Setting Up FairBot: Step-by-Step Best PracticesFairBot is a trading interface designed to interact with betting exchanges and automated trading systems. Whether you’re a beginner setting up your first automated strategy or an experienced trader optimizing execution, a careful, methodical setup will save time, reduce errors, and improve results. This guide walks through practical, actionable best practices for installing, configuring, testing, and maintaining FairBot in a production-like environment.
1. Understand FairBot and its requirements
Before installing anything, confirm what FairBot does and what you need:
- Platform type: desktop application that connects to betting exchange APIs.
- OS compatibility: typically Windows; some users run on macOS/Linux via virtualization or Wine.
- Account requirements: active account(s) with the target exchange and API access enabled.
- Security: safely store API keys and access tokens; never embed keys in shared files.
Make sure your computer meets recommended specs (stable internet connection, recent OS updates, adequate RAM/CPU). If running ⁄7, consider a VPS or dedicated machine.
2. Install FairBot safely
- Download only from the official source to avoid tampered binaries.
- Verify digital signatures or checksums if provided.
- Run installer with standard user privileges; avoid installing as an administrator unless required.
- Allow network access only for the application; consider using firewall rules to restrict unexpected outbound connections.
3. Secure API access and credentials
- Create a dedicated API token for FairBot; avoid using your main account credentials.
- Restrict token permissions to only what FairBot needs (trading, not account closure).
- Store tokens in an encrypted password manager or FairBot’s secure storage if available.
- Rotate keys periodically and immediately revoke a key if you suspect compromise.
4. Configure connectivity and latency settings
- Connect via a reliable ISP; use a wired Ethernet connection rather than Wi-Fi for lower latency.
- If low latency is critical, use a VPS located near the exchange’s servers.
- Adjust FairBot’s polling and reconnection settings so that it recovers quickly from temporary interruptions without triggering duplicate orders.
- Monitor connection quality; enable logging for network events to diagnose intermittent issues.
5. Set up user interface and basic preferences
- Organize markets and watchlists to show only instruments you trade to reduce clutter.
- Configure hotkeys for rapid order placement and cancellation.
- Choose display settings (price ladder vs. market grid) based on your trading style.
- Enable audible alerts and visual indicators for significant events (fills, errors, connectivity changes).
6. Create and test trading strategies safely
- Start with simple rule-based strategies (e.g., back-to-lay, back-to-back) before automating complex logic.
- Use conservative stakes and limits in initial tests.
- Backtest strategies using historical data if FairBot supports it; analyze drawdowns, win rate, and profit factor.
- Run paper trading (simulation) for an extended period to observe real-time behavior without risking funds.
- When moving to live trading, enable a kill-switch or a global maximum daily loss to limit downside.
7. Risk management and staking plans
- Define staking rules: fixed stakes, percentage of bankroll, or Kelly-based sizing. Avoid oversized stakes that expose you to large drawdowns.
- Set maximum liability limits per market and overall exposure limits.
- Use stop-loss rules and automated position-close logic where appropriate.
- Keep a clear record of all trades for auditing and performance analysis.
8. Logging, monitoring, and alerts
- Enable comprehensive logs for orders, fills, errors, and connection events.
- Forward critical alerts to email, SMS, or a messaging service so you’re notified of issues even when away.
- Review logs daily during early live runs and after any unexpected behavior.
- Keep periodic snapshots of your account balances and open positions for reconciliation.
9. Automation safety features
- Implement checks within FairBot for duplicate orders, minimum price increments, and margin requirements.
- Configure emergency stop conditions (e.g., pause trading after X consecutive losses).
- Use sandbox/test environments where possible for strategy development.
- Document every automated rule and maintain versioned strategy descriptions.
10. Maintain and update responsibly
- Keep FairBot updated to the latest stable release for bug fixes and security patches.
- Backup configuration files and export strategy settings periodically.
- Test updates in a non-critical environment before applying them to live trading.
- Review exchange API changes and adapt FairBot settings accordingly.
11. Performance tuning and optimization
- Profile common operations (order placement, cancellation) and identify bottlenecks.
- Minimize screen redraws and unnecessary logging during high-frequency scenarios.
- Use efficient stake sizing and order-splitting logic to reduce market impact.
- Regularly review strategy statistics and refine parameters based on objective metrics (ROI, Sharpe-like ratios for betting).
12. Compliance, bookkeeping, and auditing
- Maintain records of trades for tax and regulatory compliance.
- Reconcile FairBot logs with exchange statements weekly or monthly.
- Keep written procedures for deployment, emergency handling, and credentials rotation.
- If trading on behalf of others, ensure you comply with local financial regulations and licensing requirements.
13. Troubleshooting common issues
- Connection drops: check API key validity, network status, and firewall settings.
- Unexpected orders: review strategy rules, hotkeys, and any third-party integrations.
- Missing fills: examine market liquidity, order types, and ladder settings; increase visibility (market depth).
- High latency: switch to wired connection, choose a closer VPS, or reduce UI refresh rates.
14. Example checklist (quick reference)
- Download from official source — done
- Create dedicated API token — done
- Enable logging & alerts — done
- Test in simulation for X days — done
- Set max daily loss and emergency stop — done
- Backup config and schedule updates — done
Setting up FairBot carefully — with secure credentials, conservative risk settings, thorough testing, and robust monitoring — reduces avoidable mistakes and helps you scale trading more confidently. Follow the checklist, iterate on strategy design, and keep safety limits front and center.
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