Topic: Trading bots on Binance (Read 223 times)

Bots have been very helpful so far. I often use bots when the market is sideways and bullish only. And it's enough to help provide profits, we also need to do analysis and settings before using bots. If we use it carelessly without analysis and setting, the level of loss obtained will also be large. Please note that bots also have the potential for errors, so don't rely too much on bots.

In Binance or KuCoin, using trading bots is suitable for those who do not have sufficient time for market analysis. In essence, trading with bots involves placing pending orders with predetermined take-profit levels. There is no significant difference between trading manually and trading with bots. so if you have time is good use manual trading normal trading

About bot trading seems transparent to me because not all traders who are there can always research the market. This trading bot will show you losses if you are facing losses, and will show you profits if you are making profits. This bot trading is useful enough to realize a trader more actively. Because if you are able to take trades at the right time by researching the market, you will be entitled to substantial benefits with this bot trading.

They have been around for a while and I think that is going to be something that only a smart person who knows how to trade would check up on. If you are trading yourself and making money, trying to make the bot to do something that you would do anyway is not that bad idea, you could use it like it's the extension of yourself and you would be able to make some money with it, it's like you, but in a digital format basically.

But the same goes for terrible traders, those people will have a lot of trouble and they will not make much money, those people should be careful with what they are doing and I think that is going to be the hardest part, I believe they are not going to end up with anything that would be all that easy to handle.

Bots usually don't use their own brains. I think the trading should be done by self.  It is not known exactly how much the bot will understand the situation in the market. The bot won't do the same as you trade with your intelligence because it's a mechanical process.  Trading should be done with own experience and intelligence.  Although it depends on one's preference, I would say it is better not to use bots in trading.

The bots are not using their brains but only automating the lengthy processes while also eliminating human error. So all the experience and knowledge you have remains as it is, the bots and tools are only helping you polish the skills and automate the process.

Not a fan of bots myself because of the type of trades I do. But in some cases, bots can indeed help you as I have seen it myself.

Eventually, it depends on how you trade and whether you need a bot to assist your trading. If you think a bot will make money by itself then you are mistaken because no such bots exist or they wouldn't sell it.

I have moved most of my funds from Binance to other exchanges since the conflict between SEC and Binance started. So I don't have any information about this feature of Binance.Well I mostly do spot trading, but on Kucoin I have traded bot trading once where I faced loss. This could be due to two reasons either the value of the coin I started bot trading in was constantly falling, or the second reason could be that I was inexperienced which made me lose quite a bit. After that I never took part in bot trading again, so one thing is clear that you need to get a lot of knowledge to start bot trading as well.

Kucoin also has spot trading and futures trading, and its features seem better than Binance, where you can change the limits between your trades. However, in my opinion, even newbies can face problems using bot trading, so it is better to familiarize yourself with it first, because there is no solid guarantee of profit in bot trading. Rather, it can harm you.

This is a fair warning indeed, a little profit made causes people optimism about it but it takes a series of tests before you can ever depend on a trading system or bot. To date, I have never seen effective trading bots that will allow traders to make substantial amounts of money and keep the account healthy for so long. To make matters worse, on checking this thread yesterday, I remembered about this Binance bot and I have tried to spend a few minutes studying it. Well, not with my money, just trying to read and get more acquainted with it whether it would be worth trading or not.

However, seeing that it is a "Grid bot" discouraged me immediately. I know so much about grid trading if that is what they actually coded in it, and I believe that it will be a light one and not an advanced one, and for this, I think the success of this bot will be very minimal. But when traders can have their external analysis with it, maybe they can be comfortable when they always agree on a position but make a forced closure when the position is opposite. This will still need the trader to understand how to trade very well which makes it more tasking and risky for those that do not know how to trade well. Besides, think of it, if this bot works very well, all Binance customers will be rich, and you know what it means for the market, so it can't be impossible to be outstanding in performance over time.

Overall, it is a good development and I believe they will be adding more with better strategies over time.

Yes I noticed lately that there is bot trading on Binance exchange. But I have not yet prepared for bot trading. People have heard that Binance bot trading is very interesting. But I want to know how much minimum dollar to take for bot trading here?  Can I take the profit at the end of the day? Or can I take it weekly? If anyone knows please let me know as I am currently involved in spot trading. I have never done futures trading and bot trading. That's why I don't know much about bot trading.

I am not sure why everyone is looking at the amount instead of the %. I know about the risks involved and I know that it's an altcoin pair.
But it was just for testing purpose and I don't use trading bots regularly. It was the first time I am using it and that too for testing purpose and so disregard the amount and the altcoin pair.
At the end of the trades, I was in profit with MOVR and at no profit no loss for ARB pair. The experiment was good and next thing I will try is for BTCUSDT pair.

