Wed. Jan 27th, 2021

WhyLose.com

Training Traders Since 2002

DigiBot Mainnet Launch On The Digitex Futures Exchange

6 min read

SALT LAKE CITY, UT - APRIL 26: A pile of Bitcoin slugs sit in a box ready to be minted by Software engineer Mike Caldwell in his shop on April 26, 2013 in Sandy, Utah. Bitcoin is an experimental digital currency used over the Internet that is gaining in popularity worldwide. (Photo by George Frey/Getty Images)

DigiBot has now been trading on mainnet for one month using her own account. She started with 100K DGTX and now has 101,035 DGTX.

The first two weeks she only traded single contracts with a leverage of 1.

The remaining period to 10th September 2020 she has traded between 10 and 50 contracts with a leverage of between 1 and 10.

We have completed an early soft launch since 4th September 2020 with satisfactory returns. Trader’s University admins on Telegram started trading on mainnet on 30th August 2020 and have had a satisfactory return too.

However, it is the opinion of Lion Asset Management that the Digitex trading platform is not fit for purpose.

There have been consistent issues with the Digitex trading platform during periods of volatility since we were invited to test the platform on 27th April 2020. We have continued to test the Digitex trading platform on mainnet to today. Testing has now ended.

The challenges the Digitex trading platform has range from inadequate market maker bot participation during periods of volatility, numerous API issues, complete exchange failure and completely fictitious spot prices.

It is our position that due to the failures mentioned Digitex Ltd will never be in a position to drive adoption which will limit trade volume and most issues remain unresolved to this day. If anything, the issues affecting the exchange have escalated recently.

In a recent exchange failure on 2nd September 2020 DigiBot had live trades which caused the DigiBot safety checks and balances to kick in and force her to close all trades.

This should NEVER happen. Instead of a closed profit of several thousand DGTX our DigiBot test traders ended up with 145 DGTX closed profit instead of several thousand DGTX as highlighted on the chart.

DigiBot also depends on a deep order book on the Digitex trading platform. This is what Digitex Futures promised. They have failed to deliver.

DigiBot also depends on prices at Digitex Futures reflecting the market price of BTCUSD. They do not. An example of appalling correlation was posted in the Trader’s University. It shows the market from 6 different exchanges in a 3 hour price comparison video condensed in to a 10 minute timelapse.

The failure to deliver even basic trading tools on the Digitex Futures trading platform has escalated the development cost of DigiBot far in excess of the original budget. Just one example is there is still no trailing stop. We built our own for DigiBot.

However, having written all this we have to release DigiBot today. It is what we promised.

The DigiBot control panel has now been reduced to just a choice of leverage and contract size. We’re sorry. But with a trading platform that is so far from what we expected to be delivered at this time the risk for loss of your DGTX tokens is simply too great when using a combination of any trade management settings.

There will now NEVER be low, medium or high risk profiles. Everyone will be trading using the trade management settings which will be monitored and changed as required by our trading desk team. The geek’s mainnet account will be traded in the same way and you can, until 10th October 2020, still compare your trades with their live stream on DigiBot TV. DigiBot has now been changed so that when the geek’s DigiBot settings are updated your settings will be updated simultaneously.

DigiBot has multiple built in trade management safety features. Based on the recent performance of the Digitex Futures trading platform there may be days when alerts are issued by DigiBot but the trade management safety settings will not allow a trade. It is what it is. We cannot support or comment on queries relating to why DigiBot isn’t trading. We anticipate the volume of support requests will be too high. The Digitex Futures trading platform is simply not fit for purpose.

ETHUSD alerts at ๐Ÿ“‰ DigiBot Market Watch ๐Ÿ“ˆ have now been discontinued.

DigiBot will also not support the delayed release of ETHUSD trading on mainnet now or ever. This will also apply to all future markets released by Digitex Futures. The long established trading industry standard is to release API documentation BEFORE changes to a live trading platform.

