Want a chance at your share of up to 10,000 USDT prize pool? All you have to do is use Gunbot to trade at OKEX (in accordance to official Terms), and you can!
Even better — GBU VPS already supports the latest Gunbot version(s), including the OKEX build. You don’t have to change or stop your current Gunbot to get up and running same day – we’ll do the install, initial setup, SSL certificate and launch it.
Order your VPS today at https://gbu.run/gbuvps – pick a size and a term – and use “OKEX” as a coupon for $5 off. That means for $10/mo or less, you can have a fully functional, close-to-the-exchange bot running TODAY.
Specify which exchange you want – you can choose OKEX of course, but any Gunbot-supported exchange can be entered.
Use “OKEX” coupon for $5 off first order.
You can use Paypal, Crypto or Credit card to check out. We recommend Paypal or Credit card for auto-renewal purposes. If you choose Crypto, you’ll have to ensure you renew before the expiration date else your bot will be turned off and deleted.
This will get the process started. Look for an email / telegram with your VPS details, but at the very least, GBU will send you the IP address that you can use with API key below (recommended for better security). We generally set up your VPS same day.
Transfer some of your Funding account to your Trading account
Create API key – Choose API v3
Set up a passphrase and be sure to store it securely
Enable Read & Trading (not withdrawal)
Complete the key and after created, view it so you can get your API key and API Secret. Store that securely as well.
If you already have another Gunbot running…
You will want to license your new Okex V3 API key. If you already have Gunbot running, go to that Gunbot GUI, go to Settings > Swap Exchanges, and pick an open slot. Choose “okex3” and paste in your key (not secret!). Click Save, and you should get a green alert box in upper right hand corner saying it has saved.
If you don’t have any available slots, you can upgrade your Gunbot with GBU! Go to https://gbu.run/upgrade and pick your current Gunbot license and your desired Gunbot license. Not only should you be up and running same day, but you’ll get complimentary GBU Subscription (Associates or Bachelor, depending on what you upgrade to).
If you are currently running Gunbot Standard or Starter, then you only have one API slot. You definitely should upgrade. If you still want to keep the one API slot and still use Okex, then you’ll have to contact your reseller to update your key.
If you buy Gunbot from GBU, we will set up and register your API key for you.
Finish Gunbot Configuration
You’ll get an email from GBU VPS for your host web address. Visit it and set a password for Gunbot that is different from any other password, and that you can store securely. This password is for you to access your hosted Gunbot.
Go to Settings> Gunthy Wallet. Put in your GUNTHY Wallet in the settings area (after pasting in the wallet address, press [TAB] to get the [Save Changes] button)
Go to Settings> Exchanges and add new okex3 exchange. Paste in your key twice (key and master key) and paste in your secret twice (secret and master secret). Put in delay: 20 for now, paste in your passphrase, and put in trading fees of 0.25. Click Add, then [Save Changes]
Go to Settings> Trading Pairs and add a new pair. For testing purposes, put in BTC-ETH , choose okex3 as exchange and put in watchgain as the strategy. This strategy won’t buy or sell but will just run so you can ensure things are working ok.
Go to Settings> Bot Settings> OKEx Competition, give yourself a OKEX_NICKNAME and then put AGREED into the OKEX_AGREEMENT field. [Save Changes] there as well.
By this time, you should be able to go to your Dashboard, and after a few cycles, it should start filling out. The BTC-ETH pair should show up in Active Pairs, and you can start doing your own selections of strategies, pairs and more.
After a few trades and a few cycles, your chosen Nickname should show up on the Leaderboard at https://okex.gunthy.org:444/ – We wish you luck!
Note that it sometimes is advantageous to have access to the SSH Console of Gunbot host. We support that at GBU, too! Go to http://gbu.run/sshkey to read more about how that can be done – with SSH Console access, you can watch the grid, look for error messages, check out the log files and more. You can ask for help in our Slack community should you get stuck.
