Seasoned Veterans! Please critique my bot strategy

[cryptonaughtY]

I am planning to build a basic bot and this is my basic strategy.

Create a list of 10 to 20 Strong/Stable coins that are trading in Binance. a) Ethereum b) LTC c) Neo d) OMG etc

Have 10000 in USDT (for ex.)

Monitor the strong list and check for 20% dip using Coin Market Cap data. for ex. [ { "id": "neo", "name": "NEO", "symbol": "NEO", "rank": "8", "price_usd": "130.16", "price_btc": "0.0121261", "24h_volume_usd": "214207000.0", "market_cap_usd": "8460400000.0", "available_supply": "65000000.0", "total_supply": "100000000.0", "max_supply": null, "percent_change_1h": "-0.79",

"percent_change_24h": "-3.71", * "percent_change_7d": "21.54", "last_updated": "1518970147" } ]
Every time there is a 20% 24 hours dip convert 1000 USDT into that coin. Then switch to a next coin. So on and so forth till USDT is 0 dollars. i.e if Neo is traded at $100 on the previous day I am going to buy at $80 today.

Then sell at 10% above. Sell NEO at $110. Keep selling all the coins whenever they reach the selling point till all the coins are 0.

If NEO falls to $50, I am going to HODL. i.e Never swap/sell coins at a loss.

Keep both buying, selling, HODL cycle in loop ad infinitum

What do you make of this strategy?

[avikz]

That's a very normal trading technique. I believe most of the traders are following the same, only the dip percentage is different as per the personal risk taking capability. Also you are just planing to monitor the market a bit more closely than some traders. But the basic idea is same as other traders that, buy at dip and sell at peak. Nothing new in this, just conventional method to earn profit from trading.

[mrproblem]

That's a very normal trading technique. I believe most of the traders are following the same, only the dip percentage is different as per the personal risk taking capability. Also you are just planing to monitor the market a bit more closely than some traders. But the basic idea is same as other traders that, buy at dip and sell at peak. Nothing new in this, just conventional method to earn profit from trading.

but this technique doesn't know stop loss so it has lots of risk on it.
The bot can be arranged to have stop loss definition on it also.