Cryptocurrency Trading Bots: Getting Rich While You Sleep?

I’m not at all a specialist in trading, I have a background in Computer Science and Engineering. End of last month I decided to start trading in the cryptocurrency market and after researching and reading a lot I believe that Technical Analysis can help me to make money. That’s why I want to find out if Cryptocurrency Trading Bots, by utilizing Technical Analysis, can help me to gain an edge on other traders, especially those that don't use trading bots.

There as several Cryptocurrency Trading Bots available on the market, including Haasbot, Tradewave and the cloud based Cryptotrader. These trading bots react to market behavior on specific exchanges and places buy and sell offers accordingly, nothing that couldn’t be done manually as well. However by programming, I can apply a trading strategy without the need to monitor the markets continuously.

After doing some research, I decided to buy a 3 month beginner license of Haasbot, currently at 0.06 BTC. Not only because Haasbot seems to be the most advanced and most powerful cryptocurrency trading software, but also due to the fact that they offer new videos produced this month, a forum and a telegram channel.

The installation was a bit tricky on my computer, but mainly because my Advanced SystemCare did block some tasks that Haasbot wanted to perform during the installation. This gave me a first chance to test the support and I asked for help in the HaasOnline telegram channel. I got immediate feedback from the team and in less than 30 minutes my problem was solved.

After that I was able setting up HaasBot, adding my exchange API keys and creating my first trade bots. Creating my first Dashboard and I was ready to monitor my bots.

How the Trade Bot Works

Haasbot's Trade Bot works by getting Trade Signals from different Indicators and/or Safeties, based on the Trade Signal type (Buy or a Sell), Haasbot will then cross reference the Trade Signal against Insurances to see if the trade should go through or if there is a specific condition that must happen for a trade to occur. Below is a visualization of how Haasbot's Trade Bot works.

This is the schematic simulated view of my KMD bot.

After running a 48 hours backtest, a very powerful tool that allows me to test bot against historical data, I did activate my bot.

The following video shows how to setup a bot

Will I get Rich while I’m Sleeping?

It is possible that I may trade profitably, but to say that I will get rich would be completely wrong. The software allows me to automate cryptocurrency trading strategies, which are primarily based on technical analysis indicators defined by myself. Haasbot as a tool and what I make by using the tool is entirely up to me.

I would love to hear your comments, recommendations and experiences using bots!

Warning: Trading in cryptocurrencies is speculating on one or more cryptocurrencies, which are highly volatile and speculative markets. There is an inherent risk in speculating cryptocurrencies, which may collapse at any moment due to a security flaw that may be exploited. You can easy lose a lot of money if you don’t know what you are doing.