Question 1

How to install Magic8bot on Ubuntu?

Accepted Answer

Clone both the magic8bot and UI repos, install Node.js and MongoDB, run npm install in each folder, copy the .env-sample to .env, and start services with npm run start:dev in separate terminals. Refer to the README for detailed steps.

Question 2

Magic8bot vs 3Commas: which is better for beginners?

Accepted Answer

Magic8bot is open-source and customizable but requires technical setup and coding, while 3Commas is a paid, hosted service with a user-friendly interface and pre-built strategies. Beginners might prefer 3Commas for ease of use, but Magic8bot offers more control for developers.

Question 3

Can Magic8bot trade on Kraken?

Accepted Answer

Yes, but not out-of-the-box. Since Magic8bot uses CCXT, you can add support for Kraken by creating a small adapter file in the ./src/exchange/adapters directory, as mentioned in the README for extending exchange compatibility.

Question 4

How to create a custom strategy in Magic8bot?

Accepted Answer

You need to modify the strategy microservice code to implement new logic, listen to candle events, and send signals via the simple message queue (SMQ). The modular design allows for customizations, but it requires Node.js programming skills.

Question 5

Is Magic8bot profitable?

Accepted Answer

Profitability depends on market conditions and strategy tuning. The README disclaims that default parameters may underperform vs buy-hold, so users must run simulations and optimize settings carefully, emphasizing risk management.

Question 6

What technical indicators does Magic8bot support?

Accepted Answer

Magic8bot implements a minimal amount of indicators, as stated in the README. Users likely need to add their own by expanding the codebase, focusing on basic tools rather than comprehensive libraries.

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