Trading bots... do they work? - page 8.

arwin100

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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.

palle11

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Quote from: Aanuoluwatofunmi on September 06, 2023, 02:52:54 PM

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?

Yes they exist and work,
Do they last? No they don't
Are they always accurate? Sometimes they are and other times they don't, there's no reliability in using them.

I don't use bots but I have read reviews and what some friends have said about trading with it and most of the challenges mentioned above are exactly what it is. I have had some friends complained of bots after making some profit, the next day they lose money than the previous profit made and eating into the capital. The challenge that bot also have is that you also need to monitor it from time to time but maybe not like manual trading. This is contrary to people's believe that it is not monitored but if you don't after a while some bots may do reverse trading.

goaldigger

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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.

Yes it works and depends on what BOT you are using.
I’ve tried this before in trading and I can say that its fine as long as you set it up properly.
The pros is you are trading even if you are busy, and they also have the default setting which I think can also be profitable. The only cons that they have is that its not cheap, and you have to find a good BOT to trust with.

Distinctin

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I was tempted to use trading bots but it never reaches towards my high expectation on it so I end up trusting my own knowledge and experience in trading because that is more reliable than trusting my trades into a robot. Note that trading is always a battle of minds and emotions, and if you think you’re not capable to manage your emotions and increase your trading resources, then do your own diligence to learn all by yourself but never resort into using trading bots because they are not worthy of our funds.

Kelvinid

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Honestly, trading bots work but when it asks if it is profitable, that will depend on the trader who uses it. Why? Trading bots is only reliant on the user and you can't expect to work alone without command, and if you don't have knowledge in trading, therefore, never expect that it will work effectively but fail.
I'd rather suggest you not to use bots if you are still learning trading as it won't bring you to success instead, work on yourself and carry the risk alone. As long as you have ample time to trade, you can be a great trader like others but if you rely on bots, I don't think so.

Finestream

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At times they work and give you profits, but in most of it, they are certainly not reliable so we can’t guarantee that using them will definitely make our trades easier and be more susceptible to profits. Trading bots are just robots who only follow whatever our command is, so the success or failure of our trades will never depend on them, but on the traders who use those trading bots.

salad daging

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Not using this trading bot is certainly still pros and cons there are always those who say it's good or bad which obviously this comes back to yourself.

Now many exchanges provide trading bots or maybe you try it?

Don't have much experience so I can't comment more.

Aanuoluwatofunmi

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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?

Yes they exist and work,
Do they last? No they don't
Are they always accurate? Sometimes they are and other times they don't, there's no reliability in using them.

If using a trading bot is what we can see from other angle that it's not 100% effective, they cost us money and yet are not that reliable for maximum profitability as the results we would ever wanted to have, so if you think you want a long lasting and reliable trading experience, learn how to trade and be knowledgeable.

Hamza2424

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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.

Which type of trading bots you are talking about, there are a few things that need to be clear before giving feedback, are you using Bots on the CEX, or using them on DEX, are you using the Bot feature provided by the platform or are you are integrating some king of 3rd party?

I can elaborate on things if you provide a set of proper details you want, In simple yes they work, at least for me they worked very well as far as I have used them, specifically, Bots are designed for special types of market situations as Etremly Volatile market and consolidating market. Also if you are thinking of trading with bots in a short time frame its highly possible you are making a mistake.

Oshosondy

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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.

I do not use bots to trade because I do not see any need for it. But because I do not use bots to trade, that does not mean I do not know about it. As milewilda has said already, trading bots are used to automate trading process, in a way you do not have to be monitoring the screen all the time. You can also use it in buying more coins at a specific time or when the asset you are buying has decreased to certain price.

All the automated orders used in future market is enough for me. I can DCA manually. I have not seen a reason to use a bot. But if you are interested, there are some trading bots on OKX. You can try some out and see how they work. You can also build your own trading bot.

Using bots does joty mean you are a good trader. It does not also mean you can not still open a position and lose, but it can make trading process to be easier.

milewilda

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Quote from: Wapfika on September 06, 2023, 11:52:57 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?

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

3rd party trading bots? What do you mean working because all trading bots will work based on the setup you made on it. But if you mean passive profit using a programmed trading bot by random guy will surely scam/hoax. There’s no such thing as working trading bot that will give you consistent profit.

Trading bot on exchange are all working base on your setup as I frequently using it for DCA and range trading whenever the price is on sideways. What trading bot you are describing here?

Maybe he/she do talks about those already set-up bots that could be seen neither on exchange platform or something that we can see ex. gunbot but in overall which newbies do really have that kind of
impression and believe that these things could really make them money passively on which they would really be just simply running it and then wait for profits. Cheesy

@OP, trading bots are for automation of your trades on which this could really be bringing out that convenience specially if you do love on executing your own methods and analysis
on certain price conditions without needing to have to look at your monitor most of the times. To save yourself from this then this is where trading bots do sets in, it do
really bring outs that convenience specially if you do really know on how to make use of it. Its not something that could assure out money making things
which i do highly believe that this is where newbies do mostly believe on.

Wapfika

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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.

3rd party trading bots? What do you mean working because all trading bots will work based on the setup you made on it. But if you mean passive profit using a programmed trading bot by random guy will surely scam/hoax. There’s no such thing as working trading bot that will give you consistent profit.

Trading bot on exchange are all working base on your setup as I frequently using it for DCA and range trading whenever the price is on sideways. What trading bot you are describing here?

CoinPunkz

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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.

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