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Cryptocurrency trading is stressful, there’s no two ways about it. With increased volatility compared to traditional markets, high transaction fees, and slow exchanges, it can be extremely nerve-racking when you’re waiting for the best moment to buy or sell. Increased stress also affects trading decisions: in his book The Psychology of the Foreign Exchange Market, Thomas Oberlechner states that stress resistance is one of the five most important characteristics a successful trader can have (while the others are quick reaction time, discipline, experience, and concentration).
The aforementioned qualities may seem obvious, but they can be hard to achieve, especially for novice traders — plus, there’s the volatility of the crypto market that traditional traders don’t have to contend with, adding to the stress levels. Fortunately, a quick way to eliminate emotion in general (as well as the need for speed or concentration) from trading is using trading bots. Once you set your parameters, you can sit back and enjoy (or, more likely, still fret — but a good part of the stress disappears for many people when they have no more control over the situation). When you’re ready to get back into the game full-swing, you can just turn off the bot and go trade by yourself.
One disadvantage to using trading bots, again mostly for beginners, is that setting the parameters can be overly complicated. Many are not well-versed in trader lingo, don’t know which parameters they can leave on default and which ones they have to set by themselves, and the sheer scope of options can be daunting. That’s why there are some bots with pre-set options, suited for those who don’t know, or just don’t want to deal with bespoke applications. One of them is Bitcoin Future Software, which lets you create a profile for free, and start trading with a minimum deposit of USD 250.
An important question when using software like Bitcoin Future in 2020, with or without independent reviews, is figuring out whether they’re safe to use. This application, however, promises top-notch safety and privacy, thanks to highest end encryption, as well as testimonials from their users that it is not a scam. And even if you’re still wary of the trading bot, the software allows you to switch to manual trading whenever you want to. That way, you’re making the best of both worlds — both trying a new trading approach and taking matters into your own hands if you prefer.
Additionally, if depositing USD 250 to try out some online trading software sounds too strange to you, you can also try it with a demo account, which doesn’t require you to deposit anything. Admittedly, you won’t be gaining anything either, other than a better understanding of how the system works, as well as more confidence. And in times of worldwide crisis, the importance of eliminating as much stress as possible cannot be overstated.
Warning: This is a sponsored article that does not necessarily reflect the opinion of Cryptonews and that does not constitute investment advice or trading instructions. Cryptonews does not accept any responsibility for any trading or investment-related losses incurred by its visitors.