$50,000 journey from 1k in 4 months with Bitsgap Bots
Making steady returns is not the magic, but the discipline and the right market timing. Learn about tips and tricks from the hero of this article who made $50000 from $1000.
💰 The story of success
The primary aim in trading and investing is to steadily increase the value of your portfolio. There is a plentiful amount of different trading strategies to achieve this goal.
At Bitsgap we are proud to have such an impressive functionality and platform's mobility, a truly all-in-one platform where everyone regardless of experience can experiment and discover the best trading setups. Our community is diverse, active, and friendly. Some traders have achieved extraordinary results just by wisely taking advantage of Bitsgap's products, like automated bots. In this article, we are glad to share a great story of success:
📌 Top 2 takeaways and tips
- 📈 Active HODL = earning in BTC/BNB/ETH.
This strategy aims to generate returns in a quote currency, the value of which you anticipate appreciating in the future. For example, if you made sound research and there are more odds in favor of BNB trading at $200-$250 in the coming weeks or months, then consider launching automated bots on those cryptocurrency pairs that are trading to BNB.
The bot will accumulate returns in BNB and in addition to that if the price of BNB relative to USD appreciates, then this effect can substantially multiply the value of your portfolio. Below is an example of the BTT/BNB cryptocurrency pair. To launch the bot you must have some BTT and BNB on your balance.
The bot will automatically sell BTT every time the price swings higher to lock in BNB returns. Sideways and rising market formations are optimal for Bitsgap's bots.
Another perfect example is the EASY/ETH cryptocurrency pair. By looking at the chart you can spot the incredible growth of EASY since the beginning of 2021. Not only has the value of EASY appreciated but the price of ETH significantly rose during that period.
Moreover, the trading volume quadrupled as you can see on the "Volume profile". If you had launched the bot on EASY/ETH back in January 2021, then the value of your portfolio would rise considerably.
2. ⚖️ Do not forget about risk management
Yes, the growth from $1000 to $50000 may sound unreal, but that is exactly what you can achieve with automated bots on a rapidly rising market. By following strict risk management and your trading rules you can generate steady returns daily. Bitsgap's bots can trade 24/7, just give them enough space to seize market swings.
Top 2 risk management instruments:
1.Stop-loss: when the price reaches a specified stop trigger price, the bot will sell all base currency used and will halt trading. Stop-loss limits the loss in case if the market falls below the bot's trading range.
2.Take-profit: when the bot reaches a specified investment change %, the bot will sell all base currency used and will halt trading. Take profit secures your returns.
🎤 Interview with Crypto Click
- How did you learn about Bitsgap?
I looked at a handful of bot trading platforms and chose Bitsgap based mostly on the interface being easy to use. I also found it useful to have a demo account to practice with first.
- What was your first impression and has it been changed afterward?
It didn't take long to understand how it worked and using the demo account while actively trading helped speed up my learning curve when trying out different strategies. Its become a large part of my trading toolkit now which I wasn't expecting.
- What functions or tools you have been looking for when you joined Bitsgap?
Because I have two kids and a busy life I wanted to find another way to make money from the market while not being available to actively trade for much of the day and evening.
- How long have you been using Bitsgap and what are your results? (what are your results)
I have been doing it for four months now and I have managed to make 50K from $1200 initial investment.
- How much are you satisfied with the platform and what would you suggest to be improved?
I'm very satisfied, and I don't have any suggestions as the platform does everything I need to do already.
- What type of traders would you recommend Bitsgap to?
All traders, if you do it like me then it does help to know the market and use that knowledge to benefit the bot. I view it as another tool in a trader's belt and with a different kind of approach than just buying low and selling high. It suits everyone really, It's just another way to make money with this market.
💡 Time to sum up
Do not risk more than you can afford to lose. Cryptocurrency market is extremely volatile. There are many different trading styles that you can exploit, but never forget about the risk management to have a full control over your funds. At Bitsgap we have demo-mode to let you experiment and discover best trading setups using virtual money.
Make sure to stress-test automated configuration in a "Backtest" to analyze historic results and compare cryptocurrencies in terms of volatility and performance.
- How to start automated bots: https://youtu.be/EtPhNnHiRZ4
- Ready-made strategies 1st edition: https://bitsgap.com/blog/automated-strategies-market-formations-part-1/
- Ready-made strategies 2nd edition: https://bitsgap.com/blog/automated-strategies-market-formations-part-2/
- Webcast about tips and tricks: https://youtu.be/WZf_zmpH8pU