One Ridiculously Smart Trading Bot that Prints You Money
written by
James Stones
posted on
Cryptohopper DO’s and DONT’s: how to prepare for succes.
I often advise traders to look into a trading bot and try one themselves.
While trading yourself allows you to have full control and provide you with more options in certain aspects, it does make sense to make your life easier by automating part of the daily grind.
That said, without the help of articles like this or reviews by people like Macropus it’s hard to find a legitimate bot that isn’t just out to get you.
You just need to set up the right way so that it does the work for you.
The DO’s and DONT’s below will help you understand the power behind Cryptohopper and its simplicity
DO number #1: Make sure to double check the trading bot is able to use the exchange of your choice!
When you choose a bot to trade with, get in the habit of checking the available exchanges of the bot. In this case, there is a list available under features on cryptohoppers website.
Start by picking your favorite exchange, depending on where you trade the most, and get yourself an API code. Follow the exchange specific instruction on how to get an API code carefully.
You can find the instructions for binance on this page.
DO Number #2: Test, test and test some more!
When you know what your strategy of choice is, you know the amount of upside you are looking for. The proof is in the pudding. Instead of plunging your hard earned cash in an untested strategy, I’d suggest to use papertrading on Cryptohopper.
Papertrading is the ultimate way to test your new found strategies and comes free with every subscription.
With a Papertrading account you can trade on Cryptohopper without owning any cryptocurrencies or an exchange account. You can learn to be a professional trader without taking any risks.
DO Number #3: Check out this article for 35 tips on how to use bots for beginners!
Crypthena has been around for almost 2 years and we still find new and helpful articles all of the time! Such as this one, written by Cryptocurrencyfacts.
Let’s say we didn’t already refer you to an article full of tips on how to use Cryptohopper on Crypthena. And you like to keep it at one article at a time, we would like to highlight three of our favorite tips.
- Never give your bot permission to withdraw money from your account… This might seem obvious but we still find it worth mentioning.
- Put two factor authentication and strong passwords on everything you can. The harder it is to access each platform you use, the better. It is good practices to use different emails for different platforms as well.
- Expect losses (and use a stop loss)! Automating trading is not the same as ensuring profits. Bots lose money all the time, the best strategies are simply the ones that make more gains more consistently. Don’t let the losses scare you, if you take losses, then turn your bot off and miss gains, then turn it on and take more losses… it’ll grind you down.
DON’T: Be scared to try out a crypto trading bot!
Trading bots are an integral part of crypto trading and they allow you to make consistent gains while you are shifting your focus elsewhere.
But you have to keep in mind, setting up a profitable bot takes time and exploration.
If you have decided to sign up for the 7 day free trial today, you have taken the first step toward setting up a profitable bot.
You”ll discover the most profitable trading strategies along the way, and become a better trading because of them.
James Stones
James Stones is Crypthena’s Founder & Digital Strategist. Trading BTC & altcoins since 2015, Rico has become an experienced cryptocurrency trader. He writes on a wide range of topics, such as the state of market, the best tools and projects to support or what to be cautious about.
