Topic: Experience with Trading Bots - page 4. (Read 846 times)

Thanks for the input! Actually i have a little "team" of friends who want to develop a bot themselfs. As i was into trading a little bit (read some books, did some research, did my master degree in business finance where i also touched the subject), i just want to get some feedback in generall regarding bots as i never was interested in the issue till now. So i really appreciate your awnser(s)

I do not have much experience using bots, but a few days ago, I am trying to use bitsgap to know if I can profit using the bot. So far, I see the bot needs to be set before it runs. I still confuse to have the right setting and that needs more time to learn. After a short time using the bot, I think I still prefer to use manual trading, and I use the Binance app besides using the bot. So I suggest you learn the basic lesson of trading because that is the key to trade manually.

Maybe I could try this one (Gunbot). Because honestly, I didn't try any of them, and the reason is that I simply don't give my trust to anyone. I know that trading bots actually exist this time but to find a legit and working bot is really hard to find and it feels bad hearing about disappointment and complaints.
That is why I'd stick to what I normally do in trading, well, manual trading gives me more learnings.

Not with Gunbot. All the trades that you are going to do are private and it's between you and your exchange. It's not a cloud service type of bot so only you have the access to that. Unless you have started the bot with delinquent type of parameters, you'll be okay.

You don't seem to know much about what developers could do to alleviate that. There are options and possible ways to take advantage of the market volatility.

Gunbot is still the most reputable in the industry I think but people forget that using a bot is only about automating strategies,,, not about making easy money. I think the next step now is for bots to be used in defi platforms (apparently they already are), scalping cheap prices between LPs and making swaps all the time for small gains.

You sound like you decided to go for making use of trading bots but my humble suggestion to you is, never ever trust any bots for your capital. It will be very much similar to allowing some stranger to handle to your trading account including access to your capital. Because, bots are nothing but set of instructions as per the coders and anything could happen against market volatility.

When we are good at basics of trading then we can easily develop our own strategy which will be much safer to handle our capital in trading environment. Only due to lack of time to find for learning basics of trading, most people are going for bots but ending up with unexpected results.

Sometimes it works and sometimes it won't, this also means that, though we use trading bots, even we avail the highest paid bots but if we don't know to use this it is still useless.

It could be better to invest first our knowledge into manual trading, coz if we are good into this, that possible we can get a positive results by using bots in the future. There are a lots of reliable trading bots but if we are not capable to do trading, it never makes sense as well to acquire this thing.

There are a lot of trading bots as of the moment, some got different features and different prices.

I saw some trading bots advertised here in the forum, especially the Gunbot. I know @crwth can help you with Gunbot, which I recalled he already tried using Gunbot before, he got a thread about using it and got a journal using that trading bot.

For OP, if you are new in trading, I highly suggested studying first the basics or cores of trading before using such tools or trading bots to automate your trading.

This is one good example about real experience in trading bots. And unfortunately, you had a bad one. Never used a trading bot ever since I am into crypto. But maybe, I have time to do on my own. I think it is better for the OP to learn on his own, even allot a little time each day and learn the ropes of crypto trading. In time, he will learn the tricks on this trade and he can use it throughout his trading career in crypto. He can't learn those tricks overnight but patience is the key.

I have dealt with several trading bots in my life. In particular, I would like to note that none of these bots brought me any profit. I dealt directly with automated trading bots that traded on the bitcoin market according to a certain algorithm. All these bots brought money only at the beginning, and only at a time when the market was calm. I want to note that this experience happened to me during the bear market, perhaps now such bots are more accurate and profitable, but then this did not happen. So these bots brought profit for several months and then something called "unforeseen circumstances" happened, they just took and lost most of the money.

There are many bots are available in the market and people are making good money time to time but how long they will stay in profit side will be a big question because bots cannot perform in all market conditions hence we cannot expect same kind of performance in near future just because of past records.

So, it would be much better to learn technical analysis so that you will become an analyst and you will be able to generate your own signals for your own trading purposes. This will sustain and will get you profits for long-term.

In theory trading bot should work well but it's not so easy. You need to be online all that time and follow the charts. With that in mind I prefer doing all myself instead of bots. Everyone has different ways to do it tho.

That's right, bots are not money-generating or mining tools. There needs to be a chart analysis before using it. Because, we shouldn't use bots carelessly. Instead, it will make you suffer losses from using the bot itself. Sounds good, it uses a bot and runs automatically. However, behind this, there must be action before you use it. Namely predicting and reading graphs, one of them. Bots with recommended settings are also not always able to generate profits, if you don't know what is happening. It is better to set up the bot manually with the results of your own analysis, however, it is not easy to set up. Sometimes our analysis can miss the mark, even the experienced.

You cannot rely on bots on an ongoing basis. Because it is you who run the bot yourself. Without sufficient knowledge about crypto trading, I don't think it's just yet to use bots. Because, using a bot also requires the same abilities when we are trading. The only difference is that after we setup the bot, the bot will run the commands that have been set automatically, of course you can't just leave it. You still need to monitor the bot just like you monitor the charts. Because, if market conditions have changed, the bot will still run the previous settings. The bot cannot automatically change its settings. We are the driving force of these bots, bots just make it easier

Wow mate thanks for this information. I'm often uses the exchange app so this will likely turn to my favor. I will do research about this and maybe try some features. Thanks for sharing.

BTW how's the experience with the use of this bot? Is it worth I mean is the bot effective on trading?

I'm just giving advice to you. bots can help us trade but we also need to be able to apply good principles because if we don't understand bot algorithms we can fall into a losing position. My suggestion is that bots can also be used but we must also do analysis, because the biggest influence is our own analysis, not bots

I don't have any experience using bots for trading and even someone will tell me that it legit but I don't feel any interest to use this thing. I'm not hating trading Bots but I just wanted to make trades on my own and not relying on others.

Honestly, I don't any confidence using them, I suppose to make myself more expose to trading and I just wanted to improve my knowledge and skills coz if we are using bots on our behalf we are likely giving up. That is not what I wanted to be.

Even though bots sometimes bring success, we have to be careful, because sometimes the market moves outside of our plans, and I think manual trading by learning gradually can make you survive in the world of trading. techniques, analysis, money management and psychology are the keys to success in trading

If this is your first time with trading bots use very small amount of money and exchange built bots to see how it works and what strategy works for you.
 kucoin has one. With right strategy bots can make you money but there is a learning curve that you have to pass over.

I didn't use trading bots, but I've translated this website some months ago, I've found it pretty informative and, although I'm not affiliated with it, I recommend you give it a read: https://tradingbot.info/

Top! Thanks a lot!