With all the news and hype of cryptocurrencies I decided to investigate if I could create some sort of passive income. In November 2021 I started doing some research about trading bots (automated trading) as I saw that the crypto markets never sleep.
I knew when I started that crypto is volatile and I thought that this could be leveraged, so I went ahead and set up an account in Cryptohopper. You can set up a free account for 7 days so I said, why not. In hindsight I believe I should have researched a little more, but I always like to jump in feet first. I watched a number of YouTube videos about other peoples settings and configurations. The videos were informative and really helped me get a grasp on what it is all about.
I am currently running the Explorer suubscription, which costs $19 per month and provides me with the following:
- 80 positions (the maximum amount of active trading positions youcan have filled at any one time)
- Max 15 selected coins (the crypto coins you want to trade)
- Max 2 triggers (used for your strategy)
- TA (Technical Analysis) with 10 min interval
- A Paper trading account (great for testing your configurations)
Just to be clear, I am still in the research and testing phase, as I believe it will always need to be monitored, but I want to get to the stage where it is checked once a week.
Anyway, I have tried many configurations over the last 8 months and some have been successful and others not so successful. One valuable lesson I have learned is you need to be clear on what your end goal is before you start. Some people like to hold coins, others like to take profit at 5-10%, some like to scalp and so on. Be clear about what you want before you start and do your research. Once you know what you want then only research those types of straegys. It can become confusing very quickly. Scalppers wanting more profit, holders wanting quick trades, etc. these don’t mix well.
Just be clear on your goal and you will find the solution that suits you best.
In my next post I will go through how I have set up my hopper based on my needs.