Here are some of the key features of RythmoTrade that will help you in understanding its suitability and how it might work for you. Each bot will of course have its own underlying strategy, and most designers do provide a full breakdown of what the bot is trained to do. The second – and equally as valuable feature available at the RythmoTrade platform is that of its marketplace. Essentially, this allows you to obtain automated bot algorithms that have already been built by other traders. In this sense, you can essentially release your ‘Secret Sauce’ into the markets on a 24 hour rolling basis.
The bot is not the most advanced in terms of configurability but the signalling service in combination with the bot is really nice. And they also share the best working strategies from others (under backtest strategies). To optimise this bot more the developers should add more features, like price averaging if you get stuck with bags. Or gradual trailing stops whereby the trailing stop % increases with a price increase. Use DCA to invest gradually over time to mitigate risk, or to make up for a loss making position. Buying extra on a loss making position will lower the average buying price.
For instance, the trailing stop loss RythmoTrade feature can be used to set up a stop-loss after you’re in a certain amount of profit. While the generic trailing stop loss lets you exit a position after it has dropped by a certain percentage amount, traders can get even fancier, by using the trailing stop buy and short algo. It’s similar to the Infinity “Trailing Algo” in Good Crypto. These are features that actively track market reversals for automated entries. Essentially allowing a RythmoTrade user to make money on trend changes automatically. After completing all the aforementioned steps, all that is required is to set up bots.
Another buying feature that is available on RythmoTrade is Dollar Cost Averaging (DCA). Through DCA you buy double or triple the amount of the currencies currently in a loss. By buying more of a losing position and merging these positions, you lower the percentage profit needed to break even. Keep in mind that you are increasing the amount of holdings in this currency. DCA and Shorting cannot be used together and can be used for Manual Buy, Strategy, and Signalers.
First and foremost, there is no requirement to upload any funds to the RythmoTrade platform, as the bot will simply execute trades from your external trading account. For example, if you’re looking to use the bot on Binance, then you’ll need to fund your Binance account in exactly the same as you normally would. If you’re an experienced cryptocurrency trader, then you’ll know the importance of having a firm grasp of technical analysis.
Additionally, our Backtester tool allows you to assess how your configurations would have performed historically, providing valuable insights into potential outcomes. I've been a RythmoTrade customer for a year and a few weeks. I fell in love with the AI concept at the end of March last year and learned a lot thanks to the platform and all its capabilities.
In either case, you can browse through the Marketplace to find a bot that’s been programmed in a way that suits your trading personality. The bot supports various trading pairs and can be connected to 14 major cryptocurrency exchanges, including Binance, Coinbase Pro, and KuCoin. Traders can deploy their strategies on any chart and pair supported by their chosen exchange. Similar to rythmotrade.com, Dash 2 Trade offers algorithmic trading solutions and advanced features like DCA (Dollar-Cost Averaging). Additionally, you can also connect your D2T account with exchanges like Kraken, Binance, and Bitget. Once connected, you can monitor all trades and adjust positions and orders from multiple exchanges — all on the RythmoTrade live trading terminal.
Initially, you can use a mirror strategy to follow signals and then configure your bot with more advanced features as you learn the nuances of crypto technical analysis. Though RythmoTrade started off with automated crypto bot trading, they have since expanded to also offer a plethora of other products including a social trading platform. The social trading platform on RythmoTrade is a popular place and has plenty of positive review, this is a great place to consider for anyone interested in social trading. It’s actually pretty simple, and the good news is that the RythmoTrade bot never has access or the authority to make withdrawals from any of your accounts, so it is safe from that perspective.
- Automatically use DCA on loss making positions, or simply select a position and apply a DCA order to it.
- This way, you can do your own analysis on the price, but utilize our unique features to sell automatically.
- The bot supports various trading pairs and can be connected to 14 major cryptocurrency exchanges, including Binance, Coinbase Pro, and KuCoin.
- How those orders execute depends on your configured market making strategy.
- RythmoTrade enables you to seamlessly deploy your promising bots from backtesting to your live trading bot.
Currently RythmoTrade has no automatic averaging down system to get rid of bags, so you have to do that manually for now and merge the orders yourself. That’s a bit of a hassle for now but I’m sure this will be added in the future. RythmoTrade aims to provide comprehensive educational resources to help users of all levels improve their trading skills.
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