How to use crypto Bots
This guide is meant for Yanda traders to understand how to launch trading bots.
Be sure to set your Metamask wallet and connect your API keys.
How to launch a Bot on BmyBit
From bmybit.com, go to the Trading Terminal section, there you will find a TradingView chart to analyze every market and the Control Panel from where you can create your own Trading bot.
Markets and Balance
To start a trading bot, you need to select the currency you want to start your bot with and the amount to invest. Make sure to have enough balance. You can select the market by the drop-down menu on the top-left corner and click on the pair you prefer. All balances will be updated once the page is loaded. The base asset is the first currency that composes the market pair (the one on the left), while the quote asset is the second (the one on the right), and the price of the market is always calculated in quote asset. The Available Balance is the current amount of a specific coin immediately available for trading. You can only launch a Bot if you have enough Available Balance.
Initial asset and Investment
Now it's time to choose the asset and how much you want to invest, you can choose to start with the base asset or with the quote asset of the market pair, but the amount must be equal to or less than your Available Balance. Choose the Initial Asset and the Initial Investment, be aware that if the amount is not enough Yanda will show you the minimum investment required for the selected market. Yanda will charge 0.2% fees on your Initial Investment.
Stop Losses
The stop losses protect you from markets falling. The lower the stop losses percentage, the higher is the probability of scoring losses.
Remember to check the Volatility to understand how to set the perfect stop losses.
Profits
Now it's time to choose how much you wish to earn with your Trading bot. You will have to choose the expected profits(%) when selling or buying the base asset. The first thing that the bot will do once the bot starts running is to buy or sell, depending on the initial asset, half of your initial investment. The bot will then place two limit orders, one to buy and one to sell, and the price of these orders is set accordingly with these parameters.
To fully understand it, let's make an example. We're not going to consider any exchange fees during the calculation. Let's assume that I want to launch a bot on the BTC/USDT market with an initial investment of 1 BTC, and set Expected Profits in BTC at 10% and Expected Profits in USDT at 5%.
When the Bot starts it will place a market order to sell half of my initial investment of BTC at a market price of 1,000 USDT.
Once the market order is filled, the balance will be 0.5 BTC and 500 USDT, so the bot will place two limit orders:
to sell 0.5 BTC at 1,050 USDT, which is 5% more than 1,000 USDT;
to buy BTC with 500 USDT at 900 USDT, which is 10% less than 1,000 USDT.
Now that the two limit orders are in place, it's time to wait until one of them is filled. Let's analyze the two possible scenarios.
If the limit order to buy is filled, then it will place another limit order to sell BTC at 1,050 USDT. Since it bought BTC with 500 USDT at 1,050 USDT (which is equal to 0.5555 BTC), it will sell the new amount 0.5555 BTC at 1,050 USDT. If the price continues to fall see how to follow the trend in the Restart section.
If the limit order to sell is filled, then it will place another limit order to buy at 900 USDT the new amount of BTC. Since it sold 0.5 BTC at 1,050 USDT, it will buy BTC at 900 USDT with 525 USDT. If the price continues to rise see how to follow the trend in the Restart section.
To recap
With Expected Profits in BTC at 10% it will buy BTC when the price drops by this percentage, in this case, the limit order is to buy 500 USDT worth BTC when the price is 900 USDT. So if filled the balance becomes (500 USDT / 900 USDT) = 5.5555 BTC + the starting 0.5 BTC, for a total of 1.5555 BTC.
With Expected Profits in USDT at 5% it will sell BTC when the price increases by this percentage, in this case, the limit order is to sell 0.5 BTC worth USDT when the price is 1,050 USDT. So if filled the balance becomes 0.5 BTC * 1,050 USDT = 525 USDT, plus the starting 500 USDT, for a total of 1,025 USDT.
After the last filled limit order, you can use the Restart option to follow the trend for more opportunities.
The minimum profits required are related to the investment amount, the higher is the amount and the lesser is the profit percentage you can set, an error will be displayed if the percentage is not enough. Of course, you can set a really big percentage amount, but that doesn’t mean the Bot is going to achieve that goal, lesser profits are more likely to be reached than a bigger one, it all depends on your trading plan!
Lock-in and End Asset
With this parameter, you will choose how and when you want to terminate your trading bot. The Bot will stop trading once it reaches the target.
A 0.1% Lock-in Profit means that you will see your bot terminated as soon as it performs profits.
Kick-in price
With all the basic settings that we covered until now the Trading Bot will start trading at the available market price (as we've seen in this example). With the Kick-in price, you can set the price at which the bot will start trading. This is a good feature to use when you want to enter the market if, for example, you are waiting for a dip!
Restarts
The Restarts parameters let you restart your trading bot when the market keeps following a specific trend, which can be an uptrend or a downtrend. I deeply recommend using and exploring these fields once you've mastered and fully understand how the bot works.
Let's make an example. We're not going to consider any exchange fees during the calculation and prices will be rounded up, just to keep it simple. Like in the previous example, I've already launched a bot on the BTC/USDT market with an initial investment of 1 BTC, with Expected Profits in BTC at 10% and Expected Profits in USDT at 5%, and enabled both restarts, restart in BTC at 2% and restart in USDT at 2%.
Let's analyze the two possible scenarios
Restart BTC at 2% if the price continues to drop. If the limit order to buy is filled, the Trading bot will then place another limit order to sell BTC at 1,050 USDT, like in the chart below.
Right now the balance is 100% in BTC and there is no limit order to buy. What if the price continues to drop?
If it does and reaches the restart BTC level, which is 2% less than the previous order (900 USDT - 2% = 882 USDT), it will cancel the pending orders to Sell, like in the chart below.
Then it will restart at this new market level.
At this point, the new market price is 882 USDT, and the next two limit orders will be placed using the percentage of the expected profit settings.
Once the market order is filled the bot will then place two limit orders:
to sell BTC at 926 USDT, which is 5% more than 882 USDT;
to buy BTC at 793 USDT, which is 10% less than 882 USDT.
To recap
With Restart BTC at 2%, the Trading bot will start over when the balance is 100% in BTC (or the pair base asset) and the market price is 2% less than the last limit order price to buy;
With Restart USDT at 2%, the Trading bot will start over when the balance is 100% in USDT (or the pair quote asset) and the market price is 2% more than the last limit order price to sell;
One Trading bot can be restarted multiple times if the conditions are met.
Monitoring Bots
Once you have created a bot, and it is running on Yanda you can monitor it via the trading terminal by clicking on the Details button included in the bot's card. If you still have some doubts or need further help, you can join our Discord channel and ask for support!
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