Digitex Futures failed to notify API users of the changes via Telegram, email or provide a new API specification at their GitHub prior to launch.ย The API documentation was updated by Yaroslav Stepanchuk when he added the Contract ETHUSD to the MAINNET API GitHub on 7th September 2020. ETHUSD was added to the Digitex trading platform on 4th September 2020. Failures to update the API are referenced in Lion Asset Management’s Terms set out at section 5.

The risk of adding further markets to DigiBot with API documentation which is not current or is not updated BEFORE changes are made to the Digitex Futures trading platform is a risk to your DGTX balance which is unacceptable. The risk is reduced if we stick with just BTCUSD. All DigiBot Traders will experience lost profit and/or substantial loss of DGTX tokens if the Digitex Futures GitHub is not updated BEFORE changes are made to the Digitex Futures trading platform.

We needed the GitHub to be updated with any changes at least one week BEFORE any changes are implemented. One week is the trading industry minimum for all changes for a trading API. This is just one Digitex failure too many. We cannot participate in supporting further markets when we are of the opinion that the risk for the existing BTCUSD market is even too high based on their recent cavalier attitude to all DigiBot Traders and other API users.

Lion Asset Management, despite all these challenges,ย  is committed to all DigiBot traders making a substantial return in excess of your DigiBot investment.

We all wish you luck but please, do not be tempted to trade manually on your DigiBot account or even on a separate account. It simply isn’t worth the risk. However, with DigiBot trading you do have a good chance of success via the API that DigiBot uses if it is maintained correctly.

You may wish to continue to share your experiences in the Trader’s University on Telegram. Both DigiBot and Trader’s University will end and be closed on 10th September 2021.

API integration for DigiBot is complete. We launched on 10th September 2020 for everyone one month after the mainnet API went live. This smashed our original timeline with some members not anticipating delivery of DigiBot until January 2021!

DigiBot remains available on TESTNET but is no longer supported. It will break soon.

Example trade settings to start with are 10 fixed contracts for a 100K DGTX trading balance or 0.0001% and a leverage of 1. Build your trade size slowly when you become comfortable.

Please activate DigiBot by entering your MAINNETย API keyย here.

Finally, when entering your leverage and contract size always remember that DigiBot’s initial opening position is often not her last. She will scale in and out of trades.

John will no longer be present in the Trader’s University but as a DigiBot owner he will always welcome your calls by telephone or Telegram.

Lion Asset Management will issue no further BUY or SELL alerts for DGTX tokens and we remain NEUTRAL on Digitex Futures. We wish all DGTX holders, Adam and the team at Digitex Futures all the best for the future.

If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money. If DigiBot is good, she’ll be right six times out of ten. She’ll never be right nine times out of ten. Just don’t tell her I said so. ๐Ÿ™‚

A final note on contract size – % and fixed. Always consider together with leverage.

When entering your leverage and contract size always remember that DigiBotโ€™s initial opening position is often not her last.

She will scale in and out of trades and round up to remove a DGTX contract fraction. If your balance is 10,001 DGTX and you have a 0.0002 % set then DigiBot will trade a contract size of 3 each time she scales in. It should be 2.1 if Digitex allowed fractional contracts.

Please bear in mind that if leverage and contract % are both set to 1 DigiBot will not trade. The Digitex calculator on the trading platform will show you why.

If you search #Settings in Trader’s University there are a few more examples of what TeamGeek finds comfortable.

Lion Asset Management client? DigiBot Trader?

What do you think about Digitex Futures or DigiBot?

Please comment below.

Comments are automatically corrected for grammar, spelling and punctuation.

76 thoughts on “DigiBot Mainnet Launch On The Digitex Futures Exchange

  1. Hey John, i wish i followed your signals mate! As everyone know i was longest serving employee at Digitex, i have 800k dgtx and i knew it will drop hard, but couldn’t sell at 10c just to keep my job, but as you guys know i was sacked and “fuc*ed prison style” without any notice, if i knew i gonna be sacked i would sell my 800k at 10c to secure $80k and at least have a chance to start small business and secure my family, i live in Belarus, i have 1.4y.o. son, i gave my heart and everything to Adam and his Digitex thing and ended up with almost nothing.. my 800k dgtx worth only $20k now, shit life.

