This is a free guide to trading Monero (XMR) using a crypto trading bot so that you can make ongoing and automatic profits.
You’ll learn how to set the bot to buy when the Monero (XMR) price is low and sell it when the price is high, so making automatic and ongoing profits from Monero (XMR) trading. So you can Trade with with Monero (XMR) and make money without having to trade yourself, so it’s very easy to Trade with with Monero (XMR) using a bot.
The key to making a lot of money from Monero (XMR) trading is to get a good daily percentage of profit, once you do that you will get very high returns over time (see Compund Daily which is a great calculator for seeing the kinds of returns that you can get over time from a daily profit of say 3-5% which gives huge returns over time and is very possible).
Holding is a very popular crypto strategy as the prices of altcoins are very likely to increase a great deal over time, just like the price of Bitcoin has. So altcoins like Monero (XMR) are likely to see long term gains that are very large, this does not mean though that holding is the best strategy! For example if you have 100 Monero (XMR) and you hold that Monero (XMR) for a year, you will still have 100 Monero (XMR) but the value of that Monero (XMR) will have likely increased a lot in that time, so it’s still quite good.
But if in that time you were to trade that at 3% per day, at the end of one year you would have a staggering 4,847,844 Monero (XMR), so vastly more than you started with and with the value also likely increasing in that time you are looking at HUGE profits, and it’s easy to do so just read on.
So here is our guide to trading Monero (XMR), so buying low and selling high with a bot:
- The first thing that you need is some Bitcoin as this will be your base currency (it’s the best base currency as it’s value will also rise over time). You can’t buy Bitcoin or altcoins like Monero (XMR) on the exchanges so you need some Bitcoin to start your trading so you can get it at Coinbase and then send it to your exchange. We suggest that you start with a small amount as you are learning but also enough to trade properly with several open positions (that’s important so more on that later) so we suggest $150 as a good starting balance as it gives enough to have enough open positions and is small enough to be very affordable.
- Once you have your Bitcoin you then need an exchange account and Binance is by far the best as it has the best coins and lowest fees for trading. So once you have your Binance account you need to send your Bitcoin there, so find your Bitcoin deposit address on Binance and then use the send option in your Coinbase Bitcoin wallet to send the Bitcoin to your Binance account. You then also need to make two API keys on Binance for your bot to use so that it can trade for you (the bot can’t withdraw so it’s totally safe and secure).
- So once you have your Bitcoin on Binace you then need your bot and by far the best available is Profit Trailer as it has all of the best features and is very fast (that’s very important as slow bots will miss trades and selling points and so can leave you in lots of trouble). They have a good Wiki where you can find lots of details on the settings that you need to use, be sure to read all of that so that you have a good understanding of the software.
- Before you start trading Monero (XMR) though it’s very important that you understand indicators as these are what drive the bot so they are extremely important. Indicators are signals taken from mathematical rules of the price of Monero (XMR) over time, they can be the average price over different periods of time or other indicators such as how oversold or overbought the coin is. So you can base your strategy on these signals and it’s easy to do so, Profit Trailer has some built-in settings that work very well so you can use those if you’d like but we do suggest learning these indicators so that you have more knowledge while trading. So the best place to learn these is TradingView as here you can freely experiment with the indicators and see the effect that they have on the Monero (XMR) price. So load Trading View up and then add some of the built-in indicators such as RSI, MACD, SMA, EMA and Bollinger Bands and then just experiment with them and try to get the signals to be at the low and high points of the price (you can learn more about these indicators online on web sites and Youtube easily). So a good example is RSI as when the RSI is low the price is generally low and when it is high the price is generally high, so a very simple and effective trading strategy is to buy when the RSI is low and sell when it is high, you can play with the settings of the RSI and candle length to find the figures that you need for that (a longer candle length gives more accurate results and larger gains but less of them over time so somewhere in the middle like one hour is a good setting to use).
- So the buying of Monero (XMR) can be set using an indicator as explained above, the selling however can be done in several different ways so we’ll do through those now. So firstly you can use the indicator and just set it when it is higher or when the signal is given for the price being high, set these cautiously so that you are going to get safe profits (it’s best not to take risk chasing larger profits and accumulate lots of smaller profits). Or you can simply set a percentage gain like 1% so the bot will just automatically sell when you have a 1% profit on your trade (including exchange fees). Then if you’d like you can also use a trailing sell and so the bot will watch the profit level and not sell as it keeps going up, you set a trailing percentage (for example 0.5%) so when the profit level drops by that much (while you are still in profit of course) the bot will then sell so this is an excellent way of riding the price up to get large profits with little risk (as the bot is so fast it will sell very well when the price is dropping).
