Setting up your stop correctly,
If a signal from our traders is followed, the stop defined by the trader will be applied by default. When this signal is for Bitmex a 'Market Stop' will be applied by default.
In case you open your own trades with the bot, it is good practice to place a Stop Loss (SL) where the trade will be closed to reduce more losses. For Binance a stop limit order is safe to use. Because of the flash wicks every now and then on Bitmex, a 'Market Stop' is the default type. We believe this gives us the best chance for an effort to close the trade more or less at the level defined however this is not a guarantee it will in practice.
Apart from Bitmex:
When talking about stop limit orders, there are 2 prices, the trigger price and the limit price.
The trigger price is the price defined in your trades under the stop orders.
The limit price is basically calculated as the trigger price minus the stop limit price reduction parameter in the configuration (or plus, depends if it's short / long / sell / buy)
In order to change that go to Configuration > Stop Limit Price Reduction.
Please see our video below for more information:
When inside the bot on Telegram please do the following:
Go to main menu --> Configuration --> Leverage for the default leverage settings. Make sure that you changed the leverage in the configuration for the right client and the right symbol.
You can also set the leverage at the top of a call to whatever you want. If the trader adds the leverage it will override your basic settings.
Buy advanced bot
There four types of trailing Stops:
The goal of the trailing stop helps you secure and lock-in profits made in trades managed by the trading bot.
The trailing stop is a great tool when used correctly so you should try to familiarize yourself with all four different trailing stop types our bot offers.
The difference between trailing take-profit/entry and the trailing stop and that the two former trailing types are activated on the order that is reached only, while the trailing stop is activated on the rest of the amount that is left in the trade.
Let’s consider the following trade as we explain the 4 different trailing stop types:
1) 0.003 (50%)
2) 0.002 (50%)
1) 0.004 (50%)
2) 0.005 (25%)
3) 0.006 (25%)
The following are the different trailing stop types:
1. Breakeven: This trailing stop type will move your stop to the average entry price once the first take-profit target is reached.
In the above example, the average buy price will be 0.0025, so once the first take-profit is reached the stop will move to that price.
As mentioned, the stop will be activated only on the amount remaining.
In this case, since 50% of the amount is sold in the first take-profit target, the stop will include the remaining amount which is the remaining 50% of the trade.
2. Moving Target:
When using this type of trailing stop, the bot will move your stop to the price of the previous take-profit target, the one before the new take-profit target that is reached.
More specifically, when the first target-profit is reached the stop will be moved to the breakeven price, when the second's take-profit target is reached the stop will be moved to the first take-profit target price and so on.
In the above example, when the first take-profit target is reached the stop will be moved to 0.0025 (the breakeven price) and will contain the remaining 50% of the amount.
When the seconds take-profit is reached, the stop will be moved to 0.004 (the first take-profit price) and will contain the remaining 25% of the trade amount.
3. Target Percent:
Using this trailing stop, the bot will move the stop to the specified percent below the take-profit target that is reached.
Let’s assume for this example that the target-percent is defined with 5 percent.
In the trade example above, when the first take-profit target is reached the stop will be moved to 5% below the target price, which is 0.0038, When the second take-profit target is reached, the stop will be moved to 5% above the target price, which is 0.00475.
Just like before, the stop will only include the amount that was not sold in the other take-profit targets.
In this case, when the first take-profit is reached a trailing stop will be created the specified percentage below the target price, and will keep trailing that same percentage below the maximum price that is reached.
For example, if the percentage is defined to be 5%, then when the first take-profit target is reached a trailing stop will open 5% the target price, at 0.0038, on the remaining 50% of the trade amount.
Then as the price keeps increasing, the trailing stop that contains 50% of the trade amount will keep trailing 5% below the maximum price that is reached.
When the second take-profit is reached, the trailing stop will keeps trailing 5% behind the maximum price.
However, the amount of the new take-profit target that is reached will be removed from the trailing stop, and will be sold (either sold immediately or a trailing take-profit will be activated on that amount, depending on the trade configuration).
The trailing stop at that point will contain the remaining 25% of the trade amount and keep trailing 5% behind maximum price that is reached.
Trailing stop configuration:
You can now select to disable the trailing stop by clicking the Without option, or alternatively select one of the different trailing stop types to set them as your default trailing stop.
Set this by going to Configuration --> Trailing --> Stop --> Choose Trailing Type --> Breakeven.
If you signed up, you'll receive a few messages from our verified crypto butler on telegram with all the information you'll need. It's also important to read all the desired information at the member onboarding, and watch our tutorial video's of the trading bot, found below:
Sure you can! Please visit the following url to watch the setup of the bot and managing of the bot!
To solve this: Go to Trades/Create regular / then enter the trading pair, choose what ever for number of buy targets, sell targets, the trailing setup same, and when it tells you to confirm or reply with a template, you use the template from above and you’re done.
You can use the bot for both exchanges. Binance and Bitmex are both supported!
Take profit and stop orders are being switched according to which one is closer to the current price.
When more buy targets are fulfilled the bot will deactivate and reactivate with larger amounts.
If you deleted the stop order manually the bot will switch to sell order because it no longer have a stop order to set. Take a look at this graph for clarification:
Stop Loss can be a fixed target, breakeven or moving target:
To set this, click on the Configuration Trailing Stop. Then, enable the trailing stop and choose which option you prefer.
Breakeven is an option that updates your stop price when reached to the first target with the average buy price.
Moving Target does what Breakeven does and also when reaching the next targets updating the stop price to the previous target reached