Did you just get your copy of Gunbot? Don’t go all in too soon, you’re better off when you put in some time and understand exactly what your are letting this software do with your money. The more you learn, the more you’ll earn.

I know Gunbot is a pretty cool “internet money machine” and your hands are itching to put it to use. Now take your time to learn how to handle it first.

I knew next to nothing about trading or trading bots when I got into Gunbot. Stupid mistakes were made. These are the most important things I recommend to every new Gunbot user today.

10. Don’t think you already know everything, just because you are a successful manual trader

You’re a successful manual trader? Great. Now let’s get good at trading automation.

Be prepared to adjust your trading style to cope with the logic Gunbot has to offer. Don’t get frustrated that things are different then you are used to, embrace the options you have and make the most out of it. Gunbot went through a lot of iterations, almost all features are the way they are because this is what power users want from a trading bot.

To get an idea what might be different than what you are used to:

Indicators in Gunbot are calculated every few seconds, instead of every period close.

Automation means that hitting a stop limit is not necessarily equal to stopping trading afterwards. Plan what your bot must do after hitting a stop limit.

Exchanges might not deliver as much historic candle data through their API as you’d expect, this affects your indicators. Using a 200 period MA might not be possible.

Bot trading offers immense possibilities, but it’s good to be aware of the constraints that might exist.

9. Start with low stakes and simple strategies

The best trading strategy is the one you fully understand. This allows you to make quick and meaningful adjustments when you see the results are not what you expected.

When setting up a trading strategy in Gunbot, things can get out of hand pretty quickly. Before you know it, you’ve made a strategy with 10+ criteria for placing a buy order.

That is not ideal for learning how Gunbot works. A complicated strategy might be really effective, but it won’t trade often. You’ll end up scratching your head thinking why this bot won’t trade. Keep it simple at first!

The gain strategy is excellent to begin with. When you don’t use additional confirming indicators or trailing, it will trigger trades quickly and precisely where you expect them. Once you got the hang of that, incrementally move on to further restricting criteria for trades.

While learning, keep the amount you let Gunbot trade with to a minimum. Learning does not have to be expensive.

8. Screen your trading pairs

Gunbot can cope with many different market situations. But not every market situation is easy to cope with. Don’t make it too difficult on yourself.

Selecting good trading pairs is a complex topic about which hundreds of articles can be written, but that’s not within the scope of this article. I’ll stick to the very basics.

A pair you should stay away from at first: