Smart Trading: “must-have” set of tools for crypto-tradersOct 24, 2019
Smart-trading is a set of tools that allows users to minimize losses and maximize the income when trading cryptocurrencies. In this article, we will talk about the specific tools that smart-trading includes and its advantages.
Unified interface for all exchanges
Professional traders need to trade on different exchanges to maximize their income. However, this process is complicated by the different functions on exchanges and the big differences between exchange interfaces. All the different exchange tools should be accessible in one place to make things easier for traders, that’s why FUMGO doesn’t limit its users when choosing exchanges and currency pairs. One of our priorities is expanding the number of exchanges available on the platform (we are happy to receive your requests about connecting new exchanges). Currently, we work with the following exchanges:
- Huobi Global
The primary advantage of trading cryptocurrency on FUMGO is that the platform is non-custodial. The FUMGO terminal does not require any deposits or withdrawals from your wallet; it trades directly through it. All of the work is done by connecting your exchange account via API keys (except BinanceDex). Your money is stored directly in your exchange account that you set up, and the terminal cannot withdraw it. For security reasons, we always recommend you to create API keys with no withdrawal rights.
The possibility to create any type of order using one interface
In traders’ terms, the task for execution transaction on exchange is called an order. If the interest of the seller and buyer match, then their orders are completed and a market price is created. An order is the main element of all deals and the types differ depending on the method of their execution.
You can create both the simplest and most complicated orders on FUMGO, in order to implement any trading strategies:
- Market order – an order to buy or sell a chosen currency at the best price available on the exchange.
- Limit order – an order to buy or sell at a price indicated by a trader. The main difference is that a limit order will not be executed if the indicated price is not reached within a set timeframe.
- Pending order – an order to place a Limit or Market order when the target price is reached.
The users on the platform can also create Stop Loss and Take Profit orders so they have better risk management.
You can use one of two types of terminal interface to create orders:
- For beginners – with step-by-step instructions on creating an order.
- For professional traders – an interface in which you can configure everything you need right away and use charts for quick trading.
After orders are executed, the user will receive a notification by email and through Telegram, if they have connected their Telegram account to the platform.
Take Profit – Stop Loss tool
The basic process of trading on the exchange is the standard “buy low – sell high”. However, you can never guarantee you won’t make a loss. You can open a long-term order and leave your PC, but if the direction of the chart suddenly changes, you will make a loss. In the same way, you can miss a short-term winning trend. Smart trading totally changes the situation, thanks to the ability to set up Take Profit and Stop Loss commands on any of your orders.
Take Profit allows you to lock in profit according to your goals. Stop loss is even more useful: it minimizes losses when the market changes direction. Most experienced players agree that “stop loss” is the key to becoming a successful trader, by controlling your risks.
You can read more about this tool in our FAQ section.
Trailing is another tool that increases the likelihood of buying at the lowest price and selling at the highest, and getting additional benefits. An order with trailing is set as a percentage of the target and allows you to get additional profit from the goal you set. Don’t miss the additional benefits that the market can provide.
Statistics and deal history
FUMGO, the social trading terminal, is a universal tool that aggregates all important functions using the exchanges’ API keys. A single interface includes the possibility to analyze:
- Coins balance
- Balance dynamics
You can also view the history of your transactions. Old-school traders usually record deals manually, in a personal journal or Google Doc. We save your trading history at FUMGO, so every user can see their deals.
FUMGO alerts are customizable alerts that instantly inform you of price changes for any coin.
Alerts allow users to set up notifications on Telegram or by email about the price changes for certain pair on all available exchanges. You can also set the percentage of price deviation. As soon as the set price for the pair is reached, you will immediately receive a notification about it.
You can read more about alerts in our FAQ section.
Flexible notification system
Receive notifications about all events by choosing a convenient channel and the reason for receiving an alert:
- execution of orders and related targets
You can find the full list of available notifications and settings on your account. As you can see, everyone can configure them:
For example, when you create a Conditional Order, you do not need to sit and wait. FUMGO automatically notifies users about the creation of orders and entering the position. You can find detailed instructions on setting up alerts for Telegram and email in our article on setting up a user profile.
You can also test all the functionality, and hone your trading strategy using a virtual balance on FUMGO. A virtual balance of 1 Bitcoin is credited to you immediately upon registration.
An important factor for success, both for beginners and advanced traders, is not only using great tools, but also being in a comfortable environment among potential partners and like-minded people. This allows people of every level to feel confident and motivated, and with the help of “mirror trading” and copying transactions, you can achieve success in crypto trading. This interaction between pro-traders and beginners takes your professional experience to a whole new level and brings a new perspective!