CryptoHero users are able to instruct the bot to execute additional trades after the first one is completed. This is known as “Extra Orders”. Before we proceed with the explanation, there are a couple of terms that you should be aware of.
“Fund Allocation” is the maximum amount of funds that the bot use to trade digital assets with. Users can configure the “Base Order Limit”, which sets the percentage of allocated fund used to execute the first trade. For example, if a user decides to allocate 500 USDT and sets the base order limit to 10%, the bot will use 10% of the 500 USDT to execute the first order.
Extra Orders is the number of subsequent trades that the bot will execute after the first trade. The remaining allocated fund after the first trade will be equally divided among the extra orders. For instance, let’s just say you have set the Base Order Limit as 20% and configured the bot to make 2 additional Extra Orders. By the time the first order is completed, only 80% of the allocated fund remains. Each of the extra orders will then use 40% of the allocated fund. Remember, the bot can deactivate automatically due to insufficient funds needed to execute the trade. This can happen when you increase the allocation for Extra Order after the bot has already executed Base Order.
After the first order is completed, the bot will wait for the entry condition to be met before triggering the first extra order. Here’s how Extra Orders can work for you. If your bot is using the long strategy, the price of the cryptocurrency will have to increase in order for you to make a profit. There’s a possibility that the price will decrease instead. With Extra Orders, your bot will buy more coins for lower price — which decreases the average cost of the asset. It works similarly for short strategy. However, this time, the bot would be buying more coins for higher price.