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How Trading Bots Can Help Beginner Crypto Traders

 3 years ago
source link: https://cryptomode.com/how-trading-bots-can-help-beginner-crypto-traders/
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Entering the crypto world is quite a challenging experience. Countless technical and trading terms, charts, strategies, and shady coins are thrown in the face of a struggling newbie right from the start. Fortunately, cryptocurrency trading bots can assist beginner traders with programmable automation, built-in strategies, and detailed trade charts. In this article, we will go through trading bot features that will be most helpful for beginners.

Automated Spot Trades

Spot trading is a great start for newmade investors. Bought tokens remain in the buyer’s wallet, risks are limited by the amount of investment, and logic is simple. Buy low, sell high. Trader bots make this even easier by tracking asset prices 24/7 and automatically selling or buying coins when a price reaches a certain value. This way, you will never miss a sweet opportunity to sell high or cut losses when the price drops too low.

The 3Commas bot offers smart trading options and can automatically adjust the value for maximizing profits and react to unexpected market moves.

DCA Assistance

Dollar Cost Averaging is a good starter strategy. A trader invests money in intervals instead of buying coins all at once. This helps avoid buying high and helps reduce initial asset cost as it will cost an average of all transactions. Crypto trade bots let you set a number of trades you want and automatically divide your investment into smaller transactions. They also predict how much money you can save with different configurations.

In the 3Commas DCA bot, there is an easy interface that allows for a step-by-set setup. You can choose one or multiple coin pairs, pick a long or short strategy, set desired profit, and visualize your settings on a chart.

Reading the Charts

Trading bots can be integrated into exchange platforms and help better understand the trade view. They use hundreds of indicators to assist technical analysis and find better trading strategies. Certain indicator values can then be used as signals for trade automation.

CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: [email protected] None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients.


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