Hey m8,
hope this clarifies some things for you.
1. Are there any strategies that prevent me from losing money? If so, what strat is it? If not, how can i minimize my losses?
-> there are no strategies that wil prevent you from losing money. investing in crypto is risky business. Having that said, there are ways to reduce risk. consider using a stoploss (stop_limit) in your gunbot strategy. this measure sells a coin when it is down by x% from the breakeven point. Another way of handling risk is using double up. This buys more coin at a lower price in order to work with a lower average buy price. reversal trading is also available on the bot. I think this trategy will sell the coin when its down a certain amount, and buys it thereafter according to your strategy, increasing the amount of coin it buys to offset the loss selling incurred. read up on the strategies on the gunbot wiki, and do research on how these strategies are implemented by pro's.
-> experiment and find good strategies that work in the different market conditions. there are different confrming indicators you can use, ADX, RSI, StochRSI, MFI, MFI buy protection. read up on the gunbot wiki how to operate them. read up on literature how these indicators work to your advantage. you can also use the backtesting tool. I would not build on this blindly, as the tool is prone to many biases: use the tool for many coins that are in a similar trend. if the results are good on most pairs, the settings are probably good for the market trend youve tested for.
-> consider that trading on longer timeframes (period= half a day [720] or a day [1440] are safer, as you are following the main(longer lasting) trend of the coin. traiding intradaily can be profitable, however you are working with trends that have a shorter timespan to develop profitable. Drawback is having more patience, as there will be lesser trades. there is allways a catch in the choice you make. Consult the gunbot wiki in the bot to see what periods your exchange supports
-> use small amounts of money when buying. dont put all your eggs into one basket. also while you are learning to gunbot, this allows you to experiment without losing too much cash, and taking losses with more ease.
-> start experimenting with markets that are going up. the trend is your friend so its more forgiving when you buy at a wrong price.
2. What are pairs? I see it alot but do not know what it is referring to.
A pair is basically a crypto coin you want to trade for a currency (the pair). the currency can be in fiat money ( euros, dollars etc.)or other crypto currency (BTC, ETH). This is mostly determined by what the exchange supports. example: I want to trade ethereum for bitcoins, then my pair is BTC-ETH. If I want to trade monero's for euro's, the pair is EUR-XMR. From the example: the currency comes first, then the pair. Make sure you have currency on the exchange.
3. When I see Low(30) or high(50) (examples) for BB what is the number referring to?
-> Bollinger bands is an interesting technical analysis tool that is very rich in what it explains. I would suggest reading 'on Bollinger bands by John Bollinger' if you want to truelly understand the tool. basically, the tool creates a dynamic envelope around a simple moving average. the envelope is determined by 2x standard deviation, capturing 89% of price movements in the stock market. --> Read: the price mostly is in the envelope. if the price touches the lower envelope band prices have a higher probability of going up, when touching the upper band is has a higher probability of going down. This is not allways the case, in trended markets the price action can walk up or down the upper and lower band.
-> BB Low value offsets where the bot will buy relative to the lower bollinger band. you van have negative values, setting the price lower, or positive values, moving the price up into the bollinger bands. at 50 you tell the bot to buy when the price is equal to the middle.
-> BB upper value offsets were the bot will sell relative to the upper band. negative values cant be used. this time you offset the sell price downwards towards the lower BB limit. 50 is at the middle (the simple moving average
4. Will there ever be a point in time where Gunbot is no longer updated?
-> cant awnser this one. for know I have enjoyd many updates and improvements.
5. Emotionless loses me profits, why is that?
-> see my response to question one. no strategy will ever be 100% profitable. see risk reduction and picking the right strategies fpor the right market trends. gunbotting is a long process of trial and error to get it right.
6. If there are any detailed guides on how to pick the right strat for the right coin could you link it to me?
->I am still experimenting. maybe other gunbotters have better tested strategies. learn to read trends from the charts. identify areas of support and resistance and come up with a strategy that is able to profit.
7. Where do you advise me to go to get a better understanding of Gunbot/Crytpocurrency/Best strategies to use?
-> I would suggest to read up on some of the buying strategies on internet. Plural, because there is no strategy to rule them all. Read up on the indicators. read up on what people do who have lived off technical analysis for multiple decades. Understand that they have not the 100% awnser, it is there only to provide a piece to your puzzle. also read up on the gunbot wiki to understand how the indicators of the bot work.
-> remember, 95% of people in crypto lose money overall. If it was easy, everyone would be rich allready. So try to find out what 5% of people are doing
Sorry if these are too obvious of questions i am absolutely new to trading and Gunbot, Thank you for any of your help!
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