What is TradeLab?
It’s a bit more than a “trading bot”. We call it an Automated Trading Platform.
Instead of using a single bot which trades based on rules set by its developer – TradeLab is a tool that allows the creation of multiple bots, which you define the rules for, we call these strategies.
This is the middleman service that connects to a supported exchange of your chosing. It connects data from a variety of sources and acts as the observer or brain – which decides when its time to enter or exit a trade. You do not deposit or withdraw currency in or out of TradeLab and it does not collect any fees per trade. The service runs “in the cloud” – which means you do not need to keep anything running on your computer, phone, or tablet.
How does it work?
To decide when to make a trade, you send TradeLab alerts. Alerts trigger the strategy which collects the data; then using rules you define, trades are placed.
A common problem when creating a profitable trading strategy is making sure you have all the right data in one place at the right time and sometimes that data could be “unconventional”, such as the weather, moon cycles, tweets from certain market influencers. There are plenty of great places to get trading alerts; TradeLab is the place all of that data comes together. Allowing you to combine suggestions from any source with your own strategy to trade when YOU want, anytime.
Other times it’s not a matter of combining data but remembering important things about that data over a given time. Each strategy can store its own data, saving important information as it comes in from trade alerts, these are called strategy variables. There is also the option to create global variables which are shared between all strategies. This allows strategies to talk to eachother and share information.
Trade multiple symbols, using data from multiple time frames. Trade on a time schedule. Trade using DCA, trailing stops, rolling take profits, responsive laddering, and track your progress by setting goals. A strategy can monitor a goal and when its completed it can change its behavior.
The choice really is yours.
And if all of that seems overwhelming, don’t worry! Strategies can be shared, so theres a community of other traders that can build together, exchange ideas and inspire one another. For those who are just beginning and are not ready to create their own strategy, using a shared community strategy is a great place to start.
If you need any help please feel free to join us on discord.