Selling Base Config

Summary

In this video, you'll learn about Crypto Hopper's essential sell settings, including take profit, stop loss, trailing stop loss, and auto close features. The video explains how to configure these settings to maximize profits and minimize losses. Key points include understanding the difference between market and limit orders, setting stop loss levels based on your trading strategy, and using trailing stop loss to lock in profits. Additionally, the video covers how to manage failed orders and use the auto-close feature for positions. It's an essential guide for traders looking to optimize their crypto bot strategies.

Takeaways

• 😀 Take profit settings allow you to set a percentage target at which Crypto Hopper will automatically sell your coin once it's reached.
• 😀 There are two order types for selling: limit orders (which guarantee a price but may not fill if there's no match) and market orders (which fill instantly but may cost slightly more).
• 😀 With limit orders, you can control how long the order remains open before Crypto Hopper cancels and retries, while market orders are guaranteed to fill immediately.
• 😀 You can configure the percentage ask on limit orders, balancing between higher profit with a lower fill chance or lower profit with a higher fill chance.
• 😀 The 'sell based on strategy' option allows Crypto Hopper to sell even when not profitable, based on the conditions set in your trading strategy.
• 😀 Enabling 'hold assets when new target is the same' prevents Crypto Hopper from selling a coin if your strategy suggests it's a good moment to buy.
• 😀 Stop loss settings allow you to automatically sell your coin if its price drops by a specific percentage, preventing large losses (bags).
• 😀 The trailing stop loss is a dynamic tool that adjusts upwards as your coin’s value rises, locking in profits while preventing significant losses.
• 😀 When using a trailing stop loss, you can set an 'arming' percentage to determine when the trailing stop loss should start to track the price.
• 😀 The auto close feature enables Crypto Hopper to close a position after a set time, regardless of the profit or loss, though caution is advised as it may sell at a loss.
• 😀 The 'reset stop loss after failed orders' feature helps Crypto Hopper re-evaluate positions after limit order failures, ensuring the stop loss is correctly adjusted.

Q & A

What is the 'Take Profit' setting in Crypto Hopper?

The 'Take Profit' setting allows you to define a percentage of profit at which the bot will automatically sell your coin. Once your set profit target is reached, the bot will execute the sell order.

What are the differences between 'Limit Orders' and 'Market Orders'?

'Limit Orders' allow you to specify the exact price at which you want to sell, but if no one agrees to trade at that price, your order won’t be filled. 'Market Orders', on the other hand, guarantee the order will be filled, but the price may be slightly higher to ensure execution.

How does Crypto Hopper handle failed limit orders?

If a limit order fails, Crypto Hopper will retry the order automatically until it is filled. You can enable the 'Reset Stop Loss After Failed Orders' feature to reset the trailing stop loss and force the bot to reassess the order.

What does the 'Hold Assets When New Target is the Same' feature do?

This feature ensures that the bot won’t sell a coin if the current strategy still indicates a good buying opportunity. It prevents unnecessary sell and rebuy actions that could incur extra fees.

What is the purpose of the 'Stop Loss' feature?

The 'Stop Loss' feature allows you to set a percentage at which you want to cut your losses. If the coin's value drops by the set percentage, the bot will automatically sell the asset to minimize further losses.

How does 'Trailing Stop Loss' work?

The 'Trailing Stop Loss' adjusts upward as your coin's value increases. If the value drops by a certain percentage from its highest point, the bot will sell the coin, locking in a profit. For example, if the price increases by 10%, and you set a trailing stop loss at 1.5%, the bot will sell if the price drops by 1.5% from that peak.

What is the 'Arming Percentage' in trailing stop loss settings?

The 'Arming Percentage' is the starting point at which the trailing stop loss is triggered. If you set this at 5%, the bot will only start considering trailing stop loss after the coin’s price has increased by 5%.

Can 'Trailing Stop Loss' and 'Take Profit' be used together?

No, when you enable 'Use Trailing Stop Loss Only,' it disables the 'Take Profit' setting. This means that the bot will only sell based on the trailing stop loss and the strategy, not a fixed profit target.

What does the 'Auto Close' feature do in Crypto Hopper?

The 'Auto Close' feature allows the bot to automatically close a position after a specified time, regardless of whether the trade is profitable or not. This can lead to selling at a loss if not used carefully.

What are 'Bags' in cryptocurrency trading?

Bags refer to coins that have significantly dropped in value and have a slim chance of ever recovering. The 'Stop Loss' feature helps prevent accumulating bags by automatically selling assets that drop past your set percentage threshold.