- The next thing to consider is your amount of open positions and your altcoin selection. You can of course just trade Monero (XMR) but that will not give the largest returns as trading will be quite slow on one coin, so it’s best to select other good coins (do your research here, you can base this on the coin technology or data like the coin price and volume) and trade them all at the same time so that you have a very fluid portfolio all gaining sales on a regular basis. It’s also important to have more than one position open, it’s a fact of trading that you are never going to be 100% successful in your trades no matter how cautious you are so you will get the occasional trade where the price drops unexpectedly (it can happen due to a number of reasons) so you need to have several positions open (5-10) so that you can hold those occasional ones where the price drops until the price comes back up again. So if you only had one open position (100% of your balance) you would then be stuck waiting for the price to come back up which can take several days and making no profit, but with several open positions you continue trading and making your profit.
- Another very important setting for Profit Trailer is the DCA and we strongly suggest that you use this as it makes selling coins for a profit much easier. DCA stands for Dollar Cost Averaging and is the practice of buying more of a coin when the price has dropped, this means that once you have done that your overall loss is less as a percentage and so you don’t need as much of a price increase to get back into profit. So if you buy some Monero (XMR) and the price drops by 1%, you can have in your DCA settings for the bot to buy the same amount again at that 1% loss so your loss is now much less and you can have several layers of DCA so that it keeps on buying as the price drops which means that at the bottom your loss is much less than it would have been and so you are back in profit MUCH quicker. So it’s a very effective buying and selling strategy, the price of the coin often drops after you have bought as the prices are so volatile so it makes for an excellent way of buying when the price is lower and so making it a lot easier to get your profit.
- So once you have a good idea of all of the above, you should start your bot and enter your settings (the Wiki has all you need to know about installing the bot and entering your settings). Profit Trailer has a test mode so that is very useful for validating your setup, so use that to start with after entering all of your settings to ensure that the bot is working properly and you can then also see the results of your trading and so how well it is working without having to risk any capital.
- So once you have the bot running on your Bitcoin balance, you need to keep an eye on your settings and adjust them according to the market as the market conditions change a lot over time. So for example in a bear market where the prices are falling a lot (there are still increases so profits can still be made) you can get the coins like Monero (XMR) very cheaply so it’s a case of setting your bot to buy cheaply so set your indicator settings very low and make small profits. But if the market is very much alive and so in a bull mode with lots of buying the prices will be rising a lot so you will have to buy much more expensively and not get the cheap prices on Monero (XMR) but you will still get great increases and so still make great profit (so relax your selling settings so that the bot can keep the coin for a long time while the price is increasing so use a large trailing profit setting).
- Then the only other thing that you have to worry about is taking your profits, we suggest withdrawing a small percentage per month like 10-20% so that your balance can keep growing very well. You can’t withdraw from Binance to your back account so you will have to first send some Bitcoin (or other altcoin that Coinbase support) to Coinbase and from there send it to your bank account so that you can enjoy the profits of your trading.
So you can see from this free guide that you can easily Trade with with Monero (XMR) and make large amounts of money doing so, and the bot does all of the work for you so you don’t have to do much at all.
We have made this guide for free to allow others to trade in altcoins and make profits as we love the idea of normal people making large profits as it’s easily possible. If you appreciate that you can send us a small gesture of your appreciation to the following Bitcoin address:
Further Tips on Trading
They will be asking the users to provide away the wallet address to send the purchased cryptocurrency. This trading bot make its buy and sell decisions as per various feed-in settings and follows the old motto of trading i.e. buy lower and sell higher. The bot talks to and from with the exchange in every few seconds to see the changes in value in real time by connecting to the API of your exchange.
With this gain in popularity has brought in the paradigm shift of trend to investing and trading this form of digital currency in the current financial world. Well in terms of making the money, the very first thing which you do need to keep in midn is that hardly around 25% of all of your profits get paid to the IRS when your taxes are due. So imagine for a second that you do buy 3 ether for $333.33 and then sell them as they would be hitting the timeline of $340.00.
Follow Reddit and crypto sites to find next big coinBefore investing in Bitcoin wait for a major fall in price and then invest into it, who knows maybe you will end up making more than 10,000$ in profit like 2017.
Cryptocurrencies are becoming more famous by the day so you can be assured that their value will continue to increase. Availability of two-way authentication option, 2FA rises the security of your account.Alongside this decision, it is also equally important to understand the varied coins available from reliable sources.
Never talk about how much you invested online and use strong passwords for each account linked to your crypto life. Remember it’s very hard to get your coin back once it gets stolen. Therefore, always secure your coins first. There are many things to consider when picking a best exchange, and the abovementioned factors should serve as a guide. Over with this piece of article we are heading towards the complete discussion about the comprehensive review on how to use trading view to trade crypto currency.