Profitable bid bot: Part 1 (The basics)

Recently I have heard a lot of people talking about how to use bid bot efficiently. The fact is that, if you do not consider carefully, your bid will become a loss. If you bid with a right strategy, your bid will be quite profitable.

To share with you more about bid bot, I would like to share some of the key metrics I use to bid profitably.

In this article, I will use the website SteemBotTracker, an excellent tool of @yabapmatt for tracking the most popular bots, as well as the monitor to see which is the best way to use.

From the table above, there will be a lot of info to see. Let's dive into the basics:

For every bot, you will see the Bot Name, which indicates the name of the bot, following by the "Vote Value," Min/Max Bid, Min/ Max ROI, Min/ Max Age, Total Bid, Max suggested Bid, Last Vote, Next Vote, and Actions.

Let's have a closer look at each factor.

• Vote value: Maximum amount of reward can receive per a vote of the bot. Usually, one majority consists of many bidders so that the bot will bid for all the bidders based on the _the amount of bids.
• Min/ Max Bid: The minimum and maximum amount of bid that you should send to the bot. Do not send less or send more than the range. Most of the bots will refund, but it takes time.
• Min/ Max ROI: The total percentage of ROI that you will receive from this bot. Please note, the ROI can be harmful, which indicated a loss in money when the bod votes. I will share more about it below. Furthermore, let's have a look at the bots with "none" here.
• Min/ Max Age: Easy, just the time of the post that can receive the vote. The bots will not vote if the postage is sooner than required or longer than the Max Age.
• Total bids: The total amount of money the bot has received.
• Max suggested proposals: For me, it is the most critical factor, as you should never send bid which is higher than the Max suggested field, which will incur a loss to all the bidders.
• Last vote: the time of the previous vote by the bot. All the bots require around 2 hours to get the voting power back to 100% before the next round
• Next vote: The countdown timer for the next voting round by the bot.

Three basic tips

So above is the basics of the bid bots, here are three tips to consider:

1. Do not use bots that the Max suggested bid is 0 or close to 0: For those bots, the value has been used up, you can quickly get a loss by sending bids there
2. Do use a smaller amount of bid for many bots: Surprisingly, I have seen a lot of dudes posting a 100 Steem bid on only one bot, which is super easy to get into a loss in profit. I would instead to send ten bids at 10 Steem each to all ten different bods
3. You do not need to bid right after posting: In some case, you can wait 1-2 days before sending a bid to the bots. As long as the bidding is within the time allowed, your bid is reasonable. Sending the bids too soon can affect if it incures a loss.

So this is just the first article in the series. I will share more in Part2 about selecting and submitting a bid.