What’s a Gordon Bot?
A Gordon bot is a normal “DCA” bot that is partially configured for users to help them get up and running quickly - they are ideal for a user that is new to Bots and wants a quick and easy place to start.
Prerequisites: In order to use Gordon bots on 3commas, you’ll need a Pro subscription as you require access to “Composite” bots, a “Composite” bot is able to trade multiple coin pairs and have many deals running simultaneously.
It is possible also to use the information in this guide to configure “Simple” bots available with a Advanced subscription but you will be required to create a bot for each coin pair you are interested in trading.
What Strategy does a Gordon Bot use?
Bots need “strategies” or rules to tell them how to trade.
Gordon bots use a specific trading strategy that is quite well known in the Cryptocurrency community as “QFL” - QFL strategy is designed for Longs only (ie: buy low and sell higher).
How does the QFL Strategy work?
QFL stands for “Quick Fingers Luc” and is named after the creator of the strategy and relies upon price support levels called 'bases'.
A base is an area of support that price has “bounced” from previously - the more often a cryptocurrency stops at the same price (or the longer it has spent at a certain price), the “stronger” the base is thought to be.
QFL is great to profit from possible dead cat bounces (where a price falls rapidly and reverses but without much strength and the price continues to decline soon after).
The strategy looks for bases after a sudden price drop below the current chart price. Typically price should bounce at the next base, and this is where the bot attempts to open a deal to buy a cryptocurrency on the bounce and sell with a pre-determined profit percentage as specified in the bot configuration.
The full description of QFL strategy is long and detailed - if you like this strategy, you can read more about it and help it let you draw your own conclusions and tips on how to fine tune your bot settings for maximum profit. Use the following links to perform your own research:
Gordon bot options
Let’s explore the Gordon bot options and user interface.
First, let’s switch into ‘Paper Trading’ - there is no sense risking real funds when we can test without any risk!
Head to the Main menu, and click ‘DCA Bots’ (1), then click ‘Create Bot’ (2):
Check you have ‘Gordon’ selected on the Create Bot screen:
These are the Configuration options available for the Gordon bot:
- Choose the ‘Exchange’ account you wish to create this Gordon bot for, and also the ‘Quote currency’ that you will use to trade cryptocurrencies with (this is the currency you will take profit with).
- Specify the maximum amount of funds the Gordon bot is allowed to use during operation - it is not recommended to use all of your funds, you should keep a good reserve of funds free.
- Choose the aggressiveness of the Gordon bot strategy options:
Please note, no strategy is “fool-proof” and some deals will take a long time to close, close at stop loss or may close with manual intervention - please see the section in this guide on Managing Losing Trades
You can pick the currency you wish to use, enter an amount to risk on the bot and then a strategy option. If you like, you can create a bot for each strategy type and see what performs best for you!