So, what are the requirements for getting started with trading bots? To begin, you’ll need an account with a cryptocurrency exchange. In this example, ByBit will be used. You will save 10% on your trading fees if you use this link.
The second thing you’ll need is a 3Commas subscription. You can save 10% on your first monthly subscription purchase by clicking here.
|Binance Exchange||FTX Exchange – Discount Referral code: 97147287 (5% off fees!)|
|Bybit Exchange||3Commas Account (Trading Bot software)|
The third requirement is self-evident. You will need some trading capital. You’ll need some money to use your bots, you’ll need that upfront investment.
And this will differ greatly from one person to the next. But, hopefully, as I walk you through the process and explain how the bots work, you’ll get a sense of how much capital you’ll need for your specific situation.
Finally, there’s the tutorial, which will go over exactly how to set up these bots.
What 3Commas subscription do you need?
So now let’s get into the bot software, and I’ll show you how to use trading bots in the next chapter. Okay, so this is the 3commas platform, and we’re going to start at the subscription tab because I’m just going to quickly explain which subscription you need to have the trading bots that I’m talking about on this website.
I’d like you to get the advanced plan. And the reason for this is that you can use unlimited DCA or dollar cost averaging bots. This is precisely what you need. It costs $49 per month. Alternatively, if you commit to the full year, it’s literally half the price and a much better deal. So then it comes down to $24.50 per month. To use trading bots, an investment must be made, and there is a cost associated with it.
So I wanted that covered earlier on in the tutorial, we need to consider your budget, right? How much money can you put into something like this? Because you must be able to generate enough profit from your trading bots to at least cover this cost, correct? What’s the point if not? It’s pointless. So, as I previously stated, if I make a couple hundred dollars per day, it’s worth it to me to pay $24.50 a month for my subscription.
Because you require unlimited bots, the advanced subscription plan is the bare minimum. This is what we’ll be covering in this tutorial. You can try it out with the free subscription, but it won’t give you a good idea of how powerful these bots are, as I’ll explain now.
To ensure that trades are executed continuously throughout the day, you should run multiple bots at the same time. That is, after all, the point. One bot, for example, may take a week or two to enter and exit trades. If you only have one bot running on the free plan, you will not make any money for days or weeks.
If you’re serious about getting into trading bots, the advanced plan is the one you should start with.
Now that you have access to unlimited to 3Commas trading bots. Let’s move on.