Trading is gaining significant popularity today. Coronavirus, economic crisis, high unemployment rate are pushing people to look for alternative types of earnings. Many people choose to earn money online, and the best way to make money on the Internet is through trading. In our article, we will tell you about cryptocurrency trading bots that will help you earn money without spending an entire day at the computer.
Trading Bot: What Is It?
A bot, or as it is also called a robot, is a special code, a program that can automatically perform trading. A bot is configured for actions and follows predetermined conditions. To purchase such convenient trading scenarios, you can use the services of the 3commas bot.
How useful are robots in trading? Bots for cryptocurrency exchanges and trading greatly facilitate the routine work of a trader. More free time is available as the bot independently performs a market analysis. This assistant can help you trade cryptocurrency and learn new information. But don’t rely entirely on a bot and automated analysis because your own money is at stake.
What Can a Trading Bot Do?
The main functions of bots for trading on a cryptocurrency exchange:
- The most important and useful function of the bot is risk management. You set the range (take profit and stop loss) in which the bot can operate and protect your balances.
- Buy and sell cryptocurrencies — placing orders when an asset reaches a set price. A robot can buy and sell an asset incrementally.
- Logs and alerts — all actions are recorded in the database and can be displayed in a table or chart. Notifications about the selected events come to the client’s email or any other social media.
- Market analysis — collecting information, saving it in the database, and displaying it conveniently.
So, the 3commas trading bot can trade online, save all the important statistics, and open and close orders. The bot also sends alerts to your phone about important events and new features.