Developing a crypto bot can be a challenging task. You need to understand the intricacies of the digital currency markets and have a good support investment plan. While a bot can help you generate profit and lower your risks, you should be ready to spend some time to learn the ins and outs of coding. Moreover, many bots charge a monthly fee and you should consider this when deciding to purchase one.
A good crypto bot should be backtested against at least six months and a year of data. Its results should be transparent, and you should be able to see its total return, maximum drawdown, and number of trades. A good crypto bot will also be able to tell you how it will perform and whether it needs to change its strategies. By conducting thorough backtesting, you can ensure that your cryptocurrency bot is a worthy investment.
Before settling on a crypto bot, make sure it has been backtested against previous trading periods, including six months and a year. This will give you a good idea of how well the bot has performed over the past few months. You can also check whether the algorithm has been effective in achieving your investment goals. You can adjust the strategies in case your results are not as good as expected or you would like to add a new strategy.