Anyone considering investing in cryptocurrency has questions lingering in his/her mind.
- Is making money with cryptocurrency possible?
- How do I make money with cryptocurrency?
- Which is the best possible way to make money with cryptocurrency?
Well, the questions are justified depending on the perspective you are standing.
Could be from an investment skepticism or in an attempt to clear your risk aversion conscience. Put your worries to sleep because, in our world today, making money with cryptocurrency is not a matter of probability.
Cryptocurrency skeptics have made peace with the fact that cryptocurrency is here to stay, and are capitalizing on the opportunity presented by the digital currency.
You can make massive profits with virtual currency within days. Whether you are a beginner or an experienced trading bot guru, you are all on your path to big cryptocurrency money.
Cryptocurrency investment has become an irreversible trend due to its dynamic nature (e.g. on marketplaces such as Paxful). People making profits via cryptocurrency trading will tell you that benefits are attributed to excellent skills, in-depth analysis, rich experience, and, most importantly, the will to risk it all.
However, you need to understand yourself better and be conversant with your trading style. Especially if you are a beginner. Digital assets are arguably the most volatile assets today. But, blockchain technology is providing an opportunity to be wealthy in the near future.
Lucky for the trader, crypto trading has been simplified by the application of digital tools known as cryptocurrency trading robots (trading bots). A trading bot is a program that helps execute trades for you via an online exchange platform based on the programmer or user parameters.
Why Trading Bots?
Essential stocks market close at certain hours of the day. This is not the case for cryptocurrency markets. Due to the round the clock enabled cryptocurrency trading bots, the crypto markets never close nor sleep. This aspect could create a stressful situation for casual investors and traders in the industry.
Traders familiar with crypto trading are also conversant with the great joyful or sinking feeling, where a trader wakes up in the morning to the pleasant or unpleasant surprise of substantial gains or losses. This is nothing to worry you in today’s crypto trading.
Due to market volatility, trading bots have become much popular within traders, giving them control over their trade at all times because the trading bots never sleep even if the trader does. Trading bots are specified in a manner that allows trades to be executed way faster and more efficiently than the trader would perform manually. You can always retire to bed with a smile on your face.
The popularity in the virtual currency has also seen an explosion in the availability of crypto trading bots. Trading bots could be of two forms, open-source platforms or could be licensed to users for flat fees exchange.
Trading bots are available for everyone regardless of your crypto trading expertise or experience. Anyone is eligible to use these sophisticated cryptocurrency trading robots.
Trading bots are suitable for the trader and the potential trader because most of them require low starting capital. Some of them have a requirement of starting capital, which goes as low as $200. this is a sweet deal for cryptocurrency trading. Please make the most out of trading bots.
How Day Trading Bots Work
Day trading bots employ the use of technical analysis and algorithmic trading.
TECHNICAL ANALYSIS. Technical analysis, in its simplest terms, is a trading discipline used to identify trading opportunities and evaluate investments via analyzing statistical trends garnered from trading activity, including price movement and volume.
In fundamental analysis, analysts try to determine the currency’s intrinsic value. This is different in technical analysis. Technical analysts will focus on trade signals, patterns of price movement, and other various analytical charting tools to determine security’s weakness or strength. This implies that technical analysis will be employed on cryptocurrency’s historical trading data. This concept can be used on other currencies and securities but is more dominant in cryptocurrency.
ALGORITHMIC TRADING. This is also known as black-box trading, automated trading, or Algo trading. Algo-trading is a process of using pre-programmed and automated trading instructions to execute orders and account for certain variables like timing, price, and volume. An algorithm is better known as a set of guidelines for problem-solving purposes. This involves the use of high-frequency trading tech, enabling hundreds of thousands of trades per second. Algo-trading can also be used in situations like arbitrage, execution, and, most importantly, trend trading. It is the best technology for crypto trading, and trading bots have fully embraced this powerful tool.
There are plenty of trading bots in the market today, but you can only utilize the best whenever trading. Here is the most powerful day trading bot: Cryptohopper.
This trading bot continues trading for you even when your computer is off. It is considered the most potent cryptocurrency trading bot in the industry today.
This trading bot offers trailing stop loss, backtest, ability to trade using multiple exchanges, and a pleasant user interface. Besides, cryptohopper is the only trading bot that provides a free trial for a month. It will offer you the chance to upgrade to Bunny, Hare, and Kangaroo if you want to stick around. Please utilize this trading bot.
Jens Ischebeck is specialist for bitcoin applications in Africa. He helps young Africans to understand and apply Bitcoin and other cryptocurrencies to save money on fees or to give unbanked people financial access.
Follow him on Quora.