Well, a week of leaving Cryptohopper alone has done nothing good for my confidence in it. It got a BUY indicator 6 days ago and it bought… as you would expect… but after buying the market continued to fall and I have been left with a load of Bitcoin bought at a high price. This is called “a bag” in cryto-jargon! So all I can do not is wait for the price to come back up so I can sell without making a big loss.
Of course, I could have had a stop-loss in place to prevent the creation of bags but that requires a sell at a loss and I don’t want to sell at a loss just yet.
So I am waiting. The Bitcoin price is staggering its way back up and I am sure it will get to a point where I can sell and when it does I’ll reassess Cryptohopper and my buying strategy. There needs to be a delay between getting a buy indication and it actually buying… something I did myself when trading manually. I am not sure how to get this delay in to the strategy at the moment but I am sure it is possible.
More next week 🙂