A few days ago, I shared my future trading strategy in which I added the Silver/USDT pair. I also mentioned that I had already started the trading bot and would share the results after a few days.
It has now been about four to five days since I started this trade so let me share the results so far.
I set a grid range with an upper price of $62 and a lower price of $56. I created 130 grids and the bot executes trades at every 0.08% price movement. As long as the price stays within this range the bot continues generating profits.
According to the current results, my matched profit is $8.76 while my unrealized profit and loss is -$10.24. Overall I am down by only $1.48.
My total investment is around $1,040. During these five days the price of silver has dropped from around $62 to about $59 yet my total loss is only about $1.50 which I consider very reasonable. (Good DCA is done)
As I explained earlier, the longer the price stays inside my selected range the more profit this grid strategy can generate. That is exactly what is happening.
Since this is a wide range of about 8% to 10% and silver usually does not move that much in a short period, the chances of earning consistent profits are much higher.
So far, the bot has completed around 1767 trades and I have earned about half a cent from each trade. As long as the price remains inside this range the bot will continue averaging down my position.
Eventually even if the price reaches the lower end of the range, I may still be able to break even or even make a profit. That is one of the biggest advantages of a grid trading strategy.
Many people also ask what happens if silver suddenly moves 8% to 10% in one direction (very rare case). In that situation, I could face a loss of around $40 to $50.
However my plan is to use a stoploss. If the price moves outside my trading range I will close the position using my stoploss, accept the loss and then set up a new grid strategy from the new price level.
The chances of silver or gold making such a large one sided move in a single day are quite low.
So, this is the latest update on my trading bot, including the number of trades it has completed over the past five days and how it has been generating profits.
I hope you guys will like this post and is interesting as well. If you find it informative then dont forget to give me a support. Share you reviews in the comment section below. Thank you all for your time reading the content.
IMAGES SOURCES
1
TWITTER TELEGRAM HIVE WHATSAPP DISCORD
