Advanced Crypto Trading Platforms, A Trader’s SOS in Times of Distress

Advanced trading platforms are in demand now more than ever, as the crypto markets try to keep steady treading through the murky waters.

09:09 02 March 2022

Showing strong signs of resurgence amid the mounting geopolitical tensions in Eastern Europe, Bitcoin kicked into a higher gear yesterday and overcame the stern $40000 barrier without breaking a sweat. Ethereum, and a dozen other cryptocurrencies, too, went up rapidly, gaining more than 10% in under 24 hours.

 

Talk about rising against the odds and pulling the broader crypto market along to safety.

 

In fact, Bitcoin and the crypto pack were expected to break down and continue to fall through to the next levels of support, largely driven by escalating tension between Russia and Ukraine. Even the passionate of crypto advocates and faithfuls didn’t expect the crypto market to come up with such a sharp bullish response the way it did, but they are now very keen to see what it would lead to in the weeks to come.

 

The gain of momentum from this sudden surge can snowball into a much bigger rally or fizzle out as yet another unsuccessful attempt at climbing above the $45000 level. Obviously, crypto advocates and bitcoin bulls are hoping for the former.

 

But hordes of investors and traders are still not too keen on entering the market. They’re much relieved to see crypto pumping in these torrid and turbulent times though and certainly in better space than they were a few weeks ago when Bitcoin’s key support level caved in for the first time in many months. But they’re still not ready to take the plunge yet. They reckon they’ll get their chance-sooner or later- to catch the next bullish ride and it’d be wise for them to wait until the storm passes and the coast is clear.

 

That being said, not everybody is in a mood to just sit and speculate, however- not at least those with access to advanced automated crypto trading platforms. Why would they sit faffing around when they’re armed with the ammunition to handle the rapidly changing price action of the crypto market? Let’s take a quick look at how these systems give traders the confidence to keep playing ball in these tough market conditions, effectively working as their SOS system.

 

In general, everyone, no matter their level of expertise, skill level and experience trading crypto, can use these platforms because they are not restricted to a specific user base. Bear in mind that some platforms might have bots beyond your level of skill and expertise, so exercise caution and pick the right bot that matches your strategy and suits your trading style. Executing your trade with a bot you have absolutely no idea of using could prove to be too costly. The rule of thumb to picking the right bot for trading is to understand how it works in different scenarios, and to see if you can get it to execute trades adhering to your rules to the letter T.

 

Built with intelligent algorithms, these platforms are designed to do the heavy lifting for you. All you need to do is: open an account, put down the deposit, pick a bot and lay down the rules it should adhere to for placing trades, and get down to business. It’s not complicated at all.

 

But the level of sophistication that these platforms provide makes it much easier; you can customize the way your bot works if you want to, and you don’t have to be tech-savvy to be able to do that. Some platforms offer bots with predefined strategies, which means you can pick and choose the bot having a 70% match to your strategy, for example, and then tweak it as you go along. Unsure how your tweaked bot will perform? Most platforms offer a robust backtesting module with which you can test your bot and make sure it works accurately. With tons and tons of historical data stored in the database of these platforms, you can put your trading bot through the paces, test how it copes up in different trading scenarios and time frames- just to ascertain the bot is really close to being market-ready. And whenever you think it is time, take your bot for a spin and see how it handles the whipsawing action of the volatile market, and keep optimizing for better accuracy and win rate. After all, it’s about trading performance, isn’t it? Other key aspects you should consider in a trading platform are security and trustworthiness. Any good platform out there should be able to keep your data (profile and account data, your personal trading strategies, and customized algorithms) encrypted end-to-end and fully sandboxed, and that way the odds of all of the sensitive information landing in the wrong hands are slim or next to none. Read through the reviews of different platforms online and see what the other users have had to say about the reputation, quality of service and other key things that matter to you.

 

Let’s back up a little. The market is showing signs of recovery, as Bitcoin and other leading cryptocurrencies get set for another long rally to overcome the chunk of resistances in play on the upside. That said, it remains to be seen whether these digital tokens will find stern resistance and be pushed down to lower levels, or will absorb all the selling pressure as it moves up and go on to post fresh new highs. A lot of different macroeconomic and political factors are at play that could determine which way the market is headed. With a clear trend lacking, we believe we may see volatility in either direction, and the market will continue to be fickle and in a precarious position, ready to swing based on the sentiment of the news flowing in. To wade through this murky market, you need strong conviction, a proven data-backed trading strategy, and an automated trading bot that can help you rake in huge profits without upping your risk of capital drawdown.