The crypto-asset market is a relatively new domain that has yet to go mainstream. Unlike traditional stock markets, it does not enforce strict regulations and verification to start trading. That’s why it attracts traders offering lucrative returns in a short time. We can observe the rocketing market cap of cryptocurrencies from USD 5.54 billion in 2014 to USD 2 trillion (as of April 5, 2021) currently. No wonder that it is becoming increasingly difficult for traders to keep track of important events affecting cryptocurrency market fluctuations and fast trades. Several trading platforms have been created to help traders stay focused on the crypto market and trade successfully.
The Challenges of Crypto Trading
Despite the many profitable aspects of crypto trading, traders, especially beginners, should be attentive. Crypto trading is a challenging, high-stakes game where wealth can disappear as fast as it is made.
Trading Changes Quickly
Prices can fluctuate to extremes in a matter of minutes. Trade continues around the clock and traders cannot track all the volatility manually. For example, Bitcoin has risen by 65% in one day and fallen 25% in another. Imagine how extremely alert a trader has to be each minute of the day.
Can’t Be Constantly Online
Even if a trader was tracking this, the time taken to analyze market trends and execute trades would cause a significant price differential. Another problem that is not obvious to beginners is the human factor. A trader cannot be in a focused state 24 hours a day. He needs to rest or simply enjoy a cup of coffee. And at that moment, he may miss important information or a jump in the cryptocurrency market. How do you solve such a dilemma? As a trader, you want to execute your trades at the right moment of your choosing without missing an opportunity.
The Solution to Crypto Trading Challenges
Software-based, professional automated trading platforms can help you automate your trades. Instead of manually monitoring your asset prices and exposing yourself to human errors while trading, you can focus on your trading strategies.
What Can a Trading Software Do?
A trading software lets you enter the specific conditions under which you want to trade.
- It keeps you alerted about the market changes;
- It places the orders following your conditions;
- It books profits when your security reaches a high or limits your losses.
You have bots at your disposal that are ready to follow your trading orders. All you need to do is tell the favorable conditions (time/price/quantity) under which you want to initiate your trade, and you’re done.
What Can’t Trading Software Do?
It is a common misconception that trading bots can automate everything, including decision-making. In reality, for all their diligence, bots cannot think and devise foolproof trading strategies, no matter what they claim. There is no clear winner in the automated trading versus manual trading debate, as successful traders employ both.
We strongly recommend utilizing automated trading bots for purposes they’re meant for, i.e. executing trades instantly when a set of predefined conditions are met. Once configured, bots can keep an eye on crypto markets around the world and trigger trades the very second its corresponding conditions are met.
Obolon9: Combining Automated Trading With Manual Decision-Making
Obolon9 offers a trader a set of seven script-based trading tools (plus a customizable script) through an automated trading desk. By combining the flexibility of manual trading with the diligence and accuracy of programmed bots, it integrates the best of both worlds.
Here are the ways in which Obolon9 elevates your trading experience:
- Continuous market monitoring – It can watch the crypto trading markets 24/7/365, tirelessly keeping a hawk’s eye on the assets you want it to track. You can now take those elusive breaks from your trading terminals, fully trusting your bots.
- Rule-based trade triggers – Obolon9 closely watches market events and alerts you when certain conditions are met. It can also place orders on its own, although you have full control in defining the boundary conditions as well as the rules that trigger an order.
- Executing complex scenarios – What sets Obolon9 apart from other trading platforms is the ability to handle complex scenarios. Most trading platforms offer a limited set of order types, such as limit order, market order, stop-loss limit order, aftermarket order, cover order, trailing order, etc. In addition to facilitating all the standard order types, Obolon9 is capable of handling complex scenarios derived by combining multiple parameters.
Once you are on the platform, the sophistication of scenarios is limited only by your imagination—if you can conceive it, there is a good chance Obolon9 can execute it!
What Script Types Does Obolon9 Offer?
Whether you are a beginner looking for pre-configured strategies or an expert looking at developing your own complex bots, Obolon9 has something for everyone.
The eight ready-to-use scripts can be classified into two categories: alerting-only scenarios (three) and alerting-and-trading scenarios (five). Any strategy can be configured for alerts-only, which will notify you of favorable conditions, leaving the final trading decision to you.
