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Author Topic: Automated Cryptocurrency Trading for Beginners  (Read 217 times)
crabby
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October 26, 2019, 08:01:38 PM
 #1

I know there are a number of people here who have been looking for simplified ways to automate aspects of their portfolio.

As a result, I would like to suggest the following guide:

https://cryptopress.news/automated-cryptocurrency-trading-for-beginners/

This guide discusses how to automate your portfolio using strategies like portfolio rebalancing.

I think it's worth a read for everyone to explore this new concept.
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October 26, 2019, 08:42:58 PM
 #2

This guide discusses how to automate your portfolio using strategies.
~Snipped~

I've always been a fan of automation. It does take the heavy load especially for a trader. Having a bot to continously adjust stop loss orders to a Trailing stop when in profit. I don't understand the concept of rebalancing and don't think it's for me.

Quote
Dive into these solutions to begin developing your own solutions and simplify the way you manage your portfolio.


I'm taking Python as a course this semester and since it's a multi purpose language, its good for automation. For now, I'm thinking of just usiit for data analysis. I plan to get the data from coinmarketcap.com and other exchange apis. I might build a prediction model using the data from coinmarketcap.com though. I look forward to building solutions soon.





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crabby
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October 26, 2019, 10:20:52 PM
 #3

This guide discusses how to automate your portfolio using strategies.
~Snipped~

I've always been a fan of automation. It does take the heavy load especially for a trader. Having a bot to continously adjust stop loss orders to a Trailing stop when in profit. I don't understand the concept of rebalancing and don't think it's for me.

Quote
Dive into these solutions to begin developing your own solutions and simplify the way you manage your portfolio.


I'm taking Python as a course this semester and since it's a multi purpose language, its good for automation. For now, I'm thinking of just usiit for data analysis. I plan to get the data from coinmarketcap.com and other exchange apis. I might build a prediction model using the data from coinmarketcap.com though. I look forward to building solutions soon.






That's great to hear! Instead of getting the data from CoinMarketCap, I would highly recommend checking out the Shrimpy Developer APIs. They provide more complete market data than CoinMarketCap and can be used for trading, among other things.

You can check them out here: https://developers.shrimpy.io/

Since you're using Python, here is a quick example of how you can start plotting price charts using the python library: https://blog.shrimpy.io/blog/a-python-script-for-cryptocurrency-price-charts

How to make a live price ticker: https://blog.shrimpy.io/blog/a-script-for-bitcoin-price-live-ticker

How to make automated trading scripts: https://blog.shrimpy.io/blog/automating-crypto-portfolios-with-trading-scripts

How to make an arbitrage script: https://blog.shrimpy.io/blog/arbitrage-scripts-for-crypto-trading-bots

Let me know if these tutorials help! Would love to hear your feedback.
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October 26, 2019, 10:25:39 PM
 #4

Quote
For example, say you have a portfolio of 50% BTC and 50% LTC. You want the percentages to stay at those values. So, in order to keep them at those percentages, as the value of those assets change, you can periodically trade to reach those target allocations again. If BTC goes up to 60%, a rebalance would then sell BTC to bring it back down to 50%.
I read the article and the Rebalancing got me curious.
This kind of feature, the Rebalancing one is something like covered by some Bots? Like what was explained in the example(quoted one).
So if it's done by bots, how we can assure if the bot will perform it accurately? Because I'm a little bit afraid because maybe the bot will make mistake or any misconfiguration on your account settings/bot settings.

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October 27, 2019, 05:53:45 AM
 #5

Interesting. The rebalancing idea got me but there are still a few questions lingering like is the performance done by the automation accurate? Is it possible that it may not be able to rebalance? Like when BTC goes to 40%, where would it get funds to retake it to 50%? From the previous example lets say, it would take it from the LTC one? but then it would make the LTC balance go down right? So doesn't that mean that it would need my funds to maintain the balance? Does that mean that I would leave a certain amount of balance in the automation that would automatically be used whenever the coin is imbalanced? What if a market crash happens in a slow amount of time? could that possibly lead me to a loss instead? Not gonna lie it sounds an interesting idea but I'd rather have beginners study how to trade themselves before using such bots. Imo, such bots are better used by those professional traders since they could think up of many complicated situations that would require more assistance than what a bot can provide.

 
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October 27, 2019, 05:54:15 AM
Last edit: October 27, 2019, 06:04:20 AM by Strongkored
 #6

Automation is good especially if we are person who have other activities besides trading.

But if everything is done through bots, I'm see it will make my trading knowledge will decrease because everything has been run automatically.

Automation also can reduce profits, example yesterday BTC price rises with a significant, if we set rebalancing with BTC50% and Altcoin 50% as mentioned in article

Quote
For example, say you have a portfolio of 50% BTC and 50% LTC. You want the percentages to stay at those values. So, in order to keep them at those percentages, as the value of those assets change, you can periodically trade to reach those target allocations again. If BTC goes up to 60%, a rebalance would then sell BTC to bring it back down to 50%.
https://cryptopress.news/automated-cryptocurrency-trading-for-beginners/

then we lose the moment to get a big profit because the bots will sell automaticalyy when our assets have increased by 10%, when we can get a profit more than 10% if do it manually.

