Parodium
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January 26, 2018, 01:22:45 PM |
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Parodium's EonBot Review (Windows) - 26th January 2018
Interface
EonBot has a sleek, easy to use and well designed interface with the configuration tabs clearly defined. Within the GUI you can modify main configurations, e.g. exchange used, apply your API keys and select the buying/selling strategy used, as well as configure the main parameters for these settings, such as buy-in price, and sell-out price, amongst other features such as enabling and configuring the BagBuster feature, enabling auto-sell at a particular loss percentage, and delayed cancellation of open orders.
Beyond this, the parameters used for each currency can be further configured in the sub configs editor tab, whereby you can set different rules for different currencies, e.g. one rule for XRP, a different rule for ETH, depending on the market conditions. The market currencies tab allows you to select which currencies you want the bot to trade with, and allows you to set a maximum trading per trade (the bot will only open one trade per currency at a time). Ideally you want to work with as many currencies as you feel comfortable with, to minimize the delay between opening and closing orders.
EonBot can also be remotely controlled via Telegram, enabling you to react to changing market environments even whilst away from the computer.
Setup
EonBot consists of two main parts:
1. The bot
2. The GUI
To get the bot running, you simply create your main and sub-config folders, and place the bot in the correct location, apply your API keys in the GUI, select your chosen strategy/s, select the trade pairs you want to work with, and you're set. (Full setup instructions are provided in the EonBot wiki). Under normal conditions, you will have EonBot running in under 10 minutes (on Windows). EonBot also has support for Linux and MacOS, I tested the Windows version, but I imagine that installation would be equally simple on other operating systems.
Methods
Currently EonBot has five basic strategies that you can choose to employ in your trading, these are;
1. PingPong
2. Basic
3. Spark
4. Bollinger Band
5. Rollercoaster
Each strategy is clearly defined in the included wiki (accessed via the GUI) and have numerous sub-parameters which can be modified to best fit the current market trends, or ideal strategies for each trade-pair. Within the EonBot discord channel is a strategies channel where users can discuss strategies, and sharing parameters and ideas about which parameters to use for different situations. Ideally, when first starting out you would use the basic strategy, which simply buys and sells when the market is a defined percentage below and above the current market price. Once you're comfortable, you can then move to other more complex strategies.
Support
The support is one of the best features of this bot, the devs clearly state that this bot is a work in progress, though its current feature-set is impressive, the devs have a long list of features they will be adding in future. All queries I had regarding the bot were answered within hours, and typically within minutes, and always addressed professionally. The discord group used for EonBot is clearly segregated into separate channels including help-desk, suggestions, discussion, issues, strategies and general, along with a clearly defined list of known-bugs and knowledge-based containing helpful tips and setup instructions to make using the bot simpler. One of the things I noticed about the EonBot community is that they are more willing to share strategy parameters and insight than other bots, making it a less steep learning curve rather than figuring out the ideal parameters alone.
Updates are frequent, and are clearly announced via the announcements channel, with download links provided in the downloads channel. The developers are almost always online and quick to respond to queries directly.
Profitability
Can you make money with EonBot: Absolutely.
Will it be completely effortless? No.
Will you need to do your research? Yes, frequently.
EonBot will adhere to the parameters you set, for better or worse. If you set too narrow parameters, EonBot may not execute any trades, if you set the buy in to a crypto with poor liquidity, you may be left holding the bags etc. However, if you adequately perform your research, understand how each strategy works, and determine which strategy is best based on current market conditions, then you can certainly make a profit. Many cryptos are roughly stable in their value, trading sideways, these are ideal targets for the pingpong or rollercoaster strategies, other cryptos see a more gradual increase, these are targets for the bollinger bands (moving average) strategy. Overall, you need to understand where you think the market is going, and allow the bot sufficient room to operate, whilst checking periodically to see that the market hasn't changed, at which point you may need to rethink the strategy used, or adjust some parameters. EonBot automatically executes trades based on the parameters you provide, it is not a money making machine.
When starting out with the bot, play it safe, start off with a small trade limit, e.g. 0.001, and use a stringent rule set to minimize loss and maximize gain, ideally you will understand the markets you are trading in, and will be able to make an informed choice about the parameters to use. Once you can comfortably profit whilst playing it tight, you can begin to experiment, broadening your buy and sell ranges and hence increasing your profitability.
Price
Currently EonBot is 0.03BTC with a 7-day moneyback guarantee. That works out about $320 at current rates. I believe it is worth the money, particularly for those with over 1BTC to play with. If you're starting with a tiny amount, it will take you a long time to make your money back, however starting with a reasonable amount such as 0.5-1BTC, it is not difficult to make your money back after a few trades, particularly so when the market is up.
Suggestions
Although EonBot is new, and has a lot of room to grow, I think a few simple improvements could certainly improve the overall experience;
1. In the wiki, include information on ideal strategies to use in different market conditions, with examples.
2. Allow sorting of trade-pairs by various metrics, such as trade volume, 24 hour increase, and market cap. Currently, the alphabetized arrangement leads to unnecessary scrolling.
3. Include an option to override the single trade per trade-pair
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