In 2022, the total market cap for the crypto industry lost over 60% falling below $1 trillion by July. However, it also managed to reach the height of $2.4 trillion at some point before the market crash mirroring the situation in the global economy and financial markets across the globe. The high volatility of digital assets is what makes them extremely profitable for people who know how to react to moments like these.
A contemporary trader who wants to extract as much value as possible from the market volatility employs a trading robot platform that offers flexibility and unique features. Such web services became hugely popular during the rise of the crypto industry. They provide a valuable product to the international audience of individual and institutionalized traders: the ability to automate market activities.
Just three decades ago, most individual investors couldn’t even dream about using modern automation methods in their investment efforts. However, it changed in the early 2000s with the advent of Forex trading and the arrival of partially automated investment options like social trading. These were not even close to modern robots for trading, but they had the spirit.
It is important to understand how these robots work. While different platforms employ unique coding methods and interesting development tools to create them, the basic principle remains the same. A bot is a script that works within a very simple 3-step system:
Some of the best trading bots for crypto are automation solutions that do not overwhelm users with unnecessary features and complicated coding. The underlying scheme is simplistic and does not require any additional tinkering. Companies like WunderTrading offer a wide range of different products including preset bots and custom automation options allowing users to select a solution that works for them.
However, WunderTrading is not the only provider of such services on the internet. Cryptohopper, 3Commas, Algotrade, and many other platforms have similar arsenals of instruments and offer flexible automation solutions to their clients. Choosing the best trading robot for crypto can be very challenging for an inexperienced trader.
When seeking the right product in the chaotic market, it is important to not just fall for flashy marketing campaigns and overpromising advertisements. Instead, focus on aspects of such services that matter in the long run. Do not expect these products to make you rich overnight. Automation tools are designed to make your already efficient strategies even more productive.
Here are several aspects that must be scrutinized:
Many enthusiasts are sure that the best trading bot app is any app that you master. However, it is true only to a certain extent. The flexibility and richness of features define the limits of your creativity. If the selection of integrated exchanges or available instruments is lacking, you will find it troublesome to build an effective army of autotraders.
Implementing a good automation strategy is a sure path to a reliable secondary income source. However, it takes time and effort to come up with a trading pattern that brings in profits regularly. If you understand risk management, know your way around technical analysis, and want to use accumulated knowledge about the market to generate profits even when you sleep, automation is a good choice.
On the other hand, you should never think that bots will automatically make you rich. Use them cautiously and consider the risks of using leveraged positions. Use “take profit” and “stop loss” to mitigate risks.
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