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Error's To Avoid
Errors to Avoid
There are some technical errors you must avoid to not loose money. They are related to the use of GUNBOT. The GUNBOT gives you the freedom to change options but you must know what you are doing:
- We already said it: dont trade an unreliable coin or a coin that is surging/dying. As a start, select one or two of the most traded coins (ETH, ETC, XMR) and start to make a profit with them. You have time to expand your market and to invest more BTC later, when you learned what you are doing.
- Dont set a Margin to buy or Margin to sell too low or too high: if you set Margin to buy or Margin to sell too low or too high, you will trade at loss because the fees or because the next price variation will eat your balance or you will have to wait 2 years before to see a trade (if ever).
- Do not set a security margin too close to the coin daily variation, it will eat your money: I understand you probably are not happy to lose more than 10% of what you invested but, if the coin you want to trade got a 24 hour variation of 11%, it will sell all your coins at price to sell < price you bought, causing you a loss. Personally, i set stop limit to 60% because I watch the markets and if anything goes wrong I trade manually. Start with 60% of security margin you too, as I'm sure you will stay 24/7 with your eyes on your screen watching your GUNBOT at beginning Grin: when you are confident enough and made some profit, you can start to play with security margin if you want. AGAIN: if you go to sleep with your security margin to 10%, it may happen overnight that you sell at loss.
- Do not set Max latest prices too low: 100 price variations are good. You have to give your GUNBOT enough data to analyze to decide if we are bullish/bearish or static. The algo GUNBOT uses is a mix of trend and EMA for some decisions it makes to pre-sell or pre-buy: if you put this value too low it will confuse GUNBOT and you will probably loose some trades.
- About EMA1, EMA2 and candlesticks: this strategy has its standard which is 15 minutes of candlesticks period. Playing with EMA over a period below or above 15 minutes candlesticks makes no sense. Try it yourself on poloniex: set EMA1 to 20 and EMA2 to 10 (BEWARE ON POLONIEX NOT ON GUNBOT!!!!) and then set candlesticks at 15 minutes. Look at EMA1 and EMA2 changing as you change candlesticks. Please on GUNBOT use candlesticks of 15 minutes and play with EMA1 and EMA2: if you rush to profit set them to 2-4 hours. If you are more relaxed put them to 4-8 hours. If you are my grandpa, set them to 6-12 hours and go to sleep: you will make profit anyway .
- NEVER EVER STOP YOUR GUNBOT WITHOUT A GOOD AND CONTROLLED REASON: ok sorry, caps intended. The most common error I have seen with people using bots is to stop them just because they can. This is not the case of GUNBOT. There are 2 cases only you are allowed to put your hands on your running GUNBOT, and both are controlled (it means you know what you are doing). 1st case: it happens sometimes that a buy order is not completely fulfilled. The GUNBOT will wait. Soon as the partial order can fulfill, Poloniex will do it. Sometimes tho, the price changes with a partial order on the book. You have 2 possibilities: wait...and wait....and wait....or cancel your partial order on POLONIEX and let GUNBOT go ahead with the partial amount of coin. In this case, DO NOT TOUCH your GUNBOT and cancel the partial buy order on POLO. The GUNBOT will follow your order and will continue with its job. This is not a GUNBOT limit nor a Poloniex limit: this is just related to the coin availability at a certain price and a defined time (your order). I won't allow partial orders to be fulfilled with a different price like other bots do: it is too high risk to loose money. Just cancel your buy order if you see it stuck for hours on partial fulfillment. Maybe in a future release I will implement a saving order book locally but in my opinion, it is useless to persist with a trade at the risk of losing other 10 possible trades. The second case you are allowed to put your hands on your running GUNBOT is part of the "dumps" and "dumbs" section so, we will talk about it later.