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# Freqtrade basics
This page will try to teach you some basic concepts on how freqtrade works and operates.
This page provides you some basic concepts on how Freqtrade works and operates.
## Freqtrade terminology
* Trade: Open position
* Trade: Open position.
* Open Order: Order which is currently placed on the exchange, and is not yet complete.
* Pair: Tradable pair, usually in the format of Quote/Base (e.g. XRP/USDT).
* Timeframe: Candle length to use (e.g. `"5m"`, `"1h"`, ...).

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This page explains some advanced concepts available for strategies.
If you're just getting started, please be familiar with the methods described in the [Strategy Customization](strategy-customization.md) documentation and with the [Freqtrade basics](bot-basics.md) first.
[Freqtrade basics](bot-basics.md) describes in which sequence each method defined below is called, which can be helpful to understand which method to use.
[Freqtrade basics](bot-basics.md) describes in which sequence each method described below is called, which can be helpful to understand which method to use for your custom needs.
!!! Note
All callback methods described below should only be implemented in a strategy if they are also actively used.
@ -97,8 +97,8 @@ class Awesomestrategy(IStrategy):
## Bot loop start callback
A simple callback which is called at the start of every bot iteration.
This can be used to perform calculations which are pair independent.
A simple callback which is called once at the start of every bot throttling iteration.
This can be used to perform calculations which are pair independent (apply to all pairs), loading of external data, etc.
``` python
import requests
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"""
Called at the start of the bot iteration (one loop).
Might be used to perform pair-independent tasks
(e.g. gather some remote ressource for comparison)
(e.g. gather some remote resource for comparison)
:param **kwargs: Ensure to keep this here so updates to this won't break your strategy.
"""
if self.config['runmode'].value in ('live', 'dry_run'):
@ -125,7 +125,7 @@ class Awesomestrategy(IStrategy):
### Trade entry (buy order) confirmation
`confirm_trade_entry()` an be used to abort a trade entry at the latest second (maybe because the price is not what we expect).
`confirm_trade_entry()` can be used to abort a trade entry at the latest second (maybe because the price is not what we expect).
``` python
class Awesomestrategy(IStrategy):
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### Trade exit (sell order) confirmation
`confirm_trade_exit()` an be used to abort a trade exit (sell) at the latest second (maybe because the price is not what we expect).
`confirm_trade_exit()` can be used to abort a trade exit (sell) at the latest second (maybe because the price is not what we expect).
``` python
from freqtrade.persistence import Trade

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# Strategy Customization
This page explains how to customize your strategies, and add new indicators.
This page explains how to customize your strategies, add new indicators and set up trading rules.
Please familiarize yourself with [Freqtrade basics](bot-basics.md) first.
Please familiarize yourself with [Freqtrade basics](bot-basics.md) first, which provides overall info on how the bot operates.
## Install a custom strategy file

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@ -194,7 +194,7 @@ class IStrategy(ABC):
"""
Called at the start of the bot iteration (one loop).
Might be used to perform pair-independent tasks
(e.g. gather some remote ressource for comparison)
(e.g. gather some remote resource for comparison)
:param **kwargs: Ensure to keep this here so updates to this won't break your strategy.
"""
pass