Entering the Martingale Achilles Zone — Crypto Trading Bot Update May 29th, 2024
Bearish movement is not ideal for these bots, but it’s still workable!
Bearish movement is not ideal for these bots, but it’s still workable!
For the last few days, my martingale bots haven’t pulled any profit. Nothing worth noting since 5–24 when I closed and captured $85 (and $201 the day before that).
Because of the market condition seeming like we are going to trend bearish, I am not squeezing my spread as I normally do. (Sometimes I go as thin as 0.5% / 0.5% with 3 buys).
We’ve been flat most of the weekend and this week, and now starting to push down it seems.
Are we going to return to 65k?
Maybe.
If we were in the middle of a bullish trend, I’d think nothing of thinning my spread on flatter days.
If I squeeze my spread now, I have a strong feeling I will just pop out of range and have to take a loss to keep the bot active.
I am currently using:
Because I think we may trend further downward, I will likely put a stop on my bot at $50 profit, instead of waiting for $100, and I will change the settings to 7 “Safety Orders” (incrementally increasing buys), but keeping the percentages the same.
If you are new to my bot update story thread and some terms are confusing you, you can learn more about my strategy here :
How I Earn $6,000/mo from with Semi-Automated Crypto Trading on my Mobile Device
There is no upsell at the end of this blog.
And if you are new to crypto bots in general, you might find this story thread useful, before you start reading my crypto bot updates :
The only way my bot will hit $100 profit today will be if it maxes out my position, then goes back up 1% and sells.
That could still happen, but I am being cautious.
Right now, my ETH bot is looming right above full position being maxed out, but the market hasn’t been pushing upward enough to make me think I should let it be and wait for the bounce back.
The bot has been in the red for 2 days now, after capturing about $26 on the first 1–2 buys, no where near full position.
Bearish markets can lead to less profit with martingale bots, as the primary focus is to recoup on losses by assuming the eventual upward push. This works in flat or bullish volatility, not so much with bear trending movement.
Yes, if I leave my bot alone, I still think within a couple weeks or a month, we will bounce back up.
But that’s a lot of time for my bots to be stalled generating nothing.
So I prefer to manage it a bit more manually, hence why I call it “semi automated trading”.
I’m going to intervene and stop my bot.
Specifically — this means I will open my bot by hitting “Detail”, click on Parameters, and I am going to set my profit take to 0.5%, so the bot will close out automatically when my profit hits that.
Then, I will adjust my settings, and restart.
If a 1% increase doesn’t happen, and we push only further downward, I will stop the bot before it dips below -$200.
There ya go, a snapshot of a day in #botlife.
Continue to the next story in this series :
Thank you for reading!
Until next time….
Onward and Upward Everybody!
-Chris
Automated Income Lifesyle w/ Chris Morton YouTube
#botlife #cryptobots #trading #tradingforaliving #livingoffcryptobots #btc #eth #ltc