Today i want to give you a quick overview about TraderDaddy. It is a conditional freeware, web-based and automated bot and is very simple to use. You just tell him which coins he should trade and you won't have to worry about rising or falling markets any longer. Goodbye to hours of waiting for the right time to enter or leave a market. Let TraderDaddy do the work for you.
How it works
TraderDaddy uses the swing trading strategy. The idea behind this is to place a lot of very small limit buy orders to cover every possible market situation. For every fulfilled buy order a corresponding limit sell order is placed with the target of 1 % profit (of course a higher profit is possible). So TraderDaddy catchs the low prices if a markets goes down and sells if the markets rise again. Please note that TraderDaddy never sells at a loss.
When we are talking about trading the risk is a very important point. TraderDaddy limits your risk because it trades with very small amounts of your hard earned Bitcoin.
Another really great thing is TradderDaddy gets smarter over time. It uses machine learning to learn from each trade. So the more people use TraderDaddy the more trades he can learn from.
What you need
Here is just a quick overview of what is needed to get started with TraderDaddy:
- A new Bittrex account
- 500 Rubycoin (RBY) in your Bittrex wallet
- A new TradderDaddy account
- A visit in TraderDaddys slack chat
- Minimum 0,4 Bitcoin or Altcoins in your Bittrex wallet
Quick start
Now we are looking at the steps to start explained on a high level.
- Create a new Bittrex account only for TraderDaddy. No manuel trading or other bots are appropriate. Otherwise your profit will go down. Bittrex allows multiple accounts if you inform them with a new support ticket.
- 500 Rubycoin (RBY): TraderDaddy is free ("conditional freeware") but you need to hold 500 Rubycoin in your Bittrex wallet to start the bot. Once trading starts they will be stored in a very high sell order.
- Put the desired start amount of Bitcoin or Altcoins in your Bittrex wallet.
- Create a new TraderDaddy account.
- Once the 500 Rubycoin are stored in your new Bittrex wallet, you can request account activation in the TraderDaddy & Rubycoin Slack Chat. Register, join and read the pinned message in the general chatroom.
- After activation go back to Bittrex. Enable two-factor authentication and generate a new API key with the options "read info" and "trade limit".
- Log into TraderDaddy and put in your API key and secret. Hit "update".
- Select your markets to trade. Its possible to choose up to 5 markets. Pick only markets you believe in long-term and do your own research! Please note that a minimum of 1 BTC is recommended for a good performance. The absolute minimum is 0,4 BTC per market.
- Adjust your budget per market in "Liquidity (Buy & Sell)" and don’t exeed 100 %.
- Let TraderDaddy do his magic and be patient!
Tipps
Please keep this tipps in mind to maximise your profit!
- Do your own research - its very important. The selection of the markets is your risk. You should only select a market in which you believe long term.
- Pick markets with a good intraday volatility.
- TraderDaddy works best if you let him do his thing and don’t switch markets too often.
- Set the maximum budget of all markets not over 90 %. TraderDaddy will use this reserve if needed.
- Deposit some more Bitcoin over time, e.g. a small amount every week or month.
- "Less is more": Don’t select too many markets if your budget is low
- If you deactivated a market, TraderDaddy will still place sell orders when you have coins left. So everything will be okay.
Your vegan cryptonerd :)
Check out my first week with TraderDaddy
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Whats your experience with trading bots or TraderDaddy? Do you have some questions about TraderDaddy? Leave me a comment!