Cryptocurrency trading and investments have gained popularity in the last few years as more mainstream participants express interest in alternative markets. Even institutional investors have started turning their attention towards including digital currencies as a part of their investment portfolio.
To maximize their earning potential, some traders have started using trading bots to optimize their trading activities. Trading bots operate according to a defined set of rules that the operator (human) must clearly define and program into the bot. These sets of conditions allow the bot to execute simple to highly complex buy and sell orders.
Establishing a complex web of hedging trades and defensive trade. Profit Trailer is a trading bot designed for new and advanced users. Profit Trailer can be a potent tool in a trader's bag of tricks. This tool allows you to sleep, which is always in short supply with a 24-hour crypto market that doesn’t seem to sleep.
They have provided a platform with integrated charting tools from Trading view, which on its own, can elevate your trading experience if executed correctly with backtesting. In this article, we’ll explore what profit trading bot is, how do they work, and what are the advantages that can be leveraged while using them.
What Is Profit Trading Bot?
Profit Trailer can be a potent tool in a trader's bag of tricks. This tool allows you to sleep, which is always in short supply with a 24-hour crypto market that doesn’t seem to sleep.
They have provided a platform with integration from Trading view, which on its own, can elevate your trading process if executed correctly with backtesting. The Profit Trailer VPS comes pre-installed and ready to trade, which removes many headaches from setting up a trading bot.
The monitoring dashboard is well laid out with the ability for you to configure settings from your mobile phone. They also have a Possible Buy Log, which reviews possible trades and executes if the price matches the risk-reward ratios set out. The Pairs Log shows your purchased coins cleanly and.
The DCA Log (Dollar Cost Average) allows for multiple purchases, triggered by a percentage loss. We don’t like averaging down, never throw good money after bad money expecting to fix the trade. This will compound your losses in the long run and treats trading as gambling more than risk management. Dust Log records unsold portions of the trades not executed.
Profit Trailer works on the following exchanges; Poloniex, Bittrex, Binance, BinanceUS, Binance Futures, BinanceJersey, Binance DEX, Kucoin, Huobi, BitMEX, and Bybit. T his is an impressive list of somewhat reputable exchanges.
We have been profitable testing this trading bot. However, this does not mean you will be profitable. We have years of experience in multiple markets and understand how to use pine script and Tradingview. We recommend the free version to all traders to experiment with.
Who Can Use Profit Trailer?
Profit Trailer is a trading bot designed for new and advanced users.
It is preconfigured to start trading immediately; as discussed above, operators need to have defined trading plans and program Profit Trailers appropriately and according to the market conditions.
All settings can also be customized.
Profile Trailer Strategies
Trading bots have a lot of advantages over human trading. Trading bots can trade the markets 24 hours a day, 7 days a week for the entire year, and won’t complain.
They don’t need to sleep, eat, or have a social life. This enables their users to have a somewhat normal life and reap the rewards to set up a profitable trading system.
To appropriately set up a trading system, you need to understand how markets work. What conditions will result in profit and what conditions could cause a loss.
When to accept a loss and when to double down for a larger profit. The problem with a trading bot is they will only do what you tell them to do.
If you don’t understand why trading bots are executing certain actions, it will be only a matter of time before your account is liquidated.
Even if you understand what a trading bot is doing, you have to constantly evolve your trading approach to keep in line with the markets.
If you have an effective trading plan, your trading bot can leverage this to trade constantly. Trading plans can always be improved, and markets are dynamic.
All successful bot operators employ backtesting to either evolve their trading plans with the markets or create new trading plans that perform under a different set of market conditions.
We recommend using Tradingview and Backtest-Rookies. Tradingview uses Pine script, a great introduction to backtesting with a great community, and lots of available resources.
Bear and bull markets generally have their own set of conditions. The most profitable long entry and exit system won’t necessarily do as well selling short.
Trading systems can be extremely complex, with multiple entry conditions and completely non-related exit conditions.
A computer and trading program can also trade multiple markets simultaneously and react to all changes simultaneously if it needs to.
On the other hand, a human can only execute one entry or one exit at a time.
Profit Trailer Features And Pricing
Profit Trailer has 4 licenses, Free, Single Edition, Basic, and Advanced. We recommend starting with the free license and familiarizing yourself with the program.
Try to lose your paper trades on purpose. See how the Profit Trailer bot reacts to the markets given different stimuli and various trading pairs.
The fees can be paid monthly, which we recommend, or lifetime memberships can be purchased. The fees range from €30.00 to €999.00
Profit Trailer has additional fees that need to be considered. Profit Trailer can be installed on VPS. For additional ease of use, you can also use their VPS for €10.00 / month. 1 API Key Slot costs €250.00.
