📢 My Experience of using Crypto Trading Bots 🙋🏻♂️
👉 First we learn about crypto trading bots:-
🔸What are Crypto Trading Bots ?
Crypto Trading Bots are fully automated special algorithmic softwares designed to perform specific trading strategies set by the traders on their behalf 24/7. Bots work beyond human limitations & help traders to achieve optimal & profitable trades.
🔹How Crypto Trading Bots Work?
First of all in order to use Bots you need to have some basic understanding about coding & of course technical analysis to set predefined parameters. Remember that you must have back tested your trading strategies, which indicators are required and in which market condition this strategy works best, because it helps to set parameters for the bot. Once it's done ✅, you have to connect your exchange API (Application Programming Interface) to Bot, this acts as bridge to execute trades with your portfolio. When everything is done your trading bot will execute trades when the market conditions are aligned with your predefined parameters.
🌟 Advantages:
🔸Bots trade efficiently & trade 24/7
🔸Bots trade with accuracy & make profits
🔸Bots eliminate human emotions like panic buy/sell or FOMO
⭐ Disadvantages:
🔹 Incorrect parameters may give losses
🔹 Never use bots from unknown sources they may contain malicious codes & you may get scammed
🙋🏻♂️ My experience with crypto trading bots 👀
I used Trading Bots on Binance because i trust #Binance very much. It was very profitable for me because I chose tokens which have good market value in terms of liquidity, category & popularity. One thing I advise to new users before using bots is to learn to set parameters and know about parameters first. If you are in profit then take profits & never be greedy. If you are down because of market conditions then don't sell your holding until the price gets appreciated. I exercise patience & use Bots when market conditions align with my trading strategy.
Thanks for reading & Happy Trading 🥰
