Hello Hives,

It is my second week of running a trading bot and I have learned new things which I want you all to know despite running a trading bot or not. I used one of the open-source Trading bots and have a portfolio of 400$ which is completely managed by my bot except for one manual task that is running the bot and giving it a coin list.
Out of 300 USD, I invested around 220 USD in various forms from FIAT to USDT that I was holding for a long time. Initially, you can say that I made 80$ profit from my second week which is kind of good considering the portfolio pool that I have. Here is the list of things that one should remember while using trade bots.

Disclaimer

In no way I want you to pursue any of the things which I have mentioned here. You must have the required knowledge of the market or else there is no way any good talk or thing is going to save you from losses.

1. Market

The present scenario is pretty confusing for every chart analyst as we see that for one moment we are about to pass resistance and then the next session we find ourselves back to the bottom of resistance. We cant truly predict where the market is heading towards so it is a dicey moment to say anything about cryptos volatility. In this situation, people are just putting their money and expecting that they will double it by next month which is a true thing in cryptos but without prior knowledge, if you are entering in it, the first thing that you are going to see is the huge turbulence.

2. Coins

On this part you have to be very sure that what coins you are going to place a bet on. I can give you a list of 10 coins that won’t be going to hit you that hard if other dips happen. But this is more than coins running green, it is about the project. Coins are just representation but projects drive this. If you are assured of a few projects then despite any upcoming dip just stay with it.

3. Bots

You must know what your bot does. There are many bots available but every one of them is unique in its functions. And you must not see that bots are not profit-making machines. A bot does their analysis but it is you who is the main brain of it. Providing the right configuration, coin list is your job and if you fail on this part don’t expect your bot to do fine.

Thanks

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