PalmaBot users and Coconut Club members expressed a desire on me writing about my experiences on trading with PalmaBot. The idea is that I write about what I’ve learned as a trader beginner while testing PalmaBot features. These are my own notes that I have taken while doing it. I must stress out:
- I am NOT a professional trader,
- I am CEO and Co-founder of PalmaBot, but my priority task is not trading at all,
- one third of my life represents spending time with my family (8 hours), while the other third represents work (8 hours),
- I sleep 6 hours per day in average, which gives me 2 more hours per day (24 – 8 – 8 – 6 = 2) to spend on trading, or to better put it – testing of PalmaBot chatbot app,
- on the other hand I am THE TRADER that gets all the new features among the first to try out with real money and this is the primary cause I started trading in October 2017. And later blogging about it.
So, I am sending a detailed report on my successful trading using advanced Palma features.
Setup / goals:
- trade exclusively on mobile
- use only tools and resources that are accessible via PalmaBot
- real money on single exchange (investor package is enough)
- doing it by the way – while doing other usual stuff like work, family visits, etc.
- goals in this session:
- wife and coworkers do not feel neglected 🙂
- increase automation profit
- aggressive trading technique
- retain liquidity!
- I started on 20th of January and ended on 30th of January.
- Overall profit was 0.5% – not bad if you consider losses of over 10% in the meantime!
- Tools that I used – this time I focused more on automation (rather then on finding the right coin, as I did in previous turn):
- Coconut’s Special signals -> found Dash as a very volatile coin, which saved my profit!
- Mainly I would like to discuss why I did so much losses:
- discipline, discipline, discipline – I did not set up stop losses (I was too busy with “more important stuff” and it cost me 10% loss)
- as I mentioned above, I did try with more aggressive approach and hooked my self into a dead end as I ran out of funds (cost average method) and the market was still moving downwards
- with feelings from previous turn (25% in 4 weeks) I was convinced it will soon (enough) turn upwards
- what I suddenly realized was how important it is to stay liquid! – you see nice opportunities and can’t do shit – excuse my French, but many feelings are still in my vanes
- Ego aside – I had to sell with losses – luckily I did and saved another 5% loss and while the majority of the market was running down the slope I was able to recover with some jumps upwards as ENJIN (got the info from a trader friend in PalmaBot Telegram Community) coin saved the day!
- Another good case while waiting without liquidating that I used: If you trade a coin that is as well market (BTC for example), you can just trade directly between 2 coins while waiting for the uptrend.
- Of course I did not forget about the down-running coins (Dash, Ada, …) which is crucial and was able to pull my self up to jump out of the water and got some air with final 0.5% of overall profit.
- stay liquid (most important) – it’s better to have the chance to do profit, then wait to happen!
- but don’t forget where you’ve left (if with loss) to jump back as it starts to grow
- if you automize trading, many times Stop Loss (PalmaBot provides it for all exchanges, even if the exchange is not supporting it) should be much deeper than Take Profit (case I did most profit with: SL 3%, TP 1%)
- At the beginning of the turn it is better to observe for a while, wait a day or two without trades – not good to be too aggressive!
Jernej Vrčko, CEO & Co-founder of PalmaBot
Add me on Telegram and experience real time trading – with me in your hands you are living in the future!
Click the blue icon below.Yours, PalmaBot