Bots - page 2. | Bitcointalksearch.org

Oilacris

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Quote from: Tfolger on August 08, 2021, 07:11:11 PM

Has anyone used bots? Are they worth the time and effort?

There are lots of types of bots but since we are on a trading discussion board then you are obviously talking about trading bot. Are they worth the time and effort?

Dont think that bots are money making ones because everything is just really been used for automation of your trades and of course that would really be still into your supervision or own trading setting.

Profitability would always vary on how you to set up your bot on specific market condition and not just putting it on and would work for you, thats not the overall concept of a bot.

isaac_clarke22

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Quote from: Tfolger on August 08, 2021, 07:11:11 PM

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Never became fan of those trading bots.

Using them solely is like depending on a piece of program to give you profit and that does not even make any sense. They can only do what they are programmed for. You still need your own analysis in the end.

Sanugarid

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I used it, and it most users are right, you have to make it into what you want it to be and your specifications should be able to make you money because if not then you're only automating losses and not profits. If you can do it, you will make trading a passive income in no time.

Pokapoka124

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Quote from: Pokapoka124 on August 10, 2021, 04:31:45 AM

Bots operate on an automated system, they don't have a mind of their own. That means you are entrusting your trades to a machine.
I see traders on Instagram trying to sell some wonder bot that's going to trade millions for you. Bot scams are easy to fall for. I do not recommend using a bot because it is a bunch of codes and math punched together to follow a certain pattern. This is one trader's strategy being coded in a machine.

If the bots are not scams and they are reputable bots they are 100% better than manually doing it otherwise you have to do that math yourself and risk making a mistake with a bot you can do the math once and it will automatically trade for you in the future.

Bots fail too. My friend bought a bot once(he knows zilch about trading by the way), he funded his account and was set. The bot had good results for the first six weeks but after that it just could not deliver the same results. He contacted the company he bought the bot from and they said he had to upgrade the bot.

leea-1334

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Quote from: adaseb on August 09, 2021, 04:26:35 PM

Here are the issues with these bots,

They are mostly coded with variables so they appear profitable only in the past. So if you do a backtest it would appear to make money. However if you do a forward test you will find that it doesn't work as well.

Yep, I think if anyone experienced bots it was first using MT platform and plugging into the forex apis. The same bot developers for crypto platforms all copied the same scripts anyway.

If you know how to change those script variables, then you have your own "bot" and I have seen myself people selling their bots on marketplaces,,, or even renting it out to people to try. Bull market = all bots profitable.

Pokapoka124

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Bots operate on an automated system, they don't have a mind of their own. That means you are entrusting your trades to a machine.
I see traders on Instagram trying to sell some wonder bot that's going to trade millions for you. Bot scams are easy to fall for. I do not recommend using a bot because it is a bunch of codes and math punched together to follow a certain pattern. This is one trader's strategy being coded in a machine.

Ararbermas

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Quote from: Tfolger on August 08, 2021, 07:11:11 PM

Has anyone used bots? Are they worth the time and effort?

bots for trading? For me it's a waste of time wherein its a good idea to learn more about indicators in order to obtain good profits than paid bots or etc because you don't know how much profit you can get from it. Unlike gaining your own knowledge when it comes trading that you know the market situation and you know how you can makes a good profits despite of the situation using indicators.. So you better think about it. Btw this is just my opinion wherein its still up to you which do you preferred.

mindrust

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Quote from: Tfolger on August 08, 2021, 07:11:11 PM

Has anyone used bots? Are they worth the time and effort?

Botting is sometimes better and sometimes not. Bots can make you poor too sometimes. The most important thing is, bots are not free and they are as smart as their creator.

Holding is on the other hand is completely free and It makes as much money as botting if not more. Exchanges love bots because bots make them rich before they make you rich.

LongStand

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Traders utilize bots to take benefits of the global cryptocurrency markets, which are open 24 hours a day, seven days a week. Bots have a benefit over investors in that they can react faster. The arbitrage bot is a popular form of bot that seeks to profit on price differences between exchanges.

Silberman

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Quote from: Tfolger on August 08, 2021, 07:11:11 PM

Has anyone used bots? Are they worth the time and effort?

Supposedly the purpose of those bots is to save yourself the time and the effort in exchange for some money that you need to buy the bot, personally I think bots can be useful but only if you know how to trade already and you can code your own bot, relying on the bot of someone else opens too many possibilities to lose your coins especially if you buy a bot from someone that does not have a long reputation of doing so as they could hack you and steal your coins, so for now do not bother with them as they are not the money making machine you may think they are.

