ALTCOIN TRADING BOT AND NOW PAPER TRADING BOT
ALTCOIN TRADING BOT AND NOW PAPER TRADING BOT

ALTCOIN TRADING BOT AND NOW PAPER TRADING BOT

By CRYPTOXICATE | Cryptoxicate | 24 Jul 2020


A trading bot is not a money printing machine and it requires as much attention as if you were trading manually. This post is not about me posting my settings by details but telling you what I have achieve so far and my thoughts about the trading bot Im using.

On 2018 I bought my Profit Trailer Bot with the intention of trading altcoins, remember that the best I did back then was a bit over 25% and yes this was an Altcoin rally, then I stop using the bot a few months latter on 2019 when the altcoin market was dumping, after that had to move a few times so didnt have my home server setup and just stop using the bot until now.

With the most recent Altcoin Rally I remember having a bot that can trade for me even when Im sleeping, that sounds great isnt it? , it is great but if not configure correctly you may end up with a few bags so I decided to do the setup, build a virtual machine with reasonable specs

  • 6 Core vCPU
  • 8 GB Ram
  • 80 GB SSD
  • Windows 10 Pro x64

After got everything setup took some time to decided what I wanted to do with this bot, do I want high returns quick or just fund it let it trade with a small percentage and conservative strategy?

ManY ppl think that crypto is all about getting rich or get rich quick, but with time we all learn that is not the case, is not about getting rich, for me it has been about increasing my savings account by generating more cryptocurrency every day, keep grinding and increasing the amount of crypto Im holding there for decided to use the bot as a tool to identify coins and let it trade with a small percentage of the fund Im putting into it, so the bot can only trade 3 pairs at the same time and the initial buy percentage is 3% of the fund, looking for a minimum of 4% gains per trade. This is possible and probably easy when altcoins are popping, but there are some things you need to take in consideration.

  • Are you going to Dollar Cost Average when a trade goes wrong?
  • How many pairs at the same time can it trade
  • Are you going to trade only blue chip altcoins, high volume
  • What altcoins will you ignore from monitoring

My bot is trading altcoins at Binance and I think that should be enough as for one exchange since its the biggest altcoin exchange at the moment, so look up for Binance data on Coingecko and decided to ignore a couple of coins that in the past I have seen they have pump and dump more than what I like, meaning I prefer just to ignore them, not that they are bad projects, the bot is currently monitoring the top 100 coins with a min volume of 1.5 million, not all blue chip exactly but with that extend the bot can still trade some solid projects like ICX, RAVEN, NEM and some others that are not on the top 25 of the exchange.

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I have seen many phases on the crypto market since 2017, the most recent one is the Defi space, many altcoins are listed that have implemented Defi apps and same as it happen to staking, masternodes and some other ways of passive income the hype will be gone with time, usually when this happen in my experience the max you will get is about 12% on a stable steady grown, different from holding a certcain coin the bot will just keep trading back and forward compounding those gains, its up to me to be diligent to pay attention to what the bot is trading on a daily bases, usually if the bot buys certain coin and its dropping bellow 5% I open the chart to check whats going on if it looks like a pump and dump, look if the project has potential to go up and depending on some other aspects of the trade most fundamentals I decide to either wait for it to recover, let the bot DCA or just put the coin on ignore and hold it for sometime until the price goes up again.

This are just the basics of what Im currently doing and my future plans, nothing ambitious just trying to compound some gains and have and edge on day trading.

I hope this post gives you and idea of what a trading bot is for, some of the risks and how Im trying to be conservative with the usage of my trading bot

Good luck



 

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CRYPTOXICATE
CRYPTOXICATE

Cryptoxicate is a Blog dedicated to every level of crypto enthusiast but most focus on new crypto adopters


Cryptoxicate
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Cryptoxicate.com is a Blog dedicated to every level of crypto enthusiast but most focus on new crypto adopters

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