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Author Topic: Help. Starting out  (Read 658 times)

Offline wingot

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Help. Starting out
« on: August 14, 2017, 11:43:57 AM »
Hi.

I stared with the bot 5 days ago with 0.52 btc. V 3.3.2 in Bittrex. I am very new to this.

The reseller configured it for me with what she said was the best configuration, BB 25/35, with about 60 coins. The advice was to just leave it running no matter what happens. Still running v3.3.2 because I was told that it is the las stable version.

Since the beginning started losing. Since 2 days ago I am about a 20% down with many bags and no btc to trade, since it sold it all. Only sometimes, it sell some of the coins and recover some Btc, which again uses it to buy another coin.

I am new to this. It is better to just stop the bot? Or leave it running? Any change on the set up due to the market conditions. Any suggestions or help at all…?

I do understand, too late now, that the bot is just a tool (a very good one I believe), but that I must control it and for that I have learn about the bot and about the markets, which I am totally willing/wanting to do it. Any suggestion on where to find the right information that I should learn?

Thanks

Offline Kivo360

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Re: Help. Starting out
« Reply #1 on: August 14, 2017, 04:10:01 PM »
Bruh, I'm in the same position with no help from anybody. Its like the main devs disappeared when this happened.

Offline mikethemagic

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Re: Help. Starting out
« Reply #2 on: August 14, 2017, 04:57:37 PM »

I do understand, too late now, that the bot is just a tool (a very good one I believe), but that I must control it and for that I have learn about the bot and about the markets, which I am totally willing/wanting to do it. Any suggestion on where to find the right information that I should learn?


My guess is you are right. However I also guess the whole idea of the reseller program is that they should help you out with the basic 101 (and get a kickback), not the developers.
A lot of information can also be found elsewhere that is not directly linked to the bot. e.g. basic principles of technical trading and technical analysis, the fact that Bitcoin price going to the moon is bad for altcoins (at first), never use money for trading that you cannot afford to loose and always keep some liquidity in the back hand.
And probably your reseller is right, when she advises "just wait" to absolute beginners. I don't know since I have started just 7 days ago but based on the fact that crypto market cap is still growing almost everything will go up in the long run. If you keep your bags you cannot loose, just earn slower  ;)

Offline Leetmor1

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Re: Help. Starting out
« Reply #3 on: August 14, 2017, 05:52:48 PM »
There's a lot of information spread out on this forum, thankfully it's still quite small so won't take you many hours to read it all.

I was waaaay over exposed to the market this btc jump, my own fault. No real defence, even without the double up feature I shouldn't have traded with 100%.

I'm currently working towards reducing my btc positions from 0.09 each pair to 0.01. With the goal of only having 30-50% of my balance active at the market at one time, while I let the rest sit for red days, where I send 10% or so from the inactive part and enable double up, every 2-3 days.

For me my current issue is cashflow, and thats as I said my own fault, I aim to correct this so meh.


Offline vytor31337

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Re: Help. Starting out
« Reply #4 on: August 14, 2017, 09:29:00 PM »
Hi wingot I am new to this as well, but I can say like it has been shown, the bot won't lose you money, so let it sit on those, but you should be able to set it to not rebuy once it sells off one of your bags. I will tell you more when I get in later today.  But as was mentioned there is a lot of other areas for info on the bot.
If you don't mind me asking who was the reseller?  or you can PM if you don't want to put it out there.

Offline wingot

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Re: Help. Starting out
« Reply #5 on: August 15, 2017, 09:38:08 AM »
Thank you guys for your answers,

Yes, there is a lot to learn and I am in the process to do it. Now I have the same problem that you, Leetmor1, cashflow. That´s because all my btc are spread on a multitude of altcoins that has become on what I think are called “bags”. They are down, and not moving. When the bot sells some altcoin, it buy it back on one of the altcoins that are entered in the bot to trade. I think that the main problem is that I have too many coins and that they were chosen by unknown criteria.

Now I am learning that you have to choose well the coins and use some with a good volume,

I have decided to delete many of them from the bot and put a limit order to sell them in Bittrex. Still have to learn how to do that.

It is true, Mikethemagic, that there is a lot of information there, in the forum and out of it. I want to get all that info. At the stage I am in, the main problem is the confusion created by not knowing what data should I learn, in what order and where to find it. Anyway I am working out my way to get out of that confusion.

vytor31337, yes the bot won’t sell at a loss, unless the coin goes down to the number of security margin set in the box. It comes by default at 60. So if the coin comes 60% down it will sell at a 60% loss. Whatever the number you put (I have been learning a bit! Hahaha). Anyway, the problem is that even if the bot don’t sell at a loss, I am out of btc to trade, because it is all in altcoins not moving. They may come up, but when? And in the meantime I am out of the game. Another lesson learned. Better to leave some btc aside for situations like this. For the other question, I will send you a PM.

Well, life is a learning process. I try to use this as a lesson. Learn and get out stronger. The main mistake, looking backwards now, was to just trust on that I was getting a “magic” tool that won´t need any attention from me and left all the control on somebody else. The right way to go is get started with a small amount. Learn and get the knowledge to have control over it. Then put more btc into it.




Offline NarKotix

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Re: Help. Starting out
« Reply #6 on: August 17, 2017, 06:00:40 PM »
This is a common mistake made by a lot of people entering this market now.

If you plan on buying through a reseller then choose wisely, some offer a lot more help than others. I would avoid any reseller that say "set it at this and leave it" especially in the market we are currently in BTC is hitting ATH more and more so settings from last week/month aren't going to fit todays market.

If you are trying to get a license cheap by buying someone's unwanted one then you had best be prepared for a big learning curve.

Its unfortunate that you had this experience but I am glad that you shared it with others so they can educate themselves and make some wise choices for their future.

PM me I might be able to offer some advice about managing those bags.
« Last Edit: August 17, 2017, 06:02:57 PM by NarKotix »

Offline cryptosticks

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Re: Help. Starting out
« Reply #7 on: August 18, 2017, 06:36:05 AM »
Great response!

And, as someone looking to acquire a cheap Bittrex license... something I'll definitely think about!

  8)

This is a common mistake made by a lot of people entering this market now.

If you plan on buying through a reseller then choose wisely, some offer a lot more help than others. I would avoid any reseller that say "set it at this and leave it" especially in the market we are currently in BTC is hitting ATH more and more so settings from last week/month aren't going to fit todays market.

If you are trying to get a license cheap by buying someone's unwanted one then you had best be prepared for a big learning curve.

Its unfortunate that you had this experience but I am glad that you shared it with others so they can educate themselves and make some wise choices for their future.

PM me I might be able to offer some advice about managing those bags.

Offline chook93

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Re: Help. Starting out
« Reply #8 on: August 18, 2017, 10:01:20 AM »
I am new to this game too, so I am on the same learning curve, and being in the same boat loosing maybe 20% as I had a Pile of alt coin bags, as bitcoin skyrocketed.

I am not sure where I got the idea maybe an EastCoastCrypto video, but I think we all agree the market (as it is will bounce back) and I think we are going to see some tremendous growth over the coming years, otherwise we all wouldn't be here, so chances the price will be back up and the gunbot be able to sell these bags probably sooner rather than later, however the way I see it we have 2 options.

1. Sit on those bags for X number of days maybe weeks not being able to use that capital to trade waiting those coins to get back above the price you purchased them at allowing the gunbot to swing back into action.

2. Or sell the bags at a lose in the short term, this freeze up the gunbot to trade those same pairs again, and riding the wave of the coins gaining in value again. Hopefully making a few trades in the process of the peaks and troughs as the coin gets back to the value originally traded at. So in theory we are going to end up at the same place, just with option 2 we might have actually made a little extra along the way. The hardest part is swallowing your pride and making that call to sell at a lose as it is tough to stomach. This remains true only if you continue to trade the same pairs though of course.

Happy to be corrected in my logic.

Offline Leetmor1

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Re: Help. Starting out
« Reply #9 on: August 18, 2017, 05:58:41 PM »
Your logic is fine, I suppose. But why sell at a loss when you can simply use the double up feature?
Personally, i plan to add 600 - 750 eur to my bitcoin balance every week.
A sucky freelance gig, totally not worth the hours I'll have to put in it :p
My point is, if you create a decent cash flow and treat this like any other investment, why sell at a loss? Just don't keep everything in the market at once.