Just the same way stock trading and forex trading has made many people rich and offered traders a genius way to make income, bitcoin trading has also continued to make fortunes for many. However, to generate lots of income from the bitcoin market, whether passive or active, most people still end up having to pay attention to the industry and other currency market trends or announcements.
Pairs like the BTC/USD are directly affected by any news that affects Bitcoin as a brand and any news that greatly shifts the dollar strength. But do you have the financial knowledge and mettle to analyze charts and make quick swift decisions to take advantage of the price changes?
That is where the problem occurs as a lot of people chicken out when the idea of analyzing charts, making statistical calculations and trend predictions come. There is simply too much to be done and that is why all the bitcoin chat and trading robots have continued to thrive in the scene.
What are bitcoin trading robots and how can you use them?
The bitcoin trading robots are automated systems that are capable of sharing information, answer buy or sell type of questions and still perform smart actions such as suggesting whether to swap the bitcoin for a dollar or vice versa.
In that sense, they are a unique form of Artificial Intelligence that has directly been applied in the financial trading scene. As people interact with the technology and use them more, the bots also keep on learning and adding into a store of information. The breakthrough came when extensive analytics and common human input developed a predictable set of actions that people do based on certain trend changes.
Robots finally figured what to do when the market is quiet and what to do when there is high volatility in the market.
What are some of the available bots in the market?
As the bitcoin trade bots are opening new avenues for traders, they are also helping the industry grow and they seem to get better and better with time. Some of the most common bots in the market today are Haasbot and Tradewave but others such as RoFx and BTC Robot are fast gaining popularity, each with very unique advantages and disadvantages.
Haasbot – Developed by Haasonline, the 3-module software has a trade bot, arbitrage bot and order bot. On the trading part, it comprises of indicators, insurances and safeties. It simply generates trading signals and uses other user-specified parameters to catch the top of a trend. The robot however needs you to understand a lot of issues regarding buy and sell and again requires you to keep on monitoring what the robot is doing. It only mirrors some conditions based on a system called pre-ordering. It is a sturdy bot but you have to be ready to keep changing parameters and setting new profit thresholds every few hours.
Tradewave – Tradewave is a platform that lets all the subscribers come up with strategies, carry out back-testing and those are the ones which will run your account. In a way, the system uses all your inputs and amalgamates them into a set of crowdsourced instructions. It still costs $14 per month to make use of its basic algorithm and depending on the number of bots you need, you can easily end up paying $100 per month. The only thing that makes it count as a robot is that it helps you do away with any coding but you will still have to make financial decisions. The fact that you will not have to have knowledge of Python or a similar coding language does not omit you from having to still know about leverage, risk-reward ratios and market volatility.
RoFx – RoFx is a fully automated trading system. In real sense, you do not have to make any trading inputs when you use rofx. All the trades will be placed for you and profits directly deposited to your account daily. You need to simply sign up and select an investment package and the service runs an automated trading bot and distributes the
profits to you.
In comparison to the other two systems, RoFx is the best bitcoin trading bot for the reason that it does not need you to conduct any research, coding, algo-monitoring and profit-loss inputs. Most other systems that are available are not complete robots because they still need you to choose the kind of currency pairs it will trade, set profit taking and money management parameters and other complex choices that may need some financial knowledge for you to run them during your trading. In some way or another, with these conventional robots, you will still have to set time and manage your trades and do some tough decision making.
About The Author
Ruchi gupta is a writing enthusiast who has penned down a number of articles along with numerous tech , business and health blog posts over the last decade. She is a freelance blogger.