What is a trading setup?

 The market for cryptocurrency trading bots enables clients to follow seasoned traders

Previously, trading cryptocurrencies required users to choose the asset they wished to trade, create their investment strategy, schedule their trades, and handle all of the transactions. When appropriately carried out, these stages might produce returns in the double or triple digits.

However, only a small number of traders can dedicate themselves to it full-time, which is why automation has emerged as a preferred remedy.

Automation is when computer software carries out predefined algorithms to carry out a transaction. Then, a cryptocurrency bot can carry out transactions on the investor's behalf utilizing a variety of tools, such as filters, signals, or other technical analysis techniques. As a result, automation offers traders a competitive advantage because bots trade more accounts or different strategies faster and more efficiently than even a full-time trader.

TradeSanta is one of the sites that makes crypto trading bots available to regular traders. "TradeSanta is a powerful terminal allowing you to trade quicker, smarter, and with lesser risks," a member of their team explains.

The platform has launched a mirror trading marketplace option. Traders now have the chance to view and imitate the best-performing bots thanks to this release. Users are able to take advantage of chances to trade using leverage by having this feature's functionality expanded to the spot and futures markets. The marketplace will have filters based on type (DCA or Grid), strategy, exchange, market (spot, futures), and pair to help users choose a bot.

While copy trading is now free, traders will have the ability to monetize their tactics in a few months, which means some products on the market will have a price.

TradeSanta does not have access to customer money, unlike a cryptocurrency exchange. Instead, the platform is a piece of software that lets customers integrate well-known exchanges to automate their bitcoin trading. Currently, the software automates cryptocurrency trading techniques on significant exchanges including Binance, Binance Futures, Binance.US, OKX, Huobi, Upbit, HitBTC, Coinbase Pro, FTX, and Kraken.

The platform, which offers an all-inclusive solution, is made up of a number of parts, including a terminal, mobile app, signals, and marketplace, each of which contains trading bots that have been specially created for it.

Investors may program a trading bot to place a trade instantly or in response to a signal from a chosen technical indicator. The bot will buy the base currency specified in the parameters when going long after either occurrence. The transaction is deemed open when this order is performed, allowing the bot to place subsequent Extra orders and the Take Profit order, which generates a profit at the level specified by the user. Similar to the long side, the bot will sell whatever coins an investor has in their holdings and then purchase them back at a lower price at a predetermined price, making a profit out of the difference.

One of the Extra orders is executed, and a new order is made if the price of the selected cryptocurrency swings in the opposite direction of the user's chosen strategy. The corresponding take profit level is adjusted each time this occurs.

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One of the advantages TradeSanta provides is extra orders. Additionally, there are long and short strategy alternatives that a trader may use concurrently, as well as stop loss and trading stop loss, trailing take profit, covering the price regardless of the asset's direction, and stop loss and trading stop loss. Users may also access technical indicators to make sure that crypto trading bots enter the market at the right time. RSI, MACD, Bollinger, TradingView signals, or a combination of them, are some examples of these indicators. Additionally, both spot and futures trading is possible with all of this.

Disclaimer: Cointelegraph does not support any of the information or merchandise on this website. While we strive to provide you all the pertinent information we are able to find, we urge readers to conduct their own research before acting in any way about the firm. Readers should be fully responsible for their choices, and nothing in this article can be construed as financial advice.

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