Everybody, it is Mike Aromday from the botcryptotrade.com channel. Earlier, we reviewed the automated cryptocurrency trading service — 3Commas. And we have already registered on it and connected our first exchange. In this video, we will continue to research this service to learn more about its main features, and the abilities of SmartTrade. Let’s start!
Easily buy or sell crypto in 3Commas
In the “Smart Trade” section of the main menu, you should select your crypto exchange for trading, in our case it’s BINANCE. And in the next menu item, select the appropriate cryptocurrency pair, in the “Trading Pairs” section. In the drop-down list of trading pairs, you can choose any coins which interest you. Then, depending on the target you choose to decide whether it is profitable to sell or buy the coins, and select the menu items – “Buy / Sell”, “Smart Trade”, “Smart Sell” and “Smart Cover”. Below, in any of the fields this page, you need to specify the amount of cryptocurrency that you want to buy or sell, this process is similar to all other cryptocurrency exchanges.
The first tab is “Buy / Sell”. Here, you can manually buy crypto in the field “Buy” or sell crypto in the field “Sell” for any crypto exchange. In “Buy”, under the field “Units”, you can specify the necessary number of cryptocurrencies for purchase. The price for one coin appears in the field “Price”, where you can choose the cost options— “Ask” (default), “Bid”, “Last”, “Limit” and “Market”. Further, “Total” displays the total amount of your deal. Below that, you can choose the percentage for trading from your deposit—100%, 5%, 10%, 25% and 50%. In the field “Sell”, all menu items are the same, except for the field “Price”, the default setting is “Bid” instead of “Ask”. When you have filled out all the details, you can start a deal by clicking the green button “Buy” or the red button “Sell”.
“Smart Trade” – smart buy and sell crypto simultaneously
The second tab is “Smart Trade”. It is a very interesting ability of 3Commas, which allows you to manually open deals for the buying and selling cryptocurrency from many crypto exchanges, all at the same time! You can improve your manual crypto trading by using tools such as Trailing Stop Loss, Trailing Take Profit; and at the same time, you can use Take Profit and Stop Loss, even if you have already bought coins. In the “Units” field, you just need to specify the number of cryptocurrencies that you want to buy, the “Price” will tell you the cost per coin, and “Total” is the total amount of your deals. Below you can choose the percentage for trading, and everything is the same as in the case of the “Buy / Sell” item. Another unique feature here is the “Trailing Buy” function, which is the opposite of “Trailing Take Profit”. It is for buying coins when the market is down—it helps you to buy as much as possible at a lower cost. Here, you can choose a percentage, from 1% to 50%—you just need to move the slider.
On the right side of the page, are the “Set Take Profit” and “Set Stop Loss” blocks. When you click “Set Take Profit”, you will have the opportunity to set up Take Profit and Trailing Take Profit. In the block on the right, you can set the price at which you want to sell your crypto, at the normal Take Profit the price will rise to or above the specified one, the system will then close the deal. Take Profit is used so that you do not miss a profitable chance in moments when you are busy or don’t want to keep an eye on the deal at all times. You can also activate the Trailing function; this means that your deal will not be closed until the price reaches the maximum level and it will close with a profit. In fact, this feature is a hybrid—“Take Profit with Trailing Stop Loss”—this expands your trading opportunities and makes your crypto trading more convenient and flexible. Trailing Take Profit is used for maximizing your profits.
Trailing Take Profit and Trailing Stop Loss for cryptocurrency
Also, you can select the type of order in the “Take Profit” settings, under “Market Order” and “Limit Order”. But with the “Trailing” option enabled, the order type “Limit Order” cannot be selected. Therefore, we will first disable the “Trailing” option and now we can enable the selected “Limit Order”. And remember, that if we turn on the “Trailing” option again, the order type will return to being a “Market Order”. Near the order type, it is possible to choose parameters for the price, such as—Ask, Bid, and Last. In addition, to the settings of “Take Profit” for increasing the chances of having a successful deal, we can set up the feature “Split Targets”. Click on this button and we’ll get an additional menu. Here, in addition to the green line, refers to the percentage ratio of the “Take Profit” price, we also have a brown line, which refers to the volume of deals as a percentage, “Volume”. And there is also another button “Add TP target”. Click on this button and we’ll get a diagram of the percentage ratio of “Price” to “Quantity”. We can set up a maximum of three more “targets” by clicking on the “Add TP target” button.
When you click “Set Stop Loss”, you get to select the price level, a minimum price level. When it reaches that level, the crypto coins you bought will be immediately sold. Normal Stop Loss, this is when the price drops before or below your selected price, the system will then make sure to close the deal for you. This value should be set to minimize losses if you do make mistake while crypto trading. Some traders use it on already profitable trades, because if the price drops, you do not end up losing your profit, and you will also close the deal without dealing with any losses. By analogy with “Take Profit”, you can activate the Trailing function. Trailing Stop Loss (TSL) – the use of this function is quite simple. When the price of your coin begins to grow, the stop loss level will follow the price according to your specified percent value for Trailing Stop Loss, so it is very easy. If the price reaches the maximum and if the price begins to drop, the Stop Loss will be activated, and the deal will automatically close with a profit.
