5 Elements that Mark a Terrific Trading Bot
written by
James Stone
posted on
According to you, can trading bots be more effective in making gains?
Ruud answers honestly:’’ It can, but it can also be more effective in making losses. It totally depends on how you use it. It’s like an expensive camera. It does its work, but the results depend on the person who uses it.’’
His version of success isn’t just the trading bot, it’s providing the complete package for his customers. He also looks at what it means to be a good trader. Cryptohopper isn’t just a well-designed automated system…. It’s a platform, a place where everything comes together.
Some trading bots promise you a fortune, a perfect AI, or a magnificent user interface. A lot of those promises end up being empty. Ruud got me thinking about the elements that I believe are crucial to a good trading bot. The kind of features that makes you want to recommend it to your friends.
If you’re a professional trader, of course you need to trade well. But it isn’t just the ability to trade well that makes a bot successful — it’s also about how good you set up. It’s the complete package that a bot offers you to sway you to use it.
Here are my thoughts on five ‘’Feature Elements’’ that help traders choose the right trading bot.
Key element #1: Great onboarding process
For any crypto exchange, but particularly for a crypto trading bot, the get started guide is one of the most important elements to have.
What does that look like on their website? Is it easily accessible? Is it comprehensible? Like tends to attract like, and the amount of effort put in those pages will tend to show on their platform as well.
Does the get started guide represent the quality you are looking for?
Ask yourself what kind of guide makes you want to purchase their product? Have a look at the get started guide from proven trading bot market leaders.
These are always subjective. What might seem annoyingly large and unorganized for me might feel appealingly neat to you.
Because you’re a pro trader, you have more knowledge than regular people do. Use that knowledge to dig deep into those guides to see which qualities you want in your automated system.
Key element #2: User experience
Traders today don’t just want a good project — they also want a clean website. (whether or not they would admit to this factor) Good traders want a trading bot who understands how the web works today.
It’s hard to come across as trustworthy and promote a quality trading bot if the website design looks 10 years out of date or just not visually pleasing.
It’s not a deal-breaker, but it certainly helps if the website looks uncluttered and fresh.
Key element #3: Their pricing
Price is one of the most powerful elements of any good trading bot.
- Mercedes tells a different story from Kia
- American Express tells a different story from Visa
- Louis Vuitton tells a different story from Aliexpress
Now, Kia, Visa, and Aliexpress are all things that a lot of consumers choose and even like.
But trust me, you do not want to choose for the Aliexpress of trading bots.
When you pick a trading bot, you pick a business you trust with your money. Hard earned cash — the one thing you don’t want to lose. Losing those dollars at a discount just doesn’t make sense.
Of course, if you’re just starting out, you don’t want to pick the most expensive product on the market. That’s why your first priority is to gather as much information as possible, so you spend as little time in ‘’Aliexpress’’ territory as possible.
Crummy traders want cheap bots to produce amazing results that, truthfully, no one really believes anyway.
Good traders want professional companies to produce genuine results that seem reasonable.
Two very different perspectives. The second one earns you the most cash.
Key element #4: Their Specialization
This is where a lot of smart traders start when they’re thinking about picking a good tradingbot — and its a great startingpoint.
None of them are good at everything. What are they great at? What do you want them to be great at?
When I was setting up Cryptohopper, I focussed on using the test feature, and on the many strategies that were available and easily implementable.
I’m really good at that kind of testing. I have a lot of experience trying out different things, which allows me to find that sweet spot you want in a consistent trading bot. I enjoy setting it up. And it worked. If the test feature wasnt part of the platform, I’d probably move on to a different trading bot.
I found the intersection between what I want in a trading bot, what the bots could offer and what I could use efficiently and well.
Lots of articles focus on highlighting the difference in features between bots, like their arbitrage functions or the exchanges they are available on. Stay up to speed on the bots so you know their differences. And don’t be fooled by those ‘’jacks of all trades’’, they most likely lack significantly in areas that aren’t directly visible.
Key element #5: Their professionalism
This one is really old school … and really important.
When you leave a query on their ‘’Contact Us’’ form… do they get back to you? How long does it take them? Do they have a solid process to handle those inquiries?
Are they linked to fraud or sketchy articles? Are they putting as much thought and care for a big client using the bot as when a small client uses their bot?
Anyone who works with a lot of businesses will tell you:
Reliability is an issue. When you find a business who does what it says, every time, it makes a major impact.
Their service can be seen as a commodity or as a valued integral part of the product. The cool thing is — because you’re the professional trader and you’re smart about doing research — you get to choose.
James Stones
James Stones is Crypthena’s Editor-in-Chief. He writes on a wide range of topics, such as the state of market, the best hedge funds or who the best non-sleazy advisers are.
