The world of trading is a fast-paced one. Especially when it comes to cryptocurrency. Stocks and bonds have set trading hours. However, this is not the case for cryptocurrencies as they are traded for 24 hours a day and over the weekend.
Maybe you would like to get into crypto trading but don’t have all the time in the world to be constantly checking the prices and trading. What if I tell you that there is a way to automate all of that?
Automated trading — also known as algorithmic trading — enables traders to establish a defined set of rules (or algorithm) for a computer program to place a trade, as well as monitoring the charts.
The algorithm can be based on various factors such as momentum, technical indicators, sentiments, price and so on.
For example, a trader may instruct the program to purchase 2 Bitcoins when its 50-day moving average is higher than the 200-day moving average.
Perhaps the trader may also want the program to sell some Bitcoins if its 50-day moving average goes below the 200-day moving average.
By using these instructions, the computer will automatically execute buy or sell orders when the specified conditions are met. This means that the trader no longer needs to monitor prices and place trades manually.
The world of automated trading is no longer confined to programmers who can write trading algorithms. A crypto trading bot like CryptoHero offers automated trading and through its user-friendly interface, allows traders to configure the bot’s instructions on when to buy and sell easily.
