Trading bots... do they work? - page 7.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

Quote from: CoinPunkz on September 06, 2023, 11:48:22 AM

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

Well, I am no longer using trading bots but I've used it before, and I don't know what the experiences of other users were, but honestly, it was a nice experience for me, I still find me trading for myself more profitable for me than using bots..

I understand that some programmers can build trading bots for themselves which they are customize to their own test, but I am not a programer, so I had to depend on bots built by the exchange I was trading on themselves, that was kucoin, I used the bot for a couple of weeks, made some profits , also made loses, but at the end of like 2 months of using the bot for trading, I sat down to calculate all my profit and loses, and I realized that I've lost more than I've gained, I just had to turn off the bot and stop using it.

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

Too many people sell these bots, which means that too many of them will say that it works, but they do have a thing out of it and that is why they say it. It is obvious that a salesman will always say that their product is the greatest or they may even undersell it to make you want it even more, things like "I know a lot of people who made a ton of money from it and got rich, but there were silly people who lost as well, I do not know which one you will be" type of thing, I have seen it, I have made it to be fair.

So that is why the true answer is that unless you are some amazing trader then you aren't making a profit from this. Just stay away from it as much as you possibly could and then the return will be better.

Dr.Bitcoin_Strange

hero member

Activity: 770

Merit: 538

Leading Crypto Sports Betting & Casino Platform

Quote from: CoinPunkz on September 06, 2023, 11:48:22 AM

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

Trading bots are working and I think not smarter than human, and only a few traders are probably using them. Trading bots will become popular if it has been proven beyond reasonable doubt that they are the best at conducting and concluding successful and profitable trades. We have a lot of traders but few observations about traders, I can say that the number of traders using bots is very minimal. There was this bot I tried to use on Kucoin last year that can help you do the DCA strategy and can also sell. Depending on the price, you can set it to buy or sell. Well, that could only help in those aspects because you can just automate it and relax while the bot assists you in buying and selling. But when referring to real trading, where you have to analyze the market before buying and also know when to sell, I don't think bot is better than traders.

macson

full member

Activity: 1148

Merit: 151

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: CoinPunkz on September 06, 2023, 11:48:22 AM

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

remember that nothing man-made is perfect including trading bots, i have used trading bots several times but have stopped using them because before that i felt dependent on these trading bots, even though my emotions were good when using trading bots but the trading results were not satisfactory for me, trading based on your own will indeed take a lot of time, but when you get through every problem in trading one by one, you will never depend on other people especially trading bots.

Japinat

hero member

Activity: 3052

Merit: 685

Quote from: CoinPunkz on September 06, 2023, 11:48:22 AM

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

Trading bots are actually working but if ask if they can be reliable and sustainable, I don’t think they are. They are just robots that uses a computer program which at some point work, and fail on the other hand. So it’s actually not perfect when it comes to trading performance that’s why most of the professional traders still chose to trade using their own experience and skills in trading, at least they can lessen the risk somehow, and can expect bigger assurance of a successful trading.

Mahanton

hero member

Activity: 2730

Merit: 632

Quote from: Jody.Drummer on September 07, 2023, 11:09:14 AM

Quote from: Dzwaafu11 on September 07, 2023, 10:42:35 AM

Quote from: CoinPunkz on September 06, 2023, 11:48:22 AM

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

I don’t use trading bots, but from the look of things, they work sometimes and generate profits for the user, but based on how professionally you are, it is how you set it up that will make it work for you, which means if you are able to set it up well and you know how to use it, it will work for you effectively, but that doesn’t mean you won't lose because even those who use their brains still lose. I believe using bots will also cause you to lose, but it will be limited. And again, trading bots can never be used by beginners who just join trading because they will lack the knowledge of how they will work for them effectively, which will cause them to lose their funds. And trading bots can also malfunction sometimes, so I think while using them, the user should be careful.