An API key allows the bot to access your exchange account and trade. Multi Exchange Upgrade costs €150.00 and allows you to use all exchanges.
Config Save Slots ranges from €10.00 – €50.00 sold in packs of 10. You might want to create and store a large number of config files on your server for immediate response to rapidly evolving market conditions.
TradingView Integration for €5.00 / month is hands down the best feature.
This truly allows you to be in total control, executing complex orders that input market data from any asset available on Tradingview as an entry or exit condition.
Institutional traders execute trades reviewing multiple markets for additional insight into the markets.
The recent Crypto crash saw BTC trading in step with the Dow Jones Industrial Average.
The last product available is the Feeder at €169.00. This tool allows for dynamic changing of the trading parameters in real-time, without setting up a config file or writing a script in Tradingview.
While this can be useful, it poses a grave risk to your trading account if done incorrectly as operators are prone to failure under many conditions.
Once you sign up for one of the memberships, you will get access to their trading signals, which we don’t recommend.
There is nothing wrong with the product, but thinking for yourself and justifying your own trades is more important.
Using your trading plan to generate your own signals is the only way to evolve your understanding of the markets and the intricacies of trading that specific pair.
How To Setup Profit Trailer
Profit Trailer has some amazing resources: the Profit Trailer Wiki is well laid out, exploring the complexity of their trading bot in readable English. They make the process of setting up and managing their bot doable for the average non-technical person. Their Discord community is full of helpful bot operators; they also have a guide if you've never used discord before.
Profit Trailer has based their support staff in Discord. To offer a quick speedy resolution, the VPS support response takes no longer than 30 minutes. Profit Trailer also has a great YouTube channel loaded with getting started resources. Profit Trailer has its marketing on point. Their Facebook account has a clear goal and strategy, and also they have Twitter to give their users clear views about the trading bot itself.
Crypto Trading Bot Alternatives
Profit Trailer isn’t the only trading bot. Zenbot is an open-source, completely free bot trading alternative, but the learning curve is steep, requiring a strong understanding of markets and coding, and is not for beginners.
This bot is plug and play, allows for custom strategies and backtesting. Strategies are also for sale. We always recommend thinking for yourself, but the ideas can provide inspiration or lead to creative thinking, working with what's provided. Great for beginners.
Charges more fees and only deals in crypto. They also force you to upgrade your plan as your account size increases. This platform does not provide you with a program.
They offer a web-based portal where you instruct their bot on how to execute your trades. They have a strategy marketplace and support backtesting.
Has a one-off payment only and is well known and trusted. They do have a strategy marketplace, which is a bit expensive. They recommend using your own VPS or server, and they won’t set this up for you. It also has a Tradingview add-on, which also allows backtesting.
They have a large selection of products, including arbitrage trading. Gunbot is not for beginners.
More expensive but has many features; they also have arbitrage trading, backtesting, automatic tuning, and safety measures, which are excellent protection. They recommend a server, and we don’t feel they are for beginners. Their support is also amazing.
Is Profit Trailer Legit?
Profit Trailer is legit and a very lucrative way to trade. If you know how to trade, can plan and execute trade according to predefined rules, and know-how to code.
If you can do those 3 things, you should see profits. If you can’t do those 3 things, you won’t make as much profit or could lose all your trading capital in the cryptocurrency exchange linked accounts.
Trading bots work harder and longer than humans, they are not emotional and won’t panic. Unfortunately, they will do only what you tell them and can quickly drain your account if set up incorrectly. Before you think of looking at a trading bot, you need to become a profitable trader first, over a defined period of time.
We recommend 1 to 2 years, and even then, you might not be exposed to the complexities of all that a bull or bear market has to offer. Many computational traders spend years refining their mathematical, programming, and market knowledge to become profitable. Reviewing countless charts and backtesting every thinkable variable.
Always keep in mind; If the free strategies were that good, a financial institution would have bought the entire company for an 8 to 10 figure amount. Even paid trading strategies aren’t as useful for the same reason. Always have your own trading plan. We strongly recommend trying the free version, even if you don’t plan on trading using a bot.
The features and market insights could help you formulate a trading strategy or further define your market understanding. In closing, never keep all your cryptocurrency in a bot traded account on one exchange. Use multiple exchanges to diversify risk and use a hardware wallet for your reserve capital.
Profit Trailer Review
- Value for Money
- Ease of Use
• Automated Trading
• Many strategies
• Trailing stops
• Paper trading
• Trading Signals
• Useful Add-ons
• Strong community
• Excellent support
• Information a bit scattered
• pricey VPS if taken separately