A question came in via email recently, so I thought I’d reword it a bit and answer it here in GBU Slack so everyone could benefit: What is the process that happens when I buy Gunbot? What happens with the GUNTHY wallet, tokens and API key? How am I licensed? Shortly after your order, GBU …
If you haven’t heard by now, CryptoSight is no longer an add-on product, and you no longer have to pay for it. It’s built-in to Gunbot! If you have a new install and wondering why your Cryptosight Telegram bot isn’t working, take a look at these tips: Tips 1. "CS": trueIn the config.js file, take …
24 hour challenge – get a $199 crypto course free for one day, and forever if you complete a simple challenge
Chris Coney from The Cryptoverse goes into some TA in this video but also announces his super special of how to get free access to his $199 course for a day, and if you complete a challenge within 24 hours, you can get lifetime access to the course.
GBU is a Patreon supporter of the Cryptoverse, and I’ve taken the course referred to here. It’s well worth it and is a great course for people wanting to learn the basics and then add some advanced items on trading. Each segment is 2-5 minutes long, easily consumable from mobile or desktop, and is presented in a logical flow.
For those using the new and latest versions, (12.9.8, 12.9.9), just know that CryptoSight is now built-into Gunbot and also changes the Telegram (TG) functionally quite a bit. This article reviews some tips on getting it to work.
Several customers are running into an issue with the new GUNTHY token license system where even though they have a new functionality to swap exchange license keys on the "Swap Exchange" page, since Gunbot *must* run without API error, customers cannot access the "Swap Exchange" page sufficiently to make the change itself. This article tells you how to get around the limitation and fix the exchange key correctly.
*Gunbot v18.104.22.168 – Stable release* Fix an issue with Kraken not starting for some users. Thanks @cybershaman79 Fix bittrex bid/ask being reverted. Gunbot Version 22.214.171.124 is only available via Telegram group at this time. GBU can provide a Dropbox download link for people who don’t have Telegram, but we stress that the right way to …
At GBU, we provide top-notch Gunbot-specific education. We also offer some non-Gunbot content that delves into generic trading, cryptocurrency, and other related topics. There’s even hours and hours of Technical Analysis (TA) teaching. However, we know that some people want more than what we offer directly, so we partner with high quality content providers to help fill in the gaps.
IntroToCryptos.ca starts a Three Week Intensive starting this Saturday – this isn’t just a starter course, or something intended to try and get you to buy something bigger — this is a full course that covers much of what a crypto trader should have.
I’ve been following Doug for months on his YouTube channel, his discord group and I’ve gotten to know him and his trading style quite well. There’s no Gunbot or botting information in this course, and that’s the point — this trading course is about knowing much more under the hood.
Take a look at the course syllabus, all the bonuses you get, and if that wasn’t enough, you can get 20% discount if you use code GBU at checkout.
Oh no! They Delisted my coin! Professor Wally describes what happens when an Exchange delists a coin and many options you have to handle the coin, and potential consequences. This particular video shows Gunbot version 9 and is a reaction to eight (8) specific assets being delisted from Poloniex on September 18th, but is generic …
The first step when you get a notice like this is to find out if you actually own these coins. The exchange usually sends you an email with your specific holdings of the asset.
Hello, If you are receiving this message, it is because you currently hold a balance in COIN1, COIN2, COIN3, on Poloniex.
However, even if they don’t, or if the notice gets lost in spam folder, its up to you to make sure you find out if you have any balances and move them, sell them or otherwise handle.
Might want to stop botting them ASAP
If you use this Exchange, you will want to check if you are botting these coins. If you have no inventory at all, then the suggested course of action is to remove the pairs from your configuration.
If you have inventory, then you have more work to do. At least consider stopping your Gunbot from buying them. Here’s why:
When coins get delisted, they drop in value FAST. When coins drop fast, Gunbot frequently will see that as a buying opportunity, so you may find yourself with inventory of a coin that will be gone soon — Gunbot buys it on the way down, thinking that it will go back up, but of course it doesn’t go back up most of the time.
Therefore, to prevent this, set the BUY_ENABLED: false to avoid such situations.
If you use the GUI, and you have some balance of the coin, go to Setups –> your setup, navigate to the coin(s), then add an override called BUY_ENABLED and make it “false”
That way, you have a chance of selling off your inventory without buying more.
