Three days have passed already since we have started testing out the BTC Robot automated Bitcoin trading robot, so it is time to report how things are progressing so far. Nothing much has happened since we’ve started using the software for automated trading, though we suspect that the reason for that is the current BTC market situation and the way that the trading bot operates. The fact that MtGox and Bitstamp – two of the largest BTC exchanges are currently not allowing Bitcoin withdraws due to possible vulnerability in the BTC transactions has created some chaos on the market and the exchange rate is going mostly down as a result. Even though the BTC Robot actually trades on the BTC-e exchange that has not suspended any of its operations regarding BTC withdraws or deposits and the BTC/USD exchange rate is fluctuating the robot is not executing trades on it. Even considering the fact that we’ve set the Aggressive trading option that should be more active on executing trades with a bit higher risk, but also with supposedly higher profit on success there are no trades because of the weird situation on the market. Hopefully things will get better soon and the trade bot will be able to trade properly soon, or the authors will implement a different trading strategy that will be effective even at the current market situation.

What you cannot normally learn before you purchase the BTC Robot automated Bitcoin trading robot is the trading strategy it relies on. Normally these automated trading solutions rely on some sort of market indicators such as EMA to “know” when to buy and sell to generate you profit. This solution however relies on a slightly different market indicator, it compares the current price at MtGox and compares it to the exchange rate at BTC-e to decide if it should buy or sell. The software uses three different indicators to make its decisions and they have different values for each of the preset modes you can choose from – Conservative, Medium and Aggressive mode or use your own custom settings. Below you can find the default trading settings for the three modes and in the Custom mode you can change them as you wish in order to get better results – less risk and profitability or higher risk and profitability.

Conservative:
Rmin = 0.09
Rmax = 0.12
R step = 0.01

Medium:
Rmin = -0.01
Rmax = 0.11
R step = 0.012

Aggressive:
Rmin = -0.01
Rmax = 0.11
R step = 0.02

One more important thing to note, especially if you are getting the Silver Plane where you get the BTC Robot as a downloadable software to install on your own computer as we did, instead of a version of the bot preinstalled in the cloud. You can only install the trading software on one computer as it does not checks, so do not install it on a laptop at work for example just to test it first – go directly to a dedicated computer that can be online 24/7 at your home. We have contacted the support to see if we can move the software to another computer as now we have to keep online a laptop that we installed it for a quick test running and on all the time, so this is just a bit of inconvenience, though the support helped us resolve the issue and the software has been moved on another system. Going for a cloud-based service with the other two plans will probably be much easier and problem free solution, so you better consider these.

– Check out our initial thoughts about the BTC Robot automated Bitcoin trading robot here

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