That's cool! Even for daily DCAs that you earnestly wish to fill, setting something like 1% under market price would probably always fill, even in an upmarket, given Bitcoin's volatility. And if you truly wanted a near-zero risk of missing out, you could simply set the price 0.1% below market to recoup trading fees forever. And if you're bearish or neutral, you can be more aggressive with your discount without fear of missing out. You're the boss, Rhett!
Your videos are always helpful and inspiring, thank you! I have been planning to try to fetch the fear & greed index in the lambda function and use it to define the amount of BTC to buy.
I’ll have a video out on the fear and greed index next week :) code is up on Notion now if you want to try it without video guide. Feel free to DM me on Twitter if anything is confusing / you get stuck with it
appreciate you introducing me to the gemini API man.. currently testing some buy/sell algorithms now in the sandbox hoping to optimize it to be confident in getting small gains daily. Any content you could share around day trade strategy algorithm optimization would be dope. 🙂
No problem man glad to help! Here’s a video I did recently where I automated an InvestAnswers strategy: ua-cam.com/video/SN8EQcenU28/v-deo.html I’m not a trader so I don’t really come up with my own strategies and I don’t think there’s one true “optimal” strategy (if there was everyone would use it and then it wouldn’t be optimal anymore) but happy to try automating popular ones that you find
@@RhettReisman saw that great video! I'm starting to look into how to best subscribe to the order events web socket so I can do different things based on when orders get filled, etc.. would love a video on this if you think it would be helpful. seems to me like I'd need an EC2 instance or something but wonder if better way..
Yeah if you think of something I’d love to pick your brain about it some time. I have a lot more to learn about AWS but I think theoretically anything is possible
🔥 Great stuff sir - currently DCA'ing via Swan but it might be time to sharpen the sword and get smarter... In the meantime, let me know if you find a solution to auto-list my spare kidney for sale on the black market if the price continues dropping 🤝
With your long term DCA strategies, do you ever pause the buys, lower the amount of the buys or even increase the amount of the buys? Or do you more or less set it and forget it and check your account every 10 years? :) I very much like the KISS method but curious how custom a DCA strategy can, or should, get. Thanks!
I’ve only been running the DCA for 2 years now haha so definitely not 10 years yet :P I’ll have video out next week that adds fear and greed indicator to the DCA and modifies the buy amount taking that indicator into account (ie if everyone is fearful buy more of every is greedy buy less - customizable to your risk preferences). As we develop more strategies like this I plan to run a couple in parallel, want to see which one does best :)
@@RhettReisman Fantastic! Do you have any thoughts, comments or even statistical data relating to the, on average, most profitable long term DCA buying strategy as it relates to daily/weekly/monthly buying frequency and dip percentages (and even fear/greed index values) or are we all just trying to figure this ish out as we go? :) For example, buying once a week vs once a day vs 12 times a day and which dip percentages (or fear/greed index values) are best for a particular frequency as well as the pros/cons of running one or more of these strategies at the same time. Thanks!
I think it depends on what time period you look over - I don’t really put too much stock into daily vs weekly vs monthly but if you want to check out historical data here’s a good website: dcabtc.com/ I personally just buy daily, though I think that website suggests once a week / once every two weeks (or something) outperforms over some period of time. Another commenter was suggesting that buying once every 18 hours is optimal - IMO it’s all astrology, more important to just DCA than to obsess about what the optimal timing window is. Pros of running multiple strategies - you’re theoretically diversified if there is one strategy that’s really good or really bad. Cons: do you really care enough to run and maintain multiple strategies haha - life is short there are better things to do. I might do it for content, but tbh it seems kind of like a headache to track it all Think it depends what your overall BTC thesis is on the fear and greed index thresholds. Maybe if you’re a trader you could write a script to sell above some Greed threshold, would be interesting to see if it was profitable in the long run - could be another good content experiment to check back on once a year or something. If you’re just trying to accumulate, probably buying at least some all the time is good and then doubling down below some amount. It’s going to be different to everyone, depends what you’re looking for and what your risk tolerance is.
Ah yeah there is some limited functionality I think from the browser. Would be cool if we could just run the scripts from the app 🤦🏻♂️ There’s gotta be a way on Android to just natively run python scripts from an app on the home screen
I buy a static amount each day and I have been slowly ratcheting down my execution price factor. I will keep going down, saving myself money as long as my daily buy order executes consistently.
Is there a way to cancel the open limit orders every time we run the script? For example, if I want to buy weekly and on week 1 my -20% limit order failed to execute. Could this limit order be cancelled at the start of week 2 and it sets a new -20% limit order?
Yes there is a way to cancel open limit orders in the API. Can you DM me on Twitter I’m going to try to collect precise requirements of things people want built out over there. Basically you want to every 2 weeks cancel all open limit orders and make them lower than they were before?
