I recently purchased a Gun Bot to do some trading for me while I am asleep and/or not at my computer. I was excited by the potential of this trading bot. I thought that an emotionless bot could trade better than a human, right?
Well it did not start well for me and the bot. So I want to share my "Pro Tips" and "Meltdown Moments" with you so that others may not go through the same pain as I did on initial set up.
Pro Tip 1: Set up a new account
I recommend opening a fresh account using your existing account referral link. This way you will earn a residual income from the bots trade fees. More importantly, this will also ensure that the bot does not mess with your existing coin holdings.
Meltdown Moment 1:
When I set my bot up I used my existing Binance account and within minutes it sold two of my biggest holdings at a massive loss. I cried a lot on discovering this!!! If I had used a new account this issue would have been avoided.
Pro Tip 2: Make sure you have plenty of coins for trade fees
If you are using Binance, again make sure that you purchase a few BNB so that you get 50% off trading fees. That way the bot will take the trading fees from your BNB and not your valuable BTC that you will want for actual trades.
Meltdown Moment 2.0:
My bot also sold my BNB holdings. Luckily it was at a good profit but I only realized 24 hours after set up that it had done this and that my BTC was being used as trade fees. When you want to accumulate BTC, it doesn't make sense to use it as a trade fee with an additional 50%.
Pro Tip 3: Do not add BNB as a trading pair
Meltdown Moment 2.1:
If I had known this, my BNB would not have been sold.
Pro Tip 4: Make sure that your Gun Bot reseller is a trusted source as they will be seeing your API keys when you set it up. Also you will need to be able to get a hold of them when/if you need help with the strategy or troubleshooting in the future.
Meltdown Moment 3:
My reseller was overseas when we set up the bot so communication was difficult as he was working from noisy cafes and getting on and off flights so I couldn't get support for a few days which made the process all the more infuriating.
Pro Tip 5: The bot is only as good as the person who sets it up
Make sure you ask lots of questions and don't rush the process. Ask about basic trouble shooting tips. Make notes to refer back too.
Please feel free to comment below with your own "Pro Tips" and "Meltdown Moments"