In terms of efficiency, an automated system always supersedes a manually controlled one in all activities, including cryptocurrency trading. The reasons for this superiority are obvious, namely the absence of fatigue, concentration loss, or the desire to do something else instead of spending time studying the market. The availability and correct use of auto crypto trading apps for basic trading scenarios are likely to significantly improve the potential profit ratio.
This article explains the essentials of basic trading scenarios and considers a reliable crypto-trading automated service that’ll let you make successful deals.
What Is a Basic Trading Scenario?
This is a strategy programmed by a trader with instructions to issue buy/sell orders at a set time. This scenario offers several market orders to protect the trader from price drops.
Types of Orders for Basic Trading Scenarios
- The Limit Order: This order is used to buy or sell a cryptocurrency at a specified or more profitable price. It is categorized into two types: the buy limit order and the sell limit order. The buy limit is a standing order that permits the execution of purchase only if its price falls to or below the limit you’ve chosen. In contrast, the sell limit order is set up to permit a sale deal if the price of the crypto rises to or above a particular amount.
- The Take-profit (T/P) Order: This setup fixes a price that a cryptocurrency must reach before a deal is closed out. The T/P order doesn’t fulfill until the selected coin reaches the fixed price limit.
- The Stop-loss Order: The stop-loss order is used to sell or purchase the crypto once it reaches a certain price. This mechanism is put in place to cut down on losses and is different from the stop-limit order. It helps ensure investors don’t lose excessively on nose-diving coins. For instance, if you buy an altcoin and set the stop-loss order at 12% below the purchase price, the order will sell the coin at the next available price if the price undergoes a negative 12% change.
Create a Basic Trading Scenario on Obolon9
If you’re excited after learning about the limit, take-profit, and stop-loss orders, there’s a good chance you’re eager to create your basic trading scenario. Therefore, you will need a trading automation service.
What Is Obolon9?
Obolon9 is automated professional trading software that helps investors make better trading decisions. It improves and simplifies your decision-making responsibility by keeping hawkeye surveillance on your assets 24/7 and notifying you immediately when prices reach the limits you’ve set. The service combines automated tracking with manual decision-making, combining the best of both worlds.
The application allows for trading in multiple scenarios using various crypto trading strategies to diversify and personalize your choices. Users can enjoy free service usage for their first 30 days before deciding whether to become a monthly (£9.99) or annual (£99.9) subscriber.
How the Obolon9 Basic Trading Scenario Works
The Obolon9 basic trading scenario is the simplest script among the numerous options on the service. It concerns itself with only three orders: limit, take-profit, and stop-loss. Courtesy of this script, investors are relieved of constantly tracking pivot points, as they receive immediate alerts on relevant price changes directly on their mobile phones.
Here’s how the Obolon9 Basic Trading Scenario script works:
- Before the session starts, the software verifies whether the current asset price lies between the stop-loss and entry prices. If so, the scenario sets a limit order according to the given volume at the entry price level. Otherwise, the scenario waits until the asset’s close price is between the stop-loss and enter prices. When this finally happens, the script closes the deal if the levels of take-profit or stop-loss are crossed or touched.
- Note: The asset’s close price has to go above the take-profit price or fall below the stop-loss price limit for the order to execute.
- Instance 1: You want to buy three units of a coin at $15 and realize a profit of $20, but you are also keen to limit potential risks and lose only a dollar if the coin disappoints.
- Solution: To do this, you open the Obolon9 software, select the Basic Trading Scenario strategy, set the volume to 3 (positive value), and enter the price at $15, take-profit at $20, and stop-loss at $14. Run the software and get to whatever activity you deem fit until you receive an alert from the app.
- Instance 2: You want to sell four units of a coin for $20 and repurchase the units for $15, but you also want to limit risks by setting a stop-loss at $21.
- Solution: Choose a scenario, select the Basic Trading Scenario strategy, set volume to -3, and enter the price at $20, take-profit at $15, and stop-loss at $21. Open the deal and get busy with something else.
Steps to Start Your Obolon9 Basic Trading Scenario
Below are the brief steps to set up the basic trading scenario on Obolon9:
- Make up a name for your scenario.
- Select the trading script: Basic Trading Scenario.
- Choose out of the available trading platforms and a pair of currencies you want to trade.
- Fix the parameters of the script you’ve selected.
- Specify the minutes for the interval of work.
- Set the volume, which is the amount of the base asset to purchase or sell.
- Enter your desired prices: entry, take-profit, and stop-loss.
- Select the “Save and Start” option to begin your trading.
Auto crypto trading apps are unarguably preferable to manual actions. With reliable software that can efficiently perform your trading duties, making smart decisions and more profits in cryptocurrency trading has become considerably easier for traders. This assistance has eliminated the need to be a full-time cryptocurrency trader.
Obolon9 operates an automated crypto trading algorithm. It provides users with various trading scripts they may be interested in. In addition, it gives traders the appropriate pointers and, most importantly, ensures trading decisions are right when they matter.