Sounds like click bait right? Truth be told, making a profit is that simple.
Simple right? Almost all business strategies follow this methodology in various ways, and the same is true for the BooF bots.
These bots follow the price of Bitcoin and Etherium to determine short term peaks and valleys. These peaks or valleys are found when the price change is more than a set percentage and then reverts by a fraction of that set percentage, after which a sell or buy instruction is sent to your account. The bots buy/sell against USDC.
Future iterations of the Swing bots will include medium and long term trend monitoring, with the purpose of adjusting backswing percentage and fund balancing to achieve maximum profit.
Note that the Swing Bots has been made redundant by the advancement of the Balance bots.
Using a different approach to the buy low and sell high methodology, these bots will periodically balance several account to each other. To keep the values of the different accounts the same, the higher value crypto will be sold for the lower valued crypto thus achieving a profit.
The Balance bots hinge on a simple concept to work, which is more effective the more accounts are being balanced. Controversially, the more accounts used the lower the trade volume in each account and thus less volume per transaction.
The Margins that a user must set indicates when a trade must take place, the lower the margin the more frequent trades will happen but also the less profit there will be per trade. Also, the trade volumes per transaction is affected by the margin set. With a lower margin indicating a lower trade volume, the total investment needs to be higher to accommodate the minimum trade volume set by LUNO. A margin of 0 indicates the bot is in-active, and we do not recommend setting the margin below 3% or above 15%.
The Swing/Back-swing strategy of the Swing bots has been implemented into the Balance bots, rendering the Swing bots obsolete.
LUNO imposes a minimum trade volume, thus a recommended minimum investment will be indicated when setting up the bots.
HODL, or "Hold On for Dear Life". While not technically a bot, this option is here for when it looks like The End is near. Remember, if you sell out now you lock in your loss. Crypto has always been a bumpy road, and that's how we like it. So buckle up and keep strong!
The HODL accounts has been removed, you can simply buy the coins directly in the LUNO app
Profit on our running bots are calculated as follows: (Value of Currency Sold - Value of Currency Bought) + Current Value of the Difference in Volume between Currency Bought and Sold, this gives a profit value that is then converted to your FIAT asset. In the first few weeks of running a bot the difference in volume bought and sold will account for a significant percentage in of the Total Volume, which will cause resulting Profit value to change significantly as the Crypto prices change. Also remember the displayed Profit/Loss does not take into account the gains made by the fluctuation in price, only the profit made from buying and selling. Gains from price fluctuation is indicated separately.
Do note that these bots are not "Get Rich Quick" solutions! The transactions the bots make are a fraction of the total investment into the bot, and the profit is a fraction of that fraction. This is a long term investment, with each bit of profit adding to the whole, building up to something significant over time!
Gain is the change in value of the invested amount, the natural growth/decline in value of the Bot's invested amount. Gain is calculated as follows: Current Value - Profit - (Invested-Withdrawn). This value is based on the change in value of the chosen currencies, and not in the change of your FIAT asset.
Thank you for taking the time to read about the BooF Bots. If you feel that these bots will work for you, and you have a LUNO account, please head to the section about setting up a API key. Log in to the site by going to the Home page. And finally, please consider donating under the Profile page. Donations will allow this service to continue and pay for the developers to keep improving both the service as well as the website.