When one trades in equity stocks, there’s always this moment of reprieve when the stock exchange closes in the afternoon every day, during weekends, and during holidays. During those times, you need not worry about your stocks and your money because there won’t be any trading activity during those days.
Cryptocurrency trading, however, is a bit different. Trading in crypto happens 24/7, every day of the week, even while you are sleeping. Some people might go down the “setting limit orders” or setting “stop losses”. Others, however, may go with cryptocurrency trading bots.
Automated crypto trading is the process of using a software that conducts the trading for you. It uses different indicators that tell exactly when you should buy or sell a coin. Your job, apart from understanding these indicators, is to tell the software how much you want it to work for you. Will you go for maximum gain? Will you trade with modest buy steady profits? There are many options depending on your risk appetite.
Gunbot is one automated crypto trading software that is available in the market today. After setting up, one needs to determine the trading strategy they are comfortable with before leaving the software alone with minimal monitoring needed from the user.
Before we explain how Gunbot works, let’s check out its benefits.
Table of Contents
- Trading Strategy Indicators – Just like the equities and commodity markets, there are a number of indicators at play that can be used when trading cryptocurrencies. Since they are indicators, experienced traders know about them. Because of that, they tend to be self-fulfilling. If an indicator alerts a buy or sell signal, you can bet that many traders have spotted that too. If you are not well versed in indicators, Gunbot automates this for you. (We recommend that you also have a working knowledge of indicators).
- Easy Setup – The program prides itself in simple configuration. You just download, run the program, configure, and that’s it. There are requirements for hardware but it can naturally run on anyone’s computer or laptop. Also, it can run on Windows, Mac, and Linux
- Multiple Exchanges Support – Gunbot can be configured to work in the following exchanges including Binance, Bittrex, Poloniex, Gdax, Cex.io, Kraken, Bitfinex, and Cryptopia.
- Lifetime Access and Community Support. Gunbot has a one-time pricing model with free updates and upgrades, plus telegram community access. There are no charges on trades or profits.
How Gunbot Works
Instructions for installation can easily be found in the website’s wiki. The UI will let you input the API Key and API Secret from your exchange of choice. Gunbot will not work without this.
Next, you need to configure your trading strategies and the trading pairs you need to trade. Technical Analysis is powered by the TradingView add-on, a provider of charting software to the likes of investing.com and other trading websites.
What Trading Strategies?
Gunbot provides 5 trading strategies that can be combined with each other plus 2 more strategies that can’t be combined with other strategies.
- Gain – Once a percentage below the EMA (Exponential Monthly Average) of the crypto’s price is reached, Gunbot will buy. It will sell on your set gain.
- StepGain – Similar to above but there will be a watcher that will check if the price trend will continue (either up or down). This makes sure that you only initiate an action during a reverse in the trend.
- BB (Bolinger Band) – You buy or sell at certain points in the upper and lower portion of the Bollinger band
- PP – Fixed buy and sell prices for coins that typically stay in a predictable price range.
- TSSL (Trailing Stops and Stop Limits) – Allows you to buy and sell at optimal levels
- Emotionless – This is Gunbot’s ready-to-use strategy for novice traders. There’s an advanced algorithm on “emotionless strategy” that is based on Ichimoku Cloud.
- Ichimoku – Based on the Ichimoku Cloud Trading Strategy, which is an all-in-one indicator for buying and selling equities, forex, and cryptocurrencies. (Note: this is also the choice trend indicator of the writer).
Advanced Setups Available?
While the software promises being easy-to-use for novice traders, it has setups perfect even for experienced traders. Why would you use Gunbot even if you are already experienced? Well, remember that cryptocurrency trading happens 24 hours a day, 7 days a week, even while you sleep. There’s no rest even on holidays. This means the extra help that Gunbot can give can mean profit just in case a big spike happens while the trader is sleeping.
For advanced setups, one needs to go to Strategies in the Gunthy UI and configure them.
For example, if the market is on a fast uptrend, the trader may choose “stepgain” and make Gunbot buy immediately on small price drops while selling immediately for moderate to great gains.
If the market is going sideways, the trader can configure Gunbot to buy and sell using Bollinger bands.
If the market is going down, you can set up an override so that you can sell your tokens immediately when you reach profit.
TradingView is a paid add-on for Gunbot which allows you to create and share technical analysis and advanced charts. This opens the user to more users of TradingView and allows you to trade signals by e-mail.
When you run TradingView, normal Gunbot strategies will not be used. Orders you placed via TradingView will be placed as market orders.
CryptoSight is a standalone app that comes with Gunbot. It can be used to track and alert you of trades as they are made.
Gunbot has a thriving community that gives configuration tools, charting advice and profit calculators for free. The community is a good measure as to how a software is often used and if it is well-received or not.
Overall: Does It Work?
Gunbot positions itself as an “emotionless” trading bot, allowing you to trade without the analysis paralysis that often comes with it.
The amount of community in its forum suggests a sizeable volume of users. Although some are posting to update the admin of bugs they found on the software, the Gunbot community has a very active beta testers group with 400+ members that responds and do the fixings as requested and work on improvements.
If it does work will depend on how you understand how to use it, which can be daunting for the very beginner. For the extremely novice in trading, we suggest that you study first cryptocurrency and blockchain, proceed with easiest methods on dabbling with bitcoin, before proceeding with automated software.
It will also depend on the strategy that you use. The software has a selection of default strategies you can implement in trading so it’s up to your decision whether you’ll gain something from using it. The Gunbot Wiki is the definitive place to learn about the software while also teaching you about the strategies which are relevant to the development of your trading skill.
Technical Analysis is an extremely important skill for traders not just in the cryptocurrency and other markets as well, such as equities and forex. Gunbotallows you to automate these indicators, which is especially useful in the crypto market since it is a 24/7 market, but we need to stress that successful traders must also learn to do analysis without the aid of software to better understand charts and do successful trades.
Overall, Gunbot, which is currently on discount, is a very helpful tool particularly for experienced traders who want to catch the highs and lows of the market immediately even when they are sleeping. Running on any type of computer, the auto strategies and configurations that can be done with Gunbot are something a person won’t be able to do in a short period of time manually, so using this software saves the trader time and effort in analysis and charting. They say that anyone can make a decent profit when the market is on an uptrend, but with tools like Gunbot, anyone can make a decent profit by simply understanding important strategy parameters and how to implement it with the software, whether the market is in an uptrend or not.
Gunbot site: https://thecryptobot.com/
- This article is a sponsored post written by BitPinas on behalf of GunBot. All opinions expressed in this post are based on our personal view.
- This article is for informational purposes only and does not constitute an investment advice. BitPinas recommends doing your own research. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.