I coded a bot that buys bitcoin every time Elon Musk tweets about bitcoin and op

[CyberPunkMetalHead]

This bot is designed to buy bitcoin every time Elon musk tweets about bitcoin with the following parameters:

The bot will open a buy position on bitcoin every time Elon mentions bitcoin in his tweet
Take profit is set to 10% and stop loss to 5%
The bitcoin bot will not place another trade if there is already an active trade (can be adjusted)

The bot uses the Tweepy API and a Twitter developer account that you will need access to, as well as a MetaTrader 5 account.

What are your thoughts on this, would you try it?

Guide: https://www.cryptomaton.org/2021/03/21/program-a-trading-bot-to-buy-bitcoin-when-musk-tweets-about-it/

GitHub repo: https://github.com/CyberPunkMetalHead/bitcoin-bot-buy-if-elon-tweets

UPDATE

Many of you have suggested to add a function to detect the Tweet's sentiment to that the bot does not buy bitcoin if Elon's Tweet contains a negative sentiment about it.
I went and looked for an API that can be integrated in my project and found one that works pretty well.

The Bot will now only buy if the Tweet where bitcoin is mentioned has a positive sentiment! Here are the new resources:

Article and Guide: https://www.cryptomaton.org/2021/03/25/program-a-trading-bot-to-buy-bitcoin-when-musk-tweets-about-it-part-2/

GitHub Repo: https://github.com/CyberPunkMetalHead/bitcoin-bot-buy-if-elon-tweets/tree/buy-crypto-if-elon-mentions-crypto-positively

[Poker Player]

Although I appreciate the effort and time you may have put into it, I believe that with buy & hold you will have more than enough profitability. The bitcoin has been the most profitable asset of the last decade and everything looks like it will be the most profitable of the next decade, outperforming by far any other asset. Strategies to supposedly get an even higher return seems like a waste of time to me.

[hulla]

Nice one but I am the type that believes Elon Musk tweet to be the major Bitcoin market price drive but his ranks in terms of Billionaire and level of knowledge which make a lot of naive cryptos investors use his tweet as an investment decision but this will only happen for some time just like we have seen through McAfee back then.

Strategies to supposedly get an even higher return seems like a waste of time to me.

The cryptocurrency market always presents a new opportunity and not seizing the opportunity is what I consider to be a waste of time so there's nothing bad in creating strategies to get high returns.

[CyberPunkMetalHead]

That's a good point, I'm not encouraging anyone to test this in a live-environment, though it's typically less risky to do this with Bitcoin because even if it dips soon after the tweet you can just hold it.
The bot is made for the fun of it and to explore novel ways of creating automations and integrating processes.

[fiulpro]

Interesting
He would ofc use his image and he has been using it to influence the price therefore you can for sure make profits. But bot won't be able to put a contrast in bad vs good tweets. Tomorrow he might tweet that he is selling and your bot will buy and it would be a blunder. Rather ask not to send tweet + reminder to mobile and ask for permission, maybe some alarm ⏰. You can also add many other big personalities that influence the price. Reduce the loss percentage to 1-2%, but I don't think it will be that simple you have to for sure make more adjustments.
Plus add more cryptocurrencies, like eth, dogecoin etc. Did you make any profit yet ? Plus share more about it here !! It's a smart move but some small pot holes here and there.

[CyberPunkMetalHead]

Yes it doesn't take tweet sentiment into account right now but I am developing a module for it so it will be able to tell whether it's a positive or negative tweet. As well as adding support for more coins and twitter accounts.

[The Cryptovator]

So your bot would buy Bitcoin before it bumps? Really interesting because there would be both kinds of tweets like positive and negative, but often Elon posts positive about Bitcoin. Anyway since you are working to detect either it's positive or negative so this problem would be solved. But not sure if it would be useful for traders. Because when it will be revealed publicly then everyone will start using it and I don't how then how the market will react. Anyway, good discovered. Seems Elon Musk mostly posting about Doge, LOL.

[CyberPunkMetalHead]

Yeah, I should write one for Doge too lol

[seoincorporation]

This is a double edge sword... What happens if the tweet says:

Code:

Bitcoin is a bubble, is time to sell and take the loss.

That for sure will break the bitcoin prize, and I see the bot was coded to take the 0.5% loss, so, it will not hurt much, but that 0.5% will be gone, so, I'm not sure if I would run this bot.

That's the main problem if Musk tweets something bad about BTC is a risk for our money. But it would be nice if you can make a version for dogecoin too.

[CyberPunkMetalHead]

I may add sentiment analysis so the bot can detect the tone of voice for the tweet - and yes Doge and Elon have been mentioned on here a few times!

[santiPOGI]

This bot is designed to buy bitcoin every time Elon musk tweets about bitcoin with the following parameters:

The bot will open a buy position on bitcoin every time Elon mentions bitcoin in his tweet
Take profit is set to 10% and stop loss to 5%
The bitcoin bot will not place another trade if there is already an active trade (can be adjusted)

The bot uses the Tweepy API and a Twitter developer account that you will need access to, as well as a MetaTrader 5 account.

