Topic: Trading bots... do they work? - page 4. (Read 1363 times)

Whether it lasts a long time or not depends on how the bot is developed. If the bot is not taken care of and not developed further then there will be no good continuation. Now bots also use AI so they are smarter, faster and more efficient. Whether or not it is recommended to use bots depends on our needs. It's not good to use bots completely, it's only as an assistant to our trading. Occasionally using bots to make our work easier is quite good, but choose the recommended bots. Don't use free bots that are not recommended. Manual trading and in combination with bots is good enough.

Trading bots will never stay this long if they are not working on the first place. Of course they are but it also depend on the trading providers. But I must say that trading bots are not all the time effective and profitable. You can’t be trading and rely on it all the time. You have to trade on your own and improve what needs to be improve. Through frequent experience, you will learn to manage your own trades, and with developed skills and strategies, there’s no need for you to trust those trading bots but stick to your own trading ability.

If you are really that making yourself that highly reactive when it comes to those fundamentals and news then you would really be finding yourself at great trouble whenever these sentiments do really comes out.

You would really be finding yourself that making tons of possible mistakes and errors when it comes to your investment decisions or specially on your entry.We know that trading bot would really be that
acting or following out on whats been set out on the command and with these sudden market news and events would really be leading out with that kind of market pulse and unpredictability when it comes into its price movement then it would really be that messing up on what you had set earlier.

Do they work? Not much but they are relevant because automating out your trades basing up with your analysis and strategy which is really that a huge convenience for us. It is really just
that there are people who do mold up those kind of bad impressions and wrong beliefs about trading bots which they do really see it as a money making income machine. lol

Well true, I also think that bots are created so that they stick to the controls that humans have created. As we know that when we solor trading without any help, it is very possible that there could be some losses that are caused by our carelessness when making decisions, one of which is that humans have a sense of doubt that always haunts them when they want to take a buy or cell position. So by using the bot it can minimize all the doubts that are usually the beginning of mistakes, but well that's true it also depends on the strategy you apply in the bost, if your strategy is wrong then obviously the final answer will also definitely not match your expectations at the beginning, in fact, the bot is quite helpful but it also depends on you who set it up.

Well that's right gaes, in fact there are many who sell trading bots, on average those who are already professionals in terms of trading and can be said to be quite successful so they created the bot with the aim of helping several people including novice traders to make it easier to trade. But well on the other hand don't think that this is entirely a solution for you, because in fact it is not uncommon for those who are deceived by buying these bots, instead of getting consistent profits as expected but instead losses dominate, and well I agree with you instead of buying from other people who are not necessarily trusted it is better for you to create the bot yourself with the knowledge you have, it's better.

and it won't decide on its own if there are instances where human intervention is needed. Bot means it acts the same as you code it and does it for you without any intervention. The advantage of this is that it will follow the process strictly so there are no emotions involved unlike humans but if you don't have a good strategy for taking entries the bot wont do it for you.

There are also people selling bots that do the trade for you and that is where I am skeptical because they are selling it instead of using it so it is better to have someone make a bot based on your strategy than buy it online.

I don't really recommend trading bot if you want to make profits most of the time unless you're the one who made the bot and configured it yourself, that way, you could assure yourself that it is trustworthy since you could test it out many times as you want to perfect it.
Trading bot also cost a lot and most of the time it doesn't work, so you're just gonna waste your money on that for sure, lucky if you found one that's legit and gives you profits most of the time.

What you did in actual trading is somewhat the same as what you have set up for trading bots. The only advantage of having this is that you have never stressed yourself as you let the bots do the things as it was on the command. Now, the question if that will work efficiently - well, that is something to ask ourselves if we are really good at trading or just like a newbie. Because the truth is that the results of using trading bots lies with the person who uses them. Trading bots works based on the command, not in its own way. 

You mean properly set-up? Have you tried using a trading bot dude? If yes, how is it? did your expectation reach the profit you want with this? Because for me it's really different that we ourselves do the actual trade we want. Because we ourselves can see if we have something to learn or not, You know what I mean.

Let's say that somehow it can make a profit but not big and not always even if the set-up you made here is proper. So, that means if the outcome is the same, it's really better that we ourselves do the actual trading either in spot, futures, or perpetual, it just depends on our choice, right?

I think AI-bots work kinda good, you have a lot of people on YT guide and show when they do it. https://www.youtube.com/results?search_query=Trading+with+AI+bot
But I don't think it's the same feeling and fun as trading for yourself, it would also make me a bit more nervous

A trading bot works if it is properly guided. An experienced trader can trade with trading bot and an experienced person can make profit by trading but this technology will never be good for those who have less experience. Artificial intelligence cannot solve all kinds of problems everywhere. For example, if you have a problem with your exchange, when you go to talk to support, a bot is suggested to you to solve your problem. Can you solve your problem with a bot? 
When the bot can't solve your problem but you have to take manual help to solve your problem. Same with trading, I find manual trading much safer and more efficient than trading using a trading bot.

