Last week, I wrote a blog post about me trying out my first ever automated trading bot, which is Bitsgap. I also promised you readers that I would be updating you after a week on the progress of the said bot and see how it worked out for me. And just as I promised, here I am, 7 days after.
Today, I will be posting the progress of all my 15 pairs that I launched last time and see how it panned out. Now if you are excited, go grab a comfortable chair and follow me to the journey I am currently taking, which is testing out the profit margins of these cloud bot solutions.
The Nitty Gritty Details
If you all remember last week, I started trading with 0.4 BTC on a newly created Binance account that will only be used for testing Bitsgap and trading purposes. I then distributed all those funds to 15 separate coins that I will be monitoring for the duration of 1 month with weekly reports coming every 7 days. So as promised, I will be laying out the details below on what happened with that 0.4 BTC during the first week of trading.
So after that first week of trading, I am glad to announce that we did indeed make some profit off of it. Right now, the current balance at my Binance account is currently sitting at 0.42 BTC, so that means I made 0.02 BTC or 20 mBTC in the course of a little over 6 days.
This is actually very good since it means that we have already broken even in the short span of 6 days, and already started to make a profit. If you remember, I paid for the PRO account which costs around $110. So during the course of 6 days, I already made the $110 back that I paid for the service and already have somewhere around $90 in profit.
Also, just to add to what I mentioned above, my current trading volume during the past 6 days was 3.8 BTC. That means the bot is working as intended, buying and selling the coins aggressively, which actually points to my favor since it most likely sells at highs and buys at lows. Remember, this was just the trading volume these past 6 days. Let’s check back once the month is over and see what our volume will be then.
Remember the 15 pairs that I invested into last time? Well just as I said and promised, here are the weekly snapshots of the coins currently. Our biggest profit maker is currently Link which sits at roughly 17% right now. Our slowest mover would be NANO which did not even break 1%. Happy to see that NEO and POWR are still going strong at 9% and the standard staples like Waves and XRP made us a few profits along the way.
For this coming week though, I will not be changing anything as of yet as the coins are still sitting on the positive. That means they are moving in the right direction just like I wanted to.
Stay tuned for next week though as I will be doing something exciting. I will be adding all the profits from this week and the last to the current pool as taking them off now would be counterproductive to what we are trying to test and achieve.
Also, I will be doing some changes as well on the slow movers like NANO and I will most likely replace them to the more profitable coins that are on the rise, hoping to make more profit as the end of the month comes.
So what are my thoughts after all of these? To tell you honestly, it is still too early to say anything. Only one week has passed, and a lot of things can change during the next three weeks that are coming up. However, I am very happy that we have already broken even and managed to pay off the initial expense of the monthly fee and made a small 5% profit on the side.
However, as cryptocurrency trading is a gamble since it is volatile, it is a risk I am willing to take since the payoff far more outweighs the cons based on the current results that I am getting.
So far, getting the Bitsgap bot has been a good decision based on the results I am getting. This is only just a week though, so I still have 3 more weeks to wait and see if it indeed is a good investment on my part or not. I am crossing my fingers though, and hope for the best as usual, since like I stated last week before taking this journey, I was mostly just sitting on my coins, so investing them into this endeavor is a good decision for me. After all, who does not like to make more money right? And making more while I am sleeping or doing other tasks sounds like a very good idea if you ask me.
Also, I would like to add as a small footnote, that the Bitsgap bot made almost 3000 trades during the short amount of time, which means it is trading aggressively. Just like I mentioned above on the nitty-gritty details, it works in my favor since the bot usually buys at the low price points and sells when it hits a certain amount of profit threshold.
If I do the math, that’s roughly 1,500 buy orders and 1,500 sell orders. Divide that to the number of bots I am running and that’s roughly 200 orders each bot. In a 6 day span, the bot roughly does 33 orders a day. That’s something I could never do if I am trading manually for two different reasons. First is that I would not be able to keep track of the market moving and second, I would not be in front of the terminal 24/7.
Now off to more exciting prospects. If you guys have any suggestions or advice regarding automated trading solutions based on the cloud, please share it with me. I am willing to test out new services and would like to know similar services such as Bitsgap.
However, I am currently looking for cloud-based solutions as of right now so bots like GunBot which would require me to keep a computer on 24/7 or put it on a virtual machine are out of the question as of right now. Maybe sometime in the future, but not now.
So if you have any similar services like Bitsgap in mind, make sure to sound off in the comment section and I will get right to it.
Check out my next report here.