Cryptohopper Base Configuration

11개월 전

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First you have to name your hopper. Then decide if you want to paper trade or use there live bot to start trading as soon as your done with the configuration. After that you need to choose your exchange and create your api keys. There are 9 supported exchanges Poloniex, Kraken, Bittrex, Coinbase Pro, Binance, KuCoin, Cryptopia, Bitfinex, and Huobi Pro. I would recommend Binance I haven't had any problems with there api yet. Then you need to choose the ticker rate I would recommend using highest bid lowest ask. After that you need to choose if you want email notifications every time your hopper has an error or makes/cancels trades. After that you need to set up your buying settings. I would recommend using a lower bid the same as your transaction fee for your exchange for Binance it's 0.1%. I also limit my max open time buy to 10 minutes because your money is not doing any good if it's just sitting in USD or any other stable coin. Next you have to choose your max open positions and how many positions you want to allow your hopper to buy per coin. I leave both of these settings maxed out. You can also set your hopper to only have one open buy order at a time per coin or only buy when there are positive pairs. I would recommend leaving both of those settings off they will limit your profits. You can also enable a cool down after all buy and or sell orders but I wouldn't recommend that it will limit your profits. After that you have to choose your base currency and the coins you want to trade. I would recommend using USD or some other stable coin as a base currency especially if you plan on shorting. Next you set your minimum order amount and percentage buy amount. I would recommend using double your exchanges minimum order amount and set your percentage buy amount to 100 divided by your max open position. You can also limit the amount of your base currency your hopper can use but I wouldn't recommend that it will lower your profits. I will do a more in depth post on strategy configuration later. If your going to use a trailing buy I would recommend using the same percentage you plan on using for trailing stop loss. I use 0.25%. Next you need to set your sell settings. You need to set a take profit amount but I would recommend using trailing stop loss only to maximize profit. You can also choose max open time sell. I would recommend setting this very low to limit losses during a quick correction I use 5 minutes. I would also recommend setting your higher ask to your exchanges transaction fee for Binance that's 0.1%. If you want to do shorting you have to turn on sell based on strategy. You can also set your hopper to not sell assets based on stop loss or take profit if your strategy is telling you to buy. Next you have to set your stop loss and trailing stop loss. I use a 5% stop loss and a 0.25% trailing stop loss that arms at 1%. I also use trailing stop loss only, only sell with profit and reset after failed order. You can also set your hopper to automatically close positions after they've been open for too long. I would recommend leaving this off. If you want your hopper to flip your position instead of selling turn on sell based on strategy and automatic shorting. I don't use shorting because it reserves enough base currency to buy back your positions so you can't use it to buy a more valuable position. I will explain the shorting settings better in my strategy configuration post. You can also set it to automatically dollar cost average if you want. I don't use dollar cost average because I'd rather just buy another position if I think it will perform well. If you get the most expensive subscription you can also try arbitrage. You can also use config pools to change all of these settings for each individual coin. If you are going to subscribe to signals you can configure each one individually I will explain this better when I do my post on strategy configuration. I will also explain triggers in my strategy post.

Referral links
Cryptohopper: https://www.cryptohopper.com/?atid=7500
Binance: https://www.binance.com/?ref=25897668

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