Best Algo Trading Platform Reddit – Numbers have power, but what if those numbers are really like crypto sentiment from Reddit posts? And what if we build a crypto trading bot that buys crypto based on Reddit opinions on certain coins.
I created an algorithm to do this, you can see detailed instructions for the reddit sentiment crypto trading bot here, and I’ve been testing it for about three weeks now.
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The last time I ran the numbers it was after about a week of running and I was in the profit. Reddit actually gave me money. Well technically the market was how I got into the bot during a little run 3 weeks ago.
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During this test period the bot collected 20 of the top 40 coins according to Marketcap: BTC, ETH, ALGO, XLM, ADA, SOL, LINK, DOGE, MATIC, XTZ, LTC, VET, DAI, Cake, DOT, EOS, AAVE , XMR, MKR, ATOM.
The parameters I have given my crypto trading bot is to search for keywords from the top 40 coins per market only, to prevent it from buying into other’s scams or dubious projects. Within 3 weeks the bot invested in half of the top 40 coins.
Looking at some of the coins that our bot didn’t pick up reveals an interesting conclusion: USDT, BUSD, BNB, USDC, UNI, Crypto.com, SHIBA. Even though these are in the top 40, Reddit hasn’t bothered to talk about them, or at least positively.
What these coins have in common is that most of them are trademarks, stable coins, or useless coins (looking at you SHIBA). As a Redditor, I’m very proud of a product created by the hive mind, DOGE is there, but it doesn’t matter. Most of the coins that the trading bot picked up with the help of reddit comments are coins that I would invest in myself.
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So far the return on our investment is not looking so good. But again, no accumulation strategy will succeed in a recession, so this is not representative of the overall outcome. The result is relatively predictable, if the market is up, we are up because we are buying real assets and not using CFDs or futures trading.
The scatterplot below helps to clear up some of the spaghetti found in the previous chart, for better insight into the day’s performance.
I lost 15% in total, but since the whole market is down, that’s not an indicator of performance. The data that motivates me is the quality of the coins purchased, which means that if nothing else, this could be an automatic buy-and-hold diversification strategy. What do you think about that?
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