If your strategy has Double Up enabled, then you might want to disable it with a per-coin override as well, otherwise Double Up might kick in — several times, in fact. However, if you look at the typical behavior of Delisted coins, it is a very frequent occurrence that coins have a LOT of volatility right after the initial dip, so some profits can be had. More on that in the selling section below.
If you want to move your coins
Second, you may want to decide whether to sell or move your coins.
Move coins to a Gunbot-supported Exchange
If you want to move your coins, as a Gunbotter, you may want to move your coins somewhere that you can still bot your coins. This means using an exchange that Gunbot supports. What follows is a handy table listing the current exchanges (up to three) that these coins are still trading and active on. The ones Gunbot support are highlighted in green and the ones highlighted in red are ones that Gunbot does not support.
Note that BTM (Bitmark) uses ticker BTM on Poloniex, but “MARKS” on Cryptopia. BTM is coin Bytom on Cryptopia, so don’t try to move your Bitmark to a Bytom address over there. Secondly, Cryptopia’s MARKS wallet is in maintenance as of 2018-08-30, so it is unknown if the wallet will come out of maintenance or not.
Generally speaking, if you move your coins to another exchange where you can run Gunbot, you can then configure Gunbot for that pair, and set a BOUGHT_PRICE override to match what you bought the coin for on the previous exchange.
Move Coins to a non-Gunbot Supported Exchange
Sometimes coins that get delisted aren’t supported on exchanges that Gunbot supports. This is a sign that the coin is in the minor leagues.
If you don’t already have an account on the exchange listed for the coin, you may consider creating an account on the exchange if you have a large number of the coin, and it represents a major financial investment.
Note that creating exchange accounts can represent risk. Always use different passwords for every account you use, and when possible, even use a different email address. Always use two-factor authentication.
Moving Coins to a Wallet
If a coin or token is being delisted from an Exchange, there’s a strong likelihood that the coin doesn’t have a strong presence outside of living on exchanges. This means that installing a wallet on your own in a safe manner is usually going to be an uphill battle.
It’s important to convey the following:
Do not simply google for a wallet for a specific coin – this is one way to get scammed
Do not download any wallet you find and install it on your computer – this is a sure way to get hacked/scammed
Only use verified wallets, and when possible, use hardware wallets. This drastically limits the coins you can store locally, but that in itself should tell you something.
If you must use multiple, various, widely varied wallets from all over the place, consider learning how to use virtual machines (VMs), ideally on a spare computer that is not your main machine. Install Windows or Linux and use a different VM for each wallet. That keeps each wallet separate, secure and it has less chance of infecting or interfering with your real life computer, finances or crypto.
Above all, look at the value of the delisted coins and determine if it’s worth saving those coins and disrupting the rest of your life/crypto/finances to save them.
Selling off your Delisted Coins
Many times, it may be best just to try and get the best price for your delisted coins. This may be due to how much time you can devote to the project, the timing of what’s going on in your life, the stress it would cause, or many other factors.
For others, the “loss” the sale would represent on paper may be a welcome event for tax purposes. Be sure to record the sale and keep diligent records in case the exchange does not have the records available later on. For this purpose, we highly recommend CoinTracking (we have a 10% discount link if you follow https://gbu.run/cointracking)
Be prepared — if this is your first time through this process, you may be in for a shock. If you’ve been around crypto for a while or not, you may have bought these coins at their peak, and found that you’d be selling these coins at a tiny fraction of their purchase price. You can measure this in their BTC price (or whatever BASE you used – ETH, XMR, USDT) or the USD value of BTC at the time of the transaction. Consult your tax advisor for specifics if that is important to you.
Just know that a lot of people are selling off coins, so some people are buying the coins and transferring them to the other places mentioned above, to sell. Some coins have no-where to go, so there won’t be many buyers for those. Some coins you might just want to dump as fast as possible.
Alternatives – Double-Up and Arbitrage
If profits are still important to you relating to these delisted coins, and you still have coins left, and they would represent a sizable loss to you, there still is something you might be able to do, if you are comfortable with the risk.
If you look at any coin that was recently delisted – such as this one here (VRC), you can see obvious points where Gunbot could have stepped in and made immense profits:
You’ll see this happen more and more as word spreads – more news gets out, more people log in and sell off their coins, or a market opens up, or the developers lobby for another use case, or all sorts of reactions to what’s going on. The volatility is intense.