I have no idea whether it is possible to make profit using trading bot. But I know that to make profit from trading you need to have good experience in trading otherwise you will have more losses instead of profit. There are some people who start trading without understanding.  It is very difficult to make money from trading thinking that you have lost all your money. I think making money from trading is as difficult as it is easy. It is very difficult for people who start trading without understanding to make money from trading.

Binance exchange has several features, bot trading feature is one of them. If you put a certain amount of money in a certain coin, the bot automatically trades there. As a result of automatic trading, trading sometimes shows profit and sometimes trading shows loss. I did bot testing once to see how this feature works but the results were not to my liking so that first experience was my first and last. Many people on YouTube have created some great videos about bot trading that will directly attract a lot of attention to a new trader but the bot will definitely not give you extra profit. I think you should learn about tedding by yourself rather than relying on such features. Trading by yourself is safer and there is a higher chance of profit

Nothing is free you have to pay something for everything even Binance gets a lot of benefits from you through this bot so they don't need to charge anything separately. However, how can you fully trust a bot and how can it guarantee profits?  If that were the case then everyone would trade casually with bots and earn profits. They did not have to learn analysis separately and there was no risk. so be careful to using trading bot

Well, that is because it's a new feature as you said, but if you will go back on Binance, you can now be able to experience this ( only if you really want to ), but I doubt you won't, since you already said that you love the live action or in other words the manual trade. A new feature is usually being promoted, so that many users will get aware with it easily, and the efforts of the devs won't be wasted on creating it.

Although it was still up to the users if they will continue using it or not. But, if it was crafted carefully with love and full efforts, I'm sure the quality of it is also great. In trading, we won't just " sell and sell " mate but buying is also there.

You're only as good as how good of a trader that you are. Trading-bots are not something that teaches you something new. It's a mere tool to use to automate what you would have done manually as a trader. If a bad trader decides to automate is strategy through a trading-bot, it doesn't suddenly makes him a "good trader". In fact, using the tool might be more dangerous because it automates the bad trader's inferiority in trading. It's a money-burner instead of a money-printer.

I have never experienced using Binance, although I have been a user of that platform for a long time. Most of the time, I do spot trading. How are you using it, dude? It looks like that's what the Binance platform is promoting with their new features using AI.

Because if it's just me, I still prefer spot trading because live trading is what I still want, where I can sell and sell crypto assets that are traded on an exchange platform at any time.

This is a long overdue initiative, many platforms before Binance in traditional trading have it, so I expected Binance to have had it before now instead of letting the third party make money out of people. Well, it is a welcome development and I received an email to that effect when launched but I have not used this before, I can only try it after now since your post has served as a reminder for me. This will however be more of testing since my trading style is good enough, yet no knowledge is lost, I need to have experience with how it works. If it can be working with the way I am presuming it now, then it might be a way to lessen my trading burden. Not that I will not analyse the market at all, but I will ensure that I set it to do my trading bidding on either buy or sell mode depending on what my daily analysis decides for the day. This will relieve me of much work of speculation over and over again.

For instance, if I know the trend of the market is bullish for the day, I might just set the bot to enter the direction and close the position for me on different occasions on detecting a short-term trend in that direction on the same day. This could replicate it many times of the day which I don't have time for and it will be a good achievement for me if it works fine. I only hope that it can be well-managed as well, that's going to be the issue if it can't be well-controlled to risk little and preserve my trading account.

I think that using an app made by a business which is interested in making money by finding ways of taking that money away from you, is not a good idea. I would not call any on-site bot trustworthy. And as for the bot being free: there is no such thing as a free lunch. Or you could say that one only finds free cheese in a mouse trap. Perhaps I might be too mistrusting but it just seems like a scheme for Binance to make money.

Although that being said, I do not use ANY trading bots. I do not trust bots for the same reason that I would not trust a third party to hold my Bitcoin for me. The only bot I would somewhat trust is the one that I develop myself. And even then, it could go haywire for seemingly no reason.

It might be those only members active in trading who received a notification because I didn't get notified about this.
Sounds new to me, and I'm thinking now it seems another marketing strategy on Binance that might be effective for those people who want to use a third-party trading bot.

Based on this article on Binance, there are top 10 Binance trading bots, I wonder now where this free trading bot comes from, from a third party or from Binance itself.

Can you update your thread if you've tried it already?

A bot does not automatically mean that you make profits. Sometimes you can make losses too. A bot help reduce your screen time on charts and technical analysis as it automates your strategy. So guys who think bot = automatic profits will be disappointed.

I tried testing grid trading bots one time, I think it was through 3 commas. It wasn't the greatest experience, and I gave up on them shortly after. Most top tier exchanges offer such bots today in their respective platforms.