9. How can I earn a lot, and how can I do it right?

Written by Olha
Updated 8 months ago

In this article, we want to share the nuances of managing bots. We’ll explain how to choose the right strategy and the basic steps of market analysis. We’ve divided this article into the following sections:

  • Why it is important to choose your settings carefully; 
  • How to set up a bot correctly and what to look for;
  • How to choose the direction of your strategy;
  • Basic steps needed to analyze the current situation;

Why is it important to choose your settings carefully?

The bot is a handy tool, but you can unleash its true potential through constant learning, changing settings in accordance with market conditions. This will allow you to significantly increase your profit and avoid deal freezes. 

Each trader, sooner or later, runs into a threshold where he or she is no longer interested in trading on an amateur level and wants to develop. Of course, it directly affects your income. 

How to set up a bot correctly and what to look out for

The first thing that traders pay attention to is the amount of the Start and Safety orders, which undoubtedly play an important role. For a more advanced bot usage, you should focus on settings such as the number of safety orders, the safety order step and the Martingale multiplier.

The following settings bring the greatest benefit:

- The number of safety orders allows you to make sure that when the price deviates, you cover a sufficient movement by buying or selling an asset under the most favorable conditions;

- The step of safety orders allows you to adjust the intensity of your safety orders and directly affects the final amount of entry price averaging in case of execution of all safety orders; 

- Martingale opens up the possibility of increasing the trading volume of your safety orders as they are placed, which will move a larger portion of your investment to the zone where the price will be more profitable for you.

One of the most important steps will be to prepare several strategy templates for different market conditions.

If you see that the market is oversold, then you can run a more aggressive bot and significantly increase your profit on several trades. Your safety orders will cover small market disturbances. If you know the market is likely to experience significant fluctuations, set up a setting where the last of your safety orders will be fulfilled at the very "bottom", allowing you to average out significantly and increase your trade volume.

With small market fluctuations, you can enter only three or four safety orders, and with high volatility, you can increase their number to nine. 

Thus, by alternating settings in accordance with your expectations of the market, you will be able to achieve the greatest profit and manage your risks more effectively. Don’t be afraid to experiment and look for new strategies; this is the main key to success. Adapt to new conditions.

How can you choose the direction of your strategy? 

The market moves according to the general trend and it’s the right decision not to be tied to any specific strategy. You shouldn’t keep your long positions within a Bear market. Shorts are going to bring you the most profit.

Even within a day, you can navigate the chart and change your direction settings according to the price’s movement. Don’t miss an opportunity, because more deals mean more profits.

Basic steps needed to analyze the current situation

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