should only work through your account on the well-known cryptocurrency exchange. You should see all the deals and applications of your bot. The bot cannot independently withdraw money from your account. Permission to execute transactions should always come from you - through the chosen trading strategy.
Top 5 bots 2020:
- cryptohopper
- gunbot
- 3commas
- Haasbot
- Cap.Club
4. Automate your statistics and risks.
Always be aware of what is happening on your account. Install the tracker application to track all the information on trades and analyze them. Set several types of risks and set the function of special notifications that come to you in case of reaching the risk limit.
Software example:
https://www.bitinsure.com/
Trading bots can save time, speed up trading activity and help make a profit. However, you can not leave the bot unattended - they need to be used consciously. It must be remembered that the bot is not a trader. Only a person decides which strategy to use, as well as what and how to trade.
God! Margin is really dangerous.
In this case I highly recommend this risk monitor and stats reporting assistant. This is the only app I use and it helped me to increase my profit a lot.
It controls risks at several accounts (not like a stop loss, it has more options) and makes advanced reports. So you always see where you lose and what to improve
Here it is - https://www.bitinsure.com/
Looks like this:
In this case I highly recommend this risk monitor and stats reporting assistant. This is the only app I use and it helped me to increase my profit a lot.
It controls risks at several accounts (not like a stop loss, it has more options) and makes advanced reports. So you always see where you lose and what to improve
Here it is - https://www.bitinsure.com/
Looks like this:
Mate I feel you.
In this case I highly recommend this risk monitor and stats reporting assistant. This is the only app I use and it helped me to increase my profit a lot.
It controls risks at several accounts (not like a stop loss, it has more options) and makes advanced reports. So you always see where you lose and what to improve
Here it is - https://www.bitinsure.com/
Looks like this:
In this case I highly recommend this risk monitor and stats reporting assistant. This is the only app I use and it helped me to increase my profit a lot.
It controls risks at several accounts (not like a stop loss, it has more options) and makes advanced reports. So you always see where you lose and what to improve
Here it is - https://www.bitinsure.com/
Looks like this:
Hi! I do not use earning bots (but 3commas probably is a good one)
Personally I highly recommend a risk monitor and stats reporting assistant. This is the only app I use and it helped me to increase my profit a lot.
It controls risks at several accounts (not like a stop loss, it has more options) and makes advanced reports.
Here it is - https://www.bitinsure.com/
Looks like this:
Personally I highly recommend a risk monitor and stats reporting assistant. This is the only app I use and it helped me to increase my profit a lot.
It controls risks at several accounts (not like a stop loss, it has more options) and makes advanced reports.
Here it is - https://www.bitinsure.com/
Looks like this: