Passive income with CryptoHopper Crypto Trading BotOn June 1, 2018 by TechTips
This article is a summary of my Cryptohopper experience as a first attempt to use an automated Crypto Trading bot and is a summary of my key learning points.
I’m not a financial advisor and this is not financial advice. This is only my experience, lessons learned and summary of the notes I have made.
Trading in general is risky don’t play with or risk money you don’t have. Definitely dont risk anyone else’s.
Requirements for the CryptoHopper Crypto Trading Bot
Account with a supported exchange
- Binance (Recommended) – Great API a lot of top 50 on CMC
- Bittrex – API is a bit slow when you have more than 50 coins (Limited coins)
- Poloniex – Untested
- Kraken – Untested
API is required, API setup is different per exchange so have a look on your exchanges support or setup guide, but it’s normally under Settings or profile setup. API is very powerful so keep it safe and only safe it to CryptoHopper.
While the API wont allow withdrawals it does allow trades.
Active Balance on exchange
With either BTC (Preferred) or Crypto you have selected in your Allowed Coins table
- CryptoHopper will automatically the balances on your exchange
- CryptoHopper will never withdraw or transfer your coin.
- You remain in control of your coin
Account with CryptoHopper.com
- Bunny Subscription
Very limited but nice if you stick to Top 10 (1bil+ Market Cap)
- Hare Subscription
Recommended – Using top 50 on coinmarketcap.com
- Free Subscription
Very limited but nice if you stick to Top 10 on CMC (coinmarketcap.com) (only usable for 30 Days)
My Crypto Day Trading Rules of Thumb
- Don’t be greedy 5% gain is better than a 100% loss
- Select your news and information carefully
- Subscribe to Crypto news sites like https://cryptosrus.com/
- Take any YouTubers advice with a pinch of salt – They are often just pushing their own agenda’s and trying to pump a coin.
- Only trade with 50% of your entire BTC holdings
- Use Signal subscriptions sparingly – Pump and dump insiders often get the calls/signals way before the Subscription and you may end up holding bags for a long time before the turn a profit.
- Trust the fundamentals – Losses can happen very quickly when you buy, it may take a while to recover
- Don’t Panic (You only lose when you sell at a loss)
- If you are consistently achieving sells more than your stop loss increase stop loss by 0.5% a day to maximize gains
- When the market is going Down
- Focus is to mitigate risk & losses.
- Trust the charts
- Think Smart not Emotional
- Lower Stop Loss to what you are willing to risk
- I personally set to 5% with cool down enabled for 1 hour.
- Lower Trailing Stop loss arming percentage and the stop-loss percentage, for example sub 2% (Arming) with 0.1% trailing percentage
- Enable Cool down 30min to 1 hour
- When the market is going Up
- Priority is to Maximize profit
- Increase or Remove Stop Loss
- Increase Trailing Stop loss arming percentage and the stop loss percentage, for example around 5% (Arming) with 0.2% trailing percentage
- Disable Cool down
- Adobe Acrobat
- BES Server
- Control Guard
- Data Recovery
- Document Template
- Email Template
- Enterprise Services
- Home Assistant
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- Outlook 2007
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- PGP Encryption
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- Printers & Imaging
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- Social Media
- Support Apps
- Two-Step Verification
- Web and Internet
- XAMPP – Apache
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