ProfitTrailer can seem complex and overwhelming at first. You need to figure out how to configure it, how to run it and then how to trade with it.
This is not a guide or walk through, but more of a checklist of what you will need to know to be successful and to start up without risking your life savings.
- It is a trading bot. A tool to help you make trades. There are no magic buttons to make profit. Think of it as the nail-gun you are going to need to build that house.
- ProfitTrailer is a self-contained Java file. This means that any computer with enough memory, the correct java version and enough horsepower is able to run it. It will require a solid internet connection, and can use up to 1TB of data a month. Minimal Requirements
- It was written by programmers and trade geeks. While the user interface is slick, and gets better with time, you will be required to edit text configuration files to set things up.
- It runs best on a dedicated computer. Most people choose to run it on a VPS. That’s a Virtual Private Server – something you lease (<$10 usually) but will need to know how to operate and setup. My Favorites: Contabo, VULTR, WestHost
Intimidated yet? If not, let’s see what’s next.
- I’m not going to explain how to set things up. There are guides to help you: Getting Started
- Learn to trade BEFORE you start your bot. Yes, you need to know how to trade crypto. Open your account(s) on an exchange, transfer some BTC into the account. Do some manual trades. Get to learn how that exchange ‘feels’. You will start to notice very quickly how some coins move quickly, others move more slowly, and trades you think should happen won’t. This is going to help you immensely when you are telling your bot how to trade.
- Learn how to chart. The bot uses specific strategies (Buy & Sell) which can be charted at your exchange. Seeing what they look like and understanding what they mean is the most crucial lesson and the most important thing you need to learn.
- I highly suggest that you first setup the bot in test mode. This allows you to edit your changes and try things without risking actual money. It may seem like a pin, and it will delay the start of your real trading… but it’s much better to make mistakes with play money then real money. Test Mode
- When you move to begin real trading, start small. Don’t let greed get in the way. Start small. I recommend 5 coins, and I highly recommend trading a very small amount per coin (0.005 BTC per coin) to start. It’s low risk. And while it may not feel good to see a sale go down and you only make 10 cents – you are looking for the sale to go down and getting a percent return on those sales. Goals. Low Risk. Stick to it for a couple of weeks – you need to see how the market can swing and cycle, and what happens when things go badly. Because they will.
- Finally – get involved in the Discord community. There are lots of people to help you learn and a support staff to help you when needed. Discord