Many have tried taking up crypto trading as a hobby, but they soon realize that it can often be more similar to a job than to a hobby. Trading Cryptocurrency can be one of the most challenging tasks because the markets never stop; they run 24/7, meaning no one can monitor the market the whole time. Moreover, crypto coins tend to be very volatile and often unpredicted. This leads to a move towards automated trading, also known as High-Frequency Trading. Today we see bots execute around 90% of trades conducted on exchanges. Thus, another question arises: how can I automate my trading and make money with it?
The old way of running automated strategies
Creating an automated bot can take you anywhere from 10 hours to literally months to configure. You would need to code your script to run and trade for you automatically. If you can copy that code from an online source, variables must always be changed, making it a hassle for noncoders. All your scripts then must be compared to historical data to evaluate your trading bot. As a result, the entry barriers into the algorithmic trading space have always been high, leading to a massive inequality in the opportunities and tools available for normal traders and a massive advantage for whales and professionals.
But there are few companies out there that allowing users to get access to automated trading solutions without coding. Coinrule, for example, is offering traders the tools they need to trade algorithmically without having to write a single line of code.
The new way of automating trades
Previously, coding crypto bots was something only developers could do or financial institutions that could hire a development team to create an elaborate system. Many lack the means or the knowledge to automate their trade effectively. Through Coinrule, you can use a simple interface to interact with the system and automate transactions with ease, with the main logic of the bot is based on the If-this-then-that (IFTTT) principle.
With this principle, you can construct trading rules for specific conditions: ‘If Bitcoin’s price goes up 3% and the volume goes up 5% within 3 hours, buy $500 of BTC with my USDC wallet’. This can be seen in the example:
But strategies can also become more advanced and also incorporate multiple steps as well as Technical Indicators such as Moving Averages for those who want to integrate them into their trading. Coinrule is a decent platform for beginners because of the numerous educational resources that are provided for users. The knowledge base is packed with educational content and articles, the demo exchange that is linked to Binance in real-time offers users the chance to test their strategies without putting their capital at risk.
The logic that this bot uses, coupled with the simple interface and numerous educational resources makes it easy for beginners to start trading. Instead of coding, users can use the create rule page and select from a number of options in the drop-down menu to define the parameters. Once the parameters have been set, the bot will continuously monitor the market and execute it once the conditions are met. As such, no coding is required.
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