5 Tips to Using Gunbot For the First Time
The cryptocurrency trading community knows the importance of using a gunbot in trading. It is a software program that is used to sell or buy cryptocurrency. That is why anyone wanting to trade crypto must learn how to use it. To be able to use gunbot, you must gain some experience in trading. It ensures that you don’t incur losses when you finally decide to trade crypto. Here are tips that can help you get started with gunbot.
Have a plan
To use the gunbot, it is necessary that you come up with a plan and pursue it while trading. It saves you from making erratic decisions when under pressure. You need to decide beforehand the time you will spend on the software per week. Also, you must have a plan on the pairs you will be dealing in per week. Once you have picked the pair, you will need a strategy to follow.
Although the bot is designed to handle any amount of crypto, it is advisable that you start low. It will help you reduce losses until you master trading crypto. Start your trades at 0.01 until you learn how the software works. It also gives you a chance to try several settings before finding one that works well for you. Also, you may need to compare results for a few days to determine the configuration that works for you.
Understand what crypto trading is
It is ridiculous to start trading if you do not understand crypto trading. So you will begin by trying to understand the trading before you invest your money. You need two weeks of learning to help you start making money on the bot. Remember that the crypto market is extremely volatile. It moves in either of the directions in a short period and you may win or lose money any time depending on your strategy. Note that you don’t need to understand the advanced trading strategies. All you need are the basics of trading, and you will be set.
Focus on what matters most
The problem with new traders is that they spend so much of their time checking the bitcoin price. Also, some people spend 3-4 hours per day watching crypto news. But you only need any two reliable channels to update you on cryptocurrencies. It will allow you to spend the rest of the time on gunbot. Let Twitter and Telegram networks do the donkey work you. After all, they have experts who are paid to do the job.
Learn how you can find solutions
You will make errors every time you try to configure the gunbot. If it happens, you need not give up. You must remain persistent and take lessons from blogs and tutorials on how you can fix the errors. Learn more on parameters used by experienced gunbot strategists.
Of course, there are many more tips to help gunbot first timers. But the most important one is to understand what crypto trade is. It will help you have a plan of how to trade. The rest of the things can be learned while trading.