How to Configure Your Automated Trading Bot?
With the development of automated trading robots such as the QProfit System, you are no longer expected to babysit your computer and monitor what is happening on the screen all the time. The trading robot is well equipped to execute multiple trades one after the other with the help of an in-built computer software. All a user is expected to do is configure the system in such a way that the software will able to pick up on the pre-determined settings and parameters and then execute trades based on the user’s configuration.
Why should you configure your automated trading bot?
There are 2 important reasons as to why every trader who wishes a smooth trading experience must configure his/her system and these are:
- To make the software easier to use, especially for new users and amateur traders
- To make the bot operate in the manner that you expect it to perform
Therefore, follow these simple steps to configure your bot.
- Choose the type of automated trading bot that you want. There are two basic types – one is the simple and the other is a complex one. While the simple but makes use of only one trading pair, the complex but makes use of multiple pairs.
- Next, you are required to name your trading bot. This will help you identify the different trading pairs made by your bot.
- Third, you need to select your exchange where you want to trade.
- Fourth, you are required to select your trading pair, as this will help the bot decide what to buy and what to sell.
- Next, input the trade size so that the bot will know how much you want to use in your trades.
- Once you set your trade size, you will need to set a safety trade value as well. Although this step is optional, it is highly recommended because it allows you to trade in a controlled manner.
- Next, input your target profit so that your bot is aware when to sell an asset and in what percentages.
- Once you decide on the target profit, set the type of your profit, either in terms of base trade percentage or in terms of total volume percentage.
- Post this, you are expected to set your maximum safety-trade count. Once again this is an optional step but is recommended in order to execute safe trades.
- After this, set your maximum active safety-trade count.
- Then you will need to input a factor to account for price deviations in order to enable the bot to open more safety trades.
- Once all input parameters have been given, you need to set the initial trade conditions to start your first trade.
Although the number of steps needed to configure your automated trading bot may seem long, it only takes a few minutes to execute the configuration process. It is not that difficult as you may think. Therefore, you must configure your system so that it becomes more user-friendly and more reliable in terms of its performance. A well-configured trading bot will be a pleasant tool for new traders and a very robust one for the more professional traders.