This is the second article in our 15 part series.
Are bots a 24/7 passive earning machine?
Yes and no.
While the coin market is a 24/7 market, that doesn’t mean it generates money every minute or even every hour.
And sometimes, you won’t necessarily earn profit every day. Especially if you’re a HODL investor.
There are 3 factors that will determine your success with earning passive income with bots:
- Your Strategy For Your Funds
- How The Market Is Behaving
- The System You’re Using To Navigate The Market
Let’s dig into each one…
Your Strategy For Your Funds
Before you start one single bot, you have to decide what your goals are. Are you looking for an additional $500/mo? Or are you looking to retire with six figures in capital in the next couple of years?
Depending on what your answer is will determine what you do with bots. If it’s the former, then you can get that depending on where you’ve started your bot.
The downfall however is that to capture those funds a lot of times, you have to stop the bot. Which means you lose the original entry price. One work around might be to go into the actual exchange you’re trading through and sell off a portion of the token the bot is trading.
If it’s the latter however, then you’ll need to compound those funds – which might not work depending on what you’re picking to trade. (Don’t worry, I’ll cover this in the next couple of articles)
How The Market Is Behaving
You can control what you pick to trade using your bots, but you cannot control how the market behaves. Your bot is just a small speck in the crypto universe. So the only thing that matters is what the market is doing.
Not what you think it should do.
The best thing to do in this scenario is to try and flow with the market. If most people are buying, then you should buy and vice versa.
Until your skills become advanced to the point where you can spot reversals in the market, flowing with the market is the best way possible to ensure your trading success with bots.
The System You’re Using To Navigate The Market
There are MANY systems available to use with trading the markets that helps you determine entries and exits…however you only need one that works.
I’ll share a system with you in tomorrow’s article, but just know that you MUST have a system based upon a proven strategy.
Why? Because systems make things predictable. Systems are what makes profits, NOT people.
And people MANAGE systems.
If you don’t use a system, you’ll be all over the place and what should be a simple automated trading setup will turn into a world of anxiety for you.
Don’t fall into that trap. A lot of what needs to be done in the market is simple. Yet, we complicate it.
If you can get clear on these 3 factors, then you can exponentially increase the odds of success in your favor.
Ok, that’s it for now. Tomorrow, I’ll outline a system for you that you can use to help you identify opportunities to start bots for profit.
I have been using the BitsGap Trading Bot, and when combined with the appropriate strategy (which we’ll discuss later) you have a powerful tool to make those profits whether the market is going up or going down. To get a free 7 day trial program on BitsGap Click Here.
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