It is not a guarantee that doing it manually will make the maximum profit, also used bots, so all there are advantages and disadvantages.

Bots should be used to help trading activities, bots not an automatic machine that give profits.

 
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October 27, 2019, 06:25:00 AM
 #7

I know there are a number of people here who have been looking for simplified ways to automate aspects of their portfolio.

As a result, I would like to suggest the following guide:

https://cryptopress.news/automated-cryptocurrency-trading-for-beginners/

This guide discusses how to automate your portfolio using strategies like portfolio rebalancing.

I think it's worth a read for everyone to explore this new concept.

Took a quick look and..

Portfolio rebalancing, are you kidding me? Sounds like a great way to lose money. There is no profit sense in always keeping X percentage of your portfolio in a certain coin. If a certain coin rises in value there is no reason to sell it automatically just to keep your portfolio "balanced." Calling BS on this one.

 
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October 27, 2019, 08:36:06 AM
 #8

While it is good to do rebalancing, it is not recommended for those who want to trade new altcoins as stop loss can't be perform. Rebalancing is good for long term holding with those coins or token that are in top 10 or those alts we only determine to have for a specific period of time of we don't want to trade in those time.

 
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October 27, 2019, 08:56:11 AM
Merited by carlfebz2 (1)
 #9

(automation + portfolio + beginner) = disaster.
they don't go together. a beginner must never use automation and he must never have a portfolio to begin with specially since altcoins are dumping each time bitcoin makes a move (like yesterday)!

in my experince if you want to use automation then you must use it in a good "trading strategy" where you have a certain capital which you put in different coins based on their performance and pull out after you got your profit to go into the next one. automation here can work in a lot of ways, for example placing stop loss orders, watching the market for pumps and alerting you to act on them. watching the market for dumps and selling fast automatically,...

(portfolio is for investors who want to buy and forget not to actively engage the market with automation,etc)

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October 27, 2019, 09:13:05 AM
 #10

everyone will want a simple trade, but I don't recommend novice traders using bots, the most important for beginners is to learn the basics of trading, what's interesting to me here is the rebalancing strategy, I will try to learn it.

 
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October 27, 2019, 02:12:57 PM
 #11

(automation + portfolio + beginner) = disaster.
they don't go together. a beginner must never use automation and he must never have a portfolio to begin with specially since altcoins are dumping each time bitcoin makes a move (like yesterday)!

in my experince if you want to use automation then you must use it in a good "trading strategy" where you have a certain capital which you put in different coins based on their performance and pull out after you got your profit to go into the next one. automation here can work in a lot of ways, for example placing stop loss orders, watching the market for pumps and alerting you to act on them. watching the market for dumps and selling fast automatically,...

(portfolio is for investors who want to buy and forget not to actively engage the market with automation,etc)
A total disaster indeed!

Also i dont really suggest too much for automation when you are still a newbie.Better to go manual when you are just starting.
Hence, combining up this system wont really give out some good results unless if you do know on what you are doing.
Portfolio isnt really suggested for alt markets.

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October 28, 2019, 06:39:34 PM
 #12

I know there are a number of people here who have been looking for simplified ways to automate aspects of their portfolio.

As a result, I would like to suggest the following guide:

https://cryptopress.news/automated-cryptocurrency-trading-for-beginners/

This guide discusses how to automate your portfolio using strategies like portfolio rebalancing.

I think it's worth a read for everyone to explore this new concept.
People like you are such a heaven-sent for beginners especially for those who are actually looking for things like this, it's like an answered prayer. It would help them a lot since they are like walking to a street without any light in it. This could guide them and could be their starters with their trade for there is a lot to learn in trading, but I'm hoping they won't fully rely on this and take time learning automation and actual trading so they could stand alone.

 
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October 28, 2019, 07:14:22 PM
 #13

I know there are a number of people here who have been looking for simplified ways to automate aspects of their portfolio.

As a result, I would like to suggest the following guide:

https://cryptopress.news/automated-cryptocurrency-trading-for-beginners/

This guide discusses how to automate your portfolio using strategies like portfolio rebalancing.

I think it's worth a read for everyone to explore this new concept.

Seems like you are talking about a bot. But i never used a bot for my trade and i don't thing i will do that in future though. I always prefer to stay way from bot. Because there are plenty chance that you can loose your money if bot make any mistake (which is probable possible).

Security is one of the main reason to don't using a bot. I mean how can i know who made that for which purpose. So in my opinion it's better to stay way from that kinda bot no matter how much they offering to you.

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October 29, 2019, 12:15:50 AM
 #14


Security is one of the main reason to don't using a bot. I mean how can i know who made that for which purpose. So in my opinion it's better to stay way from that kinda bot no matter how much they offering to you.

That's a rational fear, but most exchanges allow you to control what an API key you create which is linked to your account is capable of doing; for example, you can set the API key so that the bot's only able to make trades and not withdrawals from the key and vice versa, though there is still a very small chance that a bot could just wreck your account through making you lose money on purpose, though I've never seen this before and more reputable trading bots such as Gunbot shouldn't do this. Pretty low risk in my eyes, but I could see how you think this way especially with trading accounts with larger balances.

