What trading bots are, and an introduction to ProfitTrailer.
What is a Trading Bot?
Let’s talk a little about trading bots, what they are and what they are not.
Most trade bots are designed to implement your trading strategy unattended. In the case of a crypto Currency trade bot, that means 24 hours, 7 days a week. Notice I said your trading strategy. A trading bot is not some kind of automagical money making machine that you can turn on, sit back and watch it print money for you. Trading does not work that way. In fact, if anyone promises you that you can make money by turning on their bot, no knowledge necessary, they are stealing your money. Think about that. If they could write a program to magically make money, they would not be selling it, they would be using it to make money for themselves.
They are actually just advanced tools, a way to implement your trade strategies quickly and efficiently without you having to participate constantly. The differences between most legitimate bots on the market are in how advanced the features of the bot are, how user friendly the bot is, the user interface of the bot, and it’s total capabilities. Not everyone can use every bot, and some have a higher learning curve than others. In general, the more advanced the bot, the higher the complexity and learning curve. If you are a beginner to trade bots, expect to spend a lot of time learning how to use the bot. If you are a beginner to trading, expect to spend a lot more time learning trading fundamentals in addition to learning the bot.
ProfitTrailer is an advanced bot, by anyone’s standards. It allows you to use a large variety of built-in indicators, along with an ever expanding choice of options to control and fine tune your trading. It can be relatively simple to set up buys using a basic indicator like Bollinger Bands, and simple sells using a straight gain (think sell when we rise 2%). But what if you want to get more complex? What if you want to make buy, but see if the price goes a little lower than your target? What if you want to sell at 2% gain, but want to trail that profit up as high as possible? ProfitTrailer has these abilities, plus a lot more. Want to set stop losses? Great. Want to set them based on the current volatility of a coin? Even better. I can’t list all of the options here – but if you are an advanced trader, there are more than enough options to keep you satisfied.
Are you a TradingView pro? If you write Pine scripts, and have yourself all set within TradingView – You can send buy and/or sell signals directly to ProfitTrailer, basically giving you the ability to implement any strategy or combination of indicators available within TradingView. (note this requires a subscription to TV signals from the ProfitTrailer store).