In cryptocurrency trading, staying ahead of the market can be challenging. Cryptohopper's Portfolio Bots offer a solution by automating your investment strategy. Whether you're a beginner or an experienced trader, these Portfolio Bots can help optimize your crypto portfolio with ease. This guide will walk you through the process of subscribing to a Portfolio Bot on the Cryptohopper Marketplace, allowing you to leverage automated trading for cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and more.
Step-by-step guide on how to subscribe to a Portfolio Bot on Cryptohopper
Discover why Cryptohopper's Portfolio Bots are the best in the cryptocurrency market and can help you save on trading fees! Now, let's walk you through setting up a Portfolio Bot directly from Cryptohopper's Marketplace.
Go to the Portfolio Bots section on the Cryptohopper Marketplace.
Select the crypto exchange you want to use for your Portfolio Bot, such as KuCoin or Crypto.com, and choose the quote currency.
Click "Download".
You have 2 options once you've downloaded the template for the Portfolio Bot from Cryptohopper's Marketplace:
Create new bot: This will create a new Portfolio Bot in your Cryptohopper account.
Convert existing bot: This will transform a trading bot you're already using into a Portfolio Bot. Please note that when choosing this option, you can't remove your previous stats and trade history.
Can I determine how often I want to rebalance my Portfolio Bot?
Yes, you can determine how often you want to rebalance your crypto assets across all positions. By default, the Portfolio Bots shown in this article rebalance every month. However, in the Basic settings, you can determine how often you want to rebalance. Choose from the following periods: minutes, hours, days, weeks, or months, and enter a number in front of this configuration. Check out our articles about rebalancing tips and the different rebalancing options that are available.
Can I change the cryptocurrencies selected in my Portfolio Bot?
Yes, you can! Go to the Config of your Portfolio and adjust the cryptocurrencies you want to trade. One size doesn't always fit all, so we give you the option to alter the automated trading settings of your Portfolio Bot.
What happens when the Marketplace Seller updates their Portfolio Bot?
When you download a Portfolio Bot from the Cryptohopper Marketplace, you can choose whether to automatically update the Portfolio Bot settings when the Marketplace Seller updates their crypto portfolio or to update it manually if you prefer using your own trading settings.
How to interpret Backtest results for Portfolio Bots on the Cryptohopper Marketplace?
The Cryptohopper Marketplace offers a wide variety of Portfolio Bots for your use, but how can you determine if a specific Portfolio Bot is the right fit for you? While reading the Portfolio Bot description, checking the selected cryptocurrencies, and reviewing user feedback are important steps, analyzing the Backtest results can provide valuable insights into the bot's performance.
Understanding Backtest charts
To get a clear view of a Portfolio Bot's performance:
Locate the chart for your chosen Portfolio Bot
Click on "View trades in chart" to see when trades were executed.
This visual representation helps you understand the Portfolio Bot's trading patterns and frequency.
Key Backtest metrics
The Marketplace provides additional crucial data to evaluate Portfolio Bot performance:
Total buys and sells
Crypto exchange used for Backtesting
Start and End time of the Backtest (always a one-year period in the Marketplace)
Highest possible profit
Maximum possible drawdown
Current profit
Comprehensive overview of all trades
By examining these metrics, you can gain a deeper understanding of the Portfolio Bot's strategy, risk profile, and potential returns.
Interpreting Backtest results
When analyzing Backtest results, consider the following:
Consistency: Look for Portfolio Bots that show consistent performance over time.
Risk vs. Reward: Compare the highest possible profit against the maximum possible drawdown to assess the risk-reward ratio.
Trading Frequency: Evaluate if the number of trades aligns with your preferred trading style (frequent or less frequent). This is always configurable once you downloaded the Portfolio Bot.
Market Conditions: Consider how the bot performed during different market conditions within the test period.
Remember, while Backtest results are informative, they don't guarantee future performance. Use these insights in conjunction with other factors to make an informed decision when selecting a Portfolio Bot on the Cryptohopper Marketplace. Discover here which types of Portfolio Bots are available!
Setting up a Portfolio Bot on Cryptohopper isn't rocket science. Whether you're new to crypto or a seasoned trader, these trading bots can take some of the stress out of managing your crypto investments. Portfolio Bots are here to make your life easier. They handle the day-to-day stuff, so you don't have to be glued to your screen 24/7. Want to give it a shot? Head over to the Cryptohopper Marketplace and see what works for you. Happy trading!