But it also has its downsides, like pre-built strategies do not tend to be as customizable or as unbiased as user-created ones. This can result in low performance despite having better algorithms if there aren’t enough real-world data points readily available for them to learn from. You may end up wasting money on trades that didn’t work out, due to your automated system’s inability (or lack thereof) to adapt based on new market conditions too quickly or accurately.
Bots that allow you to create your own algorithms are much better at judging market changes and avoiding pitfalls when trying new strategies than their binary counterparts. Enough so that using yours might feel like cheating in comparison! On top of this, creating your own strategy means you’ll have an easier time finding suitable indicators and creating backtesting tests without constantly looking online for information without a particular trading algorithm in mind.
Your bot should be smart enough with enough data and the right indicators to make its own decisions. Regarding how best to react and trade when it comes across a given situation. If something seems like it fits with what happened before (but maybe wasn’t quite as good), it should learn from this experience around how close/far away from other similar events were in order to refine its decision making accordingly and possibly then try something even
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Tradable Currency Pairs
If you’re a new trader, your eyes will glaze over when you hear phrases like “pair selection.” And you’ll probably skim this section, but you won’t get a single piece of information from it. That’s because there are two major factors that traders need to consider before selecting the pairs for their bots: volume and popularity. Volume refers to how much money is moving between two specific trading pairs at any given time; popularity refers to which of those trading pairs is most widely used for cryptocurrencies.