This means that the Trailing Stop Loss “follows” the price of the coin, the higher the price of a coin goes from the original, the higher the Trailing Stop Loss will go up too. If the price falls, Trailing Stop Loss will not move. And of course, with the “Trailing” function activated, as in “Take Profit”, the “Limit Order” cannot be set. In the field under “Market Order” and “Limit Order”, we must set the fixed value of “Stop Loss” in numbers—and by moving the slider below, we can set it in percentage. We should also pay attention for the option “Stop Loss Timeout”. When the Stop Loss Timeout is turned on, the system will do an extra check before closing a trade by Stop Loss. If the price drops to or below the Stop Loss level, the system will then wait for a specified number of minutes. After this, it will do an additional check of the price. If the price is still at or below the Stop Loss level, the trade will be sold by Stop Loss. If the price rose back above the Stop Loss level, the trade will remain open.
By the way, pay close attention to this. If in “Smart Trade”, I turn on or turn off the function “Trailing buy”, then our settings in “Set Take Profit” and “Set Stop Loss” will change a little bit. Keep this in mind so that you do not get confused and so that your parameters will not be affected. In general, when settings of the deal have been completed, you should just to click on “Create trade” and you’re done!
Smart Sell – intelligently sell coins you already own
The third tab is “Smart Sell”. Our previous topic was “Smart Trade”— plan both buy & sell at once—so now we’re going to talk about “Smart Sell”—selling coins you already own. If you select the tab “Smart Sell”, we will see more information, such as the number of coins available for sale. If you click on it, you can update the data from the exchange. And below, we will see the number up for sale, you can click on “Max” to sell all your available coins.
Here, you can change the price, which will affect the calculation of the profit, loss, Stop Loss, and Take Profit. For example, you bought 1 BTC for $6500 USD and you’ve opened an order to sell when the current price is $8500 USD. If you do not change anything, then the countdown will go from $8500 USD, and this will not match the real situation of your trade. Displaying the current price of the coin in real-time, if you click here, this price will be set in the field “Buy price”. The total volume of your deal at the current price is shown here, in the “Total” field.
“Smart Sell” allows you to plan the sale of coins you already have. You can adjust the conditions of Stop Loss and Take Profit simultaneously and more, thus forming complex strategies for trading cryptocurrency. Stop Loss and Take Profit are configured exactly the same as “Smart Trade”, so I will not go through it again.
Smart Cover – intelligently sell and repurchase your crypto
Fourth tab “Smart Cover”. It allows you to sell cryptocurrency, after that, it will rebuy it again. You can set up a selling condition, and plan what time you wish for it to repurchase your crypto. There at least 2 ways of using Smart Cover.
Firstly, it is similar to a traditional Short. If you have a negative trade or hold a falling cryptocurrency, you can smart sell it and then buy it at a lower price. So, you will make a profit with the difference in prices.
Secondly, you can repurchase crypto after a positive sell. For example, you have a long deal that is successful, but you figure that there will be a short period, where the price will drop and bounce back. Or you wish to sell your crypto money, and then buy it back at a cheaper price. Set up an order to sell cryptocurrency near the bounce-back point, then plan for it to buy it back again. There are many methods of using “Smart Cover”—it all depends on you.
“Smart Cover” has buying and selling conditions. The selling condition is available from the creation of a deal, and the buying condition will start working only after the sale is done. You can plan the period, and you can plan how to repurchase the crypto using the Stop Loss and Take Profit features. A Take Profit will be used if you wish to buy cryptocurrency and profit from it. A Stop Loss is used if you want to repurchase coins at a loss.
And let’s talk about the Trailing functions in “Smart Cover”. All trailing features from Smart Trade is able to be used here. They can have maybe different names, and not be in the same positions. In the tab “Smart Cover”, where you plan a sell, there is a checkbox for “Trailing sell”. Despite the name, it works like Trailing Take profit. In short, it will try to sell crypto as high as possible. In the “Take Profit” section, there is a “Trailing” checkbox. The “Take Profit” in a “Smart Cover” means it will buy coins lower with profit, and not sell. So, “Trailing” here works the same way as “Trailing Buy”, trying to buy as low as possible. And the “Trailing” in the “Stop Loss” works like “Trailing Stop Loss”, but it trails down. If the price reaches a new low, it will go lower and etc.
That’s it for our video today. We have reviewed the powerful features of 3Commas such as: “Smart Cover”, “Smart Sell”, “Smart Trade” and “Buy / Sell”, which—even without the use of bots—will make your manual cryptocurrency trading 3 times more effective. You can check the quality of the service, by using the trial version for 3 days. And when you begin to like 3Commas, you can use this site for a long time. The main thing is to learn how it works and to understand the system. My site, botcryptotrade.com, will help you with this.