What do you get to take?
- A clear idea on automated crypto trading bots.
- How they work.
- What solution they offer to a crypto enthusiast.
- How they are advantageous over manual trading.
Why crypto trading seemed an uphill battle all these days?
Many of us know what cryptocurrencies are. We sure know how they function, and the value they hold. No matter how many cryptos we have the whole value lies in knowing what to do with them.
Why trade cryptos?
An easy way to multiply the cryptos is to trade them. There sure are other ways. Why take the difficult road when you have an easy one? Now, coming to the crucial point of why most of us are intimidated to trade cryptos, there are shocking revelations here.
- Not enough knowledge of trading knacks.
- Fear of losing, making the wrong decision.
- No idea on crypto trading bots.
The best solution? Deploy a cryptocurrency trading bot and create awareness about them.
A quick run-through automated crypto trading bots
Simply put, a trading bot is a software application that trades autonomously on cryptocurrency exchanges. The bot usually gains access from the users’ accounts and performs actions such as buy or sell based on pre-written algorithms by the developer.
Besides these, trading bots can
- Build indexing strategies that are custom to you.
- Buy and sell across multiple exchanges simultaneously.
- Pick the right signals and implement actions as required.
Why bots when a human can do it?
Humans made bots that are way more efficient than themselves. We are prone to emotional influence whereas bots are disciplined.
Also, the central reason traders prefer bots is to simplify trades that are immensely complicated or to make crucial decisions that could be laborious for a normal living entity.
Humankind can only trade one pair at a time on one exchange platform. The bots are capable of trading multiple crypto pairs across a wide range of portfolios with unique strategies for each. This sure is impossible for a trader from the mortal realm.
Bots collect data faster, improvise and execute. Besides, they are precise when placing orders and are instructed with no interference of greed or emotional instability.
When is the best time to use bots?
Crypto trading bot is like a boon you will rarely get. The crucial matter is to use it when it is needed the most. The worst thing to face is redoing the simpler tasks we assigned to a bot because it went downhill.
So, keep in mind to use bots for the most intricate works that would be time-consuming for a human being to do because bots are designed to do exactly that.
To understand this better, let’s take a deeper dive into it.
Repeating the tasks
No human would happily repeat the same task time and again for a prolonged period. But the bots see no difference between an interesting job and an indifferent one.
You program them once, the show goes on no matter what. In fact, this is one primary and solid reason to deploy a bot.
Spot on trading capabilities
The trading capacity of a bot is spot on. You mark it to sell assets when BTC hits a $10,000 it would do precisely that. No more no less. The same, when done manually, could lead to a loss.
We might sell it off for $10,010 or a little before it hits the targeted $10,000. A human would be influenced by fear, or anxiety to wait and see where the ranking goes.
The market fluctuates every second. The prices could shoot up in the blink of an eye or go tumbling down in the fraction of a second. When you are required to sell a particular asset in 0.1 seconds, that is too little of a time to perform the task manually.
A bot, if programmed exactly would do the given task with no deviations. This is impossible for a homo sapien.
The final justification
Considering various advantages that bots provide the humankind, it is evident that these could outperform us with ease if programmed flawlessly.
However, creating one such bot is in the hands of world-class developers. NexFolio is an attempt to reduce the hardships of celestial beings.
What does this bot have that the rest lack? Is NexFolio here to stay? What are NexFolio’s real capabilities? Coming up next!