ANOTHER REALLY BAD TRADING BOT?
It happens sometimes. You set up an automatic trading bot and it's doing fine when you are watching it working, but when you go out it suddenly have a malfunction and starts doing some very unlogical things with your money/assets.
Well, I can for sure say that a bot was involved, because the sell orders were really high in price. However, when I put a buy order with a very low price then in almost an instant someone sold the asset to me. It happened yesterday on the BitShares/OpenLedger exchange with all GameCredits markets. I was not recording it or anything, but I would like to show you how it was.
I checked my account on the Bitshares exchange and to my surprise I bought some GameCredits for 10 BTS each, which was still a really great price for them. I checked the gamecredits/bts pair again so I could analyze it and maybe buy more.
Imagine my shock when I checked the market it looked like this. That was a huge spread! I think someone just put their's orders away.
I started to place some orders so I would be in the first place with them. Small orders for 4,004 did nothing, but when I place order 1 GAME for 5 BTS and more, they went through instantly.
I really didn't know what is going on! Did OpenLedger have some problem? Is it impossible to withdraw assets? Is GameCredits down that much?
Well, nothing of that was true. I did some tests and it didn't matter how big of an amount I buy. If the price of the buy order would be above 5 BTS per GameCredits they would be sold to me - instantly actually. That was a really great price, because it was like $0,7155 for a cryptocurrency that was normally selling on Bittrex for $2 in Bitcoins.
It was probably a job from a broken trading bot! Every GAME pair was down more than 50% on the BTS/OpenLedger exchange and there were just buy orders below some exact number. Everything higher than that was eaten by the bot. It was a shopping time! Thank you bot!
My tip is to not use any free automatic trading bots or actually any bots in general. I think nothing can beat manual trading and it doesn't even matter on what market are you in.
Also NOTHING can beat manual curation on steemit! :)
Thank you!
My previous posts:
https://steemit.com/gaming/@eirik/dota-2-arcade
https://steemit.com/gaming/@eirik/starcraft-2-arcade
Bots on crypto sounds like an acid jazz track
goes to show manual trading is better... even fx bots can do same... lucky you... good one...thanks for sharing this vital tip
am trying to get some whaleshare but finding it difficult... are you on steem chat?
Hey kenhudoy. No I am on discord.
See us there! https://discord.gg/t4BhaSB
Thanks!
ok dear...used whaleshare...it helped on my post ...you an check it out about making your bed... hope you made ur bed today;)
thanks dear will check discord out...
Great! :)
Tks dear
Automatic trades need to be tested alot in order to see if worth long term.
Here is an article with the most used market terms
https://steemit.com/cryptocurrency/@johnycrypto/all-the-trading-terms-you-need-to-know
This is great to know. Thanks for sharing your experience. This can help a lot of people and prevent them from losing money.
Yes it sounds like it was a bot problem. I don't deal in this, but I agree that it's better to do it manually. That way you are the one in control.
For this reason I don't trust any bots, neither trading nor curation. Our mistakes makes us wiser😉
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