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RE: Introducing our first Crypto Market Scanner
Hi Luc! Thank you and @nervisrek for this amazing tool. By the way, I am making a bot that can buy the coin with certain conditions. If I was to use the scanner, what conditions should I put the bot so it will automatically make a buy order? One is a 10% 5min drop or more, maybe if its below 24hr low too? I know the idea is to take the scanner alert and got to the chart, but I want to try this bot. Thanks!
What will be a good % volumen change to mix it with the 5min price change, like comparing the last 5min candlestick volume with the 24 hour volume. What will be a good % change? I was thinking a 5% spike in volumen compared to the 24 hr volume. Any ideas?
I think a useful tool for non-fulltime traders would be that if your buy order gets filled it would automatically sell at a predetermined price, that way you wouldn't have to worry about missing the sale if you're away and it would work with Luc's technique perfectly.
Yes. I have a bot in poloniex, detects when a coin goes down more than 10% in 5 min. But the thing here is, where to put the buy order? Right in the 10%? What if it goes lower? At the moment, I am buying just at 10%, or where the variation is. Then, after it successfully buys the coin, it puts a sell order at 5% margin (just to be safe, and not to put it in a 10% gain, better to have profit, that not at all!
So, what ideas do you have? What could be a general rule for the buy and sell order?
I'd be interested in learning how to make a bot. Any good references on where to learn?
I am not a programmer, but I started learning from other bots on the web. I thank xcbtrader for teaching us and donating this bot on Poloniex. I customized it to my needs.
https://github.com/xcbtrader/pobot
Thanks!
May be it's a good idea to put a sell order on 5% margin and make a trailing take profit: when the price goes up without a stop you won't sell, if it then goes down and reach some threshold, you'll sell.
For instance. You buy at $1 price , set a trailing stop at $1.05. The price goes to $1.08 and then goes to $1.06. You set a threshold of going down for 1% and sell at $1.07.
I think that that is very possible to do manually
Wow, that sounds amazing! Let us know how it goes.
Even though the bot is way faster to get to this opportunities, check thoroughly if it is stable in the long run. You don't really need a bot for these kinds of trades as they don't happen that often and the scanner is already doing all the work. Sometimes accuracy can beat speed
Yeah I know, it's just that I want to make it automatically. Anyways, I will be on the computer most of the time, I just want to catch the drop, and the bot can be quicker. If you have any ideas, let me know!
Careful, the scanner also captures a pull back. So the price may have gone up and then notified us on the way back down
What will you suggest for that situation? I mean, the bot I want to make is not for every situation, but we can try to cover most of them.