Ryker1

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Quote from: Tfolger on August 08, 2021, 07:11:11 PM

Has anyone used bots? Are they worth the time and effort?

Well, what bot that you are talking about? --if that is an automated trading bot, as of now it is okay to use a trading bot since this is not illegal to use.
The trading bot will not stand alone without you because this does not plug and play after you have been purchase it will automatically use, this need also our knowledge and skills in trading and this bot will work right after you have done setting and execute in trading on behalf of you. However, does anyone thinks that this trading bot is good for making money, they are wrong.

adaseb

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Basically back in the forex days I used to use alot of trading bots. They were actually called EA and you basically used Metatrader and you just loaded a script and it would execute trades for you. There is also a backtest function so you can find out how to bot worked in the past.

Here are the issues with these bots,

They are mostly coded with variables so they appear profitable only in the past. So if you do a backtest it would appear to make money. However if you do a forward test you will find that it doesn't work as well.

Another issue is slippage. There are some bots that take trades which are impossible to take in real life due to liquidity and slippage. So in a backtest it would fill on the best bid/ask however in real life your order might not fill in time.

My advice, stay away from them.

Zilon

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Bitcoindata.science

I can't advice anyone to trade using bots I'm not saying it doesn't profit in most cases but it's more like betting your money on a live casino which is in other words gambling. I prefer you learn,fund your account blow it up, get the experience then build on your strategy with that you are safer

layoutph

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Sometimes these bots are good in swing trading and give you profit. But dont ever entrust your life savings, just make these bot guide to your trading.

leea-1334

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I know this is a completely different discussion but the only bots I used are for dice gambling with crypto (you know the ones like Seiuntje).

And I can tell you, they work differently for everyone,,, speed of internet, speed of API connection, are the most obvious. If you have a shit connection,,, do not bother.

And most important, as people above say, bots only automate your strategy. If your strategy is crap,,, bot just ensures your crap strategies execute while you sleep:)

Quickfant

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Bots are good if you are emotional when you invest and it takes that out of it but they are good for trading 24/7 which you would not be able to do otherwise. There are different types of strategies with bots and you still need to understand the bot and the strategies to be successful.

Obito

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Quote from: Wexnident on August 08, 2021, 10:34:46 PM

Bots are in the end, an automated process that YOU yourself start or state. It basically follows on whatever algorithm or sort that you set, so really, without any knowledge of what or how to trade, bots aren't worth the effort. They're stuff that is used to make the tedious processes more automated, but those "tedious" processes are repetitive ones most of the time with close to zero deviation. Trading on the other hand, almost always has that random deviation that is sometimes pretty huge, so if hit, you'd pretty much lose a lot.

Exactly, if you yourself don't have the skills to profit then your bot won't make you a profit out of automation since it follows what you usually do when you yourself is trading, there's hope though, you know that you can always learn trading and along the rewire that bot to your specifications to make sure that you got the money.

lablab03

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Quote from: Tfolger on August 08, 2021, 07:11:11 PM

Has anyone used bots? Are they worth the time and effort?

it's not worth bro if you want to trade and you use bots. What i mean much better to learn trading and practice your skills coz for sure you can make good profits.. It's just a waste of time so don't rely in it. Imagine bro you will spend money for bots and the return isn't good. But if you learn the exact ways how to trading you have chance to become profitable and the good thing is it's free which no need to spend coz you can learn through internet videos and you can create demo account as well to practice your skills.There is a big difference tbh if you goal is to earn more..

pooya87

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Back in the days I wrote something myself which you could call a "trading bot" and I used to use it a lot and made some decent profit from certain trading strategies I came up with. I mainly did it for fun not profit and since I'm a fan of writing this kind of code.
But generally speaking I would't say trading bots are worth the time or effort specially if the bot is not open source and free to download and use.

Wexnident

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Bots are in the end, an automated process that YOU yourself start or state. It basically follows on whatever algorithm or sort that you set, so really, without any knowledge of what or how to trade, bots aren't worth the effort. They're stuff that is used to make the tedious processes more automated, but those "tedious" processes are repetitive ones most of the time with close to zero deviation. Trading on the other hand, almost always has that random deviation that is sometimes pretty huge, so if hit, you'd pretty much lose a lot.

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