Earlier this year, a blockchain company launched a new decentralized platform for creating and executing cryptocurrency trading strategies automatically. We shall base this article on the services offered by Kryll.io, an automatic trading platform developed by Cryptense. Automated trading can earn the trader a lot of money without requiring the attention of the trader.
Here are the steps anyone can follow to start earning from the automated trading right way. We use Kryll.io in this article as an example, there are other cryptocurrency automated trading platforms out there that users can explore. Never the less it is essential to gain the baseline knowledge from here then apply in elsewhere as you earn money.
New traders are reminded that new strategies ought to be tested over time in demo accounts before starting out actual trading. This will minimize the chances of making damaging losses on the side of the trader. We encourage traders to extensive research and try for themselves every strategy they develop or copy from the internet before doing real trading. Here are the four steps for Earning via automated trading.
1. Drag ‘n’ Drop Strategy Blocks
This step involves creating a strategy depending on your preferable markets, the cryptocurrencies you are interested in and your level of involvement. Remember the goal is to automate your trading such that you won’t need to constantly watch price movements. This strategy can be very simple or extremely advanced depending on the user’s preferences.
On one of the platform Kryll, Blocks that can help in building the strategy is offered. One of these blocks, Market trends, provides market information including price fluctuations, demand and supply analysis. The block also offers machine learning based market predictions and other options. In the strategy, the user can also include their preferred trading actions such as buying, selling, splitting amounts into subsets and many others.
Another interesting feature of the platform is Signals. A combination of recent tips comping from profession traders, Telegram channels or social networks. The broker in most cases notifies the trader via text messages or emails to inform them of the latest market developments.
2. Proof-test your strategy
Since you developed the automated trading strategy yourself, it vital to proof test your strategy to be sure it is profitable. It is essential to test your strategy against the market. The platform would allow users to safely execute their strategies in a test account before using it the real world. Kryll specifically provides users data for the previous six months to test their strategies.
Another option for testing the strategy would be to test it as it is running on the market. This allows you to know how your strategy performs in the real-time trading environment. This will provide a sandbox that will protect you from real-world losses in case of mistakes. Once you are sure of the strategy you have chosen, you can start implementing it right away.
3. Trading 24/7, Night or Day
Once you are sure the strategy is successful and profitable, it is the right time to use additional features such as 24/7 trading. Many major automated trading platforms support almost all the major exchanges around the globe. Traders can leverage the differences in prices from exchange to exchange to maximize profits.
Traders should know that there are risks associated with trading, most especially if running automated strategies. There are risks of loss of funds due to hacks or any other related cybersecurity. One of the brokers, Kryll reveals that their servers are under permanent DDOS protection. The company mentioned that it would have an external security auditor in a nearby future.
4. Sharing with the Community
The last step towards consistent earning with automated earning is to Share your strategy with the community. Obviously, the community using your strategy will help top provide very help patches that could improve the profitability of the strategy. Additionally, some automated trading platforms have dedicated sections for selling strategies.
People who mastered the art of trading can help others with their strategies while making some money from it. Other users can rate different strategies posted by strategy developing members of the community. Different people can interact with each other by giving advice to themselves.
It is vital to be sure the automated trading strategy you attempt to use is well tested over time before starting to use real money. Share your comments on this topic in the comment section below and follow the discussion on Telegram and Twitter.