17 Feb Bitsgap: Crypto Trading Bot That Helps Avoiding Bad Habits
Trading cryptocurrencies can be a quite challenging, risky, and arduous endeavor. Not only is there a steep learning curve to go through but also the fact that traders tend to make mistakes that can be avoided.
The decision-making aspect of trading is absolutely critical, and automation tools continue to gain quite a lot of momentum in this regard.
What are the Risks of Manual Cryptocurrency Trading?
When people give in to the idea of trading cryptocurrencies, the first they have to keep with is the steep learning curve that lays ahead of them. The market is complex, and even though it introduces a lot of opportunities, it also hides a lot of risks that not everyone is quite comfortable with.
Every entry can have consequences – be it for better or worse – and making timely decisions is nothing short of paramount. Unfortunately, all of this is a lot easier said than done when there are thousands of markets and trading pairs at one’s disposal.
Manual trading can be quite risky because market conditions can change at any given moment, and traders may not always keep making the best decisions at the best time. Because crypto markets are so volatile, there’s quite a lot of data to consider, and market conditions can easily invalidate someone’s recent findings, even after doing a thorough technical analysis. As a result – it’s very common to see traders losing money instead of being consistently profitable.
This is the reason for which there are so many stories of people getting liquidated or losing tons of money in an instant. After all, it is normal to make mistakes when engaging in trading by yourself. There’s a growing checklist of various considerations, including many order types, current market conditions, rebalancing portfolios, freeing up liquidity at just the right time, and so forth.
Taking care of all of the above is paramount, and not everyone is able to do so but perhaps only the select few. This is also one of the reasons for which various tools for trading automation are gaining some traction amongst cryptocurrency traders around the world. They are already quite popular in traditional finance, and it appears that the moment might be ripe for them to make an entrance in crypto as well.
Enters Bitsgap: All-in-One Automation Platform
One way to avoid mistakes that are made because of emotions or lack of focus (and knowledge, sometimes) is to start using an automation tool.
There are several ways to go about it, and Bitsgap is an all-in-one automation platform that tries to keep everything within one roof. It strikes a balance between cloud-based support to make trading accessible on various devices, automation, as well as appropriate order executions – even when the front-end of the exchange would freeze up. This last bit is very critical because the exchange’s backends tend to remain operational even if the frontend interface gets crowded and jammed.
The automation nature of Bitsgap becomes accessible thanks to bots that operate on a grid-based approach. Users can set their preferred grid (or a trading triangle, for that matter), and the bot will start buying cheaper and selling higher automatically.
Any market provides a potential for profit, regardless of how small it could be. Manual trading might not be able to yield these constant small wins as we as humans are incapable of acting fast enough.
The solution brought by Bitsgap is accessible through any device, and the orders will be executed on the user’s behalf – regardless of whether one trades on a tablet, phone, or computer. The bots can run 24/7, which can also provide a certain peace of mind.
Post is imported from RSS feed, by one of our guest editors. G6 does not edit or moderate the content. G6 is not responsible for your actions. No rights owned by G6. To remove the post, please email us at [email protected]