How Do They Work?
Overview of Trading Bots
To utilize our trading bots, it is necessary to possess a crypto exchange account and grant our bot access via an API key. Generating this key is a straightforward process within your exchange account, and it can be effortlessly copied into our system. It is worth mentioning that when generating the API key, it is sufficient to authorize the bot solely for executing buy and sell trades. There is no need to grant access for fund withdrawals or deposits. This is because your funds remain securely stored within your exchange account, and the bot solely transmits trading signals to execute trades on your behalf.
- The trading bot collects and analyzes market data at a significantly faster and more efficient rate compared to humans. This data is utilized to identify potential trades and recognize market trends.
- After the analysis of the data, the trading bot will generate buy and sell signals by taking into consideration the market data and technical indicators. It will also incorporate your individual pre-set parameters for risk and leverage before executing the position.
- The trading bot will carry out trades according to the predetermined signals that have been configured, executing the purchase and sale of the designated cryptocurrency on the connected exchange.
It is worth emphasizing that trading bots are not flawless, and forecasting market conditions can be challenging. Hence, it is crucial to closely observe the bots performance and make necessary adaptations. Moreover, despite the automation provided by trading bots, they do not substitute the importance of fundamental analysis and thorough research.
Last modified 3mo ago