Trading is often an emotional and time-consuming rollercoaster. This is especially true in the cryptocurrency market. This makes automated tools like trading bots very useful for saving time and effort and maximizing profits in markets that move 24/7.
Understanding the importance of these tools, we are excited to announce the BitMEX launch of Trading Bots, a new feature that allows users to automate their profits on the platform without coding.
Follow the cryptocurrency markets with emotion-free decisions with 24/7 access to trading, while following your personal strategy with fully customizable settings.
Read on to learn more about what’s new and how it works.
If you haven’t signed up for a BitMEX account yet, they are currently offering $5,000 worth of BMEX tokens to new users. here.
Introducing BitMEX’s Trading Bot
The new trading bot feature helps you trade on your behalf, saving you time, effort and money all at once. They are designed to follow predefined rules (also called algorithms) or react to signals (external and internal, such as CPI data releases) when executing trades.
With over 200 bots available across over 40 contracts, BitMEX trading bots are expertly designed with top-tier algorithms to help you take the best possible positions depending on market conditions.
Each trading bot on BitMEX is fully customizable according to user requirements, including but not limited to maximum position size and trading time interval.
BitMEX has two categories of trading bots: basic and advanced. For those who are new to automated trading, we recommend using the basic bot features that will help you get up and running with just a few clicks.
Advanced bot features are designed for those more familiar with bot trading and provide more extensive parameters for each bot. Users can select their desired grid spread and count, the indicator the bot trades (e.g. RSI) and much more.
How to use trading bots on BitMEX
Before you begin, select the contract you want to start trading (e.g. BTCUSD or ETHUSD).
You can find the order form on the left side of the trading UI. Click the Bots tab at the top of the order form, as shown below.
When you get there, you will be greeted by a green bot labeled Automated Trades, as shown above. Here you can adjust two things:
- Market outlook: Whether you want to buy/buy or sell/short the contract
- Max. position size: Price increment at which the transaction takes place*
*Note: You can enter a maximum value. Position size expressed in nominal (base currency) terms or in total value terms (USD). More information about the minimum position size for each contract on BitMEX can be found on the contract details page.
Set your criteria at a level you are comfortable with and then click the Buy/Buy or Sell/Sell buttons (depending on your market outlook) to get started.
Press Start and the bot will start running immediately. Once launched, the bot automatically places trades tailored to your market view (e.g. Buy/Long places take profit orders) while also placing defensive orders (stop loss orders).
How to change or stop your trading bot
You can modify or stop the bot from running at any time.
Let’s say you believe Bitcoin will rise next week. With this view, I decided to launch a buy/sell bot for BTCUSD. Once the bot starts running, you will see the following in your order form, as shown below:
As time goes by and you feel the market is changing against you (i.e. moving in the opposite direction of your initial buy view), you can click the ‘Sell/Sell Switch’ button as shown above.
To stop the bot from running, click ‘Stop bot’. If successful, you will see a pop-up notification at the bottom right of the screen as shown below.
For Pro Traders: Advanced Bots from BitMEX
Users who want more configuration options for their bot can use advanced bot features.
There are two ways to access advanced bots, as described below.
Method 1: Bot Order Form
In the Bots tab, turn on the slider next to ‘Use advanced bots’.
You will then see the bot with more configuration options for the contract you have chosen to trade.
In the ‘Search’ tab you will find a list of trading bots available for the selected contract. Each bot will display a configure button and a blue play button.
The configure button allows you to customize your bot according to your strategy. Once you’ve set up your bot configuration, you can click the blue Play button to start running your bot.
Method 2: Bot Marketplace
Click on the ‘Bots’ tab in the BitMEX trading UI navigation bar. This will take you to the Bots Marketplace where you can find all the trading bots available on BitMEX.
To configure your bot, simply click the edit icon. To start the bot, click the blue play button to the right of the edit icon.
Read this article for a detailed guide on how to use advanced bot features.
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In the meantime, if you have any questions, please contact us. apply Someone available 24 hours a day, 365 days a year.