How to Create a New Rule?
Rule is a set of conditions put together to execute an Order. Whenever the conditions that we define in a rule are met, an Order is pushed to the exchange by our Trading Bot. To Create a New Trading Rule on autoPredict.io platform, login to https://dashboard.autopredict.io/ and select the Exchange you want to start Trading with autoPredict.io Trading Bot.
Select Trading Exchange
autoPredict.io supports popular exchanges like CoinDCX, Bitfinex, Binance, Poloniex and Bittrex. You can ‘Create a Rule’ as per the exchange. A Rule that you create, can be further used to start a ‘Trade’ with a certain Currency Pair, or ‘BackTest’ a certain Currency Pair supported by the Exchange you select.
Add New Trading Rule
To start Creating a New Rule, we need to define the following Conditions:
- Create an Entry Point
- Mention Profit Booking Percentage
- Mention Stop Loss Percentage
1. Create an Entry Point:
Creating an Entry Point is the starting point to start Trading using the Rule you are about to Create. Entry Point is the price at which the Trading Bot will Open an Order / Position (Order in case of Exchange, and Position in case of Margin Trading).
We can set the following conditions to create an Entry Point:
- Place an Exchange Order / Margin Position
- Set ‘Trading Amount’ from your Wallet with which you’d like to start Trading
- Start Trading when Coin Prices Rise/Fall by X%
- Start Trading by placing a Buy Order(or Long Position in Margin) or a Sell Order (or Short Position in Margin)
If you are not sure on when to start a Trading Position, you can set a condition to start an Entry Point. You can start a Trading Position when the Market Rises/Falls by X% with a Buy/Sell order (Long/Short in Margin) with a part of your Wallet Amount.
2. Mention Profit Booking Percentage:
You can Book Profits whenever the Coin Prices are in your favour automatically by setting a ‘Square Off‘ percentage in your Rule. The Order (or Position in Margin) will close when the Position reaches the Square Off %.
Book Profit in Lots
When you feel the Coin Prices can rise more, then we can also ‘Book Profits in lots’ by selling some part of the current Amount of coins now, and the remaining amount of coins you have after the coin prices are further increased. This will book more profits instead of selling entire amount at once in case of Square Off. You can sell 10% or 20% or any amount of percentage of coins you have in parts, and book more profits.
Both (Square Off and Book Profit in Lots)
You can Square Off the Order (Position in Margin) aswell as book Profits in Lots both in a Trading Session. We can book Profits based on our Trading Strategy.
3. Mention Stop Loss Percentage:
You can set a percentage, where you like to Stop the Trade when the coin prices are against your prediction. Stop Loss will close the position at that particular Percentage when the Market is against your Order / Position.
When the Coin Prices are moving against your prediction, we can either use Stop Loss to end the Position and safe guard our Coins, or if we are hopeful that coin prices may soon make profits for you, then you can hold the remaining Coin Amount and sell when Profitable.
Note: Be vary of the Liquidation Price (in case of Margin Position) as releasing the amount of coins will decrease the liquidation price.
Some Traders prefer clearing their position with Profits as soon as possible, while some Traders prefer Buying more coins when Coin Prices are decreasing.
By doing this, the Trader can purchase more coins at lowered prices when in loss, and can later Sell it when Coin Prices are Profitable for your Trade Position.
Note: By Buying more coins in loss, the Liquidation Price further lowers (in Long Position) and gives a cushion to the Trader.