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  2. Well, despite all the crap I’m up $160K trading DGTX like a madman when prompted by John’s newsletter. It’s covered his fees on my account for a good few years. The new opportunity mentioned should be good too. I’ll take a look. Bye Digitex Futures. It was fun.

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  3. Rest in peace Digitex Futures. It was a blast. But couldn’t last. Adam follows the principle of fake it till you make it. Thanks for all the pointers from TradeDesk in Lion News. Called it right every time. I was interested to read about your next crypto project. If you reckon it will be half as profitable as DGTX count me in.

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  4. During the DGTX ICO on Jan 15 2018, 100M tokens were set aside with the objective of providing a large trading bank of tokens for the market maker bots to employ at their discretion for giving traders plenty of liquidity, even during times of extreme volatility.

    Where are the 100M tokens? I will tell you. They have been sold to pay for the running of the exchange. I will give Digitex Futures, at the most, 1 year before they close the doors.

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  5. Just read all the comments here and can’t add much. So glad I closed the last Digitex Futures trade in July due to Lion News. Thanks ladies and gents. Keep up the good work and thanks also for the latest newsletter today. Always a good read. Next?

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  6. Digitex Futures will go down in crypto history as a project which showed so much promise but failed to deliver. Pleased I’m out of it. I am amazed there is anyone still positive about it in Telegram. So many missed delivery dates. And Digitex City? Adam’s lost the plot and all credibility completely!

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  7. It has been a lot of hassle trading DGTX on all the different exchanges for a newbie to crypto like me. But I remember John’s enthusiasm for Digitex Futures a few weeks before the ICO near the end of the Manila seminar at the Shangri-La in Makati City. I took the plunge.

    It is very sad that Digitex Futures has failed so miserably. But on a huge plus note I bought in at the ICO and sold at 11 cents eventually. I did it twice more due to Lion News and I am pleased to say that those 3 trades were the most profitable in over 10 years that I have been with you. A cool $110,000 after expenses.

    Thanks everyone and as Marcel would say – “It’s a wrap”.

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    1. I was at the Shangri La seminar in Makati as well Somchai. The best event I have ever attended. The first time I heard about Digitex Futures. What a journey. But all good things have to end. See you at Lion Singapore 2021.

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  8. What no DigiMagic any more? I have left DigiBot running against your advice and pulled in about 5K DGTX over the last week. I don’t care if I lose the lot. Just a bit of fun. The real money from Digitex Futures was banked on your last exit in July.

    But on a serious note I reckon that if the market maker bot funds had not been lost or, more likely, spent on wages then there would be 500+ DigiBot traders plugging away now. Sooooooo stupid.

    The most important feature of any trading exchange is liquidity. Without liquidity, it is impossible to successfully operate an exchange. Traders need ample liquidity in order to immediately liquidate their positions (and expect to receive a decent order fill upon liquidation).

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  9. Liquidity is based completely on confidence. Traders must feel confident that Digitex Futures will provide enough volume to adequately handle the liquidation of all contracts 24 hours per day. No excuses!

    The Digitex Futures Exchange has failed to deliver the liquidity so traders have lost confidence in the exchange. Liquidity is the most important feature of a successful operation. They had their chance. The last one to leave please turn the lights out.

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  10. I am trying to trade on the Digitex Futures Exchange right now and there are gaps all over the place with less than a TOTAL of 1000 contracts available on each side for two ticks. They have given up. No one would risk trading this because there is no liquidity to exit.

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DigiBot

๐Ÿค‘ API integration for DigiBot is complete. We launched on 10th September 2020. ๐Ÿค‘

๐Ÿคฉ DigiBot is available on TESTNET and MAINNET for ALL DigiBot owners.ย ๐Ÿคฉ

๐Ÿพ Please activate DigiBot by entering your TESTNETย API key here & then update to your MAINNET API key when you wish to trade on MAINNET. ๐Ÿธ

๐Ÿš€ Lion Asset Management will issue no further BUY or SELL alerts for DGTX tokens and we are now NEUTRAL on Digitex Futures. We wish all DGTX holders, Adam and the team at Digitex Futures all the best for the future. ๐Ÿš€