In the world of automated crypto trading, one type of trading bot stands out in terms of flexibility and advanced trading features. A new generation of crypto trading bots has taken the crypto-verse by storm due to their capability of supporting various trading strategies. They can be modified to perform well under all market conditions.
As some may have already guessed, we are talking about Tradingview bots.
As its name suggests, a Tradingview bot is a unique type of auto trading bot that traders can buy from some market leaders in the field of automated trading, like Cornix. Essentially, the bot is connected to the various crypto exchanges on the one hand and the Tradingview platform on the other. This integration forms a bridge enabling traders to automatically deploy advanced trading concepts from Tradingview straight to the crypto markets.
What are its advantages, and who is it suitable for? Let’s review the different benefits Tradingview bots offer the everyday crypto trader.
First, unlike standard automated trading tools such as arbitrage or DCA bots, Tradingview bots are not limited to just one trading style. Supported by the Tradingview platform (arguably the most comprehensive platform available for technical analysis with over 400 built in technical indicators suitable for every market condition), there is no limit to the number of different trading strategies traders can set up and let the bot trade automatically.
This seamless connectivity between the power of automation and the number one tool for technical analysis gives traders unparalleled flexibility to put their knowledge to use and design complex trading strategies that use advanced technical indicators, even combining them for more optimal results.
On top of that, Tradingview is also a big marketplace for pre-made trading strategies, with more than 100,000 free purchase options. This allows traders needing more time or knowledge to rely on the expertise of others to design a well-thought-out trading scheme. As an open-source platform with a vibrant community, traders can read a short description of the strategy and the logic behind it and review other trader’s reviews and even the code itself before making an informed decision.
Another great advantage of Tradingview bots and their integration with the Tradingview platform is that it enable traders to enjoy other trading tools besides the platform’s technical analysis. From news and fundamental analysis to verifying your trading strategies through paper trading before taking it live, the Tradingview platform offers much more than just a toolkit for technical analysis. If you choose not to exploit everything it offers, joining an active, data-driven community of traders is never a bad idea.
The great thing about a truly advanced Tradingview bot is that it encourages traders to enjoy the best of both worlds. This means traders can design an excellent trading strategy and then improve and optimize it with the bot’s advanced features, including trailing stops and dynamic position sizing.
To sum up, while a common misconception about this type of bot is that it’s only suitable for advanced traders, as we have demonstrated, this is far from accurate. The truth is that Tradingview bots can be a great addition to an automated trading tool portfolio, even for the most novice traders. For anyone truly serious about crypto trading, Tradingview bots are one trading solution traders would be wise to explore.
