Setting Up Your First Twitter-Based Trading Bot with TradeFollow

In this comprehensive guide, we'll walk you through setting up your first Twitter-based trading bot on TradeFollow. By the end, you'll have an automated system that monitors your chosen influencers and executes trades based on their tweets.

Prerequisites

Before you begin, make sure you have:

• A TradeFollow account (sign up at tradefollow.io)
• An exchange account with API access (Binance, Bybit, or OKX)
• A list of Twitter accounts you want to monitor
• Some capital you're willing to risk (start small!)

Step 1: Connect Your Exchange

First, you'll need to connect your exchange account to TradeFollow. Navigate to the Brokers section and follow the setup wizard for your exchange.

For Binance:

1. Log into your Binance account
2. Go to API Management
3. Create a new API key
4. Enable "Spot Trading" permissions
5. Add TradeFollow's IP to the whitelist
6. Copy the API key and secret to TradeFollow

Step 2: Create a New Strategy

Click "New Strategy" and select "X (Twitter) Bot" as your strategy type. Give your strategy a descriptive name like "Elon Musk DOGE Monitor."

A good naming convention includes: - The accounts you're monitoring - The asset you're trading - The direction (long/short)

Example: @elonmusk_DOGE_Long

Step 3: Add Accounts to Monitor

Enter the Twitter handles of accounts you want to monitor. You can add up to 25 accounts per strategy. Consider including:

Types of Accounts to Follow

Step 4: Define Your Trigger Condition

This is where TradeFollow's AI shines. Write your trigger condition in plain English:

"Trigger when any tracked account tweets something positive about DOGE or Dogecoin"

Our AI will interpret this and monitor for matching tweets.

Examples of Good Trigger Conditions

• "Trigger when Elon Musk mentions DOGE in a positive way"
• "Trigger when any tracked account announces a new token listing"
• "Trigger when sentiment about Bitcoin turns bullish from tracked accounts"
• "Trigger when any account mentions buying or accumulating ETH"

Examples of Bad Trigger Conditions

• "Make money" (too vague)
• "Trigger on any tweet" (too broad, will cause false positives)
• "Trigger when price goes up" (we monitor tweets, not prices)

Step 5: Configure Trade Parameters

Set up your trade execution parameters:

Symbol:        DOGEUSDT
Direction:     Buy (Long)
Order Type:    Market
Quantity:      100 DOGE

Order Types Explained

• Market Order: Executes immediately at current price. Best for fast-moving opportunities.
• Limit Order: Executes only at your specified price or better. Useful for getting better entries.

Step 6: Set Risk Management

Before activating, configure your safety settings:

1. Maximum Position Size: Don't risk more than 1-2% of your account
2. Daily Trade Limit: Prevent runaway trading with a daily cap
3. Cooldown Period: Minimum time between trades to prevent overtrading

Step 7: Test Your Strategy

Before going live, use the "Test" feature to see how your bot would have performed on recent tweets.

Look for: - False positives (triggered when it shouldn't have) - Missed signals (didn't trigger when it should have) - Trade timing (was execution fast enough?)

Step 8: Activate and Monitor

Once you're satisfied with testing:

1. Click "Activate Strategy"
2. Set up notifications (email, Telegram, or both)
3. Monitor the first few trades closely
4. Adjust conditions if needed

Best Practices

Do:

• ✅ Start with small position sizes while learning
• ✅ Monitor your bot's performance regularly
• ✅ Adjust conditions based on results
• ✅ Keep trigger conditions specific
• ✅ Use multiple strategies for diversification

Don't:

• ❌ Risk money you can't afford to lose
• ❌ Set it and forget it completely
• ❌ Use vague trigger conditions
• ❌ Over-leverage your positions
• ❌ Ignore losing streaks

Troubleshooting Common Issues

Bot Not Triggering

• Check that accounts are spelled correctly
• Verify your condition isn't too restrictive
• Ensure the strategy is activated

Too Many False Positives

• Make your trigger condition more specific
• Add negative conditions (e.g., "but not retweets")
• Reduce the number of monitored accounts

Trades Not Executing

• Verify exchange API is connected
• Check you have sufficient balance
• Ensure API permissions are correct

Conclusion

You now have a fully automated Twitter trading bot! Remember, automation is a tool—success still depends on:

1. Choosing the right accounts to follow
2. Setting appropriate risk parameters
3. Continuously monitoring and adjusting

Start small, learn from your results, and scale up as you gain confidence.

Ready to get started? Sign up for TradeFollow and create your first bot today!