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REMOVE EMOTIONS & SAVE TIME WITH 3COMMAS

By Teddy Cleps

 

It is very rare that you see me recommend a service and if I do its because I personally use it, like it and trust it enough to recommend it to fellow cryptocurrency traders.

I have been using 3commas for nearly a year on a daily basis, and I can say with certainly that it is by far the most valuable and profitable tool that I have ever used.

*This is NOT a paid review/guide – nor have I been asked by the 3commas team to write this article.

 

When people think of 3commas they mainly think of two main services:

1. Trading Bots

Unfortunately I can’t recommend this feature, as I have never used it before.

2. Smart Trade

This is the service that I personally use daily for my trades.

Smart Trade on 3commas

The main reason you want to use this service is to leverage the ability to automate your trades, and automating my trades has been by far the most profitable decision since I began my trading journey – why?

1. Emotions

Emotions are by far your worst enemy as a trader.

When you open a trade the first thing you need is a plan ( where to buy, where to sell, where to sell at a loss ). However, the moment the trade is actually executed we are often faced with external factors that might make us doubt our initial analysis.

  • Might take longer than expected for price to move (Impulsive sell)
  • Price retraced on its way to exit target (Sell to early)
  • Price reaches your target, but you don’t sell (Greed takes over)
  • Price reaches goes below stop loss level, but you don’t sell (Fear of selling at a loss)

(etc)

All of the above are normal mistakes, and trust me I’ve been there many times; hence why I needed to automate my trades as my emotions were often getting on the way of my initial plan. 3commas allows you to:

Look at a chart in advance whilst you are not financially and emotionally involved and write down where you to place your orders and let it execute by itself.

 

2. Time

Another reason I find this service valuable is for the amount of time it saves me – it allows me to trade as much as I did before whilst simultaneously working on multiple projects outside of trading, something that was not possible before.

Previously I would have to spend the entire day monitoring my trades, mainly due to the fact that I had tocontinuously update my orders.

The majority (if not all of the exchanges) currently only allow you to open one order at a time with the same units – so traditionally you would have to:

  1. Do your analysis in advance – Identify entry price, exit target(s) and stop loss level.
  2. Set buy order at your desired level.
  3. Wait for those units to be filled.
  4. Set stop loss.
  5. When price reached a ‘safe’ level you can remove stop losses and finally put them for sale at your desired target.
  6. You are still vulnerable as you don’t have a stop loss, so have to monitor price movements.

On the other hand 3commas allows you to:

  1. Do your analysis in advance – Identify entry price, exit target(s) and stop loss level.
  2. Type it in your interface and execute.

That’s it, no babysitting required – all of you have to do is wait for your stop loss or hopefully exit target(s) to trigger!

 

What exactly is 3commas though?​

You are probably wondering what on earth 3commas is.

It’s not an exchange, it’s not a broker nor do you send money to someone to trade on your behalf based on your targets; it’s very simply a website whose software allows you to control what happens on your exchange account through an API.

You only have to resister, connect your trading account (through a secret API key) and everything that you buy/sell on3commas automatically updates on your exchange as well – and don’t worry 3commas can’t withdraw your funds as part of the setting up process involves you creating an API key that does not allow withdraw.

I can’t promise you that it’s the safest tool in the world, but as far I’ve used it ( daily for nearly a year ) nothing bad happened, at all.

Cool features that are available on 3commas

I have attached below a couple of links/video that will help you understand how to set it up as well as discovering added features to the Smart Trade service that can seriously help you whilst trading!

  • Basic introduction and set up video here

  • How to Trailing Buys here

  • How to Stop Losses here

  • How to Trailing Stop losses here

  • How to Stop loss Timeout here

  • How Take Profit works here

  • How Trailing Take Profit works here

Additionally, don’t forget to check 3commas’s YouTube channel here

Prices

3commas is not a free service – you can either pay a fee whenever you complete a trade or you can simply subscribe to one of their plans. As I don’t use their bots but only the Smart Trade function the “Starter” plan is more than enough for my usage.

You can compare all of their plans here: plans

If you think this service is valuable as a tool for your trades, feel free to use my referral for a 10% discount:

https://3commas.io/?c=tc38440

Check out their website here: www.3commas.io

Article written by @TeddyCleps

Follow him on Twitter for news and updates.

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