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October 29, 2019, 02:28:27 AM
 #15

Quote
For example, say you have a portfolio of 50% BTC and 50% LTC. You want the percentages to stay at those values. So, in order to keep them at those percentages, as the value of those assets change, you can periodically trade to reach those target allocations again. If BTC goes up to 60%, a rebalance would then sell BTC to bring it back down to 50%.
I read the article and the Rebalancing got me curious.
This kind of feature, the Rebalancing one is something like covered by some Bots? Like what was explained in the example(quoted one).
So if it's done by bots, how we can assure if the bot will perform it accurately? Because I'm a little bit afraid because maybe the bot will make mistake or any misconfiguration on your account settings/bot settings.

Bots are going to act strictly the way you set them up or configure them. They cannot act outside how you wanted them to act. This is both an advantage and disadvantage. Bots are not aware of what's happening around beyond their limited settings that is why they could be defeated and played with by manual traders. But it takes a lot of patience to play with bots. In the end, I prefer to do my thing manually and step by step rather than relying on bots.

 
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October 29, 2019, 04:24:42 AM
 #16

Even with automation we cannot succeed in trading of different altcoins. Here also what gets priority is the choice of altcoins, very few altcoins have the regular price fluctuation. This means the stop loss can be achieved only on these altcoins. Apart from this when a beginner starts to use automation from the beginning, it'll not let the user learn further about trading. This is a negative thing, with trading once after learning for convenience using automation is different from using automated services from the very beginning.




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October 29, 2019, 04:50:47 AM
 #17

I suggest beginners not to use trading bots, this will be dangerous for people who use them. Because you will not get any knowledge
related to trading, and trading skills will not increase. It's better to learn manual trading, it is a hassle at the beginning because you
have to understand various strategies. But if you have mastered it will get maximum results compared to using trading bots. The problem
is there when it uses bots, it actually makes our capital run out, because the bots may experience errors.

 
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October 29, 2019, 04:53:03 AM
 #18

If that is related to trading, I think I prefer to do manual trading than to use automation. With manual trading, I can learn many methods that will help me to have skills, and I can improve my skills to be better than before. I know that using manual trading, I will need to have time to learn the methods, but that will be worth it for me if I can master one or two methods. If I decide to use automation, then I don't think that I can learn more methods because what I need to do is how I can set the bots to run as I want, but the market will not run as I want. There will be a time for the market to go up and down. Besides that, it will need more time to set the bot.

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October 29, 2019, 08:26:30 AM
 #19

I think it's impossible to make own trading automation or trading bots if we're a beginner, and also beginner trader is not recommended to use any trading bots becase they have to know what they're investing and know the basic of the trading itself.
Using the bots made by someone can be tricky also and we're not always get profits from it.

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October 30, 2019, 01:06:07 AM
 #20

Quote
For example, say you have a portfolio of 50% BTC and 50% LTC. You want the percentages to stay at those values. So, in order to keep them at those percentages, as the value of those assets change, you can periodically trade to reach those target allocations again. If BTC goes up to 60%, a rebalance would then sell BTC to bring it back down to 50%.
I read the article and the Rebalancing got me curious.
This kind of feature, the Rebalancing one is something like covered by some Bots? Like what was explained in the example(quoted one).
So if it's done by bots, how we can assure if the bot will perform it accurately? Because I'm a little bit afraid because maybe the bot will make mistake or any misconfiguration on your account settings/bot settings.

Yes of course! Rebalancing is covered by https://www.shrimpy.io/. I would encourage you to check it out. You can be comfortable knowing there are tens of thousands of other traders using Shrimpy and it accurately rebalances the portfolio of these users. This service has been around for almost 2 years. Let me know if you have any questions.

Interesting. The rebalancing idea got me but there are still a few questions lingering like is the performance done by the automation accurate? Is it possible that it may not be able to rebalance? Like when BTC goes to 40%, where would it get funds to retake it to 50%? From the previous example lets say, it would take it from the LTC one? but then it would make the LTC balance go down right? So doesn't that mean that it would need my funds to maintain the balance? Does that mean that I would leave a certain amount of balance in the automation that would automatically be used whenever the coin is imbalanced? What if a market crash happens in a slow amount of time? could that possibly lead me to a loss instead? Not gonna lie it sounds an interesting idea but I'd rather have beginners study how to trade themselves before using such bots. Imo, such bots are better used by those professional traders since they could think up of many complicated situations that would require more assistance than what a bot can provide.

Generally, rebalancing is effective and accurately completes each time. The premise is pretty simple, so it's a pretty safe strategy to execute.

everyone will want a simple trade, but I don't recommend novice traders using bots, the most important for beginners is to learn the basics of trading, what's interesting to me here is the rebalancing strategy, I will try to learn it.


Shrimpy is really designed to be perfect for novice users. It's simple to select the percentages and begin automating without much overhead. I think if you dig into the details a bit you will see how simple and powerful the idea is.

Please let me know if you have any other questions! Happy to help.
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