Topic: Trading bots on Binance - page 2. (Read 402 times)

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.

I don't know, I still have not tried these features of Binance, but in my opinion, is it safe to use or is it worth it to use? Well, maybe because why will Binance add a feature that would destroy their image? Maybe it is useful, but the thing is, does it have accuracy in trading? What I mean is that trading bots or AI bots used for trading are still not proven to have high accuracy and a high win rate because AI is still limited and can't be trusted. I personally don't acknowledge the usage of trading bots or AI trading because I know they still have a limit and can't guarantee a good profit, but it's up to you if you will try it and let us know if its features are useful and trusted. But do you guys think AI trading is the future of trading? Because if yes, then where is the balance there? If all the traders are getting a profit or win trade, then there will be no money to circulate the market.

you disregard this part.


i was afraid to test it. that's why i'm asking how was his trading. because all i know the best pair to trade is btcusdt.
since he is doing it on altcoins, i'm curious what is the result. so far he is profiting in the first market MORVUSDT which is the futures market. we can see that in the image.

maybe 20usdt for each pair is not enough to be profitable, especially in the futures market, his 20 can be liquidated if the price goes the other way.

Because you make $2 with the help of trading bots and you think that those bots are helpful. Know that you can also make money while trading without any bots. Know that you can make use of bot and still have losses. Be careful with bots. As they are profitable they can also bring losses just like trading manually.

Be clear about this. Are you saying he should not make use of trading bot or he should also not make use derivative trading? Because BTC/USDT is for spot market while BTCUSDT is for derivative market.

MOVR and ARB/USDT? how was it?
 i think you should be on BTC/USDT, this is the most traded pair. this is got to be the best pair to make money. which TF did you try this on the spot?

i ignored their email regarding this bot because it was scary because i was just discussing trading bots with someone from telegram and then minutes later the email showed up on my phone.

I made it a point to never touch anything "AI-powered" when it's still in its beta stages as it's either going to cost me my job, or my money. But Binance's AI trading bot's pretty good if I do say so myself. The only massive bummer for me is that it probably generates its inferences and predictions based on the market as well as the predictions/positions locked in by successful traders within their database, which means they are collecting data without everyone's permission to make a trading bot. And that is a massive if but if that would be the case then I guess Binance will need to have some explaining to do.

I guess the concept saves itself cause it's free and it doesn't cost the user any extra fees besides what they would already need to pay. But at the end of the day, this is basically creating a copy-trading bot without the traders knowing that they are in fact being used to study the market, which is a massive mistake if I do say so myself.

I guess we'll just have to wing this concept for now. It's not like the crypto industry's big on copytrading or AI trading bots nowadays anyways. For me this is a gimmick to the professional trader, and a great training wheel for those who are just learning the ropes. Possibly at the expense of the successful trader(s) that they are collecting the data from.

Recently I came across trading bots on binance and found it interesting since they were giving the option to use geometric and arithmetic setups for trading bots for free.
Normally, third party trading bot providers charge a fees for using them on exchanges but here we have them directly from binance for free.
We have the option to use them for spot trading as well as futures which is good for short selling and leveraged trading although we should use them with high caution.
I just gave it a try and I think it's good to have an option. What do you guys think ?