In our previous post, we have already talked about 3Commas Review. Today, you will learn 3Commas SmartTrade creation from start to finish.
Login to 3Commas SmartTrade
Now, login to your 3Commas account. We need to choose the exchange that we want to trade on.
In this case, it’s my Binance, which is the Binance account that I just created and now I need to choose a trading pair.
You could select a pair that you’ve been eyeing on Binance either by scrolling down or you could just go ahead and type it in.
Notice that, you may have multiple pairings because there are multiple markets that you’re tokens or coins that you’re interested in trading are available on.
For instance, Cardano is available on Ethereum, Ethiopian bitcoin, and Binance coin markets. I could also say well I really like playing Cardano and I want to save these two as favorites because I like alternating between the bitcoin chart and the Ethereum chart.
Now, that I’ve clicked start. These are saved at the top four easy and quick access. To do the chart for Cardano, go and click the trading view and it will populate a chart here with a one-hour time frame.
Volume and Bollinger bands on by default. If you’ve never used trading, all you have to do is hover your mouse over to the things shown in the screenshot and you can delete that indicator or you can add your own if you like.
Also, the order book is here. This order book might be flipped a little bit different from what you’re used to seeing on Binance where you’re seeing the Buys down and the sells appear.
Just go with the colors. Green is Buy & red is Sell. You can see the numbers. You can also zoom out on this order book to get a bigger picture or you could press the equals sign to get the smallest number in order possible.
Now, we decide where we want to Buy? Looking at this chart specifically, I want to choose to buy around here just in case BTC has another fall.
So on the right side, you can see it says 12 16 people right here.
Here I’m going to choose 1233 because I avoid round numbers because everyone likes round numbers and they are easy.
Then, I can choose how much of my deposit I want to use? I want to use 100 percent of my deposit or 50 percent of my BTC holdings or I want to choose 100 ADA.
It will tell me how much that’s worth at this price. There’s also an option for trailing Buy.
What Trailing Buy Does?
It does, once the price hits where you want to buy, maybe that price will keep going down. What this does is, add a set percent.
Let’s say 1 percent. Every 1 percent, it goes down below the initial price that you selected, the buy price will go lower 1 percent, 1 percent, 1 percent, it’s trailing, it’s following, so that when the price goes back up, you will have purchased it at a cheaper price than you originally would have.
This is a great way to ensure that you get the lowest price possible.
We’re gonna set our take profit, which is where we want to sell. Since we’re buying here, I want to sell not at the very tip-top. I’m alright with 5 percent so I could do this a couple of ways.
The number on the right and blacks is 1231995 Satoshi, so I can say 1295 Satoshi or I could just straight up say 5 percent which is that price.
Market order vs Limit order
A market order is going to sell it to the highest bidder at that moment. If that highest bidder is not buying a lot, then it might fall down a little bit from where you purchased it from. However, if it’s a high volume chart, you’ll probably get sold at that price.
Whereas with a limit order, you decide what price you want to sell and you’re waiting for that price. So you’re waiting for all the bids to come up and it’s going to surpass that price and then it will sell it’ll sell everything at that set limit price.
This is the price that you want to get everything sold at. Note that the limit order is only available when you turn off trailing.
When you select a limit order, you can select what price and then we’re good to go.
Trailing take profit is one of the things that really got me hooked on using 3Commas. Take a look at this gift to learn more about trading profit.
That’s pretty incredible. That’s the power of 3Commas. This is why I am making more on trade & I’m so enthusiastic about using 3Commas and sharing it with people so that they can make more of their accounts and their trades with the service.
You can decide what you want your trailing price to be. So I’ll leave it up to you. I like to use between 1 and 3 percent personally but It’s up to you and it’s up to what the charts do.
There’s also an option here for splitting your targets. You could decide not to sell everything at 5 percent.
You could do a step sell where 3 percent, I sell 33. And then at 4 percent, I sell 33 and then at 5 percent I would sell 34 for now.
What is Set take profit window
There’s Bid, Ask and Last. Bid means you’re going to be selling to the highest bidder. Ask means you’re going to be selling to the lowest person selling. Last means you’re going to be selling when it’s that price exactly.
Coming back over to SmartTade, we have bid, ask and last. We also have a new one limit. This is just like this limit order over here and takes profit. Except now, this is where we want to buy at this absolute price.
We also have the option to make a market by which means that we buy at the current market rate.
Usually, it’s going to be at the lowest asking price. I like conditionals because it hides your order in the order book. What it means, is that I could say, I want to buy it at 1235. But now with conditional, it’s only going to put it on the order book when the price reaches 1235. It’s a really nice sneaky trick to go.
We all like to think about trading where we buy low sell high every single time. But that’s not really the case.
So, sometimes we do need to use a stop loss. I know for some traders that’s a taboo word and you don’t ever talk about stop losses but best practice dictates that you should be conserving your accounts and your trades by using stop losses.
By using a stop loss with 3Commas, it doesn’t always mean you’re going out of the trade in a loss.
Let me show you why? with stop loss, you can decide at what price you want to exit the trade. You can decide if it’s going to be selling to the highest bidder to the lowest asker or at the last price. I usually leave it on bid.
There’s also this nice little button -- stop-loss timeouts.
Stop Loss timeout means if there’s a sudden drop in the price or what I like to call a fat-fingered drop.
This is not going to trigger your stop loss. It’s just a momentary drop that happens just for one minute. It will not trigger your stop.
This is a huge insurance policy on avoiding getting stopped out by these fat finger drops and happened on so many crypto charts.
A lot of you know what I’m talking about. Maybe you’ve been stopped up before and it’s been painful.
This is a great way to make sure that your trades don’t exit in those times. We also have an option for trailing. This trailing is similar to the take profit except trailing stop loss, works below the price and follows it up.
If we go down and we clicked to create trade button and an upward pop a confirmation dialog and inside of there, we can add some text notes to herself saying buy it at this price or look for this target and you can adjust things you can add your trade after it’s been made.
If you already have coins that you purchased on an exchange you would sell them using smart cell and you would pop up it would pop up here.
How many of what coins you can decide? how much you want to sell? 3Commas SmartTrade answers all of the trader’s questions and takes care of all their needs in one smart window.
For those of you that are just getting started with 3Commas, I realize that this could be a little bit overwhelming.
You can ask them questions about their setups, their preferences for trailing goods they’d like to trade and you can ask them other questions related to other things that 3Commas is offering including their bots.