Yes, that's right, the results of the work of the trading bot also return to us personally who set it up, if we are a trader who can be said to be quite good at knowledge in trading then the trading bot system can certainly provide something that is at least close to our expectations such as daily or monthly targets maybe. But yes this is quite interesting to make an alternative, because traders do not have to always be in the market to trade but they can simply set the system in the bot according to their wishes and they can go after setting it up. I think this is quite beneficial to save their time.

Well that's true too, for those beginners who have just come in should not choose the trading bot option, besides they do not have deep knowledge in trading I think they also will not know what a trading bot is and how to operate it, so this is like slowing down their development, it is better for you to learn according to your plan and gradually about everything here. Don't touch trading bots yet because you will only get confused when you see them. But yes you are right, even though it looks like it is very helpful but still professional traders must be careful because the name of the system can be unexpectedly erroneous.

Yes, it would really be entirely be depending on how someone do able to set it up. There are bots which are already set-up and its just really that ready for you to make use. Then lets say that you would really be
tending to use one but you dont have the knowledge on what it is or what are the corresponding methods that its been using? So it would really be pointless for you to make use if you dont have the idea on what it is.
The most common impression for noobs that trading bots are things that could bring some money or would automatically that brings profits without doing something.Yes, it could but it would be still affected by several main factors on which it would really be that affected by volatility of course just like on manual trades.This is really just that you are executing those trading system on automated way and it does really still required or need up that someones knowledge about on what are the things that he would really be needing to set up for the bot to follow according into those instructions that had been set. Newbie does have different approach on trading
bots on which they do really believe that it could really make things easier for them to make money buts it not really how the reality works.

JunaidAzizi

sr. member

Activity: 658

Merit: 283

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: CoinPunkz on September 06, 2023, 11:48:22 AM

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

Well, I am not an active user of trading bots but I did some research on it. Basically, trading bots are used for the purpose that a person can't look at the screen every time and look at the balance, and for that, he uses trading bots for it. Here are some pros and cons of trading bots is below.

Pros.
Trading bots can automate the trading process which can save time and reduce human errors.
It can speed up the trades which will be beneficial in the volatile market.
Trading bots analyze the market and according to it push the trades that make more profits than humans.
The boys are available for 24 hours which is also profitable.

Cons.
The bots are complex and without any technical information, you can't set it up.
Bots are more risky than humans.
Bots depend on correct market data if a small change occurs then it may not work properly.
The bots are making more mistakes which can lead to loss of your money.

Trading bots are a good tool but if you are using it then be aware of its risk and also DYOR for finding the best bots that have a good track record, because it is very risky to use it.

tjtonmoy

sr. member

Activity: 1008

Merit: 366

Quote from: CoinPunkz on September 06, 2023, 11:48:22 AM

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

Pros: You can teach the bot what you know. It will work based on an algorithm so there will be no human error although if you don't make any mistakes while setting up the program. It can save your time, and work 24/7 if you program it like that. It is automated so it will only take a few maintenance every now and then. You won't have to sit and work all the time. Because the bot will do it for you.

Cons: It is programmable and you need to program it. If you don't know how to do it, then it's not the best choice for you. As I mentioned in the pros, if you make mistakes while programming it, it will act according to that making that mistake. If you are unable to program it, then you can not use it. And if you use other bots not made by you, there's always a chance that it may not work properly and could be a scam. Lastly, as it will work 24/7 or based on your scheduled time, in that time, the market could change and you may need to change your strategy. But the bot will continue to do the same work with the previous strategy which may not work thus making you a loss.

So there are more cons than pros to trading bots.

But they do work. It depends on how you program it. If you know what you are doing, then it will work. Otherwise, you are better off without it.

Lorence.xD

sr. member

Activity: 1624

Merit: 315

Leading Crypto Sports Betting & Casino Platform

If it's a bot that could guide you for newbies in some exchanges its pros and cons is probably the accuracy as if it gives a right and wrong results. Use bots if you have enough knowledge to set it up on how you trade but doesn't mean it would always gives you profit. But if it's a third party bot that you need to install saying that it could give you passive profits, for sure it's a scam. Some of them would literally give you profits for starters but in the long run it would ask for you money as subscription for you to extend the bot service. By simply this reason it would be better to rely on your brain and intuition rather than an AI.

