Tools Discovery: What It Is and How It Works

Bybit continuously strives to offer traders and investors a seamless user journey in their trading and investing. For instance, one of our recent products, Unified Trading Account, allows you to consolidate your assets and trade everything from Spot pairs (including Spot Margin) to Perpetual Contracts and Options within a single account. Now Bybit is taking crypto trading to a whole new level with our latest artificial intelligence (AI)-learning feature, Tools Discovery. The first of its kind in the industry, Tools Discovery will be with you at every step of your trading journey through customized recommendations of various trading strategies based on your trading profile.

Key Takeaways:

• Tools Discovery is an AI tool that gives you customized product and strategy recommendations to aid you in your trading.

• Tools Discovery has two main recommendation sections: a personalized suggestion under Recommended for You, and a general category called All Tools. 

• You can easily use the recommended tools straightaway, or add them to My Watchlist first to view a simulated 60-day real-time run and yield of the product.

What Is Tools Discovery?

Tools Discovery is an AI tool that provides users customized product and strategy recommendations through machine learning of their trading habits and preferences on Bybit. With such precise suggestions, your user journey is shortened, making it easier for you to focus on the type of trading that best suits you. 

Tools Discovery has all the winning trading products you’ll need within this tool — Copy Trading, Dual Asset, Futures Grid Bot, Spot Grid Bot, DCA Bot and Liquidity Mining. From its range of products, various strategies are proposed. These tactics will regularly refresh, giving you unlimited ways to grow your revenue without needing to strategize on your own. And with its intuitive interface, you can easily browse through different products without having to switch between multiple windows or tabs. 

How Tools Discovery Works

Tools Discovery is separated into two main recommendation sections: a personalized suggestion under Recommended for You, and a general category called All Tools. The Recommended for You section uses machine learning to understand how you trade, based on your profile generated by a questionnaire that you fill out. From this information, Tools Discovery then makes personalized suggestions for different tactics that might work for you. All Tools is a general category consisting of products and strategies that’s calculated based on an algorithm and refreshed every few hours. 

From these recommended tactics, you can add up to a total of five strategies in your Watchlist section. You can also view all of your executed strategies under History.

How to Use Tools Discovery

Understanding each category of Tools Discovery is essential for using it effectively to earn profits from your trades. We’ll discuss more about the various sections below, as well as how to navigate them.

Recommended for You 

When you log in to Bybit and first start using Tools Discovery, you’ll see a pop-up for you to get started. Click Start Now to begin. You can opt for either of these two choices — Trade Analysis or Survey Analysis. If you have been trading with Bybit, Trade Analysis would be an optimal choice as it uses machine learning to understand your past trading habits to customize your recommendations. If you are new to Bybit or even simply wish to learn more about your trading preferences, you can choose Survey Analysis. You’ll then be led to a questionnaire that asks you three questions in order to get a better understanding of your trading style.

After completing the questionnaire, your investment profile will be generated based on your familiarity with Bybit’s trading products, trading style preference and risk preference. A recommended tool will appear under the Recommended for You section next to your investment profile. This is a personalized proposal for you that’s based on your profile. You can click to switch strategies to find one that you like best.

You may even retake the questionnaire if you feel your profile isn’t the right fit, or if you’ve changed your trading style since you last took the questionnaire. A default recommendation will be generated if you choose not to answer it. The default suggestion may differ depending on a few factors.

If you’ve been trading with Bybit for some time, the system will leverage automated algorithm matching to recommend tactics based on your trading history. If you live somewhere with no particular preference for trading products, Tools Discovery will recommend a tool from Copy Trading, among the simpler products on Bybit, with which you can easily profit by following a Master Trader’s orders. Should you come from a place with regional preference, it will suggest the currently trending products from that region.

All Tools

Below My Profile, you’ll see the All Tools tabs, with categories for Beginners, HODLers, Grid Traders, Risk Takers and High-Capital Traders. Each tab operates under a specific algorithm unique to the category to determine two recommended strategies from two different products, which are refreshed every few hours. 

The two products for each tab differ. 

Under the Beginners tab, you’ll see Copy Trading and Dual Assets, which are assessed to be easy products, ideal for beginning traders. 

HODLers is, as its name suggests, for HODLers who are more conservative and prefer long-term investments. Spot Grid Bot and DCA Bot are both low-risk products recommended in the HODLer tab. 

The Grid Traders tab is for traders who aim to make high-frequency trades for risk-free profits through price differences across markets, due to market inefficiencies. This tab consists of tactics from Futures Grid Bot and Spot Grid Bot.

Risk Takers is for traders striving to make high profits, and contains high-risk, high-return strategies from Futures Grid Bot and Copy Trading.

Lastly, the High-Capital Traders tab offers those who have capital with strategies from these two products, Liquidity Mining and Dual Assets.

My Watchlist

There will be two buttons for you to select for each recommended tactic: Copy or Watchlist. For Copy, you get to start trading immediately. When you click on the Watchlist button for a tool, either from Recommended for You or All Tools, it will be added to My Watchlist, the tab next to All Tools.

Real-Time Profit Viewing in My Watchlist

Once the tool is added to My Watchlist, you’ll be able to view a simulated 60-day run and yield of the product based on the real price of the market, starting from the day you added the tactic. Thus, this is not simply a backtest, but rather shows you the real-time profits you can make. For instance, in the screenshot below, you can see that if you invest 10,000 USDT in going long on BTCUSDT on the Futures Grid, you can earn around 309 USDT in 60 days. As all the strategies in the watchlist are arranged next to each other, you can easily compare the potential profits that can be generated with each saved tool to see which tactic will reap you more profits. 

Registration and Launch

This innovative AI-learning feature of Bybit has yet to be launched. Those interested in using it can register first to be among the first to experience this revolutionary new trading tool.

The registration period begins on Mar 1, 2023. You can register to stay tuned to the various events that will be held right after Tools Discovery launches so that you can catch all the rewards waiting for you. When you register, you’ll be notified immediately, via email or push notification on the Bybit app, once Tools Discovery goes live.

Closing Thoughts

Tools Discovery is made for everyone. It allows beginning traders to explore and learn new tactics while pushing experienced traders out of their comfort zones and expanding their trading knowledge as they try new products. Providing a truly seamless experience that takes the hassle out of research and decision-making, Tools Discovery lets you craft your trading journey according to your preferences. Be among the first to savor the power of using a single tool to broaden your trading experience, and register for Tools Discovery now!

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