Forex Trading And Mining Demystified: Tips For Edinburgh’s Traders

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A decade ago, foreign exchange was a market reserved for a select few. Now anyone can actively trade in this profitable market, even those without formal financial training. Enter James Dix, a leading FOREX expert and educator who cut his teeth in this emerging market and wants to share his years of experienced wisdom with you.

Forex Trading And Mining Demystified: Tips For Edinburgh’s Traders

Forex Trading And Mining Demystified: Tips For Edinburgh's Traders

This is a one-stop sourcebook that contains everything a trader needs for quick success in the 24-hour market. In addition to covering all the fundamental aspects of FOREX, this practical guide offers the hard-won tools and strategies of an experienced trader to help you reduce your exposure to the inherent risk in this unique market.

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A useful volume you’ll turn to again and again, FOREX Trading Secrets offers real-world examples of proven trading strategies that work in the real world, simple and effective money management, and confidence-building skills to build your own source of income.

Is the place to start. It covers all the major currency pairs, the mechanics of trading, how to place a trade and deciding what kind of trader you are. Experienced traders will gain expert insight into the basics as well as advanced topics such as creating a successful trading plan, managing risk, mastering your emotions, and building your portfolio. You will benefit

, all you need is experience to build a powerful trading toolkit for wealth security in the world’s largest financial market. Note: This article assumes you are familiar with trading, market making, and liquidity generation. If you do not understand any of these concepts,

In the fantasy world of Dune, the most precious thing in the universe is spice. The spice prolongs life, expands consciousness and is essential for space travel.

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Similarly, but in the real world of liquidity generation, the most expensive item in the market is the order. The order enables trading, enables market making and is essential for liquidity rewards.

Liquidity premiums are what market makers receive for providing liquidity to trading pairs at a certain depth in their order book.

We’re not just talking about orders. Orders must meet the criteria to receive the liquidity bonus. Let’s name these

Forex Trading And Mining Demystified: Tips For Edinburgh's Traders

This brings us to a problem: these orders are surprisingly difficult to execute. As you can see, it takes practice and persistence to maintain proper routine. Many obstacles can get in the way, when they do

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Let’s look at some of these obstacles through the eyes of Marvin Miner. Marvin has some market making experience but is relatively new to liquidity generation. He prepared the framework, deployed several Hummingbot instances and configured them to trade on markets with active campaigns.

Marvin actively attacks liquidity mining, but he doesn’t know that the world is conspiring against him. From bot misconfiguration, to market volatility, to API bugs — Marvin seems to run into issues that ruin his rewards every day. And he is not happy about it

The higher the weight, the higher the reward per minute. The exact formula is explained in the liquidity generation premium determination guide, which is highly recommended.

Marvin configured his bots to meet the above criteria, but even so, his orders were invalidating surprisingly often, which affected his order flow. Here’s what happened.

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Marvin studied Hummingbot’s strategic configuration documents and carefully configured his bots. He decided to keep max_order_age at the default value of 1800 (seconds, ie 30 minutes). This is the maximum age allowed for mining orders; anything over this is considered “stale” and will be ignored by the Hummingbot Miner’s Rewards Engine.

Marvin also configured the order_refresh_time to 1800 (seconds) and left the order_refresh_tolerance at the default of 0 (%). Marvin realized that this combination of parameters would update his orders when the asset price changed or when the order expired in 30 minutes, whichever came first. This meant his orders weren’t updated unnecessarily, which seemed optimal.

The problem is that this combination caused a delay when the order was delayed for 30 minutes and then re-made. If the Rewards Engine is taking pictures in this window, it will find an order that is slightly out of date or missing. This happened often enough to affect his order flow.

Forex Trading And Mining Demystified: Tips For Edinburgh's Traders

Marvin has configured max_order_age to be 300 (seconds) as a fail-safe if his orders are not updated for any reason (for example, the asset price remains unchanged).

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This new combination ensured that Marvin’s orders would refresh well before the 30-minute age limit, preventing them from getting old and missing out on rewards (unless something goes wrong, we’ll cover that later).

Another requirement for valid mining orders is that their spreads must meet the limits set by the liquidity mining campaigns. These spreads typically range from 1% to 2%, but can be higher or lower depending on the campaign.

Marvin is not incompetent, as you now know, so he configured his bots to place orders within the spread. If you remember, Marvin recently configured order_refresh_time and max_order_age to 300 (seconds) to prevent his orders from getting stale. This created a new problem: when prices moved rapidly within a five-minute candle, the spreads on Marvin’s orders often exceeded their limits, rendering them invalid. This will only be corrected five minutes later when his orders are next updated.

In addition, Marvin experimented with parameters such as order_refresh_tolerance, order_optimization, and last_orders to optimize his bots and reduce trading costs. The combination of these parameters often increased his order spreads, which often made them unusable.

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Finally, Marvin participated in the campaign with a maximum spread of 2% and placed orders with a spread of 1.5%. The next week, the campaign dropped their maximum spread to 1% (as they sometimes do), but Marvin didn’t get the memo.

Marvin configured order_refresh_time to 10 (seconds), which will refresh his orders as often as the price changes. Where did the price go, and now Marvin’s desired orders and spreads are executed.

Marvin also resets experimental parameters such as order_refresh_tolerance to their default values. He decided to configure only one new parameter at a time, carefully monitoring its effect on the order spread and trade balance.

Forex Trading And Mining Demystified: Tips For Edinburgh's Traders

Finally, Marvin monitored all of Hummingbot’s notification channels for any changes to the campaign. He subscribed to the newsletter, joined the #miner-announcements channel on Discord, and checked the Markets page every week for good measure.

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The final weighting factor for liquidity rewards is order size or order amount. As long as the volume is not below the minimum of the exchange, this is usually not a barrier to receiving rewards. (In this case, the exchange will not accept the order and return an error, which we will consider later.)

Marvin regularly placed small mining orders, but this did not invalidate his orders. However, it often offered negligible rewards, which did not affect its order flow. In other words, Marvin was able to maintain a steady flow of valid mining orders regardless of order size.

Marvin regularly monitored the Hummingbot Rewards page to make sure his mining orders were always valid. It showed (with a 30 minute delay) his active campaigns and the rewards he received for his previous pictures. Marvin regularly studied individual award pictures on the Markets page to study his earnings in detail.

If the bot doesn’t show up on the Rewards page, Marvin will check Hummingbot’s Order Tracker. From there, he would filter by market (promotion) and order status, and check that his latest orders were displayed on the chart.

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To confirm that his orders were indeed placed on the exchange, Marvin would often visit the exchange’s website or app and browse the trading console for his campaigns. This shows his orders in real time in the order book.

If after all of this something seemed amiss—for example, new bots placing orders on the exchange but not showing up in the order tracker—then Marvin knew something was wrong. When Marvin couldn’t figure out the problem, he contacted the Hummingbot support team to help investigate it.

As we mentioned above, Marvin is very active. He knows that the more orders he places, the higher his potential for liquidity rewards. It seems obvious.

Forex Trading And Mining Demystified: Tips For Edinburgh's Traders

With this in mind, Marvin has prepared his bots for maximum trading activity. Despite this, his bots always had only one order on each side of the order book, sometimes only one order per side, and sometimes no orders at all. As you can imagine, this had a huge impact on his order flow. No order = no reward.

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Marvin set order_levels to 1 (order) because he wanted to keep things simple and easy to manage. It’s a reasonable strategy, and it worked well for Marvin, but he limited the maximum number of orders to two: one on each side of the order book, even when he had the chance.

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