Hey there everyone! I guess that you guys are all excited about how my Bitsgap bots are doing based on the performance. I was out of vacation for about a week and a half and I was not able to post for the third week, so my apologies on that. So without further ado, let’s get on with it as you probably want to see how the bot performed these last two weeks. I am actually as excited about it as you!
Now, as you all remember 2 weeks ago, I ended up with 0.419 BTC. I then reinvested that 0.019 BTC back into the bot. However, there is a little predicament that I am currently in. The current balance my Binance account has right now is 0.387 BTC, so we are actually down. What is going on? Is this a strong reason to cancel my Bitsgap bot? Don’t panic, I will tell you why this happened a bit later.
To the good news!
Bitsgap added a sweet little feature to the bot service. If any of you guys want to see how my bots perform in real-time, you can do so. All you need is to visit this link: https://bitsgap.com/bot-sharing?id=db9c41 to see all of the graphs and the grids that I am showing here whenever I write this blog. Think of it as getting a front-row ticket, you’re that close to the action!
This feature will not only let you check my performance any time you want but also share your own setting with friends. A very important update that will speed up the flow of information.
Unrealized profit is added
In the 2 weeks that I have been gone, there have been a lot of other interesting additions made by Bitsgap. Aside from being able to share bot settings, they added a new column showing Unrealized Profit %. Back then, all you get to see is how much the bot made inside the grind.
So, let me explain what this new feature really does. For starters, the Bot Profit will always show positive. This is due to the fact that inside the grid, the bot will not make any deals that will result us being in the red. It always buys low and sells high. But then why do I actually have a negative balance right now?
This is what Unrealized Profit shows us. It takes in the account the price of the coin on the bot launch date, compares it with the current price and shows what we will get if we cancel the bot right and sell all the coins at the current market price.
So since the altcoin market is currently down, that is the reason why we see a lot of negatives in the unrealized profit column. The bot has bought altcoins and since the algorithm can only sell at a higher price, it is just currently waiting for the right moment to sell the holdings.
For all of you who want to see the details of the new feature, this is how it typically looks like with Unrealized Profit. This particular pair was trading normally inside the grid, but as I said, the altcoin market went down. So right now, the bot is just staying steady and is currently holding all the altcoins. When the market picks up and the bot sells all the holdings, this unrealized profit will become our real profit.
Some of the bots did not get hit that bad by the market going down and still performing well and gaining profit for me. As you guys can see, some bots are still trading inside the corridor and are doing well, so I will leave these bots as it is since there is no real reason why I would need to change them.
The market going down proved a little bit rough and I got hit by it. I will patiently wait for the market to recover and let the bots sell the altcoins. However, I do not want to burn the initial deposit I put in. So today I want to set a stop limit for this experiment, which will be 10% of the initial bankroll. So, if the total balance takes a dive below 0.36 BTC, I will start making some drastic actions.
Right now though, I feel that the market will recover and move in the right direction during the next week or two, so I will be patiently waiting for that so that the bots can sell the coins and generate profit. As of right now, all I can do is just wait patiently and hope the market recovers quickly so that I do not bleed out more money. I mean who wants to lose money right? I am not happy with the results at this point, but what can you do? This is how the market works.
This is the main reason why I am testing Bitsgap. If I was doing this manually, I could have bled a lot more money before being able to correct the situation. And since I was on vacation, I would have lost a lot more than 0.03 BTC. As I have reiterated again and again before, the cryptocurrency market in general is very volatile, so actually having a trading bot do automated deals for me is a very big plus.
I am waiting for you back to this blog in a week to check another report of my Bitsgap bot test. Keep in touch!