I would guess if you make it based on the movement and not the tweet then you are going to end up with a horrible result. It could go up a bit even daily and that would mean that you are going to buy something without Elon ever tweeting about.

I believe that if you want to do something like that, a 10% increase at least should be the way to go, and then manage it to sell if it goes 100% as well. That would be a bit better, still not really smart and there should be a bot that reads Elon's tweets and check for any word of doge happens to be in it or not, he could say something bad too which would mean that you are going to buy when he said something bad, but at the very least it would be better than just volatility.

If the trading bots were successful and they provided 100% of the time accurate results, wouldn't the whole world leave all their work and businesses and start using bots to trade and make money?

The fact is that bot selling is a business and people are selling these trading bots to traders who have already lost a lot of money in trading and they buy them thinking that these bots can help them trade better. But the reality is otherwise.

If you want to be a trader, better learn it first, experience it and eventually you will become a better trader. Trading bots may assist you temporarily, but they are unable to be profitable in the long term.

Since I haven't personally used a trading bot yet, it's difficult for me to comment on its usability. Now, based on my research into trading bots, it appears that few people claim that they benefit from them. Nobody has claimed to have made a lot of money with a trading bot that I have come across.

In addition, those who make such claim are merely pushing a trading bot. At this time, the information I found in the article I investigated is conflicting, and others may argue that it is profitable but not a surefire way to make money. Because it is not guaranteed, however someone has claimed that the daily return on investment is between 0.1% and 0.5%.

As far as I know at least one bot like that was created when Elon started to tweet about dogecoin and this market, I do not know how effective it was but if I were to guess I suppose it was effective, as back then people gave a lot of weight to anything that Elon said about this market.

However such strategy was not bound to work for long since even if Elon is still influential when it comes to meme coins, his antics has caused a lot of people to ignore him completely.

In case with Elon and DOGE the percentage of the pump is always high in the momentum. So if we need to have an automated bot then we can just lower TP for like 1-3%. This should work for sure and at the same time with a reasonable leverage it should give a good profit. But I'm not sure about pump verification as it takes seconds after the tweet to get the price pumped which can only be caught with the automated bot.

Does anyone know if there is any no-code platform that may help to create a bot like this? I'm curious to try this strategy. I don't have any tech skills but the settings doesn't seem complicated.

Yes... or maybe not? I guess so.
I didn't ever tried using it when I'm still trading because trading manually is still the best instead of you just letting a bot trade for you.

You can control your own decisions if shit happens. A bot isn't reliable as it is. Many are promoting trading bots. Many are adding trading bots in their platforms. Still, manual trading is the best. On the other hand though, with AI starting to become more popular, I will not be surprised if trading bots will become more and more reliable because of AI. If trading bot is working 100% of the time, there must be no losers in trading right now. An AI bot will just rely on the things that you set it to do.

We know that the markets are greatly affected by the news, and the bot don't care about it. What you put is what it will do.

This is a good idea we know already when Elon musk makes a move with their favorite coins people keep buying and the market pumps immediately but still there's a possible condition we know how does the market makes manipulations, better if the bot or the programmer itself makes a good statement that must need to verify the percentage of the pump, I don't know if its possible they can make a TA in the code to identify for the TP/SL if the pattern satisfied the condition.

Of course, the fact that many trading bots on the market fail doesn't mean that they all fail. Trading bots work with a specific algorithm and it is possible to enter commands such as "take action when this person tweets about that". However, regardless of the conditions or the orders entered into the trading bot they will definitely not be like the transactions made by a trader who follows the market and opens transactions manually.


Yes, a trader who has a quality trading bot and can manage it or adjust the necessary orders well can definitely make money with this method but this will not be the case for many traders. Personally, I'm not exactly hostile to using trading bots but I think that anyone who will use a trading bot should be aware of all the potential risks. On the other hand, I don't think that everyone can make money by using a trading bot as the possibility of incorrect transactions is high depending on the quality of the trading bot. As I mentioned, I have no hostility towards the use of trading bots, but I do not recommend their unconscious use.

Correct, I finally stopped trying to use trading bots. Because as you said, trading manually is much better. It's just that we must have special time to trade. Because trading requires time to make analysis. And actually using a trading bot is not as practical as you might imagine. Because before determining which trading pair to enter. We also have to make a fundamental analysis so that we don't experience large losses when prices suddenly change direction. Because the weakness of trading bots is that this tool cannot stop making repeated entries when price changes occur so quickly. Because trading bots are only based on basic technical analysis and trading bots do not have the ability to know news or fundamental analysis. So it is very dangerous when the market is in uncertain conditions like now. Where bad news and good news keep appearing and make the market have high volatility.

Ai could actually help a trader since in a quick seconds of writing they can see a wide result if they want to see some past statistics and other informative matters that can help them on taking decisions on their trades. But we cannot expect that Ai or bots  can help maximize or generate us a profit since this is just a helping tool where we can automate our trades if we are lazy and cannot always set our trades. Other got wrong expectation about it that's why they get scam since there expectation is so unrealistic about those tools.