Cryptocurrencies are traded around the clock, which makes automated trading a crucial element for success in the modern world of crypto. Cryptorobotics is a crypto platform that offers a wide range of tools to automate trading and stands out among its competitors. One of the key features of the platform is the auto-following tool, which allows traders to automate the execution of their trading strategies with ease.
The auto-following tool is a combination of crypto signals and the artificial intelligence of bots. Experienced analysts provide signals to bots, which operate based on AI algorithms to make autonomous decisions on trade execution. This unique feature gives traders the ability to automate their trading and minimize the risks associated with human factors.
Let’s take a closer look at how this tool works on the Cryptorobotics platform.
What is autofollowing?
Auto-Following is a feature available on the Cryptorobotics platform that enables the automation of cryptocurrency trading. This feature has been designed keeping in mind the fast-paced nature of the cryptocurrency market, and the need for traders to have efficient solutions that help maximize profits.
One of the most significant advantages of the Auto-Following feature is its ability to collect statistics and generate profits from executed trades. It combines the functionalities of signals and robots, thus offering a comprehensive solution for trade automation. The signals provided by experienced analysts are not only informative but also undergo automatic processing by the trading robot.
Auto-following enables investors to optimize the management of their portfolios. The robot conducts automated trading operations based on the signals provided, thereby reducing the need for active involvement in the trading process. This allows traders to focus on strategic planning, make informed decisions, and achieve their financial goals with ease.
Auto-Following is a tool conducted by an AI-powered trading bot that receives signals from experienced analysts. The entire trading cycle begins with a thorough market analysis conducted by the analysts, which includes technical and fundamental analysis. Once the analysis is complete, the analysts provide signals to the bot, indicating the opportunity to open a trade.
How does autofollowing work?
Auto-Following works with AI bots by analyzing signals and automatically deciding whether to open a position in the market or not. This process ensures a quick response to changes in market conditions and reduces human intervention.
The Auto-Following feature has two options for closing trades. The first option allows the trader to close the trade at a fixed target, and choose from three strategies. The second option involves closing with a ladder and partial sale, where the trader can set multiple targets for completing the trade or trailing toward the last target.
Trade management is made more flexible with the “Trailing Ladder” feature. It rearranges the Stop Loss level upon reaching each new target, providing more control over the risk level. This feature can work with both partial sales and trailing towards the last target.
Cryptorobotics’ Auto-Following service is user-friendly and can be adapted to current market conditions. Analysts can recommend parameters for configuration, marked with a blue label and selected by default to simplify the configuration process.
How to select an autofollowing channel?
Performing a thorough evaluation of the available channels and their features is a crucial step in selecting an AI bot for auto-following on the Cryptorobotics platform. It is recommended that you conduct a detailed analysis of each AI bot before initiating the auto-following channel. You should take into account important parameters such as the average monthly profit percentage, the number of signals/trades over the entire period, the exchanges where signals are generated, the number of subscribers, and the subscription cost per month or percentage of profit under the profit-sharing model.
To discover an AI bot, go to the auto-following section on the Cryptorobotics platform, which presents a variety of channels with summary statistics. The primary parameters of each channel allow for evaluation of its effectiveness and suitability for your needs. Upon selecting a particular AI bot, you can observe more comprehensive trade statistics, such as the Win/Loss chart, strategy accomplishment percentages, average profit, and cumulative income growth, as well as signal frequency graphs.
When you visit the page of a specific channel, you will find detailed trading statistics, including data for the previous year, the percentage of successful and unsuccessful trades, and graphs that reflect key signal parameters. Information such as the buying range, strategy goals, Stop Loss, and others enable the trader to assess the potential of the chosen AI bot more comprehensively.
Transparency and understanding of each trading operation are ensured by providing analytics and statistics for each signal. This detailed analysis assists traders in making informed decisions and selecting an AI bot that meets their individual requirements and trading strategy. It is important to note that this information is available for each signal.
How to Start Using Auto-Following?
To begin using Auto-Following, the first step is to register on the platform. Once registered, log in and navigate to the ALGOTRADING section, where you can select Auto-Following. From there, you can explore the available auto-following channels, and review their statistics, costs, and payment methods. Once you have found a channel that meets your requirements, click on it and then click “Subscribe / Connect.” You will need to pay the subscription fee or use the Profit Sharing system. After subscribing, open the channel settings tab and if you are using a fixed subscription, click “Settings.”
It is significant to consider analyst recommendations marked with a blue label. In addition, you will need to specify the main currency for trading and choose the balance to display on the exchange. Set the lot size or number of lots while adhering to risk management principles. If you are operating on futures exchanges, specify the maximum leverage. Lastly, click “Save and Start” to complete the settings. With these steps completed, you will be ready to use auto-following AI bots, allowing you to monitor selected strategies and enhance the efficiency of your investments.
