Crypto trading bots, or trade bots, are a practical way of automating orders on centralized and decentralized exchanges. Set them upright, and they can be highly effective, saving their operator time and money compared to manual trading.
But like any technology, automated trading bots are only as good as their parameters. The bot puts the work in, but the operator calls the shots, activating specific strategies to achieve the desired outcome. A tradebot can be relied on to execute buy and sell orders or to implement more advanced strategies when specific market conditions are met. However, it will be necessary to adjust the bot’s configuration periodically to optimize it or to occasionally switch to a different type of trade bot altogether.
Different Styles
There are many different types of trading styles and trading bots. Manual trading is The most known style, while automated trading has been on traders’ radars for over the past decades, growing in popularity each year.
As its name suggests, manual is “the manual” way, while automated is done for you. You simply set your trading conditions or parameters with the latter, and the rest is automated.
Going one step further, automated trading bots come in many different forms, such as DCA Bots – which automated that industry’s popular investment “Dollar Cost Average” strategy.
DCA Bots
DCA bots combine the best of both worlds – the traditional Dollar Cost Average investment strategy cherished by the traditional markets for decades with the power of automated technology.
Depending on the platform you use to leverage such a technology, it can make a world of difference for your overall trading success. For example, Cornix.io’s DCA bot is efficient and uses powerful underlying technology, but it also offers many features that make it appealing to a wide array of traders.
Whether you want to “build” your perfect bot using a streamlined blueprint where all you have to do is set your trading parameters, or perhaps you want to engage in DCA copy trading from pre-existing successful bots, Cornix makes this possible.
Cornix’s offering of DCA bot’s a trader’s dream for the sheer flexibility and easy-to-use platform alone.
Copy Trading
Copy trading is another popular method that has caught on over the past years. Copy trading mimics other traders’ setups and trades through an automated bot.
This has proven to be a powerful and effective method, especially for those who may be newer to the world of trading, as they get to learn – by watching and studying the trades playout in real-time in front of them.
Over time, through repetition, the end users can gradually learn more about certain indicators, trade patterns, and even trading pairs the producing trader publishes.
Leveraging Technology
We live in a digital age, and the power of technology has taken the cryptocurrency trading industry by storm. The tools and platforms will become stronger and more efficient as time progresses.
However, they will also get more complex (which is a good thing). One of the best things you can do is start getting acquainted with these tools and technology and begin incorporating them into your trading so that you can master them and stay ahead of the curve!