Market Making Bot tutorial
If you want to use a Market Making Bot, then you need to follow these steps:
Step 1: Every user needs to create a new account under the main account. This is for safety reasons and you will not be able to use the bot with your main account.
You create Market Making account by clicking Balances in the menu, which is in the top right of the main page (on the platform). Then choose Overview from the dropdown menu. Once you are at subpage Deposits and Withdrawal click Main and Add an account. Name it MM bot.
You have successfully created a new (secondary) account for you to use, which is indicated by a change of name beside the title Deposits and Withdrawals. You can always switch between accounts you use by clicking on the dropdown menu. If you have not used an account, it can be removed by clicking on the trash icon.
Step 2: Now, you have to transfer funds for trading to use your newly created account.
Click Transfer funds right next to the account you are operating on. Choose an account from which you wish to transfer any number of assets and click Transfer.
You can always set up the BOT in advance and transfer funds later.
(If there is 0 funds for BOT to run, you will be notified by yellow exclamation point next to the Enable/Disable option on the main page of Market Making Bots.)
Now you are all set to run Market Making Bot.
Step 3: In the top right corner of the page click Market Making from the menu.
Step 4: Consent to the Terms and Conditions after you’ve read them carefully, then click continue bot setup.
Step 5: Now you are navigating the framework of the BOT
Select an account for trading and proceed to the next step. Use the account you have recently created in the previous step.
Step 6: Choose the Trading Pair where you wish the bot to run. You can only choose one trading pair per bot.
Step 7: Pick your trading Strategy
Implement one trading strategy that fits your preferences. You can choose from the proposed Conservative, Normal and Aggressive or you set up a Custom strategy. Proposed strategies follow its pre-set characteristics suitable for each style, but differ in spread %, amount for a trade expressed in % of the balance and number of placed orders. Conservative strategy is a moderate strategy that keeps bid-ask spread of 5% and is less risky. For bigger risk and bigger gains pick Aggressive strategy that uses 0.4% bid-ask spread. For something in the middle choose Normal strategy, that has a spread of 2%. Regardless of your first choice, strategy can be changed and customized after initial bot setup in Settings.
Step 8: Choose bots trading
You can set Market Making bot by determining which trades/orders does it execute. Appoint the BOT to Buy, Sell or do Both. If you only select one option (Buy or Sell) the BOT will only provide the liquidity on one side of the order book. This liquidity will respectively be on the side you chose. Select Both and BOT will provide liquidity on both sides of the spread.
Step 9: You can manage your bots from the main page Market Making Bots.
Add a new BOT. Every new bot requires its own trading account.
Enable/Disable bots by clicking the button in the main window to decide when the bot is running.
Change previous bot settings by clicking on the Settings button on the right. Once you are navigating the specific BOT Settings you can adjust Strategy, Trading Pair or Side.
Disclaimer: The use and application of the BOT is at your own risk and beyond our control. If you consider yourself less skillful we recommend using pre-set settings. We strongly advise to set up the BOT for longer periods of time as it might exhibit loss on short term. Be aware that higher gains yield higher risk.