These scenarios scout the market around the clock and identify patterns and prices. The moment they find a match, the trader gets a notification basis from which he/she can place an order.
Obolon9 offers the following three alerting scripts:
- Candle pattern detector – This is one of the most reliable tools used by traders for decades, and it is ideal for beginners to get started. It notifies you to place your orders the moment a candlestick pattern is identified for the asset under watch.
- Close price alert – This delivers closing prices directly to you. You no longer need to track closing prices at the closure of trading sessions. Rather, the prices are delivered straight to your inbox or as an app notification to your mobile phone.
- Range prices alert – If you want to know when an asset is trading in a specific price range, range prices alert will do the job for you.
These are advanced scripts that not only alert you when trading conditions are met but also place orders on your behalf. Obolon9 offers four ready-to-use trading scenarios, in addition to a customized one for complex trades.
- Conditional market order – A conditional market order lets you set order triggers for assets based on their price movements. These can be interlinked to one another to form chain algorithms that watch the market and execute a series of orders the moment all defined conditions are met.
- Basic trading scenario – One of the simplest forms of trade alerts, a basic trading scenario lets you automate trades based on the price and/or volume of the stock you are watching.
- Basic trading scenario with safety orders – This adds a safety net to the basic trading scenario. A trader can prepare the bot to handle market conditions after the basic trading scenario parameters are met. Used carefully, this feature lets a trader maximize his/her gains and minimize losses to make the most of whichever way the prices move.
- Horizontal channel trading – Also known as sideways trading, this script is useful when a trader wants to trigger an order when an asset’s price has been within a particular range for quite some time.
- Custom script – This is meant for advanced users who want to create their own script derived from one or more built-in alerts. If the pre-programmed bots do not meet your expectations, you can build a bot on your own to suit your specific needs — it can deliver anything you program it to.
Creating Your First Bot on the Obolon9 Platform
Creating a bot is a difficult exercise restricted to ace programmers, but Obolon9 has a user-friendly interface that will guide you to your first bot in no time. As long as you are sure about your assets and trading platforms, your first bot will be up and running in no time.
Here is an easy-to-follow, step-by-step guide about creating your first bot:
- Name your bot: preferably choose a name that reflects its associated asset and purpose.
- Choose a trading strategy your bot will follow. It can be one of the seven ready-to-use scripts, your customized one, or an import from TradingView, the social network of 15 million traders and investors from all over the world who use the best analytics, charts, and traders’ tools to follow the global cryptomarkets.
- Select a trading platform and crypto asset.
- If it is a trading/transactional bot, you need to choose your API keys provided by the corresponding trade platform. It is advised to update your profile with your API keys. API keys are not required if you are creating an alert bot that is not supposed to execute orders.
- Set the time interval (in minutes) during which your bot needs to be operational.
- Populate the script with the rest of the asset parameters you want to monitor. Your bot will trigger alerts/trades only when these parameters are favorable.
- You are all done now; just click “Save and Run,” and you are good to go.
Obolon9 Subscription Plans
The platform is free to use for 30 days of the basic usage. Once you register, you can use any of the existing scripts or create your own alerts. If you like the platform but are still not sure about subscribing to it, the free plan lets you create one bot with full functionality. However, it will be switched off after two weeks. During this period, a trader may try this platform to make the right decision.
There are monthly (GBP 9.99) and annual (GBP 99.9) subscriptions available in monthly payments. The monthly plan is a good option to get a taste of the platform’s full functionality. However, if you are a serious trader or want to become one, the annual plan is a valuable option that will pay off in no time.
Technology can straighten out many operational complexities crypto traders face day and night. A thoughtfully architectured and automated trading desk with advanced functions not only helps monitor the market around the clock but also keeps you a step ahead of the competition. In a highly fluctuating crypto-asset market where timing is everything, a top trader’s decision-making and technology-supported execution is a winning combination.
So, if you are trading cryptocurrencies and thinking about practical and affordable tools, head over to the Obolon9 platform, configure your bots, and set them in action while you think of your next trading strategy over a cup of coffee.