Place/Date: - January 27th, 2022 at 6:05 pm UTC · 4 min read
Contact: Bitsgap, Source: Bitsgap
The manual trading on cryptocurrencies is an arduous and risky endeavour. There is not only a steep learning curve to consider, but also the fact that traders often make mistakes, one could have avoided. Moreover, the decision-making aspect of trading is crucial, and automation tools continue to gain momentum in this segment.
When people explore the idea of trading cryptocurrencies, they have a steep learning curve ahead. These complex markets introduce many opportunities but also some risks, which not everyone is comfortable with. Every entry made by a trader can have consequences – for better or worse – and making timely decisions is paramount. Unfortunately, that is all easier said than done with thousands of markets and trading pairs at one’s disposal.
Manual trading is a risky business in the cryptocurrency world. Market conditions can change at any moment, and traders may not always make the right decision at the right time. In addition, there is too much data to consider, and market conditions may invalidate recent findings even after performing technical analysis. As a result, it is all too common to see traders losing money instead of pocketing a profit.
Making matters worse are the horror stories of traders losing vast sums of money. One British trader recently lost nearly $300,000 through manual trading by making one costly mistake and not timing the shifting market momentum correctly. Although the trader had a solid long-term money-making strategy, all it took was a sudden bearish turn and forgetting to place stop-loss orders to nuke the portfolio completely.
It is normal to make mistakes when engaging in manual trading. Users have a growing checklist of things to consider, including different order types, market conditions, portfolio rebalancing, freeing up liquidity at the right time, etc. Taking care of all these aspects manually is nearly impossible and puts much mental strain on the user. It is no surprise automated solutions continue to gain traction among crypto traders globally.
While there are several ways to automate one’s crypto trading, the solution provided by Bitsgap checks the right boxes. It strikes a balance between automation, cloud-based support to make trading accessible on any device, and guaranteed order execution even if the exchange’s front-end would freeze up. Mainly, that latter aspect is crucial, as an exchange’s backend will usually remain operational even if the user interface gets overloaded.
The automation nature of Bitsgap is accessible through bots operating on a grid-based approach. Users set their preferred grid (or trading range), and the bot will automatically buy cheaper and sell for a higher value. Any market provides profit potential, no matter how small it might be. Manual trading would not yield these constant small profits, as humans cannot act fast enough to explore these minute price gaps in time.
More importantly, the Bitsgap solution is accessible through any device. Orders will be executed on the user’s behalf, whether one trades on a computer, phone, tablet, or other internet-connected devices. The bots will run 24/7, providing you with the necessary peace of mind while sleeping.
On the topic of order execution, an exchange outage will not disrupt the bots and how they approach market conditions. An exchange has a backend, which is usually always operating, even if the front-end is overloaded and freezes up. Bitsgap ensures orders are sent to the backend directly, ensuring operational continuity. More importantly, this solution helps anyone make long-term money without mistakes.
The trading technology developed by Bitsgap is used by many traders worldwide. The Youtuber below netted a 45x increase in the portfolio through the Bitsgap trading bot within just four months. Achieving such results through manual trading is possible, but it would require a lot more work, stress, and the potential to make mistakes along the way.
The all-in-one trading automation solution by Bitsgap is accessible by anyone. Moreover, it has backtesting functionality to give users an idea of how their settings would affect overall performance. Bitsgap does not take any fees from trades.