An introduction to Deriv Bot – Deriv’s trading bot

This article was originally published on 30 Nov 2022 and updated on 7 May 2024.
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Whether you’re a beginner or an experienced trader, you can take advantage of automated trading with Deriv Bot – a trading bot you can build without any coding.

To kickstart your trading journey, we’ve included a video guide above that parallels this blog’s content.

Watch it to gain a visual edge, or continue reading below at your own pace.

Let’s take a look at Deriv Bot’s basic functionalities before we jump into how to create your own trading bot. Building your trading bot with Deriv Bot 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, Deriv Bot features a drag-and-drop functionality for arranging the 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 it back from the Deriv Bot dashboard. They are located within their respective tabs, as shown in the image below.

Markets to trade on Deriv Bot

With Deriv Bot, you can trade on popular financial markets, such as 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 Deriv Bot

Deriv Bot 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 Deriv Bot, click the trade type selection list in the ‘Trade parameters’ block, where you select a market and asset.

How Deriv Bot works

Once you select a market, asset, and trade type, 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 Deriv Bot’ – 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 explore more features and further customise your trading bot. With Deriv Bot, 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 Deriv Bot.

We will review 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 Deriv Bot

1. Once your trade runs, 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 start fresh, 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 and undo the last action.

General information on Deriv Bot

In addition to Deriv Bot-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 bottom right corner give you access to the following:

• Live chat
• Deriv homepage
• GMT time
• Responsible trading information
• Account limits
• Help centre

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.