Post by: @CryptoLanger
Hey guys. Here is a tool my good friend xKavalis shared with us the other day and I wanted to give you guys the tip.
3Commas is an automated Cryptocurrency Trader and Portfolio Manager. It is free to start but it takes 0.25% commission on each buy and sell. (This is $2.50 on $1000). Just make sure you consider this fee on top of your exchange fee (ie. Binance fees per trade).
What it does is essentially allows you to set a buy price of a coin and it allows you to set stop losses and take profits at certain percentages. Yes you can do this on a regular exchange. But what is different is that it allows you to do a trailing stop loss and a trailing profit take. I would explain it in more detail but this main link to get started has an 18 minute video that explains it in great detail :)
https://3commas.io/tracking_codes
This tool is a bot trader that uses your API key on several accepted exchanges (Binance, Bittrex, KuCoin etc).
Note: When you put on your API just make sure you don't allow access to withdraw; only to read and trade.
I was always hesitant to offer up my API but just know they only make trades through your exchange and they aren't able to withdraw your coins. And you can delete this API key whenever you want when you are done. If you watch the video on the link above its a great 18 minute video on how to set it up step by step.
I am the first one to questions things like this but I have a few good friends I trust who use this and it works well for them. Do some research and let me know what you think of it. xKavalis posted some great tutorial videos here on Youtube check them out and see what you think!
IF it's not your cup of tea then no worries! Don't use it unless you feel comfortable spotting great times to buy in the markets can predetermine your sell offs and stop losses. I just wanted to post this for the few who could use this to their advantage!
- Updating your trailing Stop Loss to Protect Profits
- Binance Live Trailing Profits and Stop Loss
- Binance Trailing Stop Loss
Cheers! Follow on Twitter @CryptoLanger