@@RhettReisman Basically let's say BTC is at 30k. I had a limit order at 90% of price (so 27k). That didn't execute because BTC went up, and the next time the script runs BTC is now at 33k. I want the older limit order (27k) to be removed and just have a new one in it's place (90% of 33k so 29.7k). The reason I ask this is because if I run a script that does this (sets a limit order of 90%) daily or weekly, there could be a ton of open orders that would reduce my funds available to trade.
Got it makes sense. I’ll add that to the backlog to work on thanks :) Do you think an email list makes sense to push out updates when new things like this get built? Or would you rather I just make another video? - Wondering what you (and other people who are in your situation that want script updates) are more likely to see.
Fees on other exchanges like Binance Kraken OKCoin have 0.1% fees also but have larger withdrawal fees. Seems like Gemini is just paying those for clients - maybe to onboard people but it has been like that for over a year now that I’ve used them. As far as the API goes, it’s definitely more advantageous for an exchange for you to place your order via API because you’re bypassing their whole front end infrastructure which makes their orders easier to process - going straight to the source the way an institutional trader would.
Do you guys have a strategy for buying dips?
love the adjustments to buy the dip by 20% less etc this man is saving humanity and the Anons
🙏🙏🙏 today’s plebs -> tomorrows millionaires (hopefully haha)
That's cool! Even for daily DCAs that you earnestly wish to fill, setting something like 1% under market price would probably always fill, even in an upmarket, given Bitcoin's volatility. And if you truly wanted a near-zero risk of missing out, you could simply set the price 0.1% below market to recoup trading fees forever. And if you're bearish or neutral, you can be more aggressive with your discount without fear of missing out. You're the boss, Rhett!
Exactly! There are so many ways to customize the script based on your sentiment and what you want to optimize for 🦾
Great tip and strategy to use, I totally agree, great way to think about offsetting the trading fees!!
Oh Gosh, this is exactly what I have been looking for....Thanks, Rhett! Could not come sooner :)
Glad to help Sammy! Hopefully we can get some really cool stuff built on the Gemini API this year 🥳
Your videos are always helpful and inspiring, thank you! I have been planning to try to fetch the fear & greed index in the lambda function and use it to define the amount of BTC to buy.
I’ll have a video out on the fear and greed index next week :) code is up on Notion now if you want to try it without video guide. Feel free to DM me on Twitter if anything is confusing / you get stuck with it
@@RhettReisman Interesting!
@@RhettReisman that’s awesome, will definitely try the code out and looking forward to the video. Thanks, Rhett!
No problem! 😁 Let me know if you come up with other ideas that you think would be good. I think the fear and greed indicator will be cool for people
appreciate you introducing me to the gemini API man.. currently testing some buy/sell algorithms now in the sandbox hoping to optimize it to be confident in getting small gains daily. Any content you could share around day trade strategy algorithm optimization would be dope. 🙂
No problem man glad to help! Here’s a video I did recently where I automated an InvestAnswers strategy: ua-cam.com/video/SN8EQcenU28/v-deo.html
I’m not a trader so I don’t really come up with my own strategies and I don’t think there’s one true “optimal” strategy (if there was everyone would use it and then it wouldn’t be optimal anymore) but happy to try automating popular ones that you find
@@RhettReisman saw that great video! I'm starting to look into how to best subscribe to the order events web socket so I can do different things based on when orders get filled, etc.. would love a video on this if you think it would be helpful. seems to me like I'd need an EC2 instance or something but wonder if better way..
Yeah if you think of something I’d love to pick your brain about it some time. I have a lot more to learn about AWS but I think theoretically anything is possible
@@RhettReisman yeah, I'm just learning about the AWS services now really.. I have lots of ideas though. Do you have a discord or anything?
No, but maybe I should look into starting one that’s a good idea. If I make one, I’ll announce it on YT community tab and Twitter @rhettre
🔥 Great stuff sir - currently DCA'ing via Swan but it might be time to sharpen the sword and get smarter... In the meantime, let me know if you find a solution to auto-list my spare kidney for sale on the black market if the price continues dropping 🤝
Yes! You’ll save like 90% of the money you pay in fees if you switch out of Swan. Haha if I get access to the kidney market API I’ll let you know :)
Good stuff as usual! Keep it up!
Thanks Randy 🙏
Excellent Video! You are Gem ! Thank You !
Thank you 🙏🙏🙏
With your long term DCA strategies, do you ever pause the buys, lower the amount of the buys or even increase the amount of the buys? Or do you more or less set it and forget it and check your account every 10 years? :) I very much like the KISS method but curious how custom a DCA strategy can, or should, get. Thanks!
