Crypto Trading Bots in 2021 - Are They Worth it?

cryptocurrency 5 months ago

Today we’re going to talk about Automated Trading Bots. Specifically, we’ll cover what these bots are and the benefits and downsides of using them, and we’ll touch on the different types out there and name a few of the popular ones available today. By the end of this video, you should have a pretty good idea of how to get involved, if this sounds like the path for you. 🚀 Save money on every crypto trade you make with StormGain! Enjoy a onetime 0.1% trading fee with this link: Okay, the first thing we need to discuss is just what are automated trading bots anyway? Well, in this context, a “bot” is just software that monitors one or more exchanges and makes trades based upon predefined rules. In this way, traders can work out what their strategy is and then let the code watch the market 24/7, making the exact trades the user would have made but doing so with a minimum of oversight. Let’s start with the pros. The first one is fairly obvious: these systems take away the need for a trader to watch the markets all day long to make the right trades. Professional traders often spend their entire days watching markets, and traditionally most markets closed at the end of the workday. However, cryptocurrency is 24/7, and generally much faster and more volatile than the stock market. Even when trying their hardest, a human trader simply can’t always be watching, and bots make it so they don’t have to. As for the cons, the biggest and most immediate issue is that the bot will only perform as well as your strategy. If your approach is flawed, the bot isn’t going to do anything to fix it, and if left unchecked could cost you a lot of your capital. It’s really like anything automated. Think about a self-driving car. If it’s well designed and works just right, it becomes a massive benefit. However, if there’s virtually any flaw it quickly becomes far more dangerous than just doing it yourself. 📊 Join our global trading community on Telegram. Get access to a free trading course, trading signals, and receive help from professional cryptocurrency traders. ✈️ JOIN NOW!: TWITTER: FACEBOOK: INSTAGRAM: TIKTOK: Disclaimer: Although BeInCrypto aims to inform and educate readers worldwide, it is important to remember that investing in cryptocurrency is risky. Neither this video nor its authors should be held responsible for any investment decisions, and nothing published here should be considered financial advice. We always urge our readers/viewers to do their own research and never invest more than they can afford to lose.
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