Cryptohopper Configuration Options
Booyah Traders templates provide what we believe to be optimized configuration parameters for your Cryptohopper Bot
However, you may enjoy tinkering or wish to try a different strategy than what our template offers
Below we describe the Cryptohopper configuration options, why we chose what we did and what other options we believe are viable for specific strategies and markets
Order Type: Market will buy immediately at Market Price. A limit order will allow you to set a maximum buy price, but you risk being unable to purchase if the price doesn't drop to your limit price
Max Open Time To Buy: How many minutes your buy order is up for. With a Market Order your bot should purchase immediately so a short period of time is fine. If you put in a limit order you can increase the time so if the asset increases and then decreases, you can buy at the limit price.
Max Open Positions: How many coin purchases you can have at once. I set this number to 100 for easy math with "Max Percentage Open Positions per Coin"
Max Percentage Open Positions per Coin: Percentage of open positions that you can hold in any one coin. i.e. if you set this number to 2 and Max Open Positions to 100, you can only have 2 purchases of BTC. You would need to sell one position before the bot will purchase another BTC position. We believe that 2 or 3 is optimal as we are looking for asset diversification.
Enable Cooldown: This cooldown is Per Coin, meaning that if you have this set to 2 hours and buy BTC, your bot will not purchase BTC for at least 2 hours. It will however allow you to buy all other coins during that cooldown period.
Only Buy when there are Positive Pairs: This option does not function with Signals, so we keep this off.
Auto Merge Positions: Keep this option off so that "Max Open Positions per Coin" functions properly and we can stay diversified.
Coins and Amounts
Base Currency: This value is extremely important. Your bot will only buy in this value. The template used that is specific to your exchange will be set to the correct currency. With the exception of Bitvavo, this value will only be USD or USDT. Your free funds also need to be in the same currency unit. If you have this set to USD and your account only has USDC, you will not buy anything. When you change your Base Currency, you must select "Change" to actually change the currency.
Allowed Coins: What coins your bot may purchase. Note that the Cryptohopper Explorer package allows you to select 15 coins and the Adventurer package allows 50 coins. You may pick and choose among the coins on the list and the coins we provide signals for. We are currently working on supporting more coins. If you have any requests for coins you wish to be supported, please mention this on our telegram page or email us.
Each template specifies what coins are supported for each exchange!
Percentage Buy Amount: The percentage of your total funds you will use per purchase transaction. If you have $100 in your account and you set this to 3, you will purchase $3 of the coin when your bot receives a signal. Since fees on binance are based on purchase amount, your fees are directly proportionate to the amount you spend in each transaction. We recommend keeping this value at 5 or under to increase diversification.
Minimum USD per Order: The minimum purchase amount of any transaction. This matters when you have less than the "Percentage Buy Amount". For example, if you only have 1% left of your account value in USD, then you will only purchase if that 1% is higher than the value in this setting.
Maximum USD allocated: The maximum amount in dollars that the bot can use to purchase cryptocurrencies. For example, if you have an account value of $1000 and you want to hold 25% in reserve, you would put a value of $750 here. We recommend keeping this value between 30% and 50% of your total account value. When the market experiences large dips, you begin releasing funds to buy at low prices. When prices start getting high again, you begin reserving funds again with this setting. This strategy is explained in further detail on our Cryptohopper Tips page
Buy Strategy Settings
Signals Only: This disables other strategies and only buys off signals.
Number of Targets to Buy: Set this to the maximum allowed (10). Asset prices often rise and fall in unison with bitcoin, so the signals might call for buying multiple different coins at the same time. Keeping this value high means that the signals won't be ignored.
Take Profit At: If you wish to take profit at a specific target percentage per trade, enter it here. We recommend using at least 4%. Our template uses 1000 because we focus on selling through the Trailing Stop-Loss. If it does gain 1000% before selling, it ends up being a pretty good trade anyway!
Order Type: Similar to Buy Settings, you can choose whether to place a Market or limit order. We are using a market order so it sells immediately.
Max Open Time Sell: If using a limit order it is best to increase this.
Sell Based on Strategy: If you are only using Booyah Traders Signals, you can keep this turned off.
Hold Assets when New Target is the Same: It will likely never happen where a signal is sent to buy while the bot is trying to sell, but we may as well keep this turned on. Why pay extra in fees!
Enable: The default setting on our template is to have this disabled. If enabled you can end up selling for a loss. At Booyah Traders we have a belief that cryptocurrencies will be increasing in price over time and therefore we shouldn't use a stop-loss. However, if we end up wishing to sell an asset at a loss (possibly due to current events), we can do so manually.
Stop-loss Percentage: If stop-loss is enabled, your bot would sell your crypto asset if it decreases by this percentage.
Enable: We are relying on the Trailing Stop-loss as our primary method of selling, so the default setting in our template keeps this enabled.
Trailing Stop-loss Percentage: Once the trailing stop-loss is armed, your bot would sell your crypto asset if it decreases by this percentage.
Arm Trailing Stop-loss at: Once your crypto asset has increased by this percentage from when you purchased it, the trailing stop-loss will be armed. After that it will sell if it drops by the trailing stop-loss percentage.
Use Trailing Stop-loss Only: Feel free to turn this on or off. If it is off you can sell with "Take Profit" or "Stop-loss". By default, Booyah Traders Signals are only sold by trailing stop-loss so this is turned on in the template.
Reset Stop-loss after Failed Orders: If you are selling with market orders, your orders will likely never fail. If it does fail, this would reset the stop loss, so your asset would need to increase X% before being armed again (4% if using the example in the picture above).
Only Sell with Profit: Turning this on means the bot will not sell your assets at a loss even if the trailing stop loss became armed and the asset dropped in value very fast below 0 profit before you could sell.