Topic: Trading with bots (Read 383 times)

This is not a good idea if you are using a trading bot. Bot trading is about relying on others to trade, from which you won't be able to learn much as you will mostly be out of practice knowledge. And when you depend on these bots for trading, you will not be able to start trading on your own later on, it can become a bad habit. Moreover, it is definitely best if you trade your knowledge, and you can reach good level anytime. And if you are very interested in bot trading, then definitely check out various social media and watch many videos, although profit in bot trading can be risky.

There are way too many people who support certain bots, but also there are many of them who are resellers as well, so it is really not clear if they are saying it because they like it, or they are saying it because they got good results from it.

I personally used a few, I am not going to name all of them because then I would get hate and I do not want to get into arguments with all of them now, but I can tell you that there has been some that existed long before last cycle, like during 2017 as well, and they had bunch of errors and issues and they made people lose a lot of money as well. They might be better now, haven't used one in a long time, but I can tell you, 5 years ago, they all sucked and they were terrible.

A bot is based on a command so it can never be like a human. Market conditions change constantly so the strategy to deal with such market changes is not always the same and the same strategy does not always work successfully.  But a bot is built based on only one strategy and that bot works only on that strategy. So the bot can never guarantee you profit and it can never satisfy you and suddenly it will cause you big loss at some point. Because of this I would never advise you to trade using a bot. Do the trading based on your own research and start trading with as much capital as you can afford to lose.

There are a lot of ways to automate your trading but it should be important that you know the history and the reputation of the bot. I would recommend Gunbot , I am affiliated with it and it might sound biased but I do have a lot of experience with using it ever since 2017, and the steps in making it work have become a lot easier with the GUI and steps in doing it.

You can see my new progress in a post here
https://bitcointalksearch.org/topic/m.63497515

It would really depend on what strategy you are going to use, just make sure that you have the right setup with it. If you need anything, I can help if you want.

Yeah, it's better to learn from the basics and go step by step. It's also better to start with a small amount of real money. With these steps, you will continue educating yourself. Although I look at bots as advanced tools, but seems the one you stated will be easier to understand

For example; GRID BOT

This is usually common on Binance and OKX on which its a feature on which you could really make use on a ranging market for example on which you would be able to set up grids on when to sell and when to buy out.
I could say that it is indeed profitable but of course it would really be just that depending on how well you do make yourself that knowledgeable on what you are doing. People do usually have those common
impressions with those preset-up bots which it is really that indeed good on making use of it, but how you would be able to know if its the right time on making use of it? For sure it would really be that depending on how
knowledgeable you are with trading.

Trading bot is useful just like on what others been saying if you do really just know on how to make use of it, but if not then it would really be pretty darn useless and this is something
that you should really be trying out to study if you are really that serious on learning it.

Well said mate. I have same feeling coz bot is as good as the person that set it up. Although I haven't used it before, I have heard some people saying it's quite profitable to use especially in a very volatile market just like what we are experiencing at the moment. If it's not that reliable, I don't think it will be available on most of the top CEXs.

Using bots in trading is quite risky. You should only start trading using bots if you fully understand how they work and how to configure them. Ideally, if you can create your own bot to fully understand how it works.

I don't suggest trading in general be it altcoin, currency pairs,indices should be done with bots.What makes the difference is you understanding what you are doing and focusing more on a profitable strategy rather than searching  for bots that is still made by Human and programmed with there own knowledge.
But still if you wanna use bots,I suggest you buy from legit platforms or the one some profitable traders use.

In my opinion, trading with bots is good, but I suggest learning the basics/fundamentals of trading first so that you understand how to set your parameters. After that, you may proceed to bot trading. Someone mentioned Binance bots, which I found a bit challenging to comprehend. I did more research before trying out variations from Bitget (future signal bot, smart portfolio, spot grid). It was easy to understand, like riding a bicycle. This isn't financial advice, just my experience. Ahah.

Your guess is wrong. If you want to succeed in trading, then make a habit of relying on yourself not these bots. Because it was useless to use bots if you don't have a deep knowledge about trading, you end up failing. That is why don't wonder about the results because you are not totally ready for this. Gain more experience and knowledge first before thinking about profit as it will be easy someday if it is all done. And even that we still never assume that we can never lose. We have to understand the unpredictable nature of the market which is why we can't make it perfect even though we are in trading for many years.

Why did you think of trading bot op? Do you have any ideas on crypto trading? Have you been a scalper for a few years in the field we are talking about here? I don't recommend to newbies scalping because it's not easy to get a profit, especially since the timeframe is only 1 minute.

I have never even tried the 1-minute timeframe because I think the only people who can do that are really good traders who get really good earnings like that through futures trading and others. Why are you one of the expert traders in an industry like this?

