00:00Welcome back. Yesterday, we talked about the importance of portfolio management.
00:04Today, we're going to get hands-on with one of the most powerful tools for doing just that, three commas.
00:10This platform is like a Swiss army knife for crypto traders. It has a tool for just about everything.
00:16Let's take a look around. The first thing you need to do is connect your exchange account.
00:21Three commas works by connecting to your existing exchange accounts, like Binance or Coinbase, via an API key.
00:30This is a secure way to let three commas trade on your behalf without giving them your password or the
00:36ability to withdraw your funds.
00:38Now that we're connected, let's check out the smart trade terminal.
00:42This is where you can place trades with superpowers.
00:45For example, you can set a stop loss and a take profit at the same time.
00:49You can even set multiple take profit targets so you can sell off your position in pieces as the price
00:56goes up.
00:57My favorite feature is the trailing stop loss.
01:00This automatically moves your stop loss up as the price moves up, so you can lock in your profits while
01:06still letting your winners run.
01:08It's a brilliant way to manage your risk.
01:11This is where three commas really shines.
01:13With a DCA bot, you can automate your trading strategy.
01:17DCA stands for dollar cost averaging.
01:19The basic idea is to buy a little bit of an asset at a time to average out your price.
01:26A three commas DCA bot takes this to the next level.
01:29You can set it up to automatically buy more if the price drops, which lowers your average entry price and
01:35increases your chances of making a profit.
01:38We're going to go into more detail on how to set up a DCA bot in our next lesson, but
01:43for now, just know that this is a powerful tool for taking the emotion out of your trading and for
01:48capitalizing on market volatility.
01:51If you're not ready to create your own bots yet, you can check out the marketplace.
01:55This is where you can find signals and copy the trading bots of other, more experienced traders.
02:01You can see their performance history and choose a bot that fits your risk tolerance.
02:07Three commas is an incredibly deep and powerful platform.
02:11For your do now project, you're going to get your account set up and connect your first exchange.
02:16This will get you ready for tomorrow when we'll build our very first trading bot.
02:21That's all for today.
02:22I'll see you tomorrow in the bot factory.
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