Distracted by my Bots— Crypto Trading Bot Update June 9th, 2024
My bots are trading off lately.
My bots are trading off lately.
While two bots are active, the other is out of range.
My ETH bot captured $94 yesterday, but my BTC bot remains out of range, as does my LTC bot.
I almost stopped my BTC bot yesterday when it was +$20.
Maybe I should have, because the bot is now -$43 out of range.
I want to capture *some* profit then reconfigure the bot for a 1% / 1% / 7 buys.
Instead, I turned my notifications off and slid my phone into my pocket.
Making an effort to discipline myself….
When I am fishing or enjoying myself outside, I don’t want to stay glued to my phone.
That is the reality day trading can bring for crypto traders who don’t get cut off automatically on nights and weekends.
I am always so tempted to open my phone and see if I can nudge a little gains, because I usually can.
I know I will still be profitable if I widen my spread and walk away, letting the bot do it’s thing, so the only reason I am really watching now is to get my BTC bot when its captured 1% again, then reconfigure it so I can start ignoring it and get my summer on.
I mentioned in a previous story on Medium, that I will be parallel testing different BTC bot configurations / strategies, and it’s time to start that.
I will be running one BTC bot using the most average settings which used to be the system default before the AI settings took over, and letting the bot run this way for an entire year to see what the results are going totally hands free. (1% / 1% with 7 buys instead of 8)
Concurrently, I will also be running another BTC bot while executing the same Semi-Automated strategy I have been using for the last 1.5 years.
At the end, I hope to see if its worth it to just set it and forget it most of the time, or if I should continue with my semi automated strategy.
Why would I not use the new AI settings for this test?
Well, right now — the settings are not dynamic. AI Settings do not do anything special that makes the bot more profitable in the long term. They are essentially a short term optimization.
AI settings in Pionex and other platforms will take account of the recent moving averages and use that data to calculate the best settings to activate AT THAT MOMENT.
This is why the AI generated settings will be different every day when you create a new bot with them. But they are only accurate while the market continues to behave the same way.
The settings will not dynamically adapt while the bot is running.
If the AI settings say 1.4% / 1.4% with 8 buys is best one week, but the market flattens all of a sudden — it will be less profitable the next week because your AI generated settings no longer match the market conditions.
Maybe one day these bots will dynamically reconfigure themselves on the fly, then they will literally be the perfect trading bots.
Until then, configuring my settings to 1% / 1% with 7 total buys is a happy “Set it and forget it” configuration for me.
When I look at the history of Bitcoin, 1% movements are very common. Even when the market is kinda flat.
10% movements happen, but are easy to spot, and it is very likely that having a total spread range of 7% should cover most major dips.
This way, I only need to set a notification for a 7% dip and monitor occasionally.
That’s all for today.
Another week, another opportunity for automated income.
Disclaimer : This is not financial advice and I am not a financial advisor. This is just what I am doing with my own money. I am NOT an expert. I am some dude on the internet who sees a path sometimes, and takes it.
Continue to the next story in this series:
Small Gains, Reconfigure — Crypto Trading Bot Update June 13th, 2024
Trending action changes my reaction.
Thank you for reading!
Until next time….
Onward and Upward Everybody!
-Chris
Automated Income Lifesyle w/ Chris Morton YouTube
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