Trading with Bots for Bitcoins on BTC-E

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bitcoin trading botAre you interested in trading and looking for a new perspective and potentially very profitable asset? Or probably you’re one of the bitcoin-fans who like these cryptocurrency and the whole Bitcoin monetary system and you want to earn some money using your bitcoins. No matter who you are, it’s definitely interesting to pay some attention to trading bots. Have you heard about them? Well, here it is.

Advantages

Trading bots or special programs, which are particularly designed for trading, are common on Forex and financial market for years. Programs for trading interact with financial exchange markets and place their bids for shares, options and futures. It makes an order to buy or to sell assets in market according to the algorithms which are inside bot’s code. These algorithms are made for trading decisions. It analyses economic factors, market indexes, prices, graphic and other elements of the system which were included in the code by a creator. It is useful and efficient for traders. They are not emotional and works strictly according to the program. That’s why bots are so frequent in finance market. They help brokers to work every day without any rest or vacation excluding exchange’s weekends and holidays of course. It does not buy impetuously, irrationally or by intuition. If it fails it means there is a problem in a code but not in a bot itself.

Success Story

So, Bitcoin seems to be a kind of a currency and an assent at the same time. Therefore using trading bots with bitcoins is just a matter of time. Joseph Lee managed to create a trading program which earns money on Bitcoin exchange. Joseph Lee explains that he wrote the script for his first creature between 2011 and 2013. Since that time his capital of $100 has turned to $200,000. In fact the reason of such a huge profit is extremely fast increasing of bitcoin’s price. Anyway it’s still helpful.

First trading bot had an algorithm which was noticing the differences between prices on several exchanges, finding the best offer and sold it for the best demand. Today there are many good bots which are available to use and you don’t need to write your own by yourself. You may find one which was created before and download it for your trading. Bitcoin trading bots are widespread in BTC-E for example and BTC-E works with them for quite a long time.

Related: Bitcoin Arbitrage. How to Earn from Spreads and Liquidity

Do Your Own Trading Bot

But if you feel some passion of creativity and willing to build your own one, you may still do that. Knowledge of programing languages is quite useful but not necessary. For example you can use this website which is called CryptoTrader.

cryptotrader

It offers a ‘constructor’. You are able to set up strategy, choose a marketplace and other setting to build your best one. None can say whether you trading bot is going to be really effective but if it is, you will be able even to rent it to other people. What a field of action! Your bot will earn bitcoins not only for you but other people will pay you for it. Easy peasy lemon squeezy. The problem is to design it by yourself..

Professionals Only

In fact it is not so easy as it seems. You need to know basics of financial market at least to build up your own. At the same time you have to modify it according to current situation in market. You may not just launch your trading program and have a rest. More likely you’ll lose all bitcoins in this case.

So, that’s why if you have no any special knowledge about financial world or economy it’s better to use one of current trading programs.

If You’re Still Interested

Anyway whether you trade with your own trading program or you just downloaded one, the main task for you as a trader is to find a good strategy. Your program needs to know exactly how to make a right decision according to changing situation on the bitcoin exchange market. You need to go deep into the bitcoin economy and understand why things happen there and how. Obviously you have to understand, basics at least, global economy and financial market as a whole. It will help you to form and determine truly efficient strategy which may earn money for you.

Consequently it is going to work only if you really keen to trade and ready to learn, study and work hard.

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