Hello, dear crypto traders! We haven’t had a video about the 3commas service for a long time, and it’s worth fixing it. And during this time, 3commas has a lot of interesting innovations. One of the novelties is a completely new Terminal for scalper trading. Let’s get started!
Terminal for scalping in cryptocurrencies
3commas developers keep up with the times and offer a new trading Terminal. It was created so that cryptocurrency traders can more accurately and better control their transactions! For example, quickly open and close orders using hotkeys is an indispensable feature for scalpers and intraday traders. The Terminal is located in the main section of the 3commas website.
1) First, it is proposed to select an exchange account and a pair of digital money, for example, BTC_USDT. 2) The appearance of the Terminal, which can be controlled. Everything is individually customizable based on your preference and the size of your monitor screen. This is done by dragging windows on the desktop. Some elements can be removed altogether here.
In addition, a scalping window is available in Pro mode on Binance Futures. 3) Next we have the TradingView widget that shows the price of the selected cryptocurrency. You can add your own indicators and save the template for the traded coins. 4) In the order control panel, orders for closing or opening are created.
5) Market order book – shows limit buy and sell orders. 6) Trade status to view the balance with a detailed list of your tokens and their quantity. Next to it is the “Open Orders” tab, where you can view active deals with other coins. And here is the trading history for the entire period of your trading through the 3commas Terminal.
When working on the exchange’s futures account, you will be provided with additional trading windows. 7) “Reduce only” order – a function for closing open positions with an order that guarantees that a new position will not be opened in the opposite direction. 8) Leverage management – setting up isolated and cross-margin for Bitmex and Bybit.
For Binance Futures, leverage works by default in cross-margin, and in order to change it to isolated, you will have to do it manually on the exchange itself. 9) Window for scalping. One of the most useful features of 3commas Terminal! It will be useful for quickly creating Short and Long trades when prices change not only every minute but also every second. Hotkeys allow you to act faster than using a trackpad or computer mouse.
The best terminal for trading in cryptocurrency
I propose to consider an example of trading through the new Terminal 3commas on a Paper Trading demo account. Go to the Terminal and select the USDT_BNB cryptocurrency pair. Let’s try to open a Long order if the price falls to the level …, and Take Profit to the level … Stop Loss will be at the level … If the price falls to the price …, then our order will be triggered and a deal will open.
We have a Limit Order, so it will appear in the order book. “Total” indicates the total amount of funds for the transaction. In this case, it is 500 USD. In the “Order Type” you should select “Good-Til-Canceled” – this is an order that will remain on the crypto exchange until you manually cancel it or it is executed on its own.
We just have to click on the “Buy” button, and then on the “Confirm” button. In the case of a Limit order, you will have to wait until the price reaches the required level and the order is triggered. Before confirming your actions, the order can be canceled or edited here. Now you should set up Stop Loss in the 3commas Terminal with the price that I already mentioned above – ….
Go here, select “Market Order” and activate the “Conditional” option. Here we set the trigger token value at which our Stop Loss should be executed. You need to specify the number of tokens for sale in order to close this deal. This amount should be equal to the number of tokens that you purchased from the previous open order.
Next, click on the “Sell” button and we create an order for selling in the 3commas terminal. Since this is a Market Order, you will not see it in the order book. A window will appear to confirm our actions and we agree. After that, you will see your Stop Loss Sell order in the chart window. We continue and we just need to set up Take Profit.
In the “Order” control panel for Take Profit, select the Limit Order in order to sell our coins at a profit at the price we need. We indicate the price that was initially determined … We enter the number of tokens that have already been bought and the same amount should be sold with Take Profit. Click on the “Sell” icon, and then on the “Confirm” button. Now everything is completely ready!
Quickly buy and sell cryptocurrency
Unlike SmartTrade, the separate and new 3commas Terminal allows for deeper customization of orders for buying or selling digital money. Let’s say you create orders with unique functions that will definitely come in handy for professional traders. At the same time, on any crypto exchange, most of such orders are not available, unlike 3commas.
The following order types are available here. 1) Good-Till-Canceled – such an order, after opening, appears in the order book as a Limit until you close it yourself or the trader cancels it yourself. 2) Immediate Or Cancel – this order is applied when a trader needs most of his order to be executed at a specific price.
If there is not enough liquidity for a given coin, the executed part of the order at the required price remains, and the part of the order that has not yet been executed will be automatically closed. This is very convenient because the trader does not need to waste time and manually cancel the order.
3) Fill or Kill – this order will come in handy if you want your entire Limit order volume to be filled in full at the price you need. If there is not enough liquidity to even close a small part of your order, your order remains open and waits for filling. Or this order can be canceled manually without buying or selling any amount of tokens.
4) Post-Only – an order for Binance Futures or other exchanges for trading cryptocurrency futures. Such an order will be guaranteed to be placed in the order book as “Maker”. If your order is executed as a “Taker”, then such an order is automatically canceled. In the futures market, “Maker” orders have a discount on the commission when the order is executed, so such orders are more profitable.
5) “Reduce Only” – another order for the futures markets in order to close the trader’s positions. Such an order excludes the possibility of accidentally creating another position in the opposite direction, for example, Short instead of Long or Long instead of Short. This in turn reduces the risk of losses and liquidation of the trader’s funds.
The video about the new Terminal 3commas has been completed. I told you its advantages and the nuances of using it for scalping crypto traders, and also described in detail all types of orders. If you want to learn how to trade highly liquid and medium volatile coins, join the private group botcryptotrade.com