This is where a savvy person who still has coins to try and liquidate can actually do something.
Specific Double-Up example
Here’s one example:
This was Centra (CTR) right before getting delisted on Binance (April 5th, 2018). The founders of Centra got arrested for fraud and the coin’s price tanked. Look at “Price per unit” column — the initial buy in February on this coin started at 11,450 satoshis and in less than a month experienced six (6) double-up’s.
Then it sat for almost another month. When the news hit about the founders, and the price was already down to 1411 satoshis (down 90%!!!) there was a significant amount invested in this bag.
Here were the factors:
A lot was already invested in the coin
The amount invested was done when BTC was a high USD price
The average price was way too high to reasonably expect it to recover
The current price was so low, that not a lot of new investment was needed to drastically reduce the average cost
The current BTC price was a low USD price
Some may wonder why factors #2 and #5 matter — here’s why: If it’s a win, there’s profit. If it’s a loss, the loss is significant for tax reasons, without a requirement for having to actually invest a ton more now.
With this example, Gunbot had performed the automatic double-ups, so any double-ups needing done had to be made manually. The purchase of 1505 CTR was a manual purchase, which brought down the average bought price significantly, but the price kept going down. When the price hit below 750, another manual purchase of 3010 CTR was made, making for a total of more than 6000 coins.
Then the price rebounded, and Gunbot took over. It rode the price up to 2662 and sold for a 17% profit!
This, of course, is a risky move — and noone should ever expect such high profits. But I expect most people would even be happy with getting their money back instead of selling at a massive loss. And that’s the point of this option.
Arbitrage is the act of buying something in one place and selling it somewhere else at a higher place. You may notice that some people just sell off their coins at Poloniex because they only have an account at that one exchange – but you, as a more experienced crypto trader, might happen to know that the coin is also for sale at Cryptopia at a 5% or 10% higher price.
This is where you might be able to make a short lived business buying coins at one place and selling them in the other after transferring.
There are a number of caveats, which include fees, transfer time, and the absolute problem of not knowing that the price will still be good by the time you’ve transferred the coins over to the new place.
When an exchange Delists a coin, knowing your options can help relieve stress. Keep these things in mind:
Check exchange for inventory whether they notify you or not.
Set Gunbot to SELL ONLY unless you want more coins
Consider Moving Coins to another Gunbot Exchange
Consider Moving Coins to another non-Gunbot Exchange
Consider Moving Coins to a safe Wallet
Maybe Sell Off at a Loss (confirm the loss)
Maybe Use Double Up or Arbitrage (risky)
This is not specific Financial Advice. GBU is not a Financial Advisor
In Part II of our NEWBIE SPECIAL, we dive deeper into the essential information any person new to Gunbot needs to know, and this episode is devoted to Trading Strategies. Timestamp Topic 00:00:14 Introduction 00:00:37 Trading Strategies 00:03:16 Strategies: standalone vs mixed 00:08:09 Strategies: examples 00:12:53 Strategy: Emotionless (emotionless) 00:16:59 Strategy: GAIN (gain, must watch …
In Part 1 of our Gunbot NEWBIE SPECIAL, we start to scratch the surface — without even looking at Gunbot once! If you want a good, solid grounding before getting into Gunbot, or as you’re starting into the world of botting, this introduction is for you. Professor Wally goes over Setting the Right Expectations, What …
Due to irregular trading on some APIs, Binance will remove all existing API keys as a precautionary security measure. All API users are requested to recreate their API keys.
We apologize for any inconvenience caused, and thank you for your patience.
This is cause for immediate action for all Gunbot users who use Binance – this immediate stops all Gunbot activities, and also impacts any other software or service that uses Binance API’s – CoinTracking, CryptoSight, Zeno GUI, CryptoGramBot, etc.
In short, in order to resume trading with Gunbot, you must do the following:
Create new API Key(s) at Binance
Get the Key activated with your reseller
Enter the Key(s) into Gunbot
GBU Customers: If you purchased your Gunbot license from GBU, and you are licensed with Binance, you can contact Master Teacher Poy or Professor CryptoWally on Slack or Telegram, email firstname.lastname@example.org or fill out the form at https://gbu.run/feedback – we will need your old API key and the new API key you create as master (see below for full details).
