1. Watch your bot
To successfully trade using the bot, it needs to be managed. It is necessary to regularly check its activity: how well it works in a specific market situation. Keep track of your trading pairs, analyze charts and check the news from the world of cryptocurrencies so as not to lose your investment.
2. Limit risk
Define a limit: the amount you are not ready to lose more. To do this, you can create a separate account for the trading bot on the exchange
3. Beware of scammers
Examine the bot information before using it. Check how long it has been on the market and what reviews it leaves. This can help avoid fraud and protect your money.
Never trust bots that promise you income after depositing cryptocurrency into their “smart contract”. Real bots should only work through your account on the well-known cryptocurrency exchange. You should see all the deals and applications of your bot. The bot cannot independently withdraw money from your account. Permission to execute transactions should always come from you - through the chosen trading strategy.
Top 5 bots 2020:
- cryptohopper
- gunbot
- 3commas
- Haasbot
- Cap.Club4. Automate your statistics and risks.
Always be aware of what is happening on your account. Install the tracker application to track all the information on trades and analyze them. Set several types of risks and set the function of special notifications that come to you in case of reaching the risk limit.
Software example:
https://www.bitinsure.com/Trading bots can save time, speed up trading activity and help make a profit. However, you can not leave the bot unattended - they need to be used consciously. It must be remembered that the bot is not a trader. Only a person decides which strategy to use, as well as what and how to trade.