The problem you describe of the RSI -bot is not really a problem, it is just part of the entire learning process. This is exactly why we keep on pushing that people read the help and why we recommend to start with low trade amounts. This is what you need to learn before you really can get started and trade with high amounts.
I will try to explain what is happening to your RSI-bot.
The RSI bot is in fact a indicator. It is a indicator that tells you when you can buy and when you can sell. I (as the main developer) have turned this into a trade bot.
The RSI calculation itself uses in this case a reference block of the last values from the exchange. You will notice the entire simple trade bot have to update 30 times before the RSI-30 can be calculated. The same applies to the RSI-60 bot, but with this bot it will take 60 updates. The RSI calculation means it will count the times the currency will go up and how many times the currency goes down. From this calculation a relative position is calculated, this is the RSI value. The RSI indicates if the currency is raizing or dropping. If the RSI value indicates it is 30 or less is means the currency is dropping. (this is what your RSI bot saw) If the RSI indicates 70 or higher the currency is at it sell momentum.
You can read more about it here:
http://www.onlinetradingconcepts.com/TechnicalAnalysis/RelativeStrengthIndex.htmlThere are 2 safties that impact the RSI-bot directly. These are the profit and drop amount. Once the bot starts (for the first time!) it will not know your last buy or sell values. Therefore both safeties allow the trade to happen. (in your case your current position was on sold so the bot thought it was at a low value and bought the coins) If the bot has bought or solled the coins it knows now how to calculate the profif or drop. Doing this the safties really get on working. (you did confirm this because you saw trades being blocked)
This is exactly how the software should work.
So my advice to you will be to check btce charts, setup low trades in the beginning, understand the safeties and how they work and activate the bot on a good moment with good settings. And keep in mind this is software made for 24-hours or more running. And of course give yourself time to learn the software and how it all works. (you can not learn it within a hour)
Tip: At my FAQ at my website there are schemes of how the bot logic works in detail.
Comments of other users are welcome here of course. I just posted it to explain it a little more. (in my broken English
)
BTW You where to late for the promotion. However, i still need some help with translations (Chinese and Russian), i need a good Joomla template for my website, i good a good company sign/logo. So if you have anything to offer please contact me by mail or PM. Maybe we can work something out.
