How does the AutoSchedule strategy work?

9 Jan 2018 17:00
Independent Reserve Team

AutoSchedule

The AutoSchedule strategy allows you to automatically buy or sell one of our supported cryptocurrencies on a regular schedule set by you. This strategy will buy or sell using funds already in your account. Read below for more information.

The AutoBuy strategy is part of the AutoTrader framework. For more information on the AutoTrader system, see the AutoTrader help page.


Creating a new AutoSchedule Strategy

You can create an AutoSchedule strategy from the AutoTrader tab on your accounts page.


Interface

Side

Choose whether this strategy will buy or sell crypto on a schedule.


Cryptocurrency

Choose which cryptocurrency you wish to buy or sell when the strategy executes.

To choose the fiat currency this strategy will trigger from set the fiat currency selector at the top left of the page.


Schedule

There are 5 different schedule types you can choose from:

  • Daily
  • Weekly
  • Fortnightly (every 2 weeks)
  • Monthly
  • Last day of month

You may choose the exact starting day and time for your schedule. To specify the time of the buy or sell you can either click the clock icon at the bottom of the date picker, or type the time directly into the Starting on field. The earliest you can start a new strategy is 10 minutes after the current time. If you choose Last day of month then you must pick the last day of any month as your starting date.






Value / Account Balance Percentage

Choose Value if you wish to use a fixed amount of fiat/crypto to buy/sell each time this strategy is executed.

Choose Account Balance Percentage to use a percentage of your total account each time the strategy executes. For example if you had $100 in your account, and you setup a daily AutoSchedule strategy to buy BTC at 50% Account Balance Percentage, day 1 would buy $50 worth of BTC leaving you with $50 in your account. Day 2 would buy $25 of BTC, leaving you with $25. Day 3 would buy you $12.50 worth of BTC, leaving you with $12.50 in your account, etc. The strategy will always evaluate your balance at time of execution to determine how much to buy or sell.



FAQ

Will I be alerted when a strategy doesn't execute?

Yes, you will be sent an email when a strategy fails to execute. You will also be sent an email when a strategy successfully executes.


At what price will AutoSchedule place a buy order?

AutoSchedule will place a market order. This will buy the selected cryptocurrency at the current market price at the time the strategy executes.


Can I create strategies via the API?
No. If you're using the API, you can create your own API driven strategies.


Can I use this strategy to do dollar cost averaging (DCA)?

Yes! This is what the strategy was designed for.


Are there any fees charged for using the AutoSchedule strategy?

There are no additional fees charged for using the AutoSchedule strategy. Your standard brokerage fees are charged on any trade that the AutoTrader system places on your behalf.


Can AutoSchedule wait until the price gets down to X before buying?

No, AutoSchedule can only place market orders which will execute at whatever the current market price is.


How do I choose which fiat currency I want to buy with or sell to?

When creating the strategy you will need to ensure the correct fiat currency is chosen in the drop down menu at the top left of the window before you start creating the strategy. Once the strategy is created you can confirm the currency by looking at the Order Book column in the Strategies list on the AutoTrader page.


What happens if I don't have enough money or crypto in my account when the strategy executes?

The strategy will use any funds on your account it can. For example if you have an AutoSchedule strategy created to buy $100 of BTC daily, and your account only has $60 on it, then the next time your AutoSchedule strategy executes it will buy $60 worth of BTC. If you have no funds on your account for your AutoSchedule strategy to buy/sell with, then it will do nothing.