How to choose your Gunbot pairs
February 9, 2024
Cryptocurrency has become a phenomenon since its inception way back in 2009. However, its true nature is still yet to be known, for bankers it poses as a competition, for regulators, it is a commodity, and as for the general public, it is one form of investment.
Cryptocurrency basically acts as decentralized money that is being used by investors to transact, raise capital, and also as an instrument to create their economic value. According to experts, cryptocurrency poses a challenge to the traditional pillars of the financial system. Indeed the rise of cryptocurrency has opened doors for retailers to transact online without the need of banks for the payment. As of our present day, there are several cryptocurrencies which people can use to buy and sell online. Online transactions are made simpler by using cryptocurrencies such as Bitcoin, Litecoin, Peercoin, etc.
Furthermore, given our fast-paced world, technological innovations have been continuously evolving and this also includes the cryptocurrency technology. The use of trading bots has now become a thing. These trading bots act on your behalf and do the trading according to the setting that you have put up, and one example of this is Gunbot.
This is a type of crypto trading bot that allows you to trade in auto-pilot, even if you are asleep. Trading in cryptocurrency requires consistent monitoring. This is due to the unpredictability of our economic status quo.
Gunbot is a type of software that is automated to perform crypto trading operations for you, depending on the trading strategy that you have set up upon software installation and configuration. It works on Windows, Mac, Linux, and ARM. This crypto trading bot has been one of the top trading bots that people use because:
Gunbot has been recorded to be one of the best trading bots available in the market. This type of trading bot has precoded strategies that you can use when trading. This feature also allows you to combine some trading strategies such as Ichimoku, Bollinger Bands, Ping Pong, Stepgain, Emotionless, etc. It can work with several exchanges such as Kraken, Bittrex, Poloniex, Binance, etc.
The use of trading bots has definitely helped traders on putting up efforts to gain profit in the cryptocurrency world. Furthermore, Gunbot also has featured add-ons that you can set up to enhance your software experience:
This type of crypto trading software has no limit when it comes to the number of pairs you want to use when trading. Gunbot is able to handle any number of pairs, all at the same time.
Basically, Gunbot will perform the buying and selling operations depending on the trading strategy you want, and it will also trade with the coins you want. The trading process will commence once the conditions are met.
In trading with Gunbot, the first thing you have to do is to choose which exchange you want to trade on. This type of trading bot makes use of different exchanges such as Binance, Bitmex, Bitfinex, Cex.io, Bittrex, Kraken, Huobi, Poloniex, Kucoin & more. Choosing which type of exchange to use will depend on your own preference.
Keep in mind that there are specific exchanges that have coins that are not on others, so if you are looking for a specific coin, make sure that it is on the exchange you are active on.
Next is to decide which primary currency you want to purchase Altcoins with. Binance offers BNB currency, as well as other stable coins that are also classified to the US Dollar like USDC, TUSD, and USDT.
Note that each currency has its own advantages and disadvantages, and it will also depend on how you perceive each coin’s stability. For some people, they prefer to sell their Bitcoin into a stable coin once they feel that the market is becoming unstable.
Decide which secondary currency to purchase. One thing that you need to consider for this step is to check the volume of the coin-pair you wish to trade-on and make sure that the volume will not soon lose its value. Furthermore, you also have to make sure that the same coin will not plummet in devaluation.
Verify that the pair is good for trading. This may be done by backtesting your strategy using the Backtesting Tool Pack or by using the native backtesting tool integrated in Gunbot(soon to come). “Base - Query” means f.e. BTC - ALT. The Base is BTC and QUERY is ALT.
Note that Gunbot will require you to enter your trading pair/s as Base - Query. However, TradingView will show it as Query - Base. Most markets may also show the pair as Query - Base.
As for the last step, you have the option to set up a stop loss or not. Just like in any other investment, trading with Gunbot also has its own risks, so it is important that you know your limitations and when to stop.
Also, keep in mind that buying cryptocurrencies and selling it at a loss, while catching a moment it hits bottom in order to sell during a green market can be really challenging.
Gunbot, in general, helps you to make your trading pursuits a lot easier. But in spite of that, you have to set the right configurations that will be required from you and the conditions needed to make a positive change. These are achievable once you fully learn the skills in trading properly and in making rightful decisions at your best interest.
