How to run a Bitcoin trading bot?

Bitcoin trading bot profit

Profittrailer

After thoroughly testing many open source trading bots like Gekko and Tribeca, we found that these bots came close to what we wanted but they never realized the potential that was actually there. The bots were buying and selling too early or too late.

BAT bitcoin trading example

DCA

Markets can go up, but eventually they will also go down. Profittrailer has the unique “DCA” feature built in just for the last scenario. If a market goes down more than expected, it can place follow-up orders which will level out the average cost of your initial order. If you buy in on a pair and the market goes down by 10%, placing a second order of the same amount used in your initial order would mean that the market just needs to go up by 5% to break even on this trade. Practically this means that Profittrailer “keeps in business” even when markets go down.

Getting started

To get started there are four recommended steps you need to take.

  1. In order to have your bot up and running 24/7 it is recommended to run it on a VPS server. VPS’es are usually used for hosting websites or databases, but can also be used for running Profittrailer. If you don’t have a VPS yet, we recommend you to get one at Digital Ocean. We successfully ran a single Profittrailer instance on a 3GB/1CPU Ubuntu droplet which will cost you $15 monthly.
  2. In order to be able to trade, you need a trading account. Profittrailer supports several exchanges, we recommend Binance because of its trading fee structure. After creating an account, you should buy some BNB tokens first. These tokens will get you a discount on trading fees. As Profittrailer will make many trades, this is definitely worth spending money on. Be sure to put some balance on your account, it should be enough to trade with multiple pairs while also having some balance reserved for DCA.
  3. Order a Binance license for Profittrailer.
  • You will need Binance API keys. You can generate your API key via your user profile on Binance.
  • After completing the payment process, you will get an email with installation instructions.
  1. You need Telegram installed on your computer or mobile phone.
  • In order to activate your Profittrailer license, you need to talk to a Telegram bot.
  • Profittrailer has several localized and global Telegram channels, used for announcements and for connecting the community of users.
  • Last but not least, the tool can send you Telegram notifications whenever the bitcoin trading bot makes a transaction.

Installing your Bitcoin trading bot

Once all the above steps are done, you can start installing your bot.

Configuration of your Bitcoin trading bot

Profittrailer is fully configurable, and can be adjusted to almost any strategy. In the “trading” folder you will find three configuration files which can be fully adjusted to your needs. To give you a starting point in configuring your bot, we advise you to watch the Youtube videos created by @TheGobOne and @CryptoGnome.

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