The use of trading bots is pretty much a trend these days for the reason that they are thought to be effective. Bots do not rely on emotions, don’t commit blunders, don’t have faulty trading practices, and many other human misbehaviors that often hinder profitable trading. Furthermore, trading bots can work round the clock without much supervision so it helps the trader save time and effort. With the growing demand for trading bots, which trading bot is the best among the rest? This article will tell you all you need to know.
But before we jump right into the best option for trading bots in the market, let’s try to understand what trading bots are, their benefits, and if it suits your particular trading style. Having a good knowledge about trading bots helps you make better decisions as to which trading bot to use and how to make the most out of it for optimum potential profits.
What are Trading Bots?
As the name suggests, a trading bot is a program or application that does all the trading for you. All actions and executions of the bot are based on your assigned or set settings and conditions. A standard function of the trading bot is to buy positions at a price level that is assigned, and also sell positions when the assigned target price is reached. This buys and sells pattern is continuously performed by the bot over and over unless the trader stops it. Modern trading bots however are made more complex and can perform more complicated tasks than just buying and selling.
Some features of the advanced trading bots include scanning the market for assets with the best trading opportunities, reviewing the previous trading and teaching better trading practices, notifications for sudden changes in the chart or the market, and many others. These advanced features make the trader equipped with all the things needed to make more sound trading plans and decisions. The best thing about trading bots is that you don’t need to be a pro trader or tech genius to use them. Trading bots are designed in a way that both the pro and beginning trader can use effectively. It features a user-friendly interface and a guide that walks you through the process of operating the bot.
Although there are some free trading bots, they’re not completely equipped with the tools as well as the features that can improve trading profitability. The best trading bots would be those that are well maintained and closely monitored by admins for faults, glitches, and errors.
Are trading bots safe to use?
One thing that would come to mind when using third-party programs and applications on the internet would be its safety or security – in other words, is it safe to use trading bots?
Trading bots are designed to be safe and effective to use for trading. However, the growth of its demand also brought about the growth of people who wants to exploit them. As a security measure, trading bots make use of API keys (which stand for Application Programming Interface key) that keeps outsiders from accessing private trading accounts. The API key serves as a lock for the account which disables withdrawals as well as deposits on a particular account. With that said, trading bots are safe to use provided that it uses API keys that allow you to manage the flow of finances in your account.
Benefits of Using Trading Bots
Today’s world is all about innovation, and the use of bots for trading is one of the best examples of innovative trading. Among the many benefits of using trading bots include the following:
Offers Versatility and Resourcefulness
Trading bots come with a huge assortment of tools, features, and knowledge that can boost trading performance and results. With this modern online resource, traders can trade faster and more effectively without going through too much risk.
Another obvious benefit of using bots to trade is the capability to trade 24/7. Unlike humans, bots do not wear and do not tire. Thus, it does not require rest or sleep. It can continuously run for 24 hours a day and the only human intervention it requires is its setup.
One of the common reasons why traders lose their trade is because of emotion. Human emotion hinders sound judgment when trading and it often leads to huge amounts of losses. Bots on the other hand don’t have emotions and only run through set conditions. With the bot focused only on fulfilling the conditions before taking action, it has lesser chances of making mistakes and losses in a trade.
Another problem encountered by traders is their slow action when trading opportunities arise. As soon as opportunities arise, traders are often caught up and slowed down by slow decision-making and slow thought process. Furthermore, when opportunities arise, some traders need time to research and perform calculations before making a decision. At the time they come to a decision, the opportunity would have already passed. Bots on the other hand are designed to execute decisions based on conditions, programs, and formulas that are carefully studied by expert programmers, and many other factors. With the quick execution of the bot, opportunities are seized right away.
The best Trading Bot Today
Now there are certainly lots of trading bots being used by traders today however only a handful are quite legit and trusted by many traders – among those that are trusted and what we highly recommend is 3commas. So, what’s good about 3commas that makes it a better trading bot than others?
First of all, 3commas has everything you need from a trading bot platform. While it’s a reliable source for trading bots, it also provides users the comfort of copying the trading style and strategy of successful traders. Furthermore, the platform is an effective way to learn and master the art of trading without having to go through trial-and-error instances. Also, traders can create and design their trading strategy and style through the huge assortment of tools, settings, and trading resources available only on the 3commas platform.
Currently, there are more than 100,000 active users in 3commas, and a trading volume of $12 billion has been recorded in 2020 and still increasing as more and more people are starting to recognize the profitability in trading.
Among other benefits of using the 3commas trading platform include the following:
3Commas Learning System
Not all users are professional traders which is why 3commas considered options that would educate and help beginning traders how to trade and how to use the program effectively. 3Commas features courses that would help both beginning and professional traders improve their trading skills. The courses teach not only trading strategies but also techniques on how to create profitable bots. In addition to the courses, 3Commas also offer paper trading where traders can trade in real-time while using paper money or virtual money where they can test their learned skills.
Very Responsive Customer Support
Another thing that 3Commas boasts about itself is its responsive customer support. As mentioned earlier, many users are beginners, and not all professional traders know their way through the platform. Getting in touch with customer support to assist through all questions and inquiries and immediately getting a reply is guaranteed with 3Commas. They are backed up by a support staff that is well trained as well as experienced in trading using bots.
Also, 3Commas is among the few trading bot platforms that offer a mobile app. Furthermore, the mobile app does not lag behind its desktop version – it is equipped with all the features and options found on the desktop version itself so users can do with the app all the things they can do with the desktop version.
Having a mobile app version of the platform makes it easier for many users who are always on the go and those who have less access to computers.
Our Final Thoughts
Trading bots are the evolution of the traditional trading method and it lets the trader relax while dealing with all the troubles and stress of trading. While trading bots are indeed the best way to trade, one should be careful about which trading platform to use. We recommend the 3Commas trading platform for any trading bot needs for the reason that we have personally tried and tested it.
If you’re looking for ways how to make the most out of your trading bot using 3Commas, do check out our free course and also learn more about trading in general. The course also features some tips and tricks on how you can improve trading performance and increase potential profits.
Enjoy and good luck trading!