If you have been following me for the last 2 weeks, you guys already know what I have in store for you. However, if you are new, you can check my most recent blog posts to learn what I have been doing for the past 2 weeks.
Now that everyone has caught up, onwards to business. I am currently at the halfway mark right now with the bots that I have set up 2 weeks ago. At this point, I might be doing some adjustments to maximize the profits that I would be earning.
And like just I promised last week, I will be adding the profits back in and reinvest them since I will not be taking it out yet. So stick around and read on as I have some very juicy details for you in this Bitsgap trading bot performance review!
The Good, The Better and The Bad
For those who have followed me since the beginning, you already know that I started out at Bitsgap with 0.4 BTC and ended with 0.42 BTC last week. However, the past 7 days have been something like a whirlwind dervish and not only I did not make a profit these past few days, but I actually lost some money earned before. Somehow I ended with 0.419 BTC this week so that means some altcoins lost me money along the way and those coins are currently waiting for a correction to recoup the losses.
As for where it stands right now, there are three glaring situations that are currently happening with the bots right now. The first situation is the good part. As shown in my screenshot here, the trades that this bot has been doing are right along the corridor so I will leave this as it is since this is doing fine. No further adjustments will be done here unless something drastic happens next week.
The LINK/BTC pairing is my second situation right now. This pair is the one that is currently waiting for the correction and was responsible for me losing money this week. This bot currently has no buy orders since it bought it at a higher price last time and I will leave it as where it currently stands. I hope that LINK prices move up again in the upcoming days since it will bring me some solid profit if it does.
The third situation is what I have been hoping for all along. This is the better part. This ONT/BTC pair has been trading in the corridor for the last few days and now it has sold all of the altcoins when the price went up outside of the trading corridor. This helped me recoup some of the losses from the LINK/BTC pair, so the hit we took there was a little bit more manageable.
I already have received my profit from this ONT/BTC pair and right now it is not doing anything. Since we struck gold on this pair, I will be making my first adjustment here. I will be closing this bot and relaunch it inside a new price range.
Now that I am setting this ONT/BTC pair again, it requires me to buy some ONT again to build a new grid for the new price range.
This is the new ONT/BTC bot with new buy and sell orders with the adjustments I made.
Now just like I promised last week, I will be adding the profits that I accumulated from last week. Since it is just there in the balance right now and I actually have no plans taking it out just yet, why not put it to work and try to increase my profit margin, right?
So I will be choosing a bot that is currently in the middle of its trading corridor that is very active, has made me good profit in the past and put in more balance into it and hope to strike gold again. The perfect pair for this would be the POWER/BTC pair as it has been steadily giving me profits.
Just like what I did with the ONT/BTC pair, I will close this bot but I will keep the same settings with the POWER/BTC pair since it is still in the middle of its trading corridor. I will be relaunching it with more money on it since I will be putting in the profits here to work.
POWER/BTC bot has been set up with more balance on it. This means that each trade it does will rake me in with more profit since there is more money on the line, and the BTC balance that was laying around last week is put to work towards me earning more since that is the reason why I actually started this experiment.
This week showed me the cold hard truth with everything that happened during the last 7 days. The market moves way too fast that everything could happen in just a blink of an eye. Opting to use this service as an experiment is actually a blessing in disguise since although I lost a little bit of money during this past week, one cannot deny the fact that I still am actually up by around 0.019 BTC from when I started this bot.
If you remember correctly, I started out with 0.4 BTC. That’s 0.019 I would not have earned if I just sat on my BTC in a long hold. So putting it to work, and actually seeing it at work with the weekly reports is refreshing to see. And when I said it was a blessing, I meant it that way. I could never do physically what the bots are currently doing for me right now.
Trading aggressively, buying and selling multiple times a day to maximize my profits or mitigate my losses. If I traded physically, the most I would be able to do is make 1 or 2 trades a day, and that might just be on 1 pair. The bot does it all on 15 pairs as you can see on the screenshots I posted above.
That is actually a lot of work that I cannot do since I would need to quit my day job to be able to do that many trades, and since I am a human being and not a machine, I will still be missing some signals left and right.
Also, just like what I stated last week, if you have any cloud bot services similar to this, sound off in the comments as I am still looking for other services to try on. Happy trading!
Find out how the bot is performing after one month of hard work in my next report.