What is Automated Crypto Trading & why using it can make your trading more successfully in 2020.
As we have entered the 21st Century and witnessed the massive development in all technical sectors, and one are in particular that is starting to be more widely adopted is automated crypto trading.
Cryptocurrencies came into existence in the financial market in 2010, yet they weren’t commonly known about until now, and they had limited uses in trading. This resulted in the development of newer methods of trading.
The Rise Of Automated Crypto Trading
Eventually, automated trading platforms began to rise and over the years became even more advanced. Automated trading goes by a variety of names such as Algo-trading, high-frequency trading, system trading, and algorithmic trading, and I’m sure there are more.
It is an effective and creative method of improving your profit margins. Automated trading allows crypto traders to create strategies at scale without the need to code or sit in front of a screen all day waiting to enter or exit that perfect trading position.
These automated crypto trading bots are enhanced trading automation software. Think of your normal way of executing a manual trade but unlike the automated trading systems, they don’t have the same efficiency, accuracy or speed.
Automated Trading bots can present a variety of complex algorithms to its users, some can even be a minefield to understand. However, these trading bots have developed popularity in recent years after the increased risks and volatility in cryptocurrency markets.
These crypto bots can work around the clock, giving greater control of your assets and bringing efficiency and improvements to your trading experience.
Trading bots can be used for carrying out tasks such as setting kick-in prices, the buy and sell of profit percentages, upper and lower restart strategy levels, and you can even decide a lock-in-profit level so that trading strategy will terminate automatically.
When you create an automated crypto strategy you are simply developing a road map for executing the buying and selling of a chosen market and cryptocurrency pair.
The automated trading bots are software programs that have an API (Application Programming Interface) connection. This helps them read every detail of the set task for successful implementation.
An API key to me is like a username and password – But a very secure one that connects two or more software systems together securely. I know they are more technical than that and I will link another article all about the uses and benefits of using APIs in another blog post soon.
There are a few things that need to be considered when selecting the best trading platform:
• Reliability: Since you trust third-party software for handling your assets, there should be a track record of the execution of different trading strategies on cryptocurrency exchanges.
• Transparency: There operation and service should be based on trust and transparency leaving no stone unturned. (Just like Yanda)
• Security: Every trader should feel a sense of trust over the methodology of the trading bot in securing the trading data. Using API Keys connected to your crypto trading exchange allows you to keep your trading funds safely in that wallet, and by giving ‘no withdrawal permission’ you are taking further steps to keep your funds even safer when trading.
• Profitability: Promises on fixed profits results can and usually are unjustified and frequently misleading with ‘fake’ claims. We have all seen these posts from the so-called ‘crypto gurus’ swimming in pools of dollar bills with their Lambos! And, You should remain ‘sceptical’. Consider who, and what you are trading with.
However, automated trading doesn’t mean blind trust and that is why it is more reliable than manual trading. Human error is frequent and dangerous. With automation, you have full control over your actions and take the emotion out of the trade, you lose the fear of missing the perfect trade, the fear of getting in or out too early missing those potential profits. Trading bots don’t miss a thing… and they don’t sleep, meaning you can trade the crypto markets 24/7 profitably.
When it comes to crypto trading Yanda is a trading bot you can rely on. Yanda comes as the ultimate solution for your cryptocurrency trading needs. You can manage all your funds in one dashboard and trade across multiple trading exchanges. Yanda makes trading crypto easy, fun, and profitable.
The platform allows users to customize their automation bots while providing them with different ways to trade so there is a way to start trading at all levels. You can Copy, Share, and Create trading strategies.
You can use the Personal Automated Trading Software (PATS) to build and customize your very own trading strategies. You can use the 4 pre-set trading strategies built for you inside the dashboard that help you trade based on market conditions, or you can copy one of the many successful traders.
And the best bit… Yanda believes that you should only pay fees on performance. Unlike other crypto bot companies out there, Yanda doesn’t have a paid subscription where you have to pay $50-$100 monthly no matter whether you profit or don’t. With Yanda, you only pay a fee when your strategy successfully scores profits!
As mentioned, Yanda has several supported crypto exchanges and you can connect to all of them and trade at the same time from one account.
Supported exchanges at present