Trade Assistant Bot
Cryptocurrencies have become one of the most lucrative financial markets in the world today,
generating billions of dollars in profits for those interested. However, thousands of dollars are
lost in this market at the moment. It is the rule of any financial market, and if you do not know
the rules, you will be out of the market at a loss. However, do not be afraid because there are
many ways to facilitate money-making in this market, and you have to be familiar with them.
One of these handy tools is Crypto Assistant.
If you are a trader, you probably know that the cryptocurrency market is different from all other markets, such as the stock market. This financial market is known for sharp fluctuations and pumps and dumps. It is both attractive and hazardous for traders. The difference between the two is in the experience of traders. Successful traders use every tool to increase their speed and accuracy. If you know how much power a Crypto BitMEX Assistant / Crypto Binance Assistant can give you, you will be looking to get it. Join us to see what a crypto assistant is and its features.
What is BitMEX Crypto Assistant? What is Binance Crypto Assistant?
To be clear, Crypto Assistant is a computer software written with code. This software is designed
to help traders. The unique features of this trading assistant allow you to trade with a lower error
rate and significantly increase profitability. This software connects to your exchange account and
can do things for you to prevent the ruin of your money.
Crypto Assistant is not able to do anything on its own. You can turn this software on or off like any other software, and you are in control of it. If we want to name the essential feature of a crypto assistant, it is to create a buy and sell signal. Of course, not all assistants have this capability, and most crypto assistants can only do a few simple tasks. However, the PlayOnBit crypto assistant has such an ability. In addition to creating a buy and sell signal, this assistant has several other features that we will introduce in the following.
What is the Difference Between Crypto Assistance and Crypto Trade Bot?
For many traders, the question is, what is the difference between a crypto trading bot and a crypto
assistant. A crypto bot can also be a crypto assistant, and a crypto assistant can also be an
assistant bot. However, the two are different.
A crypto trading bot is software that can buy and sell automatically. The bot connects to your exchange and can set buy/sales orders at the BitMEX or Binance exchange without your intervention. Crypto Assistant connects to your exchange account but does not trade.
This software can arrange or adjust your orders on the exchange and prevent common errors in trading. You can make your analysis, compare it to crypto assistant analysis, and make the best decision.
Of course, you should know that PlayOnBit is both a crypto bot and a crypto assistant. You can deactivate the option to set orders at any time and use its features as a crypto assistant. The choice is yours.
BitMEX / Binance Crypto Assistant Features
PlayOnBit can help you in various areas, such as preventing manual errors, speeding up trading, generating buy signals, setting stop-loss, and more. In the following, we will review the essential features of this trading assistant.
Set the Stop-Loss
As you know, the value of cryptocurrencies can drop and be dumped in a fraction of a second.
A trader cannot prevent this risk except to set stop-loss. Stop-Loss notifies your exchange that it
will sell crypto if the price goes down to a certain number. It will avoid more loss.
Choosing the proper stop loss is one of the most important tasks of a trader. Selecting the wrong stop loss can be just as dangerous as not having it. Trade assistant can do this for you automatically. If you are a beginner trader or the number of trades per day is very high, this feature can help you.
Just turn on the trading assistant and connect it to the exchange. This software can automatically select the best stop-loss for you according to its performance analysis.
Correcting a Stop-Loss
PlayOnBit is not limited to stop-loss settings. Many traders may intentionally or unintentionally set another stop loss when trading. Sometimes they do not realize this, and the fall in price makes their trade unprofitable. Sometimes too many trades cause the trader to forget that he did not specify the correct stop loss. This trading assistant can correct the stop loss. In such a case, you can ensure that your stop-loss is right with just one click via the software pannel. The trading assistant automatically changes the exchange stop-loss to the value specified in the bot panel.
Many traders are accustomed to setting a variety of stop-losses for their trades. It is not wrong,
but it can significantly increase the error rate in trading. It is right to have a stop loss in
each trade to avoid more losses. It matters, even more critical, when the market is red, and the
trader has long positions.
PlayOnBit can adjust your stop-loss to the correct number and save you time. For example, if you have a 300 position and put total of 300 stop losses, the crypto assistant merge them to one stop loss with amount of 300 at the percentage you put in the bot. Imagine how much faster this can be in a fast market like cryptocurrency.
Correct the total of Stop-Losses by position
For example, if you have three hundred positions, you should set three hundred stop-losses. Sometimes your positions close, which causes your stop-loss to be more or less this amount. Correcting these stop-losses is a time-consuming task with a possibility of error. This crypto assistant can automatically (and rapidly) set the sum of the stop stops for you.
Close position more than Stop-Loss percent and re-order Stop-loss
Cryptocurrency prices are volatile at BitMEX (and other exchanges). If you have traded by BitMEX
exchange, you will find that this exchange is different from other exchanges in one way. At BitMEX,
when a cryptocurrency price falls, the exchange automatically cancels the stop market.
The cryptocurrency market is full of these price shadows. In such a case, in BitMEX exchange, if the price falls once and rises and then falls again, your position has no stop loss, and you will lose your money. You should enter the exchange and close the position before the second fall to prevent these consecutive falls. It is not possible for many people in terms of time.
The trading assistant does this easily for you. If the trading assistant is connected to an exchange, it will automatically activate after the second drop (when your position is still open and you have no stop-loss). You can set a number as the maximum loss inside the assistant panel, and if the loss is greater than the loss specified in the bot, the position will be closed completely.
It's not just the stop-loss that can make your trade effective. Another task that should be
considered when trading is take-profit. Take profit determines for you how much profit you get
from trading. The greed of many traders makes them not have a take profit or set it too high.
Both of these things are wrong.
Professional traders set different take-profits for their trades to save additional profit at different prices. This feature is called multi-slice take-profit. The trading assistant can put as many take-profits as you desire, and these multi-slice take-profits will be automatically transferred to the exchange and placed in your account. It is also possible to reset it in the trade assistant panel, and no matter how much you set in the bot, it divides it into an exchange.
Risk-Free the trading position
Risk-free trade means withdrawing the initial money from the trade and continuing the trade with the profit from the initial money. It will ensure that you continue to make a profit without any loss and not make any loss in the worst case (price pump, dump, and various trading errors). The trading assistant automatically makes a risk-free and withdraws the initial funds from the trade when your profit equals the initial capital.
Close the position when the ROE falls
Another feature that trade assistant gives you is closing positions automatically. If your trading ROE is above +8%, the trade assistant will automatically change your stop-loss position to +4% (on profit). You may be wondering, what is the use of such a rule in this trade? This feature allows you to make a 4% profit if the price goes up and then down. However, without this feature, if your take profit is higher than 8% and your stop-loss position is lower than the number set in the trading assistant, you will not have any profit from trading. The price will fluctuate in this high range without any profit.
Automatic Stop-Loss removal
Sometimes when the price reaches Take-Profit and your position closed, your Stop-Loss is still active in the exchange. In this case, if you do not remove your stop loss, the price may change and activate the stop-loss. To do this, you must manually remove the stop loss after making a profit at crypto exchanges. The trading assistant automatically closes the position and eliminates the Stop-Loss not to damage your fund.
Managing tick take-profit and stop-loss is very difficult for new traders or daily traders. Many traders suffer from a lack of management of these two features. Trade assistant is one of the best software that a trader can use to buy and sell. This software can organize and automate your orders and save you considerable time. Risk-freeing positions and closing them at the right time can also be done for trading in the fastest possible time by the PlayOnBit. Trading Assistant also prevents common mistakes and saves you money. If you know how much irreparable damage a small error in the crypto market can do, you will undoubtedly not hesitate to use trade assistant.