Pionex Trading Bots: Day 30

By ETHNomad | TheETHNomad's Blog | 30 May 2023

  • Hey guys, I hope everyone had a great Memorial Day 🌞 😎 It's day 30 of running a BTC Grid trading bot and Bitcoin has seen some gains over the past 48hrs, so I figured it was a good time to post an update. This volatility is exactly why I like using a trading bot as part of my long term strategy. Since joining trading subreddits, I've noticed a disdain for trading bots among many trader's and I have been trying to wrap my mind around it. The most common argument I've seen is that trading bots lose money, or that they don't profit as much as a trader could in a day. I tend to think these arguments are bogus. First off, they don't lose money, if a buy/sell order has been made, the bot is doing its job, your strategy & level of experience are what is likely to make or lose you money. What I've noticed is a lot of people don't set realistic expectations for themselves before trading or setting up a bot. Scalpers expect to make more in a day of trading, in/out, rinse repeat. To make any significant money in a short period of time like this, you need to be trading with a balance well over $30k, and if you aren't using a bot, you're exposing yourself to risk as well. One could easily argue that due to human emotion, a trader is more likely to lose money on emotional trades, or even just uncalculated risk. But let's be honest, most of us don't have an extra 30 grand lying around, and even if we did it would be unwise to risk it. Most of us would probably benefit from a long term strategy where risk can be mitigated to some degree. Day traders rarely succeed, the statistics will prove it, so if you're intention is to trade short term, and with large capital, I wish you luck 🤞 This is gambling & I personally wouldn't do it without a bot, and I wouldn't bother with low cap stocks/cryptocurrency at all. Swing trading makes sense to me, and it's easily achieved with a bot, but again, gotta be realistic with expectations on profits. Learning how to adjust a bots parameters to move with the flow of your predictions simply just takes a little time & experience, after losing a little amount of $ and making proper adjustments, it gets simple, you've really just gotta understand the markets, know how to deal with a upward/downward trend and it's 🍰 In reality though, if you value the scarcity of Bitcoin alone, you should have a long term accumulation strategy in mind, treat your bots as a life savings, with enough hard work, time and patience, the profits you can survive day to day on will eventually be realized. This is what I believe & it's part of why I enjoy documenting these entries, someday I will look back on these when Im either broke & wrong, or wealthy & right 😅 All of that being said, back to the bot. These past few weeks I had been averaging roughly 3 transactions per day. Yesterday we hit a total of 9 transactions. A pretty good trading day of you ask me. My outlook on BTC isn't exactly bearish but I am expecting a rally to $30k+ before we trade sideways and down for the fall/winter. I could be wrong, but I am prepared to change my strategy either way assuming I am. When BTC does surpass $30k and I'm in the profit, I'm going to sell my holdings and wait for the price to come back to roughly $27k - $28k before opening a new long term grid bot with the goal of accumulating in mind. I will drop the parameters below 👇 as well as my affiliate links. Have a good day everyone 😎✌️
  • Attitude: BTC Fluctuant and then bullish 🐂
  • Upper Limit: $34119.91
  • Lower Limit: $25251.72
  • Grids: 49
  • Quantity per Grid: 0.000888
  • Profit per Grid: 0.34% - 0.53%
  • Start Price: $29229.86
  • Holdings DCA Buy Price: $28914.02

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Contemporary Artist creating unique PFP NFT collections on the ETH Blockchain. Here to share my experiences and talk about my interests ✌

TheETHNomad's Blog
TheETHNomad's Blog

This blog is dedicated to my work as an artist, my cryptocurrency investing, and my own personal thoughts, opinions, & experiences. In short, expect a bit of everything 💨😎✌️

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