Bitcoin
- Thread starter Stephen
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RockChucker
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- Highland
I recently made the dive and bought profit trailer after researching a bunch of different bots. Additionally I purchased a separate addon called Profit Feeder. It analyzes the market on my exchange and can adjust its buy/sell strategies based on different market conditions. I started to vet it with small trades (max buy of $50, with only $300 to play with) so I didn't lose my shorts. In the first week, it made 48 buys and 42 sells and a profit of $72. I ended up with 6 bags that probably won't recover for a bit because of how awesome things are(n't) currently. Right now, I have the bot set to sell only mode until things recover. One thing to note, these trading bots will perform best in a sideways market. In a really bearish market, you'll end up with lots of bags, and in a bullish market, it will have a hard time keeping up with buying, or it will sell to early.
I am sure this isn't something new, but thinking of the taxes associated to each coin sell/buy could be a huge challenge.
Thanks. I actually pulled the trigger on Profit Trailer shortly after I posted my comment earlier. I was planning to start with a small amount (~$1000) and see how it goes. I’ve read many cautions that these bots can go crazy and basically drain your account if you aren’t careful. It should be interesting to see how it goes.
What I was told was report your gains/losses and if the IRS wants to figure out all the taxes associated with all the little micro-transactions then they can have at it.
I've been playing with Profit Trailer and I bought Profit Trailer Feeder too. I have to say I'm pretty impressed. Despite the huge shit the market has taken this weekend, I've still made money. I started with ~$500 trading in this and used that up until this afternoon when I put another $500 into play. I've been making ~$15-$30 per day. So I'm not retiring early because of this, but I'm doing way better than anyone hodling right now 
and I've done this without having to sit and actually trade myself. So much to learn in the trading world with terms, strategies, what to watch, etc.
and I've done this without having to sit and actually trade myself. So much to learn in the trading world with terms, strategies, what to watch, etc.I've been playing with Profit Trailer and I bought Profit Trailer Feeder too. I have to say I'm pretty impressed. Despite the huge shit the market has taken this weekend, I've still made money. I started with ~$500 trading in this and used that up until this afternoon when I put another $500 into play. I've been making ~$15-$30 per day. So I'm not retiring early because of this, but I'm doing way better than anyone hodling right now
Ive been meaning to ask for a follow up with the market tanking. Ive looked into the bot a bit the last couple of days, and with BTC dropping it makes the purchase that much better.
In regard to your settings how aggressive/conservative are you. Also on your settings are you running pretty stock or have you tweaked them. I think that $15(3%)-$30(6%) (pending if you reinvested) is pretty good return at this time for doing nothing more than enabling the service and setting it up.
I am with you on learning. Different perspectives, strategies and trying to keep terms, tools and coins apart is huge info overload. There is not enough time in the day to do this and have a family/work life at the moment. Such is life. Just wish I would have taken steps a couple of years ago to learn about this tech. Super cool!!!
I'm not convinced my settings are as good as they can be, but that will come as I better understand what the different terminologies mean. I ran it nearly stock for the first night and actually made some pretty good buys/sales. I think it was mostly lucky. I found some recommended settings from a community member that seems to be fairly respected. Those seemed to do quite good. I worried though with the market falling over as it has been, I was going to end up getting way upside down. So I bought Profit Trailer Feeder, which is a bot that adjusts the other bot . You define settings for different market types and scenarios and then it will automatically watch the market and make adjustments based on what's happening. Mine's running every 5 minutes and pretty much every run, there are adjustments made. This tool isn't magic and isn't going to be printing you money without you doing anything. There's still a lot of tweaking you have to do and you have to stay on top of things otherwise things can turn sideways pretty quickly. There are some safety measures in place to help prevent that, but with any automation, there's always going to be edge cases you can't account for.
. You define settings for different market types and scenarios and then it will automatically watch the market and make adjustments based on what's happening. Mine's running every 5 minutes and pretty much every run, there are adjustments made. This tool isn't magic and isn't going to be printing you money without you doing anything. There's still a lot of tweaking you have to do and you have to stay on top of things otherwise things can turn sideways pretty quickly. There are some safety measures in place to help prevent that, but with any automation, there's always going to be edge cases you can't account for.
Its the pre sale sale
So, before Binance decided to crap the bed, my bot was going pretty strong:
I still haven't put any more than the $1000 in, so in a matter of a few minutes it had made almost $33. I'll take 3% profit daily all day long. (I had probably 30 other sales yesterday before that but most were under $1profit) Once Binance comes back up, I'm going to move a couple thousand more over for the bot to use.
I still haven't put any more than the $1000 in, so in a matter of a few minutes it had made almost $33. I'll take 3% profit daily all day long
. (I had probably 30 other sales yesterday before that but most were under $1profit) Once Binance comes back up, I'm going to move a couple thousand more over for the bot to use.
Thanks, I will look into them. I created a coinbase and got started. About 5 minutes later they informed me they had to close my account. So I guess they don't want me. I was just looking into Bitpanda, but I have no idea?
I've never used Bitpanada but have heard they have high fees if you're buying small amounts. That doesn't surprise me about Coinbase. They have some weird situations that will trigger their fraud and instead of just locking the account or flagging it, they close them. If you really want to, you can usually open a case with them and they will reverse it. Their support is really slow though.
Goodluck, they are really really backlogged...It'll probably be two-three months
. If you're looking to do something right now, Kraken account setup is near instant including all the validation. I've never used them but do have an account there.
What do you mean? Are you referring to the value of BTC year to year? If so, it depends on when you entered and sold really. If you bought in at $500, and sold at $9K even though it went much higher, you claim capital gains on the $500-$9K difference. If you bought in at $17K and sold at $9K, then you would claim a loss. It's the same as a stock or any other investment. Where it's going to get interesting is if you're trading a lot. I didn't start really trading till January of this year so I'm not sure what all will be involved but I'll get to find out next year