We feel trading is a good way to move towards financial freedom. It can be a good income source though risky can be worth it if you learn how to do it properly.
Well, but trading can be difficult because you have to monitor the markets all day and sit in front of your screen.
We wanted to create a system where the trader(user) creates a strategy on their own terms and then activate it. The bot then keeps taking trades on the traders behalf whenever the trading strategy conditions are met. This keeps happening until it's switched off.
We could have gone with the stock market but we found out that binance offers everything i.e. market data + programmatic access to your account via their API. Hence we went forward with crypto trading.
From the interface perspective our app will have four main components
Watchlist
Logger
Strategy (start/stop it)
Trades (PNL, order status etc.)
There's a lot of scope for our project in the sense that, the trader gets to trade on his/her terms. They have both, control and automation. Once strategy is in action, they don't have to worry because the bot will only enter and exit a trade only based on their predefined criteria. The trader doesn't have to wait all day for a particular set-up to implement a strategy. They can do other work, without worrying.
All that's required is good trading knowledge and develop and add your strategy via python code.
Display market data (decision helper)
Display messages to the user (logging)
Set up a strategy and start/stop it
Follow the orders/ trades (PNL, order status...)
Parse parameters set by the user in the interface
Parse market data received by the connectors
Define a logic for each strategy (entry / exit logic)
Manage orders / positions
Link the application to Binance Futures: API (REST and Websocket)
Authenticate to both APIs
Bid Price: The cost that someone is willing to pay for a security, asset, commodity, service, or contract is referred to as a bid price.
Ask Price: The minimum price that a seller is willing to accept for an asset. The ask price is also sometimes referred to as the offer price.
Strategy: A trading strategy that you use to implement. Basically a plan with well defined entry and exit criteria.
Trading indicators: Trading indicators are mathematical calculations, which are plotted as lines on a price chart and can help traders identify certain signals and trends within the market.
Stop Loss: Predefined Loss that you set so that you don't lose more than you intend to and secure your capital.
Take Profit: Predefined Profit target that you set so your trade automatically closes when the price reaches the target
Risk to Reward ratio: Risk/Reward ratio marks the prospective reward an investor can earn for every dollar they risk on a trade/investment.
For more, visit: https://coinmarketcap.com/alexandria/glossary