Cryptohopper Tips for Best Results
When you subscribe to Booyah Traders Crypto Signals, you can "set it and forget it" and profit.
However, if you wish to get the most profits from bot trading, occasional settings adjustments can provide significantly better results.
1) Begin using our signals at the appropriate time. Our signals strategy (see tip #4) is highly reliant on trend analyses. Advice on when to turn on/off buying and turn on/off selling will be provided to you. I will keep an updated message in bold at the top of the strategy page stating whether this is or isn't a good time to start signals.
2) Follow our Telegram and Discord Channels. We provide real time advice on adjustments to settings you can make that pertain to current market conditions and expected crypto performance. We will also explain why we make these adjustments, teaching you to be a better trader.
3) Keep your Cryptohopper Template updated. We periodically update the template for changes in macro market conditions or Cryptohopper updates. On the Template webpage there is an option to keep the template up to date.
4) Allow Bot Buying and Selling Based on Trends On your Cryptohopper dashboard there are switches to toggle on and off bot buying and selling. When Bitcoin price is high, we want to turn on selling and turn off buying. When Bitcoin price is low, we want to turn on selling and turn on buying. All cryptocurrencies trend with the price of Bitcoin, so it is the best singular currency to perform our trend analyses on.
Switching selling on does not mean your positions will immediately sell. Each position will sell in accordance with your trailing stop loss values. In the template we have the values set at 4% to arm trailing stop loss and when the crypto's price drops 2.5% from its peak your bot will sell.
Not only can you view our newsletters to see our current trend analyses, but we will be providing this information on our frequently updated strategy page as well as pinned posts on Telegram and Discord.
# 5 is an Alternative Strategy to #4 and previously our primary strategy
5) Reserving Funds. Under the "Coins and Amounts" section in "Buy Settings" you can change the "Maximum Amount Allocated" setting to limit how much of your account Cryptohopper can use. For instance, if your account value is $1,000 and you enter $700 into this setting, you will be reserving 30% of your funds. While the market is on an uptrend and then peaking, we recommend incrementally increasing your reserve funds. Ideally you would like to withhold between 30% and 50% of your account so that when prices drop, you are in a good position to enter into a greater number of positions. As average crypto prices drop, you will release these reserved funds in steps.
The picture above shows an example of when you may end up releasing your funds during a bitcoin dip and then putting them back into reserve during a price surge. If you reserved 50% of your funds you may release 15% at step 1, 15% at step 2 and 20% at step 3. You would then reserve 15% at step 4, 15% at step 5 and 20% at step 6. Your levels may be different than what is shown above but the concept is the same. You will ensure that you have funds to purchase at lower prices so that when the market comes back up you will be able to earn a hefty profit.
We suggest looking at the price of Bitcoin 2-3 times per day and possibly adjusting the your allocated funds based on this strategy. See picture below.
To reserve funds, go to Config -> Coins and Amounts. Set the "Maximum USD Amount Allocated". For example, if you have $10,000 in your account and you wish to reserve 30%, set this value to $7,000.
5) Read up on Cryptocurrency coins. You may discover you wish to hold a coin long term or that you don't want to trade a coin at all. In cryptohopper you can press the "lock" symbol next to any asset to stop Cryptohopper from selling it.