6 Reasons Why You Should Use Tools Discovery
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Bybit is committed to providing exceptional user experience to traders and investors worldwide. By continuously investing in cutting-edge technology, Bybit ensures its users a seamless trading and investing journey. One such advanced technology is Bybit's latest product, Tools Discovery, the first of its kind in the industry.
Tools Discovery is a groundbreaking AI-powered engine that provides both new and experienced traders with a competitive edge in the market. This AI-powered tool recommends different trading strategies tailored to each investor's unique trading preferences. Read on to discover how Tools Discovery can help your trading.
Key Takeaways:
Bybit's Tools Discovery is an AI-powered engine that provides personalized trading recommendations based on users' unique trading styles and preferences.
Tools Discovery's algorithms suggest strategies, based on backtested data, that respond to current market conditions to keep traders up-to-date on the latest trends and opportunities for informed decision-making.
Tools Discovery has a user-friendly interface and offers real-time profit monitoring, making it both beginner-friendly and suitable for investors of all skill levels.
1. AI-Powered Recommendation
From powering smart home devices to driving advanced vehicle technology, artificial intelligence (AI) has become the basis for many cutting-edge innovations that we use today. Now, trading is being taken to the next level with the integration of AI technology in Tools Discovery.
Bybit offers its users a wealth of trading resources and products, and Tools Discovery matches users with the most suitable products and strategies, based on their unique trading styles and preferences, through analysis of their trading behavior.
Tools Discovery’s advanced algorithms use backtested data to suggest strategies that respond to current market conditions. This means that traders can stay on top of the latest market trends and opportunities, receiving timely suggestions to help them make informed decisions.
2. Customizable
Tools Discovery learns about a new Bybit user’s preferences through a Survey Analysis. This is a brief survey that lets you select personalized trading strategies. Based on the input you provide, Tools Discovery will generate product and strategy recommendations. Moreover, you can keep retaking the Survey Analysis until you’re satisfied with your results.
If you’re already a Bybit user, you can also use the Trade Analysis function. Trade Analysis applies machine learning to analyze your past trading activities on Bybit and make appropriate recommendations.
The suggestions generated from the Survey Analysis or Trade Analysis are outlined in the Recommended for You section. You can also browse the All Tools section, which offers more recommendations by trading category, and add up to five strategies in My Watchlist. Once you've added your preferred tactics, you can easily monitor them and execute your trades with one click.
3. Simulated Real-Time Profit Viewing
Bybit’s Tools Discovery allows investors to view the real-time performance of selected strategies in a simulation, so that you can see how well a specific method works before applying it. When a strategy is added to My Watchlist, that tactic is analyzed in real time.
Some other platforms analyze historical performances for various scenarios. However, such analysis only demonstrates how that strategy would have performed in the past. It doesn’t take current market conditions into account.
Real-time viewing is crucial because of the large price swings associated with the volatility in crypto markets. Moreover, you can monitor the live performance of not one, but up to five strategies in the My Watchlist section. Moreover, you can simulate any strategy in real time for up to 60 days. You can decide to use a specific method in My Watchlist simply by clicking on Copy.
4. Short User Journey
Bybit’s Tools Discovery is specifically designed to be user friendly with an intuitive interface, and all trading suggestions can be found within a single page. Hence, there’s no need to flip through multiple screens to review essential information. After completing the Survey Analysis or Trade Analysis, your tailored recommendations will automatically appear under Recommended for You. You can also click to switch strategies to find the one you like most.
If you wish to explore more strategies, scroll down to the All Tools tab. All Tools provides a quick overview of different products and strategies in each category — Beginners, HODLers, High-Capital Traders, Risk Takers and Grid Traders. It’s easy to save your preferred approach under My Watchlist instead of having to navigate through the different categories. Once you’ve executed your trade, you can also view it under History.
5. Ease of Use
Bybit’s Tools Discovery has been created to help traders expand their knowledge while they enhance their success. Although Tools Discovery uses advanced technology to achieve these goals, such as AI and machine learning, it’s simple to use. For example, you only need to answer a few questions on the Survey Analysis to get started.
Once you’re set up, Tools Discovery will feed new, customized recommendations to you every few hours without needing additional steps. The results from the recommended strategies you select can be analyzed up to 60 days through Tools Discovery’s simulation feature in My Watchlist.
You only need one click to move a recommended strategy to My Watchlist. Likewise, only one click is required to start executing a desired trade. The easy-to-use design of Tools Discovery makes the tool well-suited for investors of all skill levels.
6. Beginner Friendly
Tools Discovery offers benefits for both new and established crypto investors. If you’re a beginning trader or simply new to Bybit, you’ll appreciate several features that will help you get started and learn the ropes. The initial Survey Analysis lets the technology learn your trading style and goals upfront. You only need to answer a few questions to get started.
Based on your answers, recommendations will be tailored to suit you in the Recommended for You section. If you decide to forego the analysis, or want to explore a broader range of strategies, you can check out beginner-friendly products like Dual Asset and Copy Trading in the All Tools section. If you’re not familiar with them, you can also learn how they work by heading to Supercharge With Trading Tools and clicking on More in Bybit Learn.
Conclusion
Whether you're a new trader or want to take your trading to the next level, Bybit's Tools Discovery will benefit you. Using AI and machine learning, Tools Discovery can help you learn the ropes, discover new strategies and even review them before executing your trades. While there is a cost associated with using recommended products, Tools Discovery is free. Put it to the test today to see how it can help you.
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