There’s more detail to the above steps to do this correctly and with less drama, cost and headache down the road, so I will detail them now.
Create New Keys at Binance
Binance wiped out all the API keys in their system. That means you must create new ones. Your Gunbot and any other software that hasn’t been updated or shut off is hammering Binance’s server(s) with a key that does not exist.
It is highly recommended, and is considered Best Practice that you create two keys for Gunbot – one for licensing and activation (this is called the “Master key”) and one for Gunbot to actually use for day to day use. The reason for this is that by using a key for day to day use, the key is at risk of being invalidated, lost, banned, or compromised.
Important: If an API key is invalidated, lost, banned or compromised, then the cost to get a new one from your reseller (at time of writing) is 0.01 BTC. If this has happened to you, and you need this service, you can purchase it from the GBU Store. If the API is wiped out due to no fault of your own, such as Binance wiping out all API keys, then traditionally there is no cost to you. (Note: this is subject to change, and GBU does not control the costs handed down by Gunbot’s authors)
By creating a Master Key that is never used for day to day use, and is only used for licensing, then you reduce the risk of having it invalided, lost, banned or compromised.
So, to help save you heartache down the road, create two keys. Name them something like “gb-master” and “gb-primary”.
ALWAYS COPY YOUR SECRET BEFORE THE PAGE GOES AWAY since Binance only shows you the page once.
Get the Key Activated with Your Reseller
Activate the key you called “gb-master”. You do not need to activate the “gb-primary” key. If you ever run a second Gunbot on the same account, you don’t need to activate that key either. If you compromise the gb-primary key, or Binance wipes it out due to a NONCE issue, or you move to a different time zone, it’s ok. You just create a new gb-primary key and put it into Gunbot and you’re good to go – just don’t ever delete gb-master. You don’t need to talk to your reseller about the gb-primary keys.
When you communicate to your reseller, help them out by providing your old API key and your new API key. They must validate your old key to ensure you had a valid key, so don’t just bombard them with a new key. That will just take them longer, or they’ll just turn around and require that you provide it anyway. Save yourself some time, copy the old key while you’re in there, and when you politely ask for the API key swap, say something like this:
Hello – I was impacted by the Binance security API wipe. Here is my old and new key. Can you swap me out at your earliest convenience? I would send you cookies if I knew where you were. How is your day?
old key: ****
new key: ***
Also, please note that only your reseller should be the one to swap out your key. If GBU is your provider for subscription services, such as Master, Bachelor or Associates, but we did not sell you your Gunbot license, we cannot help you with your API key swap.
Your reseller will get back to you once the old key was validated and the new key was activated.
Enter the Keys into Gunbot
The two keys get entered into gunbot as masterkey and key.
Here’s how it looks in the config.js file if you are using Gunbot Core – aka, from the command line, when you run gunthy-linx64 or gunthy.exe.
The Official Gunbot Wiki has more information on API keys for the different Exchanges – https://github.com/GuntharDeNiro/BTCT/wiki/Configuring-Gunbot#exchanges
In the GUI, you enter in the Master key separate from the Primary key. There should be two different entries in the GUI in order to get the config file to store them.
Be sure to save your configuration.
After making your changes, start Gunbot up again and make sure it starts.
There are other accessories that use Binance API keys, such as CoinTracking, ZENO GUI and CryptoSight that will need to be updated as well. Check our Slack Community for updates, or those product’s support channels for further updates
How to Profit Off Consensus 2018 by Botting the Coins Presenting, Shipping and Sponsoring Themselves at the Conference next week. You may have noticed a tremendous dip in the market that happened over the past 24 hours. As frequently happens during these downturns, the new people freak out a little. They’re not used to such …
Configuring Gunbot can be an art, and it can be a science. One of the most basic configuration elements is setting the proper limits to tell Gunbot how much to trade. This article explains those basics and then some tips on how to avoid mistakes.
What’s Going On
Gunbot needs to be told what to do. It needs to know what pairs you want to run, what strategies to run on those pairs, what Telegram account to notify of massive profits, and so much more.
