Things to Keep in Mind before Registering on Auto Trading Platform
During the last couple of years, trading with the assistance of automated trading platforms has become particularly alluring for retail investors. It’s not surprising since these platforms are created to facilitate trading.
They turned out to be time-saving, emotion-free, and suitable for all trading levels. But, even though the high-frequency trading performed thanks to these platforms is pretty profitable, some are prone to criticize it.
They argue that such tools distort the market environment, working for institutional operators and affecting those who trade long-term or in bulk. It’s not far from the truth, but we must admit that there are still more advantages than disadvantages to this trading mode.
If you are ready to jump into the auto trading game and about to pick your platforms, here are several things to have in your mind before starting.
Learning the Basics
We suppose that trading strategies, technical analysis, fundamental analysis, indicators, and technical patterns are possibly something you are not fond of.
And the first thing that may have attracted you to auto trading platforms is that you don’t have to be armed with prior knowledge. It’s partially true. There is no need to be an expert and handle myriads of strategies to use automated trading tools.
Still, entering the market with just your money on account ready for investment and without the slightest idea of how the market works is not recommended. Also, you need to know at least how the stop loss and take profit orders work in order to make your auto trading tool work for you.
System Monitoring
The best perk of auto trading is setting the chosen parameters into the system and letting the algorithm do the job for you. It will search for the best opportunities and execute the trading orders strictly following the rules you entered into the system.
But, even though this way of trading allows you not to be present during trades and dedicate time to some other activities, you will need to give a glance from time to time to monitor once in a while if there is no interruption in the internet connection if there are no other glitches in the system.
These platforms are powerful, but you cannot count 100 percent that some glitch in the system won’t happen, putting at risk your investments.
Choosing the Right Platform
Reliability, accuracy, and speed are the core features of every auto trading platform. But there are a plethora of these platforms on the market today.
Some are focused on one asset. Some are manipulating several of them. For instance, the recently launched Biti Codes IO was created to allow users to get rewards in BTC just by solving captchas. Amazing auto trading tool, indeed. And according to testimonials, it is very efficient. But would it be suited for your needs?
In order to find the perfect fit for your trading profile, make sure to compare several legitimate and reliable tools and make the final choice just after checking all the core features on the specific platform that interests you.
Don’t Skip Demo Trading
The usual initial deposit on auto trading platforms is approximately $200. And there are those without fees, such as Biti Codes IO. In any case, don’t go straight to depositing the money. Try out the platform in a demo mode if it’s accessible. If not accessible, maybe you should avoid that platform since it doesn’t enable users to test it and make a knowledgeable decision.
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