CRYPTOHOPPER TRADING BOT
Disclaimer - -Before reading this please note that this is no financial advice and I am just putting my expeirence on the cryptohopper bot in this instruction . Please go slow and put a small amount on the bot to trial with to start with. Please be patient and restrict number of positions with the bot to be trialled to just 1 or 2. Put only a small portion of portfolio to trial with the bot . Again the creators of the instruction are not responsible for any losses / profits you make and it is solely your responsibility .
Do you want a bot which automatically makes money based on technical indicators ?.Please use the link below to register for the bot first . It is free for one month on trial .
https://www.cryptohopper.com/?atid=1067 After you register you need to confirm on your email address with confirmation email
BASIC IDEA BEHIND THE BOT
This is an RSI bot which buys and sells based on RSI being oversold or overbought.It works on a simple principle to buy a coin when RSI is oversold <30 region and to sell it when RSI is overbought >70 region . You need to watch out for two things very carefully - Time interval of chart 15min, 4 hr etc and RSI limits to buy the coin which have to be very close to these zones of 30 and 70 . You can select a lower RSI zone for buy for eg 18-20 to filter out coins which really have been pushed hard by the market and have a greater chance of bounce. For sell you can keep as close to 70 or just below 70 eg 68 to exit the market before the trend change .
Selling has two options 1.You can select “Sell based on Strategy “ in RSI option which requires longer time for trade to be successful but makes more profit . 2.You can put a fixed profit percentage or set up trailing stop loss . A . A SELL trailing stop limit moves with the market price, and continually recalculates the stop trigger price at a fixed amount below the market price, based on the user-defined "trailing" amount. The limit order price is also continually recalculated based on the limit offset.
Please note market direction also defines how the bot would perform and the strategies and calculations needs to adopt based on that
SETTING UP THE BOT API keys
Please keep your API keys handy from exchange to input in the bot .( Note while creating keys unselect withdrawal option)
Subscription
Binance
Press new as you have to create a new template for binance
Bittrex
For bittrex you can directly select the following template -
Then assign a subscription to the cryptohopper subscription subscription by selectin gthe right hopper . .Use assign subscription and select Bittrex / Binance Signal Hopper
Please note for binance all the configurations will be done while creating the template .
CONFIGURATION SETTINGS
Go to Config first in the the panel -This is the most important important bit and everything everything lies here.
Configuration
Select exchange which we are using-" Bittrex " or “Binance” here Put in your API keys For Binance/Bittrex long position on any pair :-
For Long positions select as many coins as you want .Do your chart analysis on diffeernt time frames like 4 hr , 15 min , 1 hr on tradingview.com to see which coin closely matches your range of RSI levels of 30 and 70 . Note there will be false signals and every coin will have some variations .
For Shorting BTC on Bittrex only
Select only "True USD" if you want to short bitcoin .TrueUSD is similar to USDT or represents US dollars . Idea is reverse correlation with bitcoin movement.,when Trueusd is in oversold zone ( RSI <30) bitcoin is at overbought position ( example ,RSI>70 ) .So we are shorting bitcoin by buying Trueusd .
. 1. Sele Select ct starteg startegy y as "Multip "Multiple le TA facto factors" rs"
4.Select number of positions you want to buy .
1. If you are are looking for bigger returns and and hence bigger risk , the select select this.The bot will sell when RSI is in overbought position position for TrueUSD or
Bitcoin is in oversold position conversely , before it makes a rebound. If you are looking for small returns then just switch it off.
2. 6.click on advanced multiple settings
My strategy from the above chart
Idea is we buy TrueUSD at <30 and sell at RSI >70 ( have put 68 & 35 so that order gets filled).Idea is to filter out as many false signals as possible . Put in the time in CANDLE SIZE. I have taken 4 hour chart and RSI time period 5 days as that best suited my strategy for shorting bitcoin . Normal RSI Period is 14 days default . As you can see , whenever RSI drops to less than 30 there is a rebound in the prices .
