Robot trading in the cryptocurrency market

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Friends, today we decided to write our opinion on making money on cryptocurrency trading with the help of robots (bots). In order for you to have a complete picture of this topic, we will briefly touch on several sections, and at the end we will say our opinion.

Cryptocurrency trading

One of the most popular types of earnings in 2017-2018 was cryptocurrency trading. According to some reports, traders who previously sought happiness in the FOREX market and in binary options trading switched to digital money trading. But, due to the distrust of traders to brokerage companies, and the difficulty of making money on Forex, these people began to trade cryptocurrencies.

As a consequence of this, we are seeing the creation of many YouTube blogs where traders share their market predictions. But guys, you have to understand that trading bitcoin or ether is very different from trading in the currency or stock markets. Indeed, in the cryptocurrency market, the laws of trade and the rules of technical analysis practically do not work. The only law that works for all types of markets is: "History repeats itself."

Therefore, making money on trading cryptocurrencies requires a trader to be systematic in their actions and have solutions to get out of unforeseen situations. Also learn more about bittrex trading bot

What is it, a cryptocurrency trading robot

When you hear the word robot or bot, the first thing that comes to mind is a picture of robots from Star Wars. Remember them?

But, in fact,  trading robots are  algorithms written in one of the programming languages. No wonder this type of trading is called algorithmic trading.

An experienced trader knows that trading in any type of market requires a clear algorithm, which is the main task of a trader to follow. By this wording, we mean that entering and exiting a trade, just like the time spent in it, should be taken on the basis of cold calculations and signals for the execution of transactions.

To automate trading processes, traders began to transfer their trading algorithms to programming languages, which in the future could perform the functions of a trader on their own.

How to use robots to trade cryptocurrencies

When working with forex brokers, integrating trading bots into a trading platform is a matter of a couple of minutes. And when working with cryptocurrency exchanges, this function is more complicated. In order for a trading bot written by you or purchased to start making money on a cryptocurrency exchange, you need to connect to the trading platform via the API.

Among the many exchanges, there are those that provide a secure connection for your crypto savings, such as  the Binance exchange . But, there are also those sites that simply did not provide for the possibility of securely connecting their account through API keys.

What benefits does a trader get by using trading bots

Most of the mistakes that a trader makes while trading are related to his emotions. It often happens that a trader exits a trade ahead of time without waiting for pre-set goals. When using trading bots, in addition to the release in time, the trader will receive advantages in:

– decision-making speed;

- lack of emotions;

– round the clock and unlimited work.

Having installed a high-quality robot on your trading account, within a few days, the trader returns to his normal complexion, and begins to live a full life again.

Conclusion

Friends, a few years ago, we started using robots for trading in the foreign exchange market, and we want to say that we realized how convenient it is when a programmed algorithm does all the work for you. Therefore, we have applied this model to the cryptocurrency market as well.

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