What are your thoughts on this, would you try it?

Guide: https://www.cryptomaton.org/2021/03/21/program-a-trading-bot-to-buy-bitcoin-when-musk-tweets-about-it/

GitHub repo: https://github.com/CyberPunkMetalHead/bitcoin-bot-buy-if-elon-tweets

In the first place anyway, I'm not a fan of any kind of Bot in trading. Second Elon Musk for Me is only making a lot of money via Twitter, since that this tools for Him became effective, He made it now as one of His hobby every time He wants to earn a lot in cryptocurrency. This was I saw based on my observation. Others may agreed and disagreed with me. Good day

[AmoreJaz]

I may add sentiment analysis so the bot can detect the tone of voice for the tweet - and yes Doge and Elon have been mentioned on here a few times!

if nothing else, nice initiatives from your end. you will be the first client of your bot, and see for yourself if it will indeed bring you profits. but the challenge here is how often will Musk give tweets in relation to bitcoin or doge? since it is very unpredictable, this bot will have long time of rest.
are you going to share the performance of the bot the next time we hear from Elon Musk?

[CyberPunkMetalHead]

Yes, this particular bot was mainly built for fun. I wouldn’t endorse it for use on a live account, but I will develop it further in my free time. I am passionate about crypto bots and currently working on a few others that I plan to open source once the testing is complete.

A more conventional bot I shared recently is supposed to detect spikes in the Bitcoin price and buy, riding the short-term increase.

[TastyChillySauce00]

I was really thinking of implementing this kind of bot that detect elon's tweet whether he mentioned specific crypto or not with node js since his tweet really impactful to the market  but you've already done it, then I'll have the pleasure to use it instead LOL.
but yeah, it seems other people's concern regarding when there's some negative words accompanying bitcoin in his tweet could somewhat be a double edged sword, I think the simplest solution right now is just to also detect if his words contains negative words.
Honestly, can't imagine if for example 10 thousand people use the bot, elon basically in control of 10k people's money in their financial decision, kinda scary and the reason that holds me back.

[Lorence.xD]

You might want to expand it to more than just Elon's tweets because these kind of bot is used in HFT which scours the Internet for keywords that can help the bot in deciding whether to buy the stocks. I guess if you improve upon your project, I think that it might be something and you might be able to make more money than what you currently make with the latest bot.

[CyberPunkMetalHead]

I was really thinking of implementing this kind of bot that detect elon's tweet whether he mentioned specific crypto or not with node js since his tweet really impactful to the market  but you've already done it, then I'll have the pleasure to use it instead LOL.
but yeah, it seems other people's concern regarding when there's some negative words accompanying bitcoin in his tweet could somewhat be a double edged sword, I think the simplest solution right now is just to also detect if his words contains negative words.
Honestly, can't imagine if for example 10 thousand people use the bot, elon basically in control of 10k people's money in their financial decision, kinda scary and the reason that holds me back.

Glad you find it interesting and let me know what your results are if you decide to test this!

[CyberPunkMetalHead]

You might want to expand it to more than just Elon's tweets because these kind of bot is used in HFT which scours the Internet for keywords that can help the bot in deciding whether to buy the stocks. I guess if you improve upon your project, I think that it might be something and you might be able to make more money than what you currently make with the latest bot.

Yes, I could develop this beyond just being built for the novelty of it. I can add a sentiment analysis module that I have coded for a previous project.

Regarding your idea about taking into account more than just Elon?s tweets - do you want to help out devise a strategy?

Should this be focused on a few key accounts, or should it scrape Twitter or the internet for quantitative sentiment data?

What do you think may be a good indicator?

[cryptoaddictchie]

Talented actually. But sometime Elon Tweet isnt favor bitcoin depends on the content of his statement. But favorably most of his tweet will favor bitcoin considering Tesla Invested with it. Frankly speaking, this will surely have gains for most users who will use this.

This could be a small profit generated once Elon becomes active for certain time. Not planning to monetize the not?

[kaya11]

So your bot would buy Bitcoin before it bumps? Really interesting because there would be both kinds of tweets like positive and negative, but often Elon posts positive about Bitcoin. Anyway since you are working to detect either it's positive or negative so this problem would be solved. But not sure if it would be useful for traders. Because when it will be revealed publicly then everyone will start using it and I don't how then how the market will react. Anyway, good discovered. Seems Elon Musk mostly posting about Doge, LOL.

Maybe not, because not all the time a famous person tweets about bitcoin drives the price. Bot are just programs by human which does errors and so their creations. It's better to focus and understand another major factors on price hike than to rely with some bot related to someone's tweet.

[tvplus006]

...What are your thoughts on this, would you try it?..

I think that it is necessary to make such a distinction so that when Elon Musk creates a tweet with negative information about bitcoin, your bot does not open an order to buy BTC. Since if Musk writes that Tesla sold previously purchased bitcoins, I am sure that the price of BTC will begin to decline, and you will suffer a loss in the case of opening a transaction in long.