Manual cryptocurrency trading is a difficult and perilous endeavor. Not only is there a steep learning curve to consider, but traders frequently make missteps that could have been prevented. Furthermore, the decision-making part of trading is critical, and automation tools are gaining traction in this area.
Manual Crypto Trading’s Drawbacks
People who are interested in trading cryptocurrency will face a high learning curve. These complicated markets present several opportunities as well as certain risks that not everyone is comfortable with. Every trader’s decision has ramifications, for better or worse, and making fast decisions is critical. Unfortunately, with thousands of markets and trading pairs at one’s disposal, this is easier said than done.
In the bitcoin world, manual trading is a risky business. Market conditions are subject to alter at any time, and traders may not always make the best option at the best time. Furthermore, there is too much data to evaluate, and market conditions, even after doing technical analysis, may invalidate recent conclusions. As a result, it is all too usual for traders to lose money rather than make a profit.
Worse, there are horror stories about traders losing large quantities of money. One British trader recently lost approximately $300,000 in manual trading due to one costly error: failing to accurately time the shifting market trend. Despite having a sound long-term money-making approach, all it took was a rapid bearish turn and neglecting to place stop-loss orders to entirely wipe out the trader’s account.
When trading manually, it’s natural to make mistakes. Users must evaluate an increasing range of factors, such as different order types, market conditions, portfolio rebalancing, releasing liquidity at the proper time, and so on. Taking care of all of these details by hand is nearly impossible and puts the user under a lot of mental strain. It’s no wonder that automated solutions are gaining popularity among crypto traders all around the world.
How can you avoid losing money?
While there are a number of ways to automate cryptocurrency trading, Bitsgap’s approach checks all the boxes. It strikes a mix between automation, cloud-based assistance, and assured order execution even if the exchange’s front-end freezes. That last point is particularly important because an exchange’s backend will normally remain operational even if the user interface becomes overburdened.
Bots that operate on a grid-based basis provide access to Bitsgap’s automated nature. Users can choose their favorite grid (or trading range), and the bot will purchase for less and sell for more. Any market, no matter how small, has the potential for profit. Humans cannot respond quickly enough to examine these minute price gaps in time, therefore manual trading would not provide these consistent modest rewards.
What’s more, the Bitsgap solution may be accessed from any device. Whether trading via a computer, phone, tablet, or other internet-connected device, orders will be executed on the user’s behalf. The bots will run 24 hours a day, 7 days a week, giving you the necessary peace of mind while you sleep.
When it comes to ordering execution, an exchange outage will have no effect on the bots’ approach to market conditions. Even if the front-end is overcrowded and freezes, an exchange’s backend is generally always operational. Bitsgap ensures that orders are routed directly to the backend, maintaining operational consistency. More importantly, this technique enables anyone to achieve consistent long-term profits.
Bitsgap’s trading technology is used by numerous traders throughout the world. In just four months, the Youtuber below saw a 45x rise in his wealth thanks to the Bitsgap trading bot. It is feasible to achieve similar outcomes with manual trading, but it would include a lot more effort, stress, and the risk of making mistakes along the route.
Bitsgap’s all-in-one trading automation solution is available to anyone. It also features backtesting functionality, which allows users to see how their settings affect overall performance. Bitsgap does not charge any commissions on trades.