Manual trading and algo trading bots, two methods used to profit in crypto. Some may think algo bots are expensive, don’t work, or aren’t profitable enough. Others may consider manual trading hard to grasp and only for those with lots of experience.
Regardless of your stance, both methods exist and are used by many. The question is, which method is best for you?
Let’s do a little analysis on both manual and bot trading to see their pros and cons.
Manual trading in crypto
Certain individuals just prefer to do their own analysis and submit their trades over a crypto exchange.
Regularly conducting manual trades can help newer traders become familiar with the ins and outs of the crypto markets. They’ll learn how to analyze crypto charts and spot market trends.
You’ll also be the only one responsible for your trades. Which means you’ll take credit for your profits, and also your mistakes (losses). No way to do the blame game here!
Trading manually might be a rich learning experience, but it can prove difficult to do on a hefty schedule. No matter how many tools you have you’ll still need to dedicate time to learning. If you have family, friends, and a social life, then allocating this time is even more difficult.
There’s also the learning curve to consider as some individuals learn faster than others. With major barriers like these existing, many new traders tend to miss out on great opportunities.
Using crypto trading bots
Crypto trading bots are programmed to trade for you. They’ve even been used by financial firms and some pro traders to establish passive income streams.
This technology has become more readily available to the public. Using crypto trading bots can help those facing barriers with manual trading get started trading cryptocurrency.
Some platforms that offer trading bots may have more intricate setups or may even require coding knowledge. UpBots, however, provides a selection of trading bots ready to go right on user dashboards. All a user needs to do is activate the bot and it’s off trading on the (currently supported) FTX or Binance exchanges.
While it’s difficult to prevent losses completely during bear markets, trading bots can help limit portfolio losses. Since bots trade 24/7 they’ll constantly be surveying the market and doing their best to prevent major capital loss.
Since they trade non-stop, trading bots can also capitalize on key opportunities in the market. These moments can occur at any time, but with trading bots having your back you’ll always be prepared.
In the end, it’s probably best you try both manual and algo bot trading to see which fits you best. Every trader has their own preferences after all.
You can start trying both methods right on UpBots, which includes manual trading tools and algo bot rentals. Right now you can get started with the free MVP demo platform.
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