Input your settings and only switch in RSI .Switch off other technical indiactors
You can play around with candle size and RSI period on tradingview.com to see the one which best fits the strategy and input accordingly
Back to main screen after saving advanced settings by pressing SAVE. PERCENTAGE PROFIT
You can select a percentage profit ( 5 % in this case ), whatever reaches first RSI as oversold or percentage profit will be used to take profit.
BID /ASK RATE
You can put a bid /ask rate lower than current bid rate while buying & selling . If you don’t want to buy lower than last bid or sell higher than current ask keep as 0.0 Recommended - 1.0 for both
STOP LOSS
You can put a stop loss if you want to . But be sure to keep it as far as possible or you will end up making unnecessary loss. Switch off this feature if you don’t want to use it.We will cover our profit taking with trailing stop loss anyways.
Recommended - dont input anything as sometimses there may be swings . 15 -20 % should be used or bot will be hitting stop loss too frequently .
TRAILIING STOP LOSS
This is for protection of profits - the most important feature .
Recommended settings settings are - 1.75 % to arm trailing stop losss and 0.5 % as stop loss percentage
For example - from your buy price , true usd increases and then start decreasing from peak . This will sell at a lesser profit and take you out. Arm trailing stop less - trigger at which bot starts watching for protection of
profits . Trailing stop loss percentage - % less than trigger where it will take profit and
close order. Eg - if prices rises by 5 % , trigger was armed at 4 % . Now when prices go dow to 3.5 % it will try to sell .
Now suppose suppose the sell order order at 3.5 % fails fails , then to protect our profits further further we need to " tick reset stop loss after failed orders " , bot will reset the trailing stop loss percentage .
DCA
This is not important to be configured and you can leave it if you like by switching off as our profit taking strategy is covered by trailing stop loss and we have a stop loss in place if prices go down. But if you want to cover losses by averaging with quantity and then waiting for a small correction up , this can be used . With DCA you can get rid of any 'bags' you're holding. A DCA order will be placed for the the double amount amount of your current total, total, so using DCA DCA can be risky. risky. Configure the percentage after which you want the DCA feature to place a new order.You could end up with more coins from a single trade then you would
like. When the average price falls this percentage, a trigger will be placed to create a new DCA order. In this case I have put 5.5 % as my DCA percentage with a double down approach
Personal choice settings -
These settings are of your personal choice . Max open time sell / buy is the times after which the bot will cancel your open
orders in case not filled . I have put 6 hrs for sell and 1 hr for buy. Max open positions is number of positions which should be opened by the bot at any one time . Max open percentage open positions - Enter the percentage of open positions
you want to have maximum of each coin. For example if you have 100 positions, and and have a percentage percentage of 20, 20, then you will will split your your portfolio over over 5 coins. Percentage buy amount - size of order positions .This is very important and
read it carefully as bot will be buying this order size
For eg if you have 1 BTC , and this setting is 0.5 bot will put orders of size 0.5 btc . Recommended is not more than 5 % or 0.05 of portfolio.
Minimum BTC amount per order - the minimum amount of order size .put
0.005 or 0.01 ( minimum order amount at bittrex) Maximum BTC amount allocated - Put this as a low amount to restrict what
the bot is managing out of your portfolio
Recommended -0.1 or 10 % to start with
If you want email notifications from bot you can get it using this.Hit save .
MAXIMUM OPEN POSITIONS
Again put this as a low number to start with so that bot doesnt buy too many positons and make huge losses
Recommended -3 to 4 at a time . dont put this as 14-15 or bot will make losses
MAXIMUM PERCENTAGE OPEN POSITIONS
Enter the percentage of open positions you want to have maximum of each coin. For example if you have 100 positions, and have a percentage of 20, then you will split your portfolio over 5 coins
Recommended is 20 or 25 so that you dont buy more than 4-5 coins at a time.
Go to main dashboard a nd make everything as enabled , ( use Dashboard in side panel)
Hopper is enabled Buying is enabled Selling is enabled
Now your hopper hopper is ready ready !! Sharing a result of BTC shorting done as an experiment with smaller position size .
Previous results on RSI strategy on USDT pairs --
Long positions on USDT pairs on bittrex. Please select " Basic Bittrex USDT hopper" bot for this by using the same strategy.
