Trading cryptocurrencies can be a quite challenging, dangerous, and difficult endeavor. Not only exists a steep knowing curve to go through however likewise the truth that traders tend to make mistakes that can be avoided.
The decision-making element of trading is absolutely critical, and automation tools continue to get quite a lot of momentum in this regard.
What are the Risks of Manual Cryptocurrency Trading?
When people give in to the concept of trading cryptocurrencies, the first they need to keep with is the high learning curve that lays ahead of them. The marketplace is complicated, and although it presents a great deal of opportunities, it also conceals a lot of risks that not everyone is rather comfortable with.
Every entry can have repercussions – – be it for better or even worse – – and making timely decisions is nothing except paramount. Sadly, all of this is a lot easier said than done when there are thousands of markets and trading sets at one’s disposal.
Manual trading can be quite dangerous since market conditions can change at any given moment, and traders may not always keep making the best choices at the very best time. Since crypto markets are so unpredictable, there’s quite a great deal of data to consider, and market conditions can quickly invalidate someone’s recent findings, even after doing a comprehensive technical analysis. As a result – – it’s really typical to see traders losing money instead of being regularly successful.
This is the reason for which there are numerous stories of people getting liquidated or losing lots of money in an instant. After all, it is regular to make errors when participating in trading on your own. There’s a growing list of numerous factors to consider, consisting of lots of order types, existing market conditions, rebalancing portfolios, maximizing liquidity at just the correct time, and so forth.
Looking after all of the above is paramount, and not everyone has the ability to do so but perhaps just the choose few. This is also among the factors for which various tools for trading automation are getting some traction among cryptocurrency traders around the world. They are already quite popular in standard finance, and it appears that the moment might be ripe for them to make an entryway in crypto as well.
Enters Bitsgap: All-in-One Automation Platform
One way to avoid mistakes that are made since of feelings or lack of focus (and knowledge, often) is to start using an automation tool.
There are a number of ways to go about it, and Bitsgap is an all-in-one automation platform that attempts to keep whatever within one roofing system. It strikes a balance in between cloud-based support to make trading accessible on various devices, automation, in addition to appropriate order executions – – even when the front-end of the exchange would freeze up. This last bit is really critical since the exchange’s backends tend to remain functional even if the frontend user interface gets crowded and jammed.
The automation nature of Bitsgap ends up being available thanks to bots that operate on a grid-based method. Users can set their favored grid (or a trading triangle, for that matter), and the bot will start buying cheaper and offering greater automatically.
Any market provides a potential for earnings, despite how little it could be. Manual trading may not have the ability to yield these continuous small wins as we as human beings are incapable of acting fast enough.
The solution brought by Bitsgap is accessible through any device, and the orders will be performed on the user’s behalf – – regardless of whether one trades on a tablet, phone, or computer system. The bots can run 24/7, which can likewise supply a specific peace of mind.