I’ve only been running the DCA for 2 years now haha so definitely not 10 years yet :P
I’ll have video out next week that adds fear and greed indicator to the DCA and modifies the buy amount taking that indicator into account (ie if everyone is fearful buy more of every is greedy buy less - customizable to your risk preferences).
As we develop more strategies like this I plan to run a couple in parallel, want to see which one does best :)
@@RhettReisman Fantastic! Do you have any thoughts, comments or even statistical data relating to the, on average, most profitable long term DCA buying strategy as it relates to daily/weekly/monthly buying frequency and dip percentages (and even fear/greed index values) or are we all just trying to figure this ish out as we go? :) For example, buying once a week vs once a day vs 12 times a day and which dip percentages (or fear/greed index values) are best for a particular frequency as well as the pros/cons of running one or more of these strategies at the same time. Thanks!
I think it depends on what time period you look over - I don’t really put too much stock into daily vs weekly vs monthly but if you want to check out historical data here’s a good website: dcabtc.com/
I personally just buy daily, though I think that website suggests once a week / once every two weeks (or something) outperforms over some period of time. Another commenter was suggesting that buying once every 18 hours is optimal - IMO it’s all astrology, more important to just DCA than to obsess about what the optimal timing window is.
Pros of running multiple strategies - you’re theoretically diversified if there is one strategy that’s really good or really bad.
Cons: do you really care enough to run and maintain multiple strategies haha - life is short there are better things to do. I might do it for content, but tbh it seems kind of like a headache to track it all
Think it depends what your overall BTC thesis is on the fear and greed index thresholds. Maybe if you’re a trader you could write a script to sell above some Greed threshold, would be interesting to see if it was profitable in the long run - could be another good content experiment to check back on once a year or something. If you’re just trying to accumulate, probably buying at least some all the time is good and then doubling down below some amount. It’s going to be different to everyone, depends what you’re looking for and what your risk tolerance is.
Very useful info Rhett, thanks!!
Cheers Harland 😁
nice brother, keep it up!
Will do :)
On my android I could open up the aws console and run through tests if that's what you mean..
Can you run an AWS lambda function test through Android? On the iOS AWS app you can't.
@@RhettReisman yes I use the aws console on desktop view
From the app or in the browser?
@@RhettReisman from the browser. Later when I get home I'll test if I can actually create the function. I think that has to be done on the computer
Ah yeah there is some limited functionality I think from the browser. Would be cool if we could just run the scripts from the app 🤦🏻♂️ There’s gotta be a way on Android to just natively run python scripts from an app on the home screen
I buy a static amount each day and I have been slowly ratcheting down my execution price factor. I will keep going down, saving myself money as long as my daily buy order executes consistently.
Yeah exactly. These scripts came out at the right time haha. I just had like 10 orders fill this morning lol
Is there a way to cancel the open limit orders every time we run the script? For example, if I want to buy weekly and on week 1 my -20% limit order failed to execute. Could this limit order be cancelled at the start of week 2 and it sets a new -20% limit order?
Yes there is a way to cancel open limit orders in the API. Can you DM me on Twitter I’m going to try to collect precise requirements of things people want built out over there.
Basically you want to every 2 weeks cancel all open limit orders and make them lower than they were before?
@@RhettReisman Basically let's say BTC is at 30k. I had a limit order at 90% of price (so 27k). That didn't execute because BTC went up, and the next time the script runs BTC is now at 33k. I want the older limit order (27k) to be removed and just have a new one in it's place (90% of 33k so 29.7k).
The reason I ask this is because if I run a script that does this (sets a limit order of 90%) daily or weekly, there could be a ton of open orders that would reduce my funds available to trade.
Got it makes sense. I’ll add that to the backlog to work on thanks :)
Do you think an email list makes sense to push out updates when new things like this get built? Or would you rather I just make another video? - Wondering what you (and other people who are in your situation that want script updates) are more likely to see.
@@RhettReisman I think another video is good or a link to your blog article from twitter
Sounds good will do 🙏
Very nice!
Thank you 🙏
Why does Gemini have such low fees?
Fees on other exchanges like Binance Kraken OKCoin have 0.1% fees also but have larger withdrawal fees. Seems like Gemini is just paying those for clients - maybe to onboard people but it has been like that for over a year now that I’ve used them.
As far as the API goes, it’s definitely more advantageous for an exchange for you to place your order via API because you’re bypassing their whole front end infrastructure which makes their orders easier to process - going straight to the source the way an institutional trader would.
Awesmoe thanks!
🔥🔥🔥 did your code execute correctly?
🥰
Huzzah!
Such a Great Crypto video, I just made my own , share the love ;)!
Thank you 🙏
@@RhettReisman watching the whole video would be amazing
I could send you a Android phone ,just to see this done
Planning to make a skillshare course at some point going through all of it from step 0 - will definitely need an android for that series