Hey there Painless Traders, if you have not read my first post about Cryptohopper, please do so at the following link Review: Is Cryptohopper a scam?
You can read previous updates here:
I learnt so many important lessons this week thanks to a couple of new friends I made in the cryptoworld! Hopefully you can benefit from them too:
Know the damn market well and how it works.
Sounds cliche but sometimes it just takes someone else to pick out your mistakes and you must be able to put aside your ego and admit it and learn from it. My mistake was not understanding properly why my hopper was performing so badly. I had strings of losses such as these:
Eventually it wiped out all the profits I made the past week. The main reason is because of…
BTC’s rapid rise to exceed USD 11,000! I was using BTC as my base currency to trade, and as BTC rises and outperforms all the other alternate coins, trading using the top coin versus the other weaker coins would mean I am trading essentially just in a bearish market. This is something not optimal for crypto trading! Another reason is that the BTC is becoming very volatile as you can see from the graph, and makes it challenging for the hopper to find the best coin to trade against and win.
Stick to a strategy and stop changing so frequently
Testing new strategies is totally fine, but not if you do it for the wrong reasons. Initially I had thought Calvary 3.0 was simply not working so I purchased another strategy (more on this later). After I made this decision, new friends from the crypto world were sharing that they were still doing very well with Calvary! However the only difference is that they were using USD Tether (USDT) as a base currency. The USDT is a fiat currency which is backed by, obviously, the US dollar. The US dollar is facing some uncertainties too, but USDT is still more stable than the BTC, making it a better choice for a base currency for trading.
Join forums, community groups, whatever, talk to people who share the same interest and have experience
Talking to more people with similar interest usually exposes yourself more as you realize that you actually do not know a lot. Had I spoken to these new friends earlier, I would have saved some money and probably be profiting from still using Calvary 3.0 with USDT as my base currency. Nevertheless, the new strategy is proving to be pretty good too so we will see how it goes. I am currently running Jack Rabbit 5 minutes which can be found in the marketplace. It only costs USD 4.99 (with one month of updates).
It’s always nice to see trades that are green and end in profits like these, especially since I have only just started on this strategy. The change to USDT and Jackrabbit was effected on 28072020 at 0154HRS.
As of 31 July 2020 at 2006HRS, I have made USD 16.97 using Jackrabbit. Definitely a decent amount made in under 3 days. I am still optimizing the settings to get more profits while still playing it safe. The first day I got around 50 cents, but the second and third turned out much better. I plan to stick with this strategy for a while, unless something big happens of course.
If you enjoyed my transparent review and honesty, I would greatly appreciate it if you could join my team. As a return, I will share with you the exact same settings I am using for Cavalry 3.0 (previously) and Jackrabbit 5 minutes to work so you can start getting profits too. I will also provide help if you need in terms of setting up your account and making your first deposit. You can follow me on my social media accounts too.
Sign up here to join my team: Team Painless Trades