Still getting confidence with my bot. It did exactly what it was supposed to do:
So because I found NOS a little late (could have found it around 8th May at around 0.26, but I didn’t. I got in at 0.35 doing a manual buy on my bot.
(Without a bot, it just means buying exactly the same way from the exchange). As I have a 2/10 bot set up with this, it did the right thing and got me out when it did cross but for me , that was a 13% loss! Lets say I was in this before, swing trading with the bot, it would have automatically got in at that .25 or .26 and sold at that 0.30 .
I could have done either of two things then. Just move on and find another nice set up for my bot or just keep it running as the daily setups: MACD and RSI still looked good and it had not dropped down past the 20EMA (Blue line which is the drowning point for me).
Staying in means the bot does nothing, its not in a trade, it just waits, so I did that.
It bought back in 23rd May at 0.34c and is now up at 0.41. (It didn’t buy right on the 2/10 cross over because I have many conditions: choppiness, momentum, etc, these all have to be in place all true then it buys, that is why it bought on that next green candle.
Now, what next, for me now, this is set up beautifully. It will wither sell on the cross down 2/10 or my Emergency Stopp loss I have in place. I am happy for now watching this.
(I never just leave these bots alone, they must be looked at every day, just to make sure all is ok, if not, I can just manually press the S to get out)
If you are trading this just as a normal spot trade without bots, still the same, watching every day - making sure you know when to get out on which MA or indicator. Many people change their indicators to suit so that there is an excuse to stay in even if it is going down, (Yes I have been guilty of this in the past). Then, charts look so much nicer and you stay in till it rides all the way down and you keep telling yourself, Oh it should have worked!
These days, I have my indicators . I do not try and change them around anymore. There are over ten of them all setting up perfect stacks and when I see this, I know this could be a great set up for me.
So stay tuned, lets see either where the bot gets out next or where I manually get out.