How to use LogX Bots?
LogX has launched industry first bots for derivatives trading for enhancing trading efficiency and profitability. Partnering with Orderly and Empyreal to offer various trading strategies powered by AI. With bots like the Perpetuals Grid Bot (PGB) and Perpetuals DCA Bot (PDcaB), you can execute emotionless, automated AI-driven trades plus harness strategies backtested against past market performance to generate profit.
Bots also provide the flexibility for users to customize strategies and implement their own risk management and leverage settings. This empowers traders to tailor the bots to their individual preferences and trading styles, allowing for greater control over the trading process.
Trading bots are versatile and meet the needs of every type of trader:
Busy Traders: Automate trading tasks to save time and ensure consistent market involvement without constant monitoring.
Novice Traders: Enter the market confidently using AI-driven strategies, reducing the learning curve.
Experienced Traders: Refine advanced strategies with automated precision and increased execution speed.
Trading Bot Benefits
Traders can use bots to excel in navigating volatile markets by capitalizing on rapid market fluctuations and optimizing entry and exit points. They can also diversify by operating multiple bots on different trading pairs simultaneously, spreading risk and maximizing opportunities.
Time Efficiency: Automates trades, allowing traders to focus on strategy development rather than manual execution.
Emotional Discipline: Maintains consistent trading strategies by removing emotional decision-making.
24/7 Market Coverage: Ensures continuous trading, even when the trader is not actively monitoring the market.
Risk Management: Incorporates advanced features like stop-loss limits and take-profit targets to protect investments.
Customization: Offers tailored settings to align with individual risk tolerance and trading goals, enhancing strategy effectiveness.
Using LogX Pro's automated trading bots, traders can achieve a balance of efficiency, discipline, and strategic advantage, optimizing their trading outcomes in dynamic market conditions.
Getting Started with Trading Bots (Steps to log in and navigate to the bots)
Connect your wallet to LogX Pro and navigate to LogX Pro Trading Bots Page.
Select the bot of your choice. Go through the descriptions and perform your own analysis to choose a bot that fits your objectives the best.
Utilize AI-generated, back-tested strategies or manually craft your own to align with your risk and return objectives.
Configure the bot parameters like profit targets, investment amounts, leverage, stop-loss limit, etc according to your preferences.
Finally link to your preferred network to start trading.
Bots Overview
Perpetuals Grid Bot (PGB)
Overview:
The Perpetuals Grid Bot (PGB) is designed to automate trading by creating a grid of long and short orders within a specified price range. This bot is ideal for markets with sideways or ranging price movements, allowing traders to profit from normal price fluctuations.
Features:
Grid Trading: Automatically places long and short orders at preset intervals.
Profit from Volatility: Exploits market volatility to maximize trading opportunities.
Customizable Parameters: Set your price range, grid levels, and order size.
Risk Management: Includes features like stop-loss limits and take-profit targets.
Perpetuals DCA Bot (PDcaB)
Overview:
The Perpetuals DCA Bot (PDcaB) automates the Dollar-Cost Averaging (DCA) strategy, which involves regularly longing or shorting assets at set intervals. This approach helps mitigate market volatility and achieve a more favorable average entry price over time.
Features:
DCA Strategy: Systematically long or short assets at regular intervals.
Volatility Mitigation: Reduces the impact of market fluctuations.
Customizable Intervals: Set the frequency and size of your trades.
Risk Management: Includes stop-loss limits and take-profit strategies.
Setting up the bots
Step 1: Create an Account
Sign Up: Visit the LogX Pro website and create an account.
Log In: Use your credentials to log in.
Step 2: Select a Bot and choose/build your strategy
Choose Bot: Select between the Perpetuals Grid Bot (PGB) and the Perpetuals DCA Bot (PDcaB) based on your trading strategy.
Choose or build your own strategy: Select from the carefully created , well-thought-out and backtested AI-enabled strategies available or get creative and build your own strategy by setting your own parameters to best fit your risk and return objectives. Moreover , tailor risk management parameters to align with individual risk tolerance and investment goals.
Step 3: Configure Parameters
Set Trade Size: Define the amount of size of position per trade. This helps you by allocating only a cap on the portion of your capital to each trade to avoid significant losses.
Price Range: Establish the range within which the bot will operate.
Stop-Loss Limits: Set specific price points at which the bot will automatically sell an asset to prevent further losses.
Take-Profit Targets: Define profit thresholds to automatically secure gains when an asset reaches a desired price.
Step 4: Activate the Bot
Start Trading: Once all parameters are set, activate the bot to begin automated trading. However, keep in mind to read the disclaimer carefully. Moreover, note that you can only use one bot per token and cannot execute manual trades alongside bots for that token.
Step 5: Monitor and Adjust
Performance Monitoring: Continuously track market conditions and bot performance to make timely adjustments.
Parameter Tweaks: Adjust settings as needed to optimize results.
Note: Keep in mind that effective risk management is crucial for successful trading, especially in volatile markets. LogX Pro trading bots incorporate advanced risk management features like stop-loss limit, take-profit target, etc to help traders safeguard their investments and optimize their trading strategies.
By integrating these risk management features, LogX Pro trading bots help traders maintain control over their investments, minimize potential losses, and maximize profitability in a structured and disciplined manner.
FAQs
1. Can I use both Perpetual Grid Bot and Perpetual DCA Bot simultaneously?
Yes, you can operate both the PGB and the PDcaB bots simultaneously on different trading pairs. This allows for diversified strategies, optimizing potential returns across various market conditions.
2. Can I use LogX bots on Mobile?
Yes, you can use LogX trading bots on your mobile device.
3. How can I deposit or withdraw funds?
Scroll down to the bottom of the screen to find the deposit and withdraw options.
Depositing Funds
Log In: Sign in to your LogX Pro account.
Navigate to Deposit Section: Click on the 'Deposit' button found in the 'Orderly Account' section at the bottom right of the trading interface.
Choose Coin and Amount: Select the coin you wish to deposit (e.g., USDC) and enter the desired amount.
Approve Transaction: Click on 'Approve USDC' to authorize the transaction from your connected wallet.
Confirm Deposit: Follow the wallet prompts to complete the deposit.
Withdrawing Funds
Access Your Account: Log in to your LogX account.
Navigate to the Withdraw Section: Click on the "Withdraw" button in the Orderly Account section.
Choose Currency and Amount:
Select the cryptocurrency you wish to withdraw (e.g., USDC).
Enter the amount to withdraw.
Confirm Withdrawal:
Click on "Withdraw" to initiate the transaction.
Note the 1 USDC withdrawal fee and ensure your PnL is settled before proceeding.
All deposits and withdrawals are processed swiftly, usually within 5 minutes.
4. Will using LogX trading bots contribute to earning $LOGX tokens?
Yes, actively using trading bots on LogX contributes towards earning $LOGX tokens. The more you utilize the bots and engage in trading activities, the higher your chances of earning tokens through the platform's reward system.
5. Will I earn Orderly merits by using LogX bots?
Absolutely. Engaging with LogX trading bots not only helps you execute trades efficiently but also accumulates Orderly merits. These merits can enhance your status and benefits within the LogX ecosystem.