BOTS trading tips to know before you start
I'm Simon, a comedian and so-called crypto hobbyist. And just like you, I'm learning about trading as I go. In these videos, I do my very best to tell you as much as I can about trading apps, cryptocurrency, starting with trading, and much, much more.
This time, I’m having a look at starting with Bots, and I’ll give you 4 essential tips that will help you get up and running! So are you ready to learn the do’s and dont’s and some handy-dandy tricks?
Sit back, relax, pour yourself a cuppa, and get ready to learn!
Ready to start trading cryptocurrencies and let the complex algorithms of BOTS do the heavy work for you? Well: you’re in luck! We’ve got some advice to help you hit the ground running.
The best trading tips for trading with BOTS
Trading with bots is easy, but it might also take you some time to get the hang of things. These are 4 things you should know before you start with BOTS.
1. The less you do, the more you earn
Bots are algorithms. These algorithms are designed to perform over a longer period of time. This obviously means that if you don’t give your bots the time to do what they do best — you won’t be cruising in a yacht anytime soon. The longer you let your bots do their thing, the better they are able to respond to fluctuations in the market. Most bots are even designed to have the best returns over a period of a year or so!
So if you add a new bot to your portfolio, give the dude a chance to see what he can do for you! Still not happy after a few months into your relationship? Feel free to send him packing!
2. Forget about the fear of missing out
You remember being a teenager, invited to a party and unable to go? Remember that feeling of absolute fear of missing out on all the good stuff? Well: there’s a good chance you’ll be reliving your teenage fears once you start investing. Some tech-billionaire tweets about the release of a new cryptocurrency, and you suddenly feel the urge to jump in. Because what if you miss out on all the goodies?!
Well, let us put your mind at ease. The cryptocurrency market is volatile, and fluctuations happen more often than you might think. And those sudden booms, are often quickly followed by busts. Meaning that you actually increase the risk by jumping in on a trend.
So let your bots do the thinking for you! Some bots are actually designed to recognize trends and hop on (and off) at the right time. No need to do so yourself — let your bots do the hard work for you.
3. Bots aren’t all-knowing: there are no guarantees!
Even though bots are complex algorithms that take into account many factors that determine whether to buy, sell or hold. They even have fail-safes in place that minimize or even try to prevent losses. But in the end, they are still reliant on the rates of cryptocurrencies. Something they, unfortunately, have exactly zero influence on.
4. Leave your profits be
When you put money in the app, take it out, go shopping, reinvest whatever is left and so on: you’re skimming off your own profits. Remember how people used to leave their money in a savings account to just let it increase bit by bit? Well, it’s the same with your profits! The longer you let the bots run with your investment, the bigger the chance of higher profits. If you’d leave your bots run for a period of 3 years, for example, you’d see a huge difference in your profits at year 1, and year 3 — just like you would after 60 years of saving with your bank.
Would you like to learn more about the BOTS app, or get some more trading in cryptocurrency tips? Just continue reading below.
See you soon!
There is no such thing as risk-free trading. It is possible to lose (part of) your stake.