One of the most fundamental pieces of information Gunbot needs to know is your budget. Some people trade with very low amounts… skirting with the minimum order size that the Exchange will allow, and others trade with amounts that would make most people’s head spin.
In order to tell Gunbot your budget, you don’t tell it the total amount you have to play with, nor will it assume all the crypto you have in your account is fair game and auto-budget itself. It must be told how big each trade should be, and needs to know how to tell if an amount is too small to care about. These small amounts, also called “dust”, might prevent Gunbot from trading if it’s not told to ignore them.
Like with any configuration element, your first trip to learn about it should be the official Gunbot wiki. That’s where the latest intel resides about variables, default settings, strategies and what’s latest in the most recent version.
Let’s see what the wiki has to say about these limits (the wiki, like Gunbot, has evolved over time):
Values: numerical – represent an amount in base currency.
This value defines the trading limit for each buy order. Make sure to always set this higher than MIN_VOLUME_TO_BUY & MIN_VOLUME_TO_SELL.
When you set this to 0.1 and trade BTC-x pairs, Gunbot will place a buy order worth 0.1 BTC each time it buys. When trading a fiat pair like USDT-x, set a whole number like 100 as TRADING_LIMIT.
GBU NOTE: On Gunbot version 10 and earlier, only use whole numbers for fiat pairs.
Values: numerical – represents the total value of a coins holdings in base currency.
Sets a threshold for buy orders. Prevents orders from being placed when TRADING_LIMIT is lower than this value. Set this at least to the minimum trade size of your exchange. When trading a fiat pair like USDT-x, set a whole number like 10 as MIN_VOLUME_TO_BUY.
GBU NOTE: On Gunbot version 10 and earlier, only use whole numbers for fiat pairs.
Values: numerical – represents the total value of a coins holdings in base currency.
Sets a threshold for sell orders lower than the exchange minimum trade size. If you own less than the set amount, sell orders will not be placed and Gunbot goes into buying mode. Set this at least to the minimum trade size of your exchange.When trading a fiat pair like USDT-x, set a whole number like 10 as MIN_VOLUME_TO_SELL.
When you hold 0.006 (in base currency) of a coin and have set MIN_VOLUME_TO_SELL to 0.01, Gunbot will not try to sell your current 0.006 balance because it is below the set threshold of 0.01, instead it will place another buy order first as soon as buying are met.
GBU NOTE: On Gunbot version 10 and earlier, only use whole numbers for fiat pairs.
What does this mean?
So, the first thing we learn is that TRADING_LIMIT does not represent your entire budget – it’s the amount Gunbot will trade per pair. This is important, because every new pair you add to a Gunbot instance can possibly spend at least TRADING_LIMIT amount of your funding currency.
Use funding currency terms
Speaking of funding currency, that’s the second thing we need to know about TRADING_LIMIT The amount you put as this value needs to be expressed in the same coin as you are using as the funding currency. In Gunbot, this is the first coin of the pair. For example, if the pair you run is BTC-OMG , then “BTC” is the Funding Currency (aka “base”) and OMG is the coin you want to buy (aka “quote”). If your pair is ETH-LTC then Ethereum is your base and LiteCoin is your quote. In Gunbot’s terms, the base comes first and quote comes second.
Note: As of Gunbot v7, all pairs are denoted in “BASE-QUOTE” format with a dash in the middle, regardless of how the Exchange expresses or denotes the format. For example, Cryptopia might say “ETH/BTC” with a slash, or Kraken might put it backwards and use “XLTCXXBT” with an extra “X” in front of each asset, but only some, but Gunbot’s notation would be ETH-BTC for the Cryptopia example and BTC-LTC for the Kraken example.
So, put the TRADING_LIMIT in the same terms of the base. If you run BTC-xxx pairs, then you should put the limit in as a Bitcoin amount. ETH-xxx pairs need Ethereum values as the limit.
FIAT is “special”
There’s a special case for FIAT pairs (USD, EUR, USDT, TUSD, etc) where not only do you need to put the amounts in FIAT terms (100 for $100, for example instead of 0.001 BTC for a $10k bitcoin value), but in versions 10 and earlier, you also need to not use any decimals. WHOLE NUMBERS ONLY (this is reported to be “fixed” in later versions, although I have not tested it).
