A huge number of cryptocurrencies, a handful of possible strategies, and quite a few tools one can use can easily overwhelm a new trader. The necessity to study the market and stay alert 24/7 will quickly turn your part-time gig into a full-time job. Luckily, you don’t have to do everything by yourself.
Automated trading allows you to trade without your actual physical presence. Just set up a trading bot to follow a strategy and carry it out depending on the price, technical indicator, or your portfolio’s value. The best part is that you can combine your automated trading experience with other money-making activities, be it holding, staking, or crypto futures trading.
The Basics of Automated Trading
While some newer crypto bots use smart contracts and operate directly on the blockchain, the majority of automated crypto trading platforms still come as APIs. API allows your account to connect with a crypto exchange and open and close positions on your behalf based on the predetermined set of rules.
One of the biggest advantages of crypto bots is that they are not people. They work around the clock and can immediately react to any new trend or event in the market. Also, they have zero emotions, never fall off the track, and can use signals, filters, and technical analysis.
There are several types of crypto trading bots, but arbitrage or grid trading ones are among the most popular options. The arbitrage bots take advantage of the price change on different exchanges, and the grid trading is focused on the ‘buy low, sell high strategy.
In fact, manual trading is not as popular as you might think. They say algorithmic trading bots are responsible for up to 80% of the crypto trading volume. Although typically they come with a fee, they surely are in great demand among all types of traders and definitely worth checking out.
Where to Start
Keep in mind that crypto bots cannot eliminate the risks completely, but help you automate and, thus, improve trading processes. This tool can help both experienced and new traders gain their profits. However, to properly set it up, you’ll need to have at least a basic understanding of the market as well as trading rules and tools.
Once you choose the bot, you need to log in to your trading account on the exchange and generate API keys and add them to the bot. Then you’ll be able to set up the rules yourself or via templates, and pick a trading strategy, trading pair, and desired position.
After you’re done with the basic settings, you can configure the detailed ones. For example, you can choose a take-profit target and a trailing take-profit target. Moreover, you can set up a number of extra orders and order volume. In case you tend to use risk-management tools, activate a stop loss. And if you want your bot to use technical analysis, pick the desired indicators.
Once the bot is live, all you have to do is monitor the results and correct the strategy when necessary.
MCF: The Best Bot for Beginners in Crypto Trading
At MCF, we are dedicated to simplifying cryptocurrency trading for beginners with our cutting-edge, AI-driven solutions. Our aim is to provide an easy-to-use and intelligent trading ecosystem that maximizes profitability and minimizes risk.
- Automated Trading Made Simple
The MCF bot leverages advanced AI technology to automate the process of identifying and executing profitable trades across multiple exchanges. Beginners can enjoy the benefits of automated trading without needing in-depth market knowledge.
- Low-Risk Arbitrage for Stable Returns
MCF bot specializes in low-risk arbitrage strategies, allowing beginners to profit from price differences between exchanges without relying on complex market predictions. This approach reduces risk and ensures more consistent returns.
- User-Friendly Interface
Our platform is designed with simplicity in mind, featuring an intuitive interface that is easy for beginners to navigate. Setting up and managing trades with MCF is straightforward and hassle-free.
- Customizable Yet Easy-to-Use
MCF offers flexible trading parameters, enabling beginners to either use pre-set automated settings or make simple customizations. This flexibility allows new traders to gradually learn and adapt their strategies.
- 24/7 Operation and Support
The MCF bot operates around the clock, ensuring that trading opportunities are never missed. Additionally, our support team is available 24/7 to help beginners with any questions or issues they may encounter.
- Secure and Transparent
Security and transparency are top priorities at MCF. We employ robust security measures to protect user funds and data, providing beginners with a trustworthy and safe trading environment.
Conclusion
Automated crypto trading is not a magic bullet that keeps volatility in check and frees you from the risks. It is a solid working tool to simplify your cryptocurrency trading and optimize all the processes. Crypto bots are relatively easy to set up, and they can help you navigate the world of crypto trading 24/7 and spare you from the unfortunate consequences caused by emotions.
Experience the simplicity and efficiency of crypto trading with MCF. Our beginner-friendly trading bot and platform provide all the tools you need to navigate the cryptocurrency market confidently and successfully.