The cryptocurrency market can be overwhelming especially for someone new in the trading scene. This happens to be a highly volatile arena, with frequent fluctuations some of which are quite severe in nature.
A novice trader who happens to not have been highly familiarized with the scenario could potentially fall prey to any of these fluctuations and just end up losing it. To save yourself from such a fate, there are some pretty great services out there which can effectively reduce the learning curve for you.
These services work exclusively towards helping you reach your full potential by completely managing the trading aspect of your operations.
One of such services is GunBot, which is referred to as an intelligent bot program that is especially designed to manage your trades and all the complicated buying and selling process. This has been getting a ton of great reviews which makes this one of the excellent trading bots today!
What is GunBot?
GunBot is an automatic and perfected crypto trading software and a computer algorithm that is designed to help you out in your cryptocurrency trading ventures.
The bot works on the Poloniex trading exchange and other similarly popular cryptocurrency exchanges. Created by the developer Gunthar De Niro, and the first version of the program was launched way back in December 2016.
The primary objectives of the bot include buying and selling cryptocurrencies for you on the designated platform and exchange services. The way it works is by making intelligent decisions for you and always buying when the prices are low and selling when the prices are back up again.
This way, the bot continuously rakes up profits for your account and engages in competitive trading without having to do any of the work.
Getting Started with Gunbot
Gunbot does not just make profit for you in an instant. It’s not some magic dust that you can sprinkle and voila! However, if you do take some time to learn the ropes then you can definitely make it work to your advantage.
Once you have activated your API with a reseller, then proceed to these steps:
Download Gunbot
You will be provided with a download link by your reseller upon activation.
Unpack Gunbot and Proceed to Run It
You can use any operating system like macOS, ARM, Windows, or Linux. It’s very easy – just unpack and then install Gunbot. Now, open the exe file and it should that GUI has been deployed in the localhost:5000.
Create a Password
Once you’re done with the unpacking and installation, you have to create a password and make sure to keep it private, secure, and take note of it.
This is very important because you will use your password whenever you access your account on another device or when you’re using mobile. More so, for an extra layer of protection, you may also opt to add 2FA.
Link to Trading Exchanges
Proceed to Settings and then to Trading Exchanges. Once you’re there, just input the API key and then API secret. Don’t share your API to anyone to protect your assets. Supported exchanges are the following: CEX, Binance, Coinbase Pro, Bitfinex, Kraken, Bittrex, Huobi, Poloniex, and KuCoin.
Go to the Strategy Configurator
Once you have chosen and added an exchange, you can go ahead with configurations on the Strategy Configurator. Assign your strategy.
So, if you are using Gunbot Standard Edition, you will have the ability to confirm indicators, double up or Dollar Cost Averaging, and then Reversal Trading. You can mix these trading strategies with other methods.
Trading strategies are already optimized by default. So, it’s basically ready to use. You just have to change the Balance Settings and then set the Trading Limit to the desired amount that you want to trade.
Pick Your Trading Pairs
You will have to decide on the best trading pairs to use on your chosen exchange. If you chose USD then you must also pick USD-XXX pairs. The best way to do this is to choose a trading pair wherein the trading volume is higher compared to 200 BTC.
You’re All Set!
After all these steps, you are now ready to take it to final swing. Get started with trading using Gunbot Core.
New Algorithm Alert!
Gunbot will be featuring a new algorithm, one which will effectively trump the algorithm already put in place by the existing version.
Thus, the traders who find that their existing GunBot isn’t proving to be as effective as they would want it to be can always opt for the updated Black Edition and better their chances at cryptocurrency trading success.
It is also interesting to note that this soon to be released Black Edition of the GunBot can only be acquired by those users who already have the existing version in possession.
Points You Should Know Before You Jump In
While the GunBot software is an automated algorithm that is supposed to do all the work for you and ensure that you do not face any losses when it comes to cryptocurrency trading, there is, however, one issue associated that you must know about.
Although it is true that this bot is supposed to take care of all your responsibilities as a trader, it would still be better and safer for you to constantly keep a check on its activities and make sure that it is performing as per the required expectations. Basically, periodic assessments and appraisals are completely necessary and essential.
And for this very purpose, it is also important that the user operating the GunBot must have some background knowledge and experience in cryptocurrency trading. If not, you are putting yourself at the risk of losing your cryptocurrencies and also not knowing what to do about it.
Check Your Systems
Also, the bot comes with some pretty extensive software as well as hardware requirements. So before you go about buying one for yourself, it might be best to check out these requirements and ensure that your system fulfills all of them.
First and foremost, you need to actually download the software from their website, after which you will be required to run it or your personal computer.
If you do not wish to do that, you will also be prompted with the option of purchasing a separate virtual private server either form one of their recommended suppliers or simply one that you place your trust on.
The software that you download from the website will easily and efficiently run on all kinds of operating systems, namely, Mac, Linux or Windows, provided that you download the correct version of it.
Other hardware requirements include a 4 core minimum and 4 gigabytes of RAM, to smoothly run the program. If your system doesn’t agree with the above specifications, you might encounter appreciable lags while running the bot and face difficulty in operations.
Experience on Gunbot Strategies
Furthermore, even though GunBot does most of the work itself, once you have installed the software and are ready to deploy it on an exchange platform, you need to configure it yourself before you launch it.
And by configuring we mean deciding on which strategies to use and which algorithms to effectively operate the bot on. This is why a little bit of background information on these various strategies and a little bit of background knowledge is must if you are planning to purchase the GunBot for yourself.
Takeaways!
The GunBot is one fine technology that is sure to make your trading ventures a lot easier by its unique implementation and amazingly well-programmed software.
However, it will work best only if you give it the required environment and basic initial conditions to actually make a positive change and that won’t happen unless you learn how to make intelligent decisions to boost your success metrics.