Whether you’re a beginner or experienced trader, you can take advantage of automated trading with Deriv’s DBot – a trading bot you can build without any coding. But before we jump into how to create your own trading bot, let’s take a look at DBot’s basic functionalities.
In a nutshell, building your trading bot with DBot means putting blocks together, like bricks. Each block holds specific trading instructions, and all you have to do to build your strategy is attach them to each other, assigning values where necessary.
To make this process easier, DBot comes with 4 pre-set blocks in your workspace:
- Trade parameters
- Purchase conditions
- Restart trading conditions
- Sell conditions
If you accidentally delete one of the blocks from your workspace, you can always add them back from the DBot dashboard – they are located within their respective tabs, as shown in the image below.
Markets to trade on DBot
With DBot, you can trade on popular financial markets – forex, stock indices, commodities, and derived indices.
To check all available markets and assets, you can click the Asset selection list in the ‘Trade parameters’ block.
Trade types on DBot
DBot offers various types of options trading contracts and multipliers, depending on the asset you select. It’s important to note that none of the contract types requires buying an underlying asset on Deriv – all you need to do is predict the asset’s future price movement. To familiarise yourself more about multipliers, check out our ‘Deriv multipliers: How they work’ blog post.
To select a trade type on DBot, click the trade type selection list in the ‘Trade parameters’ block – the same block where you select a market and asset.
How DBot works
Once you have a market, asset, and trade type selected – your trading bot is ready to run, as the other parameters are already pre-set for you. These include your stake amount and trade duration. Remember to check them before starting your bot.
If you are happy with the default numbers, all you need to do is hit the green ‘Run’ button on the top right side of your screen. In our next blog – ‘How to build a basic trading bot with DBot’ – we will explain how to set up your own trade conditions, such as trade duration and stake amount, and create your first personalised trading bot.
Once your basic strategy is ready, you can start exploring more features and customise your trading bot even further. With DBot, the more advanced your strategy becomes, the more blocks you’ll need to use. All the additional blocks are grouped under the two tabs on the left side of your screen: the ‘Utility’ tab, which gives access to additional parameters blocks, and the ‘Analysis’ tab, which provides blocks that can help you perform technical analysis on DBot.
We will go through these additional blocks and examples of how you can use them in our ‘How to set up advanced parameters for Deriv’s trading bot’ and ‘How to use technical analysis with Deriv’s trading bot’ blogs.
Useful features on DBot
1. Once your trade is running, you can see its details on the right side of your screen, along with the ‘Transaction’ and ‘Journal’ tabs. If you need to clear your data to have a fresh start, you can hit the ‘Reset’ button to delete all the previous transactions and notifications.
2. The ‘Chart’ tab in the bottom left corner of your screen opens a window with real-time price movements of an asset you’ve selected.
3. The menu panel in the top left corner of your screen gives you quick access to ready-made trading strategies. Alternatively, it also provides an option to reset, import, or save the strategy you are building, as well as undo the last action.
General information on DBot
Besides DBot-specific features, the platform offers a selection of general settings to help you manage your Deriv account.
From the top menu bar, you can access:
- Reports tab to keep track of all your open and closed trades
- Cashier tab to make deposits and withdrawals
- Account settings to adjust your personal, safety, and security details
The buttons in the right bottom corner give you access to:
- Live chat
- Deriv homepage
- GMT time
- Responsible trading information
- Account limits
- Help cent
The best way to understand how a new trading platform works is to try it out yourself. Learn how to build your trading bot absolutely free of charge and practise automating your trades risk-free – just create a demo account pre-loaded with 10,000 USD of virtual money and give it a go.