A beginner’s guide to API & automated Bot trading

Learn how to create an API and optimize your trading with the automated strategies of Mizar

When most of us start out in crypto it is generally on the basis of buy and HODL and the idea of consistently being profitable through trading is a mere pipe dream. At some stage however, our eyes usually get turned towards the dark art of technical analysis (TA). But if, like me, your TA and trading skills are somewhat lacking then you need another way.

Well, I have good news! There is another way — and it’s very straight forward! It is called automated trading through an API using Mizar.

What is an API?

An API is an “application programming interface” and is simply a way for two or more computer programs to communicate with each other, in much the same way as GUI (graphic user interface) is a way for a feeble human to communicate and instruct a program.

When used in the context of crypto, many exchanges will allow users to create unique API keys which enable the user to set up automated trading. To the technically challenged, also like me, this sounds incredibly complicated and only available to very clever coders who see the world in streams of green zeros and ones. But I have further good news, there is a way to rely on the cleverness of others and none of your own skill — this is a godsend for me.

Introducing Mizar

Mizar is a platform that allows those skilled in the dark arts of TA and market indicators to create a trading bot. Other users can then choose a bot (or bots) that they like the look of and simply link that bot to their exchange of choice using an API connection. It really is as simple as a few clicks.

Mizar recently announced that they have launched support for the automated trading of WOO X Spot and Futures and this article will walk you through the steps of setting this up and connecting a bot to the WOO X platform.

Let’s start with the steps you need to complete on WOO X. The first step is setting up an API key — I recommend doing this on a sub account specifically for automated trading. This will keep the bot trading separate from any trading activity and positions on your main account. It is also a way to manage risk as you can allocate and transfer your chosen capital amount into the sub account without any risk to your main account.

Step 1 — Create a subaccount

Select this menu option:

And then simply name your sub account and press ‘create’:

Your new sub account will then appear in your account management list.

Within the same screen you can then select your newly created Mizar sub account from the drop down list and press ‘create API’.

You will then be presented with the below window, add a description of your choice. The IP box is optional, add your authenticator code and press ‘create’.

A screen will be displayed that gives you your key codes — these are unique IDs which authenticate the access to your account. Make sure to take a copy of these and keep them secure.

You then just need to fund your subaccount. Select the ‘transfer’ button on the wallet tab and choose the amount you want to transfer.

Finally, don’t forget to go the ‘margin and futures’ tab of your sub account and enable Futures trading if you intend to use a Futures bot. That’s it — step 1 is complete!

Step 2 — connect your WOO X account to Mizar

Start by creating an account with Mizar. A ref code isn’t necessary but plenty of people will have one they are willing to share if you want to do your bit for cryptokind. Ahem…

https://app.mizar.com/sign-up?referrer_id=7a39f4dd690

Once your account is created, select the ‘exchanges’ menu, click on WOO X and press ‘next’.

Give your key a name, enter the three key codes you were given from your WOO X API and press ‘next’ and then ‘connect’

1. WOO X API Key = Mizar Public API
2. WOO X Secret API key = Mizar Private API
3. Application ID = Application ID

That’s it for step 2, Mizar is now connected to your WOO X account!

Step 3 — setting up your trading bot

Although all trading is carried out using your WOO X balance, you do need to transfer some BUSD to your Mizar account as this balance is debited for your volume fees and performance fees. You can start with very small value trades and only a few BUSD until you are familiar and more confident with the platform. USD 20 in fees is enough to cover some very small capital trades just to get familiar with your bot.

Go to the Wallet option under the green icon and then deposit BUSD in the usual way. You can buy BUSD from USDT on WOO X.

Now it’s time to select your trading strategy and bot. Head over to the Marketplace on Mizar. Some are Spot trading strategies, and some are Futures trading strategies. There are both long and short strategies for futures. Not every strategy is available for WOO X but there are plenty of options — simply browse and choose the one(s) that you like the look of.

This is an example of a Long Futures strategy which is available for WOO X. Click on it and press ‘invest’ (NFA!).

You will then be presented with this screen.

From the drop down you will see your newly created WOO X API key, select that and then select your chosen investment amount, you will be presented with a summary screen and a check box to accept T’s & C’s and press invest. The bot is then set up.

I recommend that you then go to your DCA Bots menu and fine tune your investment criteria:

Select ‘subscriptions’ from this sub menu:

From here you can either stop the strategy using the square button on the right hand side, or edit the trading criteria using the eye symbol next to it.

You can select the order size for each trade, the maximum number of open positions you are happy for the bot to have open at any one time and also the leverage you are happy to use (for Futures). Press the ‘edit’ button and then set your chosen criteria, you can edit this at any time.

You have now successfully created an API on WOO X, created and funded a sub account on WOO X, connected WOO X to MIZAR, funded your MIZAR fee wallet and set your bot up and running. You can now sit back and watch the bot trade 24x7x365 until you stop it (or your fee account runs out of funds, so keep an eye on this and top it up as necessary as long as you are happy that the strategy is profitable). The zero-fee model on WOO X makes a big difference to profitability.

There are currently around 40 strategies on the Mizar platform that are compatible with WOO X and this article in no way intends to recommend any particular strategy and is not investment advice. It is up to you to browse and choose a strategy that you believe suits your needs.

I hope that this has been helpful. Now that we have covered the basics, the next article will go into some more technical steps around bot creation.

Happy bot trading!