Jody.Drummer

hero member

Activity: 1708

Merit: 566

Leading Crypto Sports Betting & Casino Platform

Quote from: Dzwaafu11 on September 07, 2023, 10:42:35 AM

Quote from: CoinPunkz on September 06, 2023, 11:48:22 AM

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

I don’t use trading bots, but from the look of things, they work sometimes and generate profits for the user, but based on how professionally you are, it is how you set it up that will make it work for you, which means if you are able to set it up well and you know how to use it, it will work for you effectively, but that doesn’t mean you won't lose because even those who use their brains still lose. I believe using bots will also cause you to lose, but it will be limited. And again, trading bots can never be used by beginners who just join trading because they will lack the knowledge of how they will work for them effectively, which will cause them to lose their funds. And trading bots can also malfunction sometimes, so I think while using them, the user should be careful.

Yes, that's right, the results of the work of the trading bot also return to us personally who set it up, if we are a trader who can be said to be quite good at knowledge in trading then the trading bot system can certainly provide something that is at least close to our expectations such as daily or monthly targets maybe. But yes this is quite interesting to make an alternative, because traders do not have to always be in the market to trade but they can simply set the system in the bot according to their wishes and they can go after setting it up. I think this is quite beneficial to save their time.

Well that's true too, for those beginners who have just come in should not choose the trading bot option, besides they do not have deep knowledge in trading I think they also will not know what a trading bot is and how to operate it, so this is like slowing down their development, it is better for you to learn according to your plan and gradually about everything here. Don't touch trading bots yet because you will only get confused when you see them. But yes you are right, even though it looks like it is very helpful but still professional traders must be careful because the name of the system can be unexpectedly erroneous.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Quote from: CoinPunkz on September 06, 2023, 11:48:22 AM

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

They work as they are intended to work, how they are programmed to work. They are not made to make you rich in the click of a button, if that was the case, people would not be working their rear off but buying a bot.

Plug in whatever indicators you want to run and the bot will trade as you have asked it too, meaning it will follow your commands "loyally" but this and a guaranteed profit are two different thing. You might want to brush up on your own trading skills before trying to automate it with the help of a bot.

Remember the phrase - you are only automating your trades through the bot.

Dzwaafu11

sr. member

Activity: 714

Merit: 353

Quote from: CoinPunkz on September 06, 2023, 11:48:22 AM

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

I don’t use trading bots, but from the look of things, they work sometimes and generate profits for the user, but based on how professionally you are, it is how you set it up that will make it work for you, which means if you are able to set it up well and you know how to use it, it will work for you effectively, but that doesn’t mean you won't lose because even those who use their brains still lose. I believe using bots will also cause you to lose, but it will be limited. And again, trading bots can never be used by beginners who just join trading because they will lack the knowledge of how they will work for them effectively, which will cause them to lose their funds. And trading bots can also malfunction sometimes, so I think while using them, the user should be careful.

jeraldskie11

sr. member

Activity: 1316

Merit: 356

Quote from: CoinPunkz on September 06, 2023, 11:48:22 AM

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

Some bots are really working that you can gain profit from your trades. If you use bot in trading, you don't have to spend time to analyze the market to be able to trade, the bot will do it for you. Trading bot has no emotion since most traders fail because of their emotions. So if you are having a hard time to control your emotions, this is good for you — I think these are the pros. The cons of using bot is that you can't guarantee that in the long run you will become profitable since bot rely only on the program not on the market movement.

Danydee72

full member

Activity: 218

Merit: 206

I use a selfmade bot. And it works. But does it give me constant profit? No.
"do they work" means for me: the bot runs most of time following a strategy I implemented.
My bot is not a necessary tool for me. All what it does, can be done by myself. It just reflects my own trading activities.

