How to Eliminate the FOMO Factor and Automate Your Trading with Cryptohopper
Emotions are the main adversaries of successful crypto trading. FOMO gets in the way of rational thinking and pushes people to make wrong decisions like hesitating to sell in hopes the price rises higher.
But what if it was possible to pre-configure buy and sell settings and trade without constantly checking the market data? Together with Cryptohopper, a leading trading bot and HitBTC’s partner, we’ve puzzled out the idea of using stolid bots to get a hold of one’s emotions.
Copy-Trading
User who are neither keen on constantly checking charts nor have the time to do so can profit off Cryptohopper’s Marketplace Signalers. The idea is to follow whatever other experienced traders are doing. The solution boasts over 55 professional traders a user can copy on HitBTC and manage their portfolio automatically.
For those who prefer to stay in control, the platform offers strategies, packages with market scanning algorithms. These strategies can be backtested and checked if they perform efficiently in the current market. User can activate packages built by Marketplace Sellers. These packages consist of technical indicators used to scan the markets looking for trends, momentum, volatility, and volume.
Marketplace Sellers offer comprehensive set up guides explaining how to start using signals and strategies; and it’s recommended that beginners use a template. Most strategy makers have matching templates, pre-configured Hoppers that can be implemented straight away.
Sell Features
Apart from automated take profit and stop-loss features, there are other tools that can minimize traders’ losses or maximize their profits. For instance, trailing stop-loss helps continue to trail the price upward and sell when it drops a pre-configured percentage from its highest point. Alternatively, users can enable Trailing stop-buy to trail a buy signal downward and open a position when the price goes up by a pre-configured percentage from its lowest point.
Moreover, Cryptohopper offers a Dollar Cost Averaging (DCA) feature that doubles down on a losing position to lower the average buy rate and get out of positions faster while breaking even, or making a profit.
Strategy Designer
The platform also allows getting buy and sell signals coding-free by using trading strategy. RSI, EMA, Parabolic Sar, CCI, Hammer, and Hanged Man are among the most popular indicators and candle patterns. On top of that, Hopper continuously scans the markets in search for more opportunities.
The Algorithm Intelligence (AI) Strategy Designer may fit the needs of those traders who want to elevate their performance. The AI analyzes numerous strategies in different trends and determines the best strategy for every trading pair.
The Bottom Line
Keep in mind that trading bots neither guarantee profits nor eliminate the risks. For beginners, it is recommended to use trading signals from Marketplace Sellers and their setup guides to kick-start their trading activities. Moreover, it’s worth using a simulator to test features with simulated funds.