I’m glad to see you on my crypto channel Botcryptotrade.com for Thailand. This time, I would like to talk to you about Long and Short strategies when it comes to cryptocurrency trading—which you should choose every time you create a new one or change the settings of an old one. When you create a new bot, the default settings are already set on Long Strategy. But what will happen, if you select the Short option? What are the results that we’ll get? And what kind of possible planning strategies can CRYPTORG offer? I will talk about it below.
Long strategy – cryptocurrency
When you “Create A New Bot”, click here, and after that, you can see that the trading pairs, like BTC/LTC, have already been selected. From here, you should choose the Long or Short strategy. New users often don’t really understand the difference between Long and Short strategies on the crypto market. Many people think, that the word “Long” means that the deal will be open and that you’ll have to wait on it for a long time. And that the word “Short” implies that the deal will only be open for a short time. But this is not correct. People use the Long strategy when they want to buy crypto money, so ‘Long’ is always used to buy coins.
For example, bots will buy cryptocurrency, wait for a while, and it’ll then sell it when the future cost is higher; so, the bot can make more profit for you. Let’s say, that the robot buys Bitcoin for an amount of 500 dollars, after that it’ll sell it for 600 dollars, so made it’ll make a profit of 100 dollars for each coin if the price of the cryptocurrency were to go up. It is a very popular and simple strategy for earning money on the crypto market.
Explained in simple terms, the Long strategy, is when the bot opens a position to buy coins, it will then wait for the market price to be higher than before. This means, in the case with our trading pair BTC/LTC, when we have Bitcoin, the bot will check for when it’s better than when it first opened the deal. And when the price is low, the bot will buy it and wait for when the price goes UP—BTC to LTC will GROW and the bot will then sell it.
Short strategy – cryptocurrency
The Short strategy, is used when people want to sell crypto money, so ‘Short’ is always used to sell coins. Explained simply, ‘Short’ is a strategy that describes when a bot opens a position to sell coins. It will wait for the market price to be lower than before. But the robot won’t buy the cryptocurrency at price reduction levels. Simply put, the bot will sell a cryptocurrency, wait for a while—for when the future cost has gone down and then it will buy it for cheaper and you will profit from it. Let’s say, the robot sells the Bitcoin for an amount of 600 dollars, after that it’ll buy it for 500 dollars, so it’ll make a profit of 100 dollars for each coin—if the price of the cryptocurrency goes down.
So, the Short strategy is opposite to the Long strategy and it’s harder to understand and use on the crypto market. This means, that in the case of our trading pair—BTC/LTC if we have LTC, the bot will check, the best price when the deal is opened, and when the price is ready to go down, the bot will buy it and it’ll wait for the price to go up, hence, LTC to BTC will grow. If we choose the Short strategy, we must understand, that it is the same trading pair, but the coins will be opposite, meaning LTC to BTC. So, when you use the Short strategy, you must have some balance on LTC, not BTC. But when we using the Long strategy, we can have balance only on BTC, and if you use Short, you’ll need to have LTC for trading. I think it is simple to understand.
Long and short trading with cryptocurrency in one time
To help you understand better, I can tell you that the market will always go up or down, falling or growing. But you can still use these strategies on the same trading pair, despite this. I mean, that you can create 2 bots for the same pair—for the long position if the price goes up, and for the Short position if the price goes down. By the way, you should check, that you have BTC and LTC if you’re choosing the trading pair: BTC/LTC. If you select another pair, for example, USDT/BTC, then you should have USDT and BTC.
Let’s say when we choose this pair, USDT/BTC, and we decide to go with the Long strategy—if USDT to Bitcoin goes up, and Short—if we invert this pair so that it is BTC to USDT, we can make a profit in any situation, even if the price on the market goes up or down. This is just some advice for you if you wanted it. I did it like this before, it is working, but I had some problems, so you need to check and calculate everything very carefully.
It is important that you have every currency, like USDT or BTC, some amount of each in your balance and you also need to have them in the correct proportions, and also have enough deposit on your safety orders. And if you also use Martingale, you should calculate that too. So, you need to write down all the details about your balances and pairs on a piece of paper. This way, you can understand everything clearly and you’ll know what you need to do when you begin trading.
Also don’t forget that if you select the Short strategy for BTC/LTC, you must have some coins on LTC on the stock exchange site. If you’re only going with the Long strategy, you’ll only need Bitcoin. If you want to simultaneously use Long and Short positions, just create 2 bots with the same trading pairs, but remember to select different strategies and you must have a balance of both BTC and LTC. It is also very important that if you do not have coins in your balance for your chosen pair, you will get an error.
I will show you how the error looks like now. We need to go to the section “Deals”. So, here you can see how it looks like, it’s a red error. How to solve this error? You’ll need to buy or have some coins for your trading pair or you’ll need to choose another pair. But the way, I do not recommend beginners to use the Short strategy or Short and Long together. It is hard to do it for the first time, as it is difficult to understand how to do it or use it. If you do not want to waste your time on this, just set it up fast and use the Long strategy in the default settings. After you get some experience, you can change the settings or create new bots with Short strategies or with Short and long together.
Telegram and Cryptorg
Also, have your notifications on for CRYPTORG on the Telegram app. If you want, you can connect your bots from CRYPTORG to your Telegram account and the bot will send you all the information that will tell you what to do—orders to buy or sell, profits, and errors, etc. You can easily read it and know what to do with your bots. Also if you go somewhere and do not have time to go into your account on the system, it proves to be a very useful feature, and it is also very simple to set up.
You should go to “Settings” on CRYPTORG and find the field “Telegram” to activate it—write in your username for Telegram, after that the bot will send you a message on Telegram. Once you respond to it, you’ll be connected and you will start receiving notifications there from your bots. Telegram is very easy to use. You’ll get all the reports concerning all of your CRYPTORG transactions sent right to your Telegram. And you can safely walk outside of your house and watch your robot for a distance.
Message me on Line or via email, if you are really interested in a certain topic, I will tackle the topic and I will show you useful and interesting things. Good luck with bidding, all the best!