cryptocurrency

With the huge influx of people who are interested in cryptocurrencies and the growing blockchain ecosystem, the fact that there are a significant number of newcomers who don’t know how cryptocurrency trading works and what are the best ways to approach it should not be surprising.

Because of this, these traders started to look for ways to make money from crypto without the need of having much experience or dedicating most of their time to this market. As most of these newcomers are not looking to become full-time traders.

They are looking for ways to trade crypto while having time left for other activities, automated trading has become one of the best solutions for them. But what is automated trading, and how can we get started? This is exactly what we will be discussing today.

Getting started with automated crypto trading

Automated crypto trading is when traders set up automated tools that follow certain rules and execute trades automatically when market conditions meet the conditions indicated by the trader in these rules.

When starting with automated trading, the first step traders have to take is to choose which automated trading app they want to use. The selection of these apps is big, with apps such as bitcoineer.de providing high-quality trading tools suited for beginner traders.

Once a trader has selected which automated trading app he will be using, the next step is to choose whether he wishes to trade with his own strategy and rules, or wishes to copy the strategy of more experienced traders.

If a trader wishes to have his own strategy, he needs to go to the configuration of these tools and set up specific rules these bots have to follow. The complexity of this will depend on the app trader has chosen, with some apps being targeted at beginner traders while others are for more experienced traders who know what they are doing.

Once these rules are set and the bot is ready to trade, we would suggest that traders first try this bot on Demo accounts, in order to make sure the bot works as intended. Once we are certain that the bot is operational, we can move to a live account and start trading.

If you are not sure in your abilities to configure an automated trading robot or don’t know what are the best strategies to use, then using copy trading is probably the best option. With Bitcoin showing its lowest price since 2020 and the market being in high volatility, copying the strategies of experienced traders might give you some confidence.

But when doing so, you need to absolutely make sure that you are following a legit and experienced trader as there are many different scammers who impersonate experienced traders in order to scam people out of their money.

Once we have implemented the automated trading system and started trading, we can sit back and relax. But just ignoring this and letting the bot do the whole work will most likely lead to losses instead of profits. Automated trading tools are not perfect, and they are more useful for limiting losses than making profits. Therefore, traders should still keep an eye on the bot and the

orders it executes. The best way to use these bots is to automate more technical parts of the trading and aspects that can be affected by human emotions or errors. While more important decisions should be made by traders themselves and more large or more risky orders should be opened and closed manually instead of giving the bot responsibility for it.

With crypto being a volatile asset, especially nowadays, these bots can make errors and execute wrong orders, so traders should still keep an eye on the market.

About the author

Brent Dixon is the owner of E-Crypto News and an early adopter of cryptocurrencies. He is a Book editor- that has edited numerous books on Cryptocurrencies. He has been a writer for more than 30 years. Covering everything from Jazz Music to Blockchain Technology. He currently lives with his wife on Miami Beach, Fl.

Related Posts

For a Hedge Against Inflation - Click the Rocket!

E-Crypto News Executive Interviews

Blockchain/Cryptocurrency Questions and Answers

Read This Before Buying Your Cryptocurrencies With A Credit Card
Read This Before Buying Your Cryptocurrencies With A Credit Card
December 1, 2022
2023 Crypto predictions
Top 10 Cryptocurrency Predictions for 2023
November 30, 2022
How Does Web3 Resolve Fundamental Issues In Web2?
How Does Web3 Resolve Fundamental Issues In Web2?
November 29, 2022
Cryptocurrency
How to Get a License for a Cryptocurrency Exchange
November 24, 2022
How to Make Money in the Crypto Space?
November 24, 2022

Automated trading with HaasBot Crypto Trading Bots


CryptoCurrencyUSDChange 1hChange 24hChange 7d
? --- 0.00 % 0.00 %

bitcoin
Bitcoin (BTC) $ 16,979.27
ethereum
Ethereum (ETH) $ 1,260.09
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 288.65
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.390772
dogecoin
Dogecoin (DOGE) $ 0.10184
cardano
Cardano (ADA) $ 0.320379
matic-network
Polygon (MATIC) $ 0.912813