Pros: the bot runs without emotions 24/7.
Cons: the bot runs without emotions 24/7 Grin

btw: I agree with others: I would never use a bot with a working strategy sold somewhere. No one sells bots giving constant profits.
Selling profitable bots does not make sense. Better invest your money in adopting your own strategy. Bots are not necessary to be successful and often they
lead to scam or at least they take your money without significant revenue. But personally I like to have a bot, just to adopt some rules and see if they work or not. That's my risk and my fun.

adaseb

legendary

Activity: 3808

Merit: 1723

They don’t work. If they really worked then they wouldn’t be for sale. Why not just run it yourself instead of selling it for cheap. Doesn’t make sense.

They either work in demo which can’t be replicated with live trading and doesn’t account for liquidity or slippage. Or they basically worked in a specific time in the past and eventually when markets change they will stop working. Now we are mostly range trading and if conditions change such as we start a bear or bull market then those bots won’t work anymore.

xSkylarx

hero member

Activity: 2366

Merit: 594

Yes, they are working, but that doesn't mean that if it is working, you are earning profit from it because others are just milking you some money when you purchase it, but others are working completely. Most of the bots are used to automate your trading strategy, meaning you don't need to check your chart from time to time to see an entry, it is doing the process for you. However, there are bots that you can purchase online that already have a strategy on them. This is where most of the traders got scammed, or even tried them out, but it is not working for them.

It is not really recommended to have a trading bot if you are new and just learning trading because you won't understand it. It is better to do the traditional one because you still don't have any trading strategies to apply to the bot.

Bitcoin_people

sr. member

Activity: 700

Merit: 380

🎗️🍁🎭

Quote from: CoinPunkz on September 06, 2023, 11:48:22 AM

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

Basically I have never used this kind of trading bot so can't say with much certainty how successful it will be. But users can benefit a lot by using it but only people who have good knowledge about it can earn money. Achieving profit using such bot trading strategies requires good knowledge and good intentions. If you are not knowledgeable about the trending then you will never profit from trading like this but fail. If you want to profit from trading then never take such decisions, rather take good advice so that you don't get ted by bots. You should never rely on trading by bots as you will never be successful. So you always take the advice of a wise and successful trader so you can profit and make money by trading.

harizen

legendary

Activity: 3122

Merit: 1398

For support ➡️ help.bc.game

Quote from: CoinPunkz on September 06, 2023, 11:48:22 AM

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

By saying "do they work", are you referring to generating an income scheme?

Technically, trading bots work based on how they were set up. They will "almost" perfectly execute a given command once the triggering point happens in the market. There are also features where bots will automatically execute the best possible move at any given market behavior or signals since we know traders do have different strategies at different trends.

Personally, I'm not using a trading bot but saw it before on a close friend of mine who has been a trading enthusiast for several years now. Although he's expertise is more on trading stocks, the idea should be the same if applied to crypto-trading.

jossiel

hero member

Activity: 3150

Merit: 636

DGbet.fun - Crypto Sportsbook

I am not using it but got to see how they work and if you're in an exchange where most features like setting up your buy/sell manually, they're just like automating it and not that much of a change.

If you're a busy person and you think that you really need it then give yourself a go.

Remember that they don't work for you to make a profit but they're just there to setup things that are manually done by the trader and it's still your decision to profit will take you to profiting.

arwin100

hero member

Activity: 2632

Merit: 787

Jack of all trades 💯

Quote from: CoinPunkz on September 06, 2023, 11:48:22 AM

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

It maybe useful if you are lazy people and want to set up your trades according to your target. But if you have more time to watch every trades you do then I guess its just a waste of money for availing that trading bots. But if you mean just like what other say that it provide profit since someone offering you that you can gain a passive income if you invest with the bots they set then as always that is a scam.

Topic: Trading bots... do they work? - page 7. (Read 1341 times)