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You will agree with us if we tell you that selling high is the best way to make money with crypto trading, right? If you think like us the Smart Sell feature is everything you need!
Smart Sell lets you start a strategy with a sell target and a deviation to that target to ensure that you will sell at the highest point possible, see it as an automated trailing profit sell bot. It can be a useful feature to sell a coin that you bought earlier and with which you have a target that you want to achieve. Remember getting rid of the emotion during a trade is the best possible way to achieve a good trade! So let the Smart Sell give you the profit you deserve!
During this article we will try to explain how it works and in which case you should use it! Have a good read!
How does it work?
The strategy behind the Smart Sell feature is quite simple.
It waits for your sell target to be reached and as long as the price goes up the Sell is not triggered, it is only when the price starts dumping that your sell will be triggered, see it as a trailing profit bot!
On the gif below, the target is reached, and you can notice a red line.
This red line represents the trailing deviation, or the trailing stop if you prefer this name! This means that as long as the price goes up, your target goes up to! Which ultimately means more profit for you to enjoy!
To better image it, here is a simplified strategy in Kryll.io strategy editor.
The strategy waits for the price trigger block to be triggered (1500$ in our example) and then two possibilities :
- The price goes below our first price, we trigger the sell instantly
- The price goes up and we wait for a market down of a certain percentage (5 in our case) to sell just before the dump.
Deviation is a term that we will use often during this series of articles. That is why we are trying to explain how it works in the most understanding way possible. Here is a graph to image the Smart Sell deviation system (also called trailing profit).
Deviation is the minimum percentage which is needed to trigger the trade. In the case of a Smart Sell, it is the minimum percentage of downward market evolution that is needed to trigger the sell. As you can see on the graph, the first zone (purple one) does not trigger our sell because the market dump was not sufficient. However the seconde zone (green one) shows that the market dumped by the right amount.
At the end of the day, you sold higher, and thus made more profit! Thanks Kryll!
How to use it?
Just like when you start a normal strategy, on the left side of the popup, you are prompted to select tan exchange and a pair. As well as the amount you desire to invest and the amount of KRL you want to fuel your smart trading with.
Now on the right side is where all the magic happens!
You have two modes that we will detail below.
- The Basic mode:
— SellMin Target : The price at which you want your strategy to sell the asset.
- Trailing Deviation : The minimum deviation in percentages. So this means that if you put 1%, your sell will be triggered only when the market goes down by 1%. This prevents the strategy from selling during a pump and thus ensuring you more profit.
- Generate Link : Generate a link that will automatically fill the fields for the one that clicks on it, very useful if you want to share your ideas! - The Advanced mode:
- Sell Min Target : The price at which you want your strategy to Sell the asset.
- The cool little slider : It is just to select automatically a price, let’s say if you want to sell an asset when the price goes up by 10% compared to the current price, you can use the slider to automatically adjust your target. It has no other use.
- Order type : Type of order, you can select limit or market.
- Trailing Deviation : The minimum deviation in percentages. So this means that if you put 1%, your sell will be triggered only when the market goes down by 1%. This prevents the strategy from selling during a pump and thus ensuring you more profit.
- Generate Link : Generate a link that will automatically fill the fields for the one that clicks on it, very useful if you want to share your ideas!
Now that your parameters are set, you can start your smart trading strategy right away by clicking “Start”!
When to use it?
Now that you know how to start the smart sell strategy with all your parameters, we can jump into the interesting part! When to use this smart sell strategy.
It can be useful in numerous situations but we will only explain two of them.
Another use case with double bottom pattern:
Convert chart data to smart trade kryll:
There are many many more use cases of the Smart Sell and we hope you will explore them all!
https://platform.kryll.io
Happy Trading!
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