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We are continuing the “3Commas Practical guides” series — mini-articles with practical examples of how convenient and easy it is to make money with 3commas.io.
In this article, we will look at leveraged trading using the Smart Long and Smart Short functionality.
Smart Long / Short
How many times have you felt that your favorite exchange, on which you are used to trading with leverage, does not have convenient and necessary functionality? Or maybe you use many exchanges and find learning all the user interfaces to be a headache? Now you can take advantage of the powerful 3Commas Smart Trade tools, allowing you to trade all assets — all exchanges in one place, meaning you only have to learn one interface and can view your trades across multiple exchanges in one place.
Select an exchange, market, and a trading pair in the Smart Trade section of the side menu. The chart allows you to perform analysis and do all the necessary calculations to enter a trade.
To activate the special Smart Long and Smart Short functions for trading with leverage, you need to select the exchange that offers such functionality, choose the type of transaction and order type, and set the desired leverage:
For example, we believe that if the price of Bitcoin drops to $11,130, there will be a rebound, and we want to take advantage of this by opening a quick long position. To do this, we need to place a limit order at this level in the Smart Long tab, setting the required position size and leverage:
Trading with leverage is most risky; therefore, special attention should be paid to risk management. Let’s set up Stop Loss and Take Profit according to our goals and enable the Trailing Take Profit function, which we talked about in this article, to get a bigger profit if the price goes higher:
Next, having double-checked all the initial conditions of the deal, we create and confirm it:
Further, the transaction will occur automatically. Thanks to the 3commas.io interface, it is convenient to track, manage, and edit transactions if necessary:
Good luck, everyone! See you in the next 3Сommas Practical Guides!
The information above contains information on the cryptocurrency market, which is associated with high risks. These materials are presented for informational purposes only and in no way should be construed as a recommendation for the purchase or sale of the assets. Any person considering trading digital assets should seek independent advice on the suitability of any particular digital asset.