Review: 3Commas Has A New Trading Bot!
I tried with 3commas before. Really! I tried!
But for some reason I can't make the Iphone App work with Smart Trading. I have a Binance App, I have a Profit Loss calculator, when Im not using that, I have a CryptoHopper Trading Bot, which despite shortcomings, bugs and downtime, is still well loved and therefore I have really have no use for another trading app.
Except when Im outside and galivanting. But whenever I whip it out to try and do some crypto trading while Im on the bus or on the train, it always fails me with an error or another. So I gave up using it.
The online 3commas site though, I love it. I love the Portfolio feature which is what I'm using on the TakeProfitApp website. Because of the Portfolio. I can keep track of coins over several days or weeks, and months and monitor their performance for free. You can analyze a new portfolio and also see other portfolios by other users therefore allowing you to copy good ones.
Then, last April 19 I caught their update about the new trading bot. Yesterday, because Im not really feeling like trading, I set up and tried to use the bot.
They have 2 types, one is the Simple one, and one is the Composite. Setting up is a breeze. Not much settings but, hey, its like a newborn baby. The simple one allows you to make a bot with just one trading pair. And the other of course, allows you to make more trading pairs.
Base Trade Size is your initial investment. Safety trade size is the amount the bot will buy in again should the trade fall into a negative percentage you have defined.
Its really curious, the way it is set up. its like a DCA machine. Here's an explanation from their update.
Example. Say you have 100 USDT and want to have more. Select USDT_QTUM (as example QTUM is 1 USDT) and set every trade size 10 USDT. After you press "start" the bot will:Make initial buy with 10 USDT, so you have 10 QTUM now.
Put take profit order (for example 10%, we want to make 1USDT), so trying to sell 10 QTUM for 11 USDT.
Put 3 safety orders to buy QTUM at 0.9, 0.8 and 0.7 USDT.
If QTUM price falls to 0.9 we buy (10 USDT/0.9) = 11 QTUM. At this point we spent 20 USDT and have 21 QTUM. We still want to make that $1, so we change take profit order to sell 21 QTUM for 21 USDT.
QTUM falls lower, we buy again, repeat steps 3-4 until we sell QTUM with take profit goal of 1USDT + fees.
$1 profit :)If every safety order made we scale up our total trade size and therefore minimize the change price should go up so we make our 1 USDT profit.
As I'm using Cryptohopper where you can define the Indicators and Strategies, I was really curious about how it trades since as far as I can see there's nothing to define it.The Trade Start Condition only offers 2 settings which is Buy/StrongBuy and one that is just StrongBuy. The name suggests that it pulls data from the TradingView Crypto Signal but going further on their update shares that they have their own algo but their inspiration is the TradingView Signal.
As we use an in-house algorithm that decides WHEN to open the initial trade (that utilizes bollinger bands, sti, msi, different signal channels with the power of machine learning) we can minimize the time of the trade. Less time the trade takes means we can make more trades. More trades mean more profit.One other thing I need to mention is that 3commas has also launched a new cool subscription strategy. I like that you are allowed to dip your feet and have a commission based fee. You can make unlimited bots but the commission structure is a bit on the heavy side at SmartTrade commission - 0.25% and AutoTrade Bots Commission - 50%. I used the AutoTrade and I was charged almost 3$ for 25 deals, which I gather is 25 buys and sells each.Here is 3commas subscription based programs where there are no commissions. I guess a large account can take advantage of these but would be really hard to break even for 500$ or less.
It's really too soon to tell after just 24 hours if its going to be a good earning bot or not. I gained almost 2 % which is a lot slower than what the Cryptohopper could have made on a good trading day. I can tell its a good trading day because BTC is slowly ramping up and ALTS are pretty much recovered and doing their thing. Probably the reason for that is the DCA and the bot cannot trade at will because the budget was already allocated in advance and I have a very small account to play with. I had plenty of Insufficient Funds error.
I miss having enough control on the strategy and tinkering with the settings. I feel that there's still a lot of missing pieces. As I said, its still a baby bot. Im not looking forward to mind numbing PT Trailer stuff but more usability and quick information at the fingertips -specially more controls on the history page. I m looking forward to new additions and updates!
Posted from my blog with SteemPress : http://takeprofitapp.xyz/3commas-new-trading-bot/
