First, I looked for a pair with good volatility. I found BID, CREAM, and ORAI to have good volatility and placed Cycle orders on all 3 pairs.
Generally, tokens with low liquidity and high volume do very good. You can use this link to do your research: https://www.coingecko.com/en/exchanges/uniswap
Make sure it is sorted as per the 24 h volume.
When selecting pairs, make sure you are selecting something you are “okay” to hold for a while if trade goes out of range. Do not do Cycles on absolute shit coins. (Update: UniDexBot has delivered Stop Loss and Trailing Stop after writing this article)
As per my experience, you should start with something like 4 to 5 WETH. 1 WETH = 1 ETH, if you do not know.
This was the Settings I used. You may wonder about the 1% volatility and 3% slippage setting used here, but that’s the very thing worked here throughout. In most cases, you end up getting more than 1% each time. Do not bother about the triangle alert and stuff, but do watch out for the first couple of trades. If it is profitable, then continue with the same. If you feel it is not profitable, then need to up the volatility percentage or reduce the slippage. Also you can mimic the same order in Uniswap and see if everything is all right. UniDexBot has Telegram notifications alert system when trade happens.
Gas cost in each transactions stay around 0.01 ETH
Out of the 3 trades I set, I saw ORAI doing really good and getting more hits.
This is still ongoing. At the moment of writing, it stays like this:
After trade #5, I became bag holder of ORAI for a few days since it had a 50% dip. For some reason, the trade was Paused then. When I looked after around 9 days, I was in profit and did a Market trade.
And in the next 3 days, I hit back to back trades on the WETH/ORAI pair.
After trade #22, the pair went slightly out of range, and I edited the Cycle to settle with less ORAI than earlier. My aim in this Cycle strategy was to increase the WETH. If I had not made amends, then I would not have hit more Cycles and doubled the WETH.
Upcoming feature — Trail stop loss — I am really looking forward to this upcoming feature of UniDexBot, then we can be saved from sudden dips from highs. This will help to preserve the profits and may be again hit more Cycles and tripple or quadruple your WETH. Moon is the limits!
(UPDATE: Trail Stop and Stop Loss has been implemented. https://unidexbot.medium.com/how-stop-loss-and-trail-stop-loss-work-on-unidexbot-cycles-974976077212)
WETH is not the only token you can increase like this. You can use literally any token like DAI, USDC, WBTC etc.
Article Credit: @BitCoinly
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