Build a Super Advanced Trading Bot on DYDX Hosted on AWS with Python - Stage 1 - Plan of Attack

The video tutorial guides viewers through the process of developing a trading bot. It begins with an overview of the logical steps involved, including connecting to DYDX, placing market orders, and aborting open orders. The tutorial also covers constructing market prices and setting up a trading loop using Python's while true loop and Cron jobs for continuous operation. The focus is on building functions to manage and open trades, ensuring the bot operates efficiently and effectively.

What is the first step in developing the trading bot as mentioned in the text?

Explain the purpose of the function that allows aborting all open orders.

How does the trading loop function in the context of the bot's operation?

What is the significance of managing existing trades before opening new positions?

Describe how the bot determines whether to close down existing trades.