Bots 101

Why Bots?

Bots are like a trading assistants that perform trading tasks for you. Bots are consistent, emotionless and systematic. Bots can do many things including:

• Scan for new positions that match your entry criteria
• Initiate trades to open positions when they are available
• Place multiple orders between the bid/ask spread to get trades filled at the best possible price
• Monitor positions waiting for predefined exit conditions

Combine all of these to execute a fully automated trading strategy.

Automations

Your bot can use market data and indicators to make decisions, open and close positions, send you notifications and much more. Automations are the instructions you add to your bot that define the actions you want it to perform:

Automations can be scheduled to run continuously every 1 minute, based on a repeating schedule, when you click a button, and many more options:

Ready to automate your trading? Watch our Fast Track Guide!

Scanning for positions

For example, add a scanner automation to your bot to watch for specific entry conditions and automatically open a position when it's available:

Monitoring and exiting positions

After your bot opens a position, it will monitor the position every 1 minute checking for your predefined exit criteria:

You can also add a monitor automation to your bot that checks for more specific exit conditions:

Transparency

Everything the bot does is logged with full transparency. No black box here! Your bot's log has details of what happened each time an automation runs:

Including the actions executed in the automation:

You can even inspect the exact data the bot used when making decisions:

and opening positions:

Profit and Loss

Your bot logs the profit and loss for all of its positions so you can keep track of it's profitability: