Trading options, stocks, futures, or even bitcoin can be a very lucrative business. If you know what you’re doing that is as trading (especially day trading, and even swing trading) is not for beginners and I had to find that out the hard way with tons of money lost. The risk of the game that is I guess.
But once you get the hang of it, it can be very profitable if you keep your emotions aside. The easiest way to do that is by not trading yourself but letting a bot handle it. Obviously, you do need to know the basics of trading or this will become one huge failure. And even more importantly you need to employ a bot that does what you tell it.
Although that sounds obvious it isn’t, many of the bots are buggy, perhaps that’s somewhat understandable as we’re talking about a brand new industry here. The crypto industry, besides that the prices are being manipulated to such absurd degrees, those bots often fail to execute orders at critical timestamps.
Nonetheless, we are going to look into a few trading bots that I found at Crypto News Inc which might make your life easier so let’s start with Gunbot. They have quite a community but this must be the most buggy bot I ever ran into. Besides throwing random errors every hour or so (sometimes every minute) you can work around that to some degree, but when it misses a very critical buy point it costs you money so I definitely can’t recommend this bot despite all its options to customize it.
A little more hands-off approach type of bot would be something like Profit Trailer. I have to admit I haven’t tested this bot in full detail yet, partly because I’m stuck with a bag of Ethereum that I bought just before it crashed deep, I mean how low can it go if it’s already >80% down for the year but apparently there are no boundaries as to how bad it can get. Especially when you take into consideration that the price is still 2000% above the price it was trading at the start of 2017.
That’s right, at the beginning of last year it was trading at only $10 per coin, and now it’s stuck just a little below $200. I’ve sold so many times at a loss that I refuse to sell this time and simply wait it out, two weeks going now.
As soon as I know a little more about Profit Trailer and Crypto Hopper I will update this post for you so talk soon!