This goes for all “currency value” settings: TRADING_LIMIT, MIN_VOLUME_TO_BUY, MIN_VOLUME_TO_SELL, and FUNDS_RESERVE. It also applies to Ping Pong Strategy variables PP_BUY and PP_SELL.
The reason you want to not use decimals in FIAT is that — if there are decimals present, the most likely reason is that you didn’t change it from defaults, and you’re probably using minuscule amounts like 0.002. You do not want this.
MVTB and MVTS – what are they?
The other two main configuration elements regarding actual money values are MIN_VOLUME_TO_BUY (MVTB) and MIN_VOLUME_TO_SELL (MVTS). These help Gunbot understand when to buy and when to sell.
“Dust” is a term crypto traders use to describe very small amounts of crypto in an account. Just like when you use a saw to cut some wood, the action of sawing not only gives the intended result (wood that is cut), but it also produces material as a side effect of performing the sawing — namely, dust.
Dust is important to understand, because you can accumulate dust in many ways in the crypto world.
For one, if you have, say 10.05634 EOS coins in your account, and you are only able to sell 10 of them, you will have 0.05634 EOS left in your account. This might happen because your sell order couldn’t be matched up to an exact sell order that filled all 10. Maybe your order was matched up to two buy orders – one for 6 EOS and one for 4 EOS. Then when it came to try and get rid of the remaining amount, the order would be too small for the exchange to honor.
Another way you might get dust is from small micro-deposits, such as from Binance’s referral program. Binance gives fee commissions for anyone you refer. It started off at 50% and is currently 20%. So when someone you refer makes a trade, they have to pay a fee on that trade. You get 20% of that fee. The fee is already small – usually 0.1% if no BNB is used and 0.05% if BNB is used. Therefore you’d be getting 0.02% or 0.01% of their trade, which is almost guaranteed to be a minuscule amount. This becomes dust in your account.
Binance has since updated their referral program to allow double commissions if you own 500 BNB tokens in your account. Please see those program specifics for most updated rules and conditions.
This setting allows Gunbot to avoid dust. Normally, dust clogs up Gunbot and prevents it from trading. Basically, it won’t initiate a trade if you already own some value of the coin. However, since “dust” needs to be ignored, Gunbot needs to know what you consider “dust” vs “substantial enough to notice”.
Once you have at least MVTB amount of coins in your account, Gunbot goes into sell mode. If you have less than MVTB coins, Gunbot is in buy mode.
After reading the wiki entry for MVTS, you might think it’s basically the same as MVTB, since it says “threshold for sell orders”.
However, there’s a difference between when Gunbot should be in a Buying mood (crypto amount is less than MVTB) and when Gunbot should be allowed to sell (crypto amount is more than MVTS).
There’s also a difference between Gunbot being in a selling mood and Gunbot being allowed to sell.
How to Set Appropriate Limits
Now that we’ve reviewed a ton of detail on each of the settings, you might just be asking “ENOUGH ALREADY! WHAT DO I PUT HERE?!?!?!”
Here are some tips on how to set the right amount:
Rule #1: MVTB should be less than or equal to TRADING_LIMIT.
Rule #2: MVTB and MVTS should be greater than or equal to the Exchange’s Minimum Order Size.
If you set this too low, then Gunbot will attempt to make orders, but the Exchange will kick them back. It’s not like Gunbot is going to auto-increase the values for you – it is your money after all.
Rule #3: It’s ok and common for MVTB and MVTS to be the same
You can set MVTS higher, but be careful that you don’t make Gunbot stop selling while it’s unable to buy. Most commonly, these two values will be the same amount.
Rule #4: It is highly recommended that TRADING_LIMIT be higher than MVTB to avoid the “Double Buy Exploit“. Target would be 3x to 4x, but it’s usually enough to make it 1.5 to 2x.
Many people, and the defaults in previous versions of Gunbot helped with this, use the same amount for `TRADING_LIMIT` and `MVTB`. However, if you do this, then you are subject to experiencing the “Double Buy Exploit”. It’s not an actual exploit from a security perspective, and it’s not a bug in any way. It’s just a consequence of Gunbot doing exactly what you told it to do.
