Type of Trader vs Type of Settings

How can the same strategy lead to totally different results? Why do returns differ so much between traders for the same market conditions? Why are some traders more successful than others in automated trading? one word: Settings.

One of the most FAQ amongst the crypto-trading community is: what are your settings? The configuration of your bot is not only the rudimentary process of setting up a stop-loss, take profit and shutting down your laptop. Configuring your bot accurately is a key process that will make your bot make the right decisions and, more importantly, avoid the bad ones.

First of all, before configuring the bot, we have to ask ourselves what are our objectives. We have to pinpoint the type of trader we want to become before we get lost in the immense and complex jungle of trading strategies. No doubt, this is the first step to take before you start tweaking the brain of the bot: its settings.

But, why should we even think about it? Well, a big part of the crypto-traders configure their settings according to bits of advice they saw on certain social media channels or based on pure faith. Being an investor that prefers to make medium/long term investments would commonly have totally different settings than a day trader. Other factors like the risk appetite will strongly influence the way the settings should be.