Gainium's “Add funds” feature allows users to gain more control of their trading activities by increasing the volume of existing trading bots or terminal deals, lowering the average acquisition cost of the asset in the process. But how does it all work? Let's delve into it.
The "Add Funds" feature works quite straightforwardly. It is supported by any smart or import deal created through the terminal and any deal started by a trading bot. Once the deal is created, you can use this feature to add more funds to it. This option is accessible through the deal menu, which opens a pop-up window allowing you to specify the following parameters:
Amount: This is the volume of funds that you want to add to the deal. It's essentially the additional sum you're willing to invest.
Currency: Here, you can add the amount reference in either the base or the quote currency. It's important to note that for a long deal, the quote currency is always added, and for a short deal, the base currency is added.
Order Type: You can choose between a limit order or a market order. The former allows you to buy or sell an asset at a specific price or better, while the latter executes your order at the current market price.
Limit Price: If you chose a Limit Order, you can specify the order price here.
You can also execute the “Add Funds” feature through a webhook, regardless of the deal start condition used in your trading bot.
Some considerations when using the Add Funds feature through webhooks:
Check the Add Funds API documentation and examples.
Let's walk through an example using the ETH/USDT pair. Assume you've already initiated a long deal with 1 ETH when the price was at $2000. However, the price has since dropped to $1800. You would like to add 0.5 ETH more to your deal.
Here's how you could use the "Add Funds" feature:
This move will buy you more ETH at a reduced price, lowering the average acquisition cost. It will also position you to gain more if the price of ETH rises again.
Please remember that trading cryptocurrency always comes with risks, and it's essential to manage your trades carefully. Use the "Add Funds" feature judiciously, and remember to adjust your strategies based on the ever-evolving market conditions.
In conclusion, our new "Add Funds" feature provides a significant advantage by allowing you to capitalize on market fluctuations and lower your average asset acquisition cost. Whether you're a seasoned trader or a newcomer, it's a valuable tool to enhance your trading strategy. Happy trading!