Especially for new Cryptohopper users, and also for users that have been using Cryptohopper for a long time, it can be confusing how to use the Buy and Sell settings of Cryptohopper. Therefore, this article will explain the ins and outs of all trading features and the order of buy and sell execution. Can all settings be used at the same time? This questions will be answered.
There are 3 different ways on Cryptohopper to create buy orders; Manual buy, Strategy, and Signallers. The most important thing to know is that all these options to create buy orders can be used at the same time.
Then, there are the features that can be used on top of buying. With Trailing Stop-Buy (TSB), the coin will first have to reach the price you have selected in the Manual Buy section or receive a buy signal from your strategy before the Hopper will create a TSB order. From here on, the price will be checked constantly before it will create a regular buy order. TSB does not work for signals received by Singallers and will only work for new trades.
Shorting on the other hand, can be used for positions that you already possess. Once a coin you possess has been sold, your base currency will be reserved to be able to buy more of the same coin later on. Another buying feature that is available on Cryptohopper is Dollar Cost Averaging (DCA). DCA can also be used for positions you already possess. What DCA does is that you buy double or triple the amount of the coin that is currently in loss. By buying more of a losing position and merge these positions, you lower the percentage profit needed to breakeven. Keep in mind that you are increasing your exposure to this coin! DCA and Shorting cannot be used together and can be used for Manual Buy, Strategy, and Signallers.
There are multiple sell settings on Cryptohopper, these are Take Profit, Trailing Stop-Loss, Strategy, Stop-Loss, Auto Close, and Signaller.
With Take Profit, Trailing Stop-Loss, and Auto Close, it matters which will be triggered first. They can all be used at the same time and the setting that will be met first will result in the position being sold. As an example, it is possible to use the following settings:
Take Profit: 10%
Arm TSL: 0.5%
Auto Close: 7 days
When you enable ‘’Sell based on strategy’’ in the Base Config, your Take Profit and TSL percentages will be taken into account, the sell trigger that gets hit first will trigger the sell. Selling based on Auto Close could also trigger a sell when the position has not been sold by one of your other sell settings within X period. When Sell based on strategy is enabled, it will be possible that your positions get sold with loss.
Stop-Loss will only sell positions when they are in a loss and can be used to prevent losing more on a position. The last thing that could trigger a sell is your Signaller. When subscribed to a Signaller, it is possible to select “Sell signals’’ and ‘’Signal configuration’’. Both settings can include sell signals, however, not all Signallers send sell signals.