Follow your bot’s and algorithm’s success
Never leave your bot alone for a long period. Keep your telegram notifications on ve and specific occasions make sure to check up on your bot. We all know that even the most amazing algorithms can fail in crypto.
Keep your expectations under control
Stay away from the thought that your algorithm is a tool that will close every position in high profit. The markets may not always be kind to allow you to make a lot of profits. Market conditions affect everything; news, pump/dumps, fud can be highly influential in the price of cryptocurrencies. Therefore, remember; it is not always sunny in Philadelphia.
If you want to trade manually, make sure to use another account.
You should have two separate accounts for both auto trade and manual trades. It is not necessary but remember that due to the nature of API connection the exchanges, the manual orders and bot orders may cause confusion and possible frustrating moments.
If you would like to the same account for both; you should take them out of the formula by going into portfolio settings on your profile and taking off the parities that you may be HODLing or manually trading.
If you are auto trading on Binance exchange make sure to hodl some BNB to get a discount from commissions
Paratica sends auto trade orders along with parity’s ask and bid orders. If you do not have BNB to pay for commissions, there can be slight issues with commissions getting paid off the parity you are auto trading with, so it’s always best to keep some BNB in your account.
Learn technical analysis even if its only basic level
Make sure to create your own trading strategy. To be able to do this you need to learn technical analysis even if its basic level.
We have a lot of resources on our knowledge base for you to learn.
If you want to follow an expert, make sure to analyse his virtual positions
Remember! Your bot does not copy the virtual positions of those experts listed in our system. Your bot only copies the strategy created by the expert.
Make sure to always analyse the virtual positions of the experts to keep up with their performance.
Trend is your friend, don’t go againts it.
Make sure to create your strategy to work within the trend not againts it.
In bad market conditions, keep off from trading.
Make sure your bot is prepared for bad market conditions. Your algorithm should include rules that keeps the bot off the market if things start to turn red or just turn off you bot until the storm goes away.
Remember, crypto markets are highly volatile and risky.
Try to increase the amount of your base currency
It is important to understand which one is your base currency. Your base currency is what you want to profit in. If you are trading BTC parities, this is what you should focus on. Remember, if your base amount; in this case BTC; is increasing and your dollar value is falling, you need to focus on your BTC amount as your goal is to increase that specific currency. If you are trying to increase your dollar amount, then that is what you should focus on.