Haasbot is a trading bot that uses artificial intelligence (AI) algorithms to monitor the crypto markets and make trades automatically. The principle is that the crypto market never sleeps, and we’ll assume that you do, even during the last few nightmarish weeks of price drops. So while you’re asleep, the trading bot will keep things ticking over for you, buying and selling according to the parameters you set for it.
So is Haasbot worth it? Here, we take an in-depth look at the tool so you can make up your mind if its a worthwhile investment for managing your trading activities.
Why Use Bots for Trading?
Well, the overnight trading element is only one part of it. The AI algorithm of a bot can analyze market trends far more quickly than a human working manually, especially in the high-speed, high-stakes world of cryptocurrency trading. It can then execute trades on your behalf, also more rapidly than any mere human. For any trader, both of these reasons can be a huge bonus, as it’s stressful and time-consuming to be on constant alert for market movements.
For new traders, bots like Haasbot may be even more valuable. To a crypto noob, the sheer volume of new information to consume can be overwhelming. Therefore, using a bot can help to automate a few initial trades, allowing a new crypto enthusiast to look back over the bot’s actions at leisure and learn from what it is doing. New traders should still try and learn something about crypto trading before investing in bot software.
Haasbot is one of many trading bots available on the market today. The software is owned by HaasOnline Software; a company initially set up by Dutch software engineer Stephan de Haas. HaasOnline released Haasbot in 2014, and since then two upgrades have been released. Haasbot 4.0 will hit the market in 2019.
The Haasbot packages contain four different components:
- Technical indicators
Haasbot offers access to fifteen different bots, depending on your pricing tier. How you want to trade will govern which bot you choose. Some examples are:
- Crypto Index Bot – a trading bot that works with a portfolio of cryptocurrencies, balanced according to your specification
- InterExchange Arbitrage Bot – if you want to trade on the variations between different exchanges, then you’d use this one
- Order Bot – allows you to set pre-defined orders and trigger a trade when the price is lower or higher than the value you specify
Insurances are special conditions that must be fulfilled to execute a buy or sell order. They set specific rules for the bots that work to protect your profits and minimize losses. Some examples:
- Absolute Price Change and Percentage Price Change – this sends a trade signal to the bot to buy or sell if a particular coin increases or decreases in absolute price, or by percentage
- Overcome Fees – this ensures that the value of a trade itself will not be wiped out by transaction fees
- Never Buy Higher – this tells the bot never to conclude a trade at a higher buy price than the last sale price
A safety is a defined event that will trigger a buy or sell. Safeties are designed to prevent you from suffering losses from significant drops in the market where an insurance may otherwise only prevent a buy transaction.
Examples of safeties for Haasbot include:
- Price Pump – follows the price during an upward trend and sells when the price starts to drop
- Stop Loss Fixed Price – allows you to set a price below which the bot should automatically sell your positions, to prevent you from losing on a trade
- Deactivate After X Trades – will block further trades after a certain number have been carried out
You can use technical indicators to analyze market conditions for supply and demand, which can give buy or sell indicators. Haasbot has dozens of technical indicators available, depending on your price tier.
Some of the more straightforward examples are:
- Relative Strength Index (RSI) – attempts to gauge whether an asset is overbought or oversold by comparing the magnitude of recent gains against losses
- Fixed Buy/Sell – you can pre-define price points for buy and sell signals
- Rate of Change – measures the change in price from one period to the next
By configuring bots with insurances, safeties, and technical indicators, you can set a number of different Haasbots to run depending on your circumstances, and to which Haasbot price tier you’ve subscribed.
Haasbot offers three different tier levels, and you can subscribe for either three, six or twelve months. All plans include support for all exchanges, customer support, and core features. However, the Beginner and Simple plans don’t include access to all of the bots, insurances, safeties, and indicators that you get with the Advanced plan.
You can see the pricing offers for the six-month plans below (pricing is in BTC).
You can also compare the features of the different tiers before buying.
If you want to compare Haasbot to some other trading bots on the market, then you could also check out 3Commas, Cryptohopper, Gunbot or Gekko.
Conclusion – Should You Invest in Haasbot?
The most important thing to keep in mind is that any trading automation, Haasbot included, will only work according to the rules you set for it. If you’re a crypto trader who’s made money in the current markets, then the chances are you can set up Haasbot to execute your current strategy without any detriment to your income.
However, if you’ve previously lost money in crypto, then Haasbot isn’t going to turn that around. So if you choose to invest, it is definitely worthwhile considering how you would put it to use. At least, make sure that your trading strategy means you can cover the expenses you lay out on it.
Read original article at coincentral.com.
Author: Sarah Rothrie