Rule #5: If you’re too Greedy, you’ll suffer in bear markets
Many beginner crypto traders, and especially Gunbotters, look to their right and see someone who has tripled their money with amazing trades. They look to their left and see another person who’s made 10X gains and brags about the constant profits.
So, naturally, they think that’s what crypto is, so they set Gunbot running and give all their BTC to Gunbot. It might work for a little while, but eventually the bear cycle comes around and BAGS happen. And because they were greedy and gave all their BTC to Gunbot, Gunbot did exactly what it was told to do, and pretty soon, all the BTC is gone and all the trader has is a bunch of heavy bags that have lost value. Instead of blaming themselves and their greedy nature, or their rush to use a tool they didn’t understand, or their tendency to believe those people who claimed 10x gains and didn’t disclose the losses (who brags about the realities?), they blame Gunbot.
We at GBU recommend you use much less than all your BTC when botting. First, you need room to handle your bags. Bags happen to everyone and there is no magic formula to eliminate all of them fast, cheap, and cleanly. You should always keep dry powder, and use much less budget than you think.
When I started off, I used the lowest amount both I and the exchange could stand, and only ran enough pairs that I used 10-20% of my available BTC. This gave me enough room to learn Gunbot’s settings, to make sure I didn’t make wild mistakes, and when the bear market came, I had plenty of BTC to move to other pairs, use Double Up or move my bags off to another wallet.
With the above guidelines, you should be good to start with what is good for your risk profile, your preferences and your specific situation.
Double Buy Exploit
Example: let’s say you run BTC-ETH pair and have 0.002 set for both TRADING_LIMIT and MVTB. This means when you have less than 0.002 BTC worth of ETH in your account, Gunbot feels like buying.
Then, ETH becomes tasty and Gunbot buys some. It buys 0.002 worth and it’s now in your account.
Well, Gunbot usually buys on a downtrend, if it’s configured like most people want. If ETH value continues to drop after Gunbot purchases it, then you will have, say 0.00195 BTC worth of ETH in your account.
If this value stays there for the next cycle, and Gunbot has a low TRADES_TIMEOUT and isn’t using the safety switch, then, per the rules you have configured, 0.00195 BTC worth of ETH is now considered “dust”. It’s free to buy again! If the conditions are still ripe for buying, Gunbot will then purchase another TRADING_LIMIT amount of ETH (0.002) and it will be added to the wallet.
Now you have 0.00395 BTC worth and that amount is greater than MVTB, so it won’t buy again.
This shows up as a “double buy” in your trading history, because it will show two purchases of 0.002 close together. You might think Gunbot is double-buying by mistake, but it’s doing what you told it to do.
Exchange Minimum Order Size
At time of writing, here are the different Gunbot-supported Exchange minimums:
Binance used to be 0.001, then changed to 0.002, then back to 0.001, then changed to 0.0001. It also has additional minimum requirements more than just order size, such as minimum number of coins. Also, many coins must be purchased in whole numbers and not fractions (this doesn’t impact TRADING_LIMIT, however – Gunbot will automatically round the order to a whole number when needed). Binance also publishes their Trading Rules online.
Polo’s minimum is the same for all the funding currencies – BTC, ETH, XMR and USDT.
Kraken’s minimum orders vary by currency – 0.001 is the BTC minimum.
It used to be 0.002 but has changed. You can view all the details on Kraken’s article about the topic.
This is from experience and forum posts vs an official post by the company. It used to be 0.0001.
The official Bitfinex post about exchange minimum order size states: “The minimum order sizes for each trading pair is periodically adjusted to maintain order sizes that are reasonably proportioned to their values. The ultimate goal is to keep the minimum order size between 10-25 USD equivalent value while limiting the changes to the minimum order sizes to useful incremental values.“
Retrieving the API keys is mandatory. It is the interface that will allow the robot to ‘speak’ with the exchange. Depending on the exchange, the method to retrieve the API key can change. A) First, login to your account with your credentials. Create an account if you haven’t done so previously. Image: You should login …