The more I trade the more I can see the potential for making profit but I have yet to discover how to achieve that profit consistently.
I have been trading most days in the past week and I am down over 10% so far. It isn’t that I am placing the trades at the wrong time. I am using a mix of RSI, MACD and Bollinger Bands (on tradingview.com) to determine when Bitcoin is over-sold and placing the trade when an over-sold condition is indicated. It is more that I am placing limit trades. By the time I have typed in the trade details and hit the “BUY” button the price has changed significantly so my trade is not executed. So I am cancelling the trade and trying to do it again only more quickly. Eventually I succeed in buying but by then the optimum point at which to buy is passed. I am also being a bit greedy in that I am waiting too long to sell and to realise the profit and often the price has fallen by the time I get the sell to execute.
All this is fun but rather stressful and so I looked into how this could be automated. There are a number of “robots” that can automate trading and after a day of investigating I have gone for Cryptohopper.
Setting up Cryptohopper can be dead easy and quick or complicated and difficult depending on how you are approaching trading. I want to continue to follow my trading strategy using RSI and the main indicator to buy as I believe it works and so another day to set up and now I am up and running with automated trading.
It is too early yet to determine if it is worthwhile. The subscription is 54EUR per month… which is fine if it is generating enough profit. I have subscribed for a month and we will see how I get on.
If the outcome of using Cryptohopper is not favorable then I may give up on crypto trading for a while. I have a house move coming up and I just won’t have the time to sit at the screen and so it all manually.