Interview with Andrew James Media Manager at The Crypto Bot and Gunbot Support group Manager over at TheCryptoBot.com – an official Gunbot license distributor shop.
TheCryptoBot.com team manages Live Support for traders that purchase a Gunbot license through our website.
Can you describe The Crypto Bot in numbers?
The name of our trading bot is: Gunbot.
Since that time, Gunbot, currently at version 12, evolved to what it is today and that is a powerful trading bot with +15 trading strategies and tweaking options, designed to be used from intermediate users to professional traders.
Gunbot works with the following markets: Bitmex, Poloniex, Bittrex, Cex.io, Binance, Coinbase Pro (GDAX), Kraken, Bitfinex, Kucoin, Huobi with another 130 exchange markets being integrated and tested by our Development team as we speak.
Besides that, Gunbot can be used along TradingView, reading and executing TradingView trading alerts.
The Gunbot Community is formed by over ten thousand license owners with over a few thousand active in our Telegram groups.
One other important detail is the Gunbot Licensing system, that is slowly moving to a Token-based economy, and at the same time adding monetary value for the user’s license. In the future, users that want a Gunbot License will simply acquire the needed Gunthy Tokens and they will be automatically given the ability to use Gunbot for trading.
We would like to take this opportunity to thank all Gunbot owners for being a part of our community and movement!
What are the advantages of automated crypto trading over human trading?
All trading starts with data analysis and price charting, indicators measurements and other charting key factors. Traders will most likely have a set base of rules as in prices indicators that trigger either a buy or a sell event.
The human nature limits us in how much data we can handle at a one time, but a bot is restless and can calculate and execute trades without losing any time, and more importantly, without losing the time-based opportunity for a trade.
This is the main logic that drives traders to purchase and run a trading bot, and so they acquire the ability to do mathematical rule-based trading, on a large number of coin-pairs and on multiple exchanges at the same time.
What are the key features that users should look for in an automated trading bot provider?
It’s without saying that the best advantage for any trader that uses a trading bot is the ability to create automatic buy/sell orders, over many exchanges and over a large number of markets (coin-pairs) on each exchange.
Another one of those key factors with any software or service is the Support level, and we are proud of the support level delivered for our customers over at TheCryptoBot.com.
Gunbot comes packed with 15 trading buy/sell strategies for both spot-trading and margin trading.
The trading strategies can be mixed and tweaked, giving the trader complete control over the trading rules governing his strategy.
Finally, Gunbot can be used along-side TradingView, executing buy and sell Alerts generated by the trader’s charting scripts, indicators or strategies, giving the trader total control over how his TradingView Alerts are generated.
How do the bots work?
Simply, bots execute trades based on a set number of settings called, in a package, a trading strategy.
In a nutshell, based on the set coin-pairs and the set trading rules, the bot will acquire data from the markets, calculate the needed indicators and targeted price ranges, and it will execute a trade if all the set rules and indicators are met.
Do users need to keep a server running all the time?
Gunbot is a software that needs to run on a computer, laptop or VPS (Virtual Private Server) . In order to track all market movement, Gunbot needs to run 24/7 to track all price movements in the set markets.
Gunbot can be installed on a local PC or server, and it’s a good idea to install it in a Virtual Private Server (VPS) as that comes with several benefits like its online 24/7, no hardware to maintain, no internet costs, no electrical costs and the user can connect to that virtual machine from anywhere in the world.
A virtual private server can have costs starting from $10 per month.
How do the bots react to sudden changes in the market?
Gunbot comes with a few advantages when it comes to falling markets.
One of the most important functions is the Double-Up function / a Dollar-Cost averaging function that will stay on guard and re-buy of a specific asset once the price drops, to average the overall bought price.
Besides that, simple functionalities like the Stop-Loss function is standard in Gunbot. Setting a Stop-Loss can act as a shield in case of a massive market price decline.
Gunbot also has a special setting that aims to help altcoin traders in the case of a Bitcoin Pump and Dump scenario, stopping trading activity if the Money Flow Index indicator drops below the set value.
If a user wants to start slow before advancing to more advanced functionalities, which bot and strategies would you consider appropriate for new users, knowledgeable users and experienced users?
Gunbot is a trading bot that is designed for all types of traders, from beginners to experienced. It comes packed with ready to be used trading strategies for beginners, like the Gunbot strategy called ‘Emotionless’ – a pre-set strategy based on the Ichimoku Kinko Hyo cloud indicator.
At the same time Gunbot is a power-tool and experienced traders can combine, tweak and configure the current 15 trading buy/sell strategies available in Gunbot without any restriction, and with the ability to have personalized trading settings for each and every coin-pair traded by the user.
What are the most common mistakes done by new traders and how can they avoid them?
The most common mistake done by new traders is not doing the needed research before actively starting to trade a coin-pair.
Trading bots are designed to help the user in automating a trading plan/strategy, and it is important to note that charting, indicator measurements and research are all very important, or trading becomes a gamble with a lot of unknown variables.
What are strategies that the traders can use to minimize risk?
All the Gunbot strategies come with the ability to activate either the Stop-Loss function, either the Dollar-Cost averaging function called Double-Up, or both.
What is the minimum amount of trading capital that should be used with each of your bots?
That is up to the trader. Everybody has a different target, trading style or available starting capital.
The only minimums that must be respected are the minimum order sizes imposed by the exchange markets, besides that, there are really no restrictions.
A large investment comes with great responsibility and it’s own risks.
Any information provided on in this article is not to be considered legal or investment or financial advice. Investments are made at the trader’s own risk, so one should always trade with care.
We thank Andrew James for the interview.
- This interview does not constitute an endorsement.
- The answers have been provided by the interviewee.
- This is not a buy, sell or hold recommendation of any assets mentioned in this interview.
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