In this “3Commas Practicаl Guides” article, we will explain how using the 3commas.io service, you can sell an asset higher than expected.
A common situation — you need to sell an asset, let’s say, to release a deposit, or to take profit after a long bullrun, but according to your market analysis, you think that the price may still rise and would like to sell higher. The Smart Sell function by 3commas.io allows you to set up your sell so that if the price rises, it will automatically close at your take profit levels, and if the price drops, the position will be closed by a Stop Loss order.
Select an exchange, market, and a trading pair in the Smart Trade section of the side menu. The chart allows you to perform analysis and do all the necessary calculations to enter a trade. You can always try the functionality first with a Paper Trading account:
For example, we want to obtain USDT, for which we must sell bitcoin, but we believe that BTC’s price may grow by 3–6% more in the near future, and we want to sell at a higher price. In the Smart Sell tab, we indicate the amount of the asset that we want to sell. We decided to distribute the Take Profit levels into four equal parts, according to potential growth. We can adjust each of these levels according to our parameters and modify the trade, choosing the type of order:
We will also set up a Stop Loss order based on our risk management and the level at which we are guaranteed to receive the required amount of USDT. We can also enable the Trailing Stop Loss function, which we discussed in a previous article; this will allow us to profit, even if not all targets are taken, since, in this case, the Stop Loss will move above the first targets. Then we confirm the deal by checking all the initial data:
Further, the transaction will occur automatically. Thanks to the 3commas.io interface, it is convenient to track, manage, and edit transactions if necessary:
Good luck, everyone! See you in the next 3Сommas Practical Guides!
The information above contains information on the cryptocurrency market, which is associated with high risks. These materials are presented for informational purposes only and in no way should be construed as a recommendation for the purchase or sale of the assets. Any person considering trading digital assets should seek independent advice on the suitability of any particular digital asset.