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Automatic cryptocurrency trading bot is a game-changer innovation in the cryptocurrency trading market. Trading bots are useful to traders when they want to start trading cryptocurrencies but they do not have enough time to submit each trade by themselves.
These bots execute a trade on the user's behalf by following their preferred settings. These bots eliminated the need to perform trade manually: instead, it automates them. As a result, the trade bots have become popular. The bots have also solved the problem of human emotion's influence on trade. Such tools include TradeSanta.
A cloud-based cryptocurrency trading software that allows traders to take advantage of the fluctuations in the crypto market. Users can enjoy loads of features with TradeSanta. The bot gives users advanced trading options, and the ability to automatically enter and exit both long and short positions.
TradeSanta works as follows. When a bot opens a deal, it buys the coin the trader has taxed it to buy based on the strategy settings. It also immediately calculate the profit taking level and puts a long/short order. The bot buys the user's desired coin at a lower price and automatically adjust the profit taking level based on the input percentage. The bot has the following features:
Multiple Bot Template Strategies
TradeSanta offers two basic templates to choose from – long and short. The third option allows you to customize your bot from scratch.
The long strategy implies buying cryptocurrency with the expectation that the price will go up. The strategy allows the bot to make profits on the upward difference when the price goes up.
The short strategy implies selling with the expectation that the price will fall. The bot can repurchase the coins when the price has fallen ending up with the same amount of the digital coin it began with plus the profit resulting from the difference.
It is also possible to launch two or more separate automated trading bots running both long and short strategies simultaneously. Such bots will seize the opportunity whenever direction the market goes.
Extra Orders strategy
If a user has entered a trade and it goes against them, TradeSanta has extra orders features that add to the position, so that it may be a winning trade at the end. The added size of the position will make a smaller move and yield a bigger profit hence making the original profit target a possibility.
The Martingale strategy is similar to extra orders. It also buys more of security as the market goes against a position. It also increases the volume of the purchase. In such a case, when the market turns in a trader’s favor, the purchases at lower prices will be more than offset the losses and even the small profits on the initial purchase.
Buying Coins for Commission
Sometimes the user’s exchange account might not have enough balance to cover the transaction. In such cases, TradeSanta offers the users the service of buying additional coins to cover the commission cost in the quote currency.
Technical Indicators and Bollinger Bands
These industry-standard technical analysis tools create a trading range for any market or security. TradeSanta can use Bollinger bands to trigger trade opening based on the decision of the last 1.5 hours of trading and using a 5-minute interval to do the analysis.
This feature can help in finding good trading conditions. The bots can be set up to enter a market only when the right volume conditions are present. The right volume is determined by the previous day’s trading volume. The minimum volume for BTC and ETH is 100 units. This volume is enough to ensure enough liquidity to exit trades and cushion against major swings that could trigger a stop-loss.
TradeSanta has a slick and intuitive user interface (UI) dashboard. All options are laid out in a simple menu leaving very little room for confusion. Therefore, even an armature user will have little trouble using the platform.
There are also video tutorials on the website that helps new users to familiarize themselves with the software. Their YouTube channel also has several tutorial videos to help users. TradeSanta also has bot templates that a new user can launch in just five minutes.
Tradesanta bot has access only to the users’ trading rights on any chosen exchange. It uses the API Keys provided by the user's exchange of choice to access the account.
The bot can only perform trade. It cannot perform withdrawal from the user's account. TradeSanta also uses two-factor authentication (2FA) to protect the user's accounts. 2FA adds another layer of security.