30s Summary

AI trading bots are digital tools designed to trade cryptocurrencies autonomously, based on trends and patterns they discern from human trading activities. Although imperfect and capable of making mistakes, these bots can trade 24/7 and make ultra-fast calculations to potentially rectify errors. Options to use AI bots include building one’s own or using a pre-built bot from services such as Coinrule or Pionex. Alternatively, users might consider an AI agent, which can learn from latest trends, provide financial advice and implement trades. Both AI bots and agents, however, come with associated risks.

Full Article

How cool would it be to have a sleepless helper trading cryptocurrency for you, handling data and handling strategies while you snooze? That’s what AI trading bots do. They use some complicated algorithms to act like human traders, managing methods and adapting when markets change.

So what exactly is an AI bot used for crypto trading? Basically, it’s like a digital doppleganger for human trading activity. These bots watch how people trade day to day and make a playbook from that. So, for instance, if it finds that people often buy Bitcoin at a particular price and sell it at another, it’ll adopt that strategy into its own. This AI bot is always watching the market and tweaking its strategies as it goes, allowing you to set up custom rules and directions to steer it.

While AI bots are cool and powerful, they aren’t flawless and there can be some risks when trading. AI bots are known to make mistakes, but despite this, there are a lot of great reasons to set one up and start crypto trading.

With an AI bot, you can trade 24/7 which means you’re always in the game even when you’re sleeping. Additionally, an AI bot trades a lot faster than you, making millions of calculations a second, meaning it could make up for a mistake so fast you probably won’t even notice it. The best part? It doesn’t panic sell or make impulsive trades based on a gut feeling. The bot will always trade according to the strategies and rules it was trained on.

You can either build your own AI bot or snag one from a service like Coinrule or Pionex. If you’re building your own, you’ll need to know a bit about coding and have real-time access to crypto prices. This involves creating your own AI algorithm for trading, testing it out, and then getting it live on a server.

On the other hand, if you’re not feeling like flexing your coding skills, pre-built bots on platforms like Coinrule and Pionex allow you to easily manage your bot with pre-set rules and strategies. All you have to do is connect your crypto exchange account via secure API keys provided by the service and customize your bot’s trading strategy. Then just launch and monitor, adjusting as needed.

While an AI trading bot is a great way to get involved with crypto, there’s another AI-based option you might want to consider: an AI agent. Unlike bots, AI agents can learn more from recent trends and market conditions, offering much more than just trading capabilities. They can provide financial advice, suggestions for trades, and even implement those trades based on what it’s learning constantly. Agents, like Truth Terminal or Coinbase’s Based Agent can also perform functions like creating marketing campaigns or launching NFTs.

Remember though, as awesome as AI bots and agents are, nothing is without its risks and its always a good idea to be aware of this when getting into crypto trading. But if trained well and adjusted right, AI bots can be a fantastic tool in the world of crypto trading.