The best practices might be slightly different for each exchange due to the order type available on a specific exchange.
Balance: At any moment you can deposit or withdraw bitcoin to you account, the balance is checked automatically every day and next trades are adjusted according to the account available balance and the percentage you defined for each pair. However it is your responsibility to keep enough balance for the on going positions, to avoid liquidation for lack of fund. So before withdrawing make sure you have enough balance left for open positions.
Volatility: As a trader you probably already know that volatility is your friend. It is no different for the bot. The bot cannot make miracles and profits only come with volatility. So when the volatility is low, do not use leverage. When there is low volatility the bots might get stopped out on very small moves, but with leverage when you keep adding small draw-downs, it will become bigger losses. If you look at the performance per month for example for Bitcoin in 2018 , you will notice that the bot make money in bullish or bearish market. The time when the bot has some loss is during side way consolidation.
Direction of trades: The bots give you the flexibility to decide of the direction of trades. By default it will be what the strategy allow. So for example on Bitmex all trades are long and short. On Binance shorting is not possible. For example if the market is very bullish you might want to only trade long. Or may be the volatility is very low and you are expecting a breakout in a specific direction, you can decide to only trade in that direction.
Time frame: The bot can only trade one time frame per Pair per account. Meaning that if you want to trade for example XBTUSD on Bitmex on both 4H and 1D time frame you will need to setup 2 different Bitmex account. As you can see in the statistics profits on the 1D are very consistent and trades are pretty safe, doesn't matter when you start to trade in the market cycle. However the 4H is a bit more tricky. The 4H time frame can return much higher results but this also assume you start trading at the right moment. So we advise that you start trading on the 1D time frame build you account, and then start to assign more trade to the 4H. Another possibility is that you know the volatility is back and the market trend is well establish, in that case the 4H time frame should work well.
Leverage: Leverage can provide you much higher gain, however it could also give you higher loss. We recommend that: for the 4H time frame with leverage you do not use more than 30% of your account. for the 1D time frame with leverage you do not use more than 50% of your account.
Wisdom: Rule #1: Your first rule in trading should be to not loss money. Rule #2: Then and only then, your second rule is to make money.
To fulfill rule #1, the bots place optimal stop loss based on the pair trading profile. The stop loss is moved as the trade evolves. To fulfill rule #2 you can look at the historical statistics and see that with patience the bots will make consistent gain for you. However you still have control over what the bots will do. So if you decide to go all in with full leverage, only God can help you! Be wise, fine tune your account with the right percentage of leveraged trade and un-leveraged trades both 4h and 1D time-frame. The statistics are very useful to give you information about the profile of each pair, and the success rate, the maximum draw-down, etc... So you can choose the pair you want based on your trading style.
Control: The entire idea of this project was for trader to keep control of their trades and keys while having a bots doing the hard and laborious work. At any time you can override the bots close all positions and withdraw your capital, you have full control.
Notification: Each time the bots open or close a trade you can be notified by email or through a Discord channel. You will not be notified when stop loss are moved.
Specific to Bitmex: Bitmex allow to place several type of order on the same pair that provide a lot of flexibility. On Bitmex your trades are safe because we place the stop loss before the trade. If the stop loss cannot be placed for instance because Bitmex is overloaded, then the trade will NOT be placed either. The bots will try again to place the trade at a later time.
On your Bitmex you have total control on the trade and you can overwrite any trade at any moment. However here are few things to keep in mind. If your are in a trade and you move the stop loss, the stop loss will never move automatically any more. The bot will consider that you are taking responsibility for the trade. So you might not benefits from the bot trailing stop for instance. However you get notified on the discord of all stop move so you can always follow discord and keep moving it manually. Another solution would be to create a new second stop loss manually with the condition "Close on Trigger". So the original stop loss will continue to be managed by the bot but you will have a second manual stop loss that you can move manually as you wish. If you close a pending stop loss order, the trade will automatically close at the candle's time frame close, since the trade is not considered safe any more without a stop loss. If you close the position, you should also close the stop loss. Although the stop loss are set as Reduce Position only, It might get triggered in the other direction. If you decide to manually add to a position, you are responsible to manage that position. The bot does not manage a position which it did not initiate. So the bot will close the quantity it open, no more no less.
Specific to Binance: Binance only allow long trade without leverage. The one important information to keep in mind with Binance bot is that if you close the Stop Loss MANUALLY on Binance exchange, the trade will be automatically close by the bot because it is not safe to have a trade without a stop loss and Binance does not allow to move or add extra stops.