Who doesn’t want to make money while they sleep? Automated trading does just that for you. By utilising live market data and technical indicators, you’re able to put in strategic entry-exit points on your trading.
The automated bot will help you trade according to your set guidelines. For better understanding, let’s give you an insight on why you should have an automated trading bot such as Gunbot in place.
Decisions aren’t based on emotions
Human beings are governed by emotions that can negatively impact our trading decisions. Holding past your profit target in the search for more can make you end with less. The automated trading bot will work according to your preset buy signals, stop losses and profit targets. This ensures a consistent strategy ensuring that your bottom line increases.
Testing your Strategy against Data
Almost all bots have a backtester that allows you to compare your current strategy with historical data recorded over the years. This helps you identify the risks and profit margin involved and therefore tweak your strategy accordingly. There are multiple indicators that you must consider while checking the effectiveness of your strategy.
As a thumb rule, you should try to minimise risk as the crypto market isn’t completely predictable. You don’t want to end up with hefty losses that you aren’t able to recover later.
24/7 Running Bots
Crypto bots would run non-stop throughout the year. As the market doesn’t shut down, it’s best that you deploy these bots, so you don’t miss any golden opportunity. Also, you’ll be able to configure your trading strategy across multiple trading pairs.
Increased Speed and Efficiency
With trading bots, you won’t have to log in to multiple platforms all the time. You could be fixated on developing newer strategies and reading the current trends on the market. You can let the bot do the heavy lifting for you while you plan. Also, it ensures maximum profitability as it monitors every trade closely.
Detailed Reports and Notifications
Trading bots are a quality tool to stay ahead of the market. You can scout for your strategy’s effectiveness in the live market with the detailed reports. It’ll give you a proper insight and would summarise your profits/losses.
If you want to be extra careful, you could also ping updates from the bot whenever it makes a trade. However, you should rely on your strategy and let things flow on their own instead of focusing on each trade individually.