They're most likely done by bots but you have to understand that there's hundreds of thousands of traders that are daytrading, scalping and just doing a plain old transaction so it's not really that trading is most likely infested by bots but that there's also the fact that there's just too many people doing trading at the same time and that leads to fluctuations that are making it all seem like the market is moving this way or that way and those traders that are causing these fluctuations have different interpretations on the movement which causes them to either sell or buy which again goes back to what I've said.

I have done trading and got success from trading but currently I am in huge loss in trading. I was trading in ORDI coin but the market gives huge dumping, currently I have a lot of loss due to that dumping but I don't know if I can recover this loss. But I'm not afraid because I've learned to be patient I'll be patient I hope I can definitely recover. My ORDI was bought at $72.55 but currently sits at $51.23 due to a bloody market. Anyway I can't answer your question because I have never traded with a bot. But if you are using Binance Exchange for trading, there are some instructions for bot trading from Binance Exchange, you can follow all those instructions, I hope you understand very well.

sorry to have to say this so directly, but it's complete nonsense. With statements like this, newcomers to the trading market are tempted to buy bots for expensive money which then execute predefined strategies and promise the buyers incredible profits. It is obvious that this cannot be the case, otherwise all of us would only have such bots running and would be living on a beautiful desert island.

Rather, bots are a tool used by very experienced traders.

Why?
Bots are used to execute your own strategy automatically (and therefore much faster). No more, no less. However, you need a lot of experience to configure and adapt the bot sensibly and to use it correctly. Newcomers definitely do not have this knowledge.

I agree on what you have said.
Did see some article on what bots are really that something that good and relevant specially when you are just starting up.


Cryptohopper
Gunbot
HaasOnline
Trality
Coinrule
.....
and so on..

https://tokentax.co/blog/best-crypto-trading-bot

For me Gunbot would be the best and you would really be able to choose up on what kind of
bot will really be helpful but of course you would really be needing to know on how to make use of it
just like on what been said above.

Its not that it doesnt give out any benefit but it is really just that on how people do really make use of it, newbies usually be having those kind of assumptions that they could really be able to make themselves
make easy money if using up some bots. This is why it would really be that recommended that you should really that know on what you would gonna do. Bots are something useful when it comes on automating
your trades or something that could really be able to make use specially to those who arent that facing up their computer or PC all day. Its something that useful but dont make yourself that
believing that it could generate money or income for you.

Once you do make use of BOT then you would really be needing to configure it out and this would really be requiring that intermediate knowledge about trading.
If you do lack that knowledge then theres no way that you could really able to make yourself that know on how to make use of it.
Somewhat there are some preset up bots out there on which you could make use of.

Don't use bots, that is the best thing to do as they never give you the benefits you expect instead, they only give you a terrible trading experience.
Better help yourself grow and understand real trading by relying on your capabilities and skills. Many traders have tried using bots and have the same experience you have gotten.

I can't say it was the feature of the bots but also personal experience and inputs are a big factor affecting the performance of the said technology. But if we want to reach our goal and gain success, we have to do it alone by simply trusting ourselves and using effective strategies.

If you are a newcomer, don’t think of trading with a bot. Since you clearly said that you need guidance to learn how to trade with a bot, don’t you think that learning trading automatically, even if you will use a bot, should happen later after you have already learned about trading skills, fundamentals, and technical analysis? Then you start thinking of using a bot, even if you will use it, because even the professionals, I can't advise any of them to use a bot because it is not favoring traders. It makes traders lazy. They don't get any updates in the market because they  have already gotten used to the bot that does anything for them.

Furthermore, even with the knowledge of trading, you still need to learn how to use the trading bot because you need to set it up in a way that it will favour you. However, don’t think that if you are using the bot, you won’t lose because losing in trading is a natural thing that happens to traders regardless of how expert you are in the game. Therefore, you have a lot to do in your journey. Don’t forget to invest the amount you can afford to lose.


Yeah, bots don’t help; they have a set for a specific thing, and once they have done what they were programmed to do, there’s nothing they will do for the trader again; they won’t be able to manage the risk in the market, and a lot more, when someone trades on their own, it will be easier for the trader to do so automatically. So when someone does it on their own, I think it makes more sense and generates profit.

I agree with this, before using it we should understand and know what a bot is, how to use it and what time or conditions are good for maximizing trading bots. Keep in mind that trading bots are not always fun, setting errors before the bot runs will affect trading profits and losses. Therefore, we need to find out what kind of bot settings are suitable for current market conditions. Technical and fundamental analysis is also needed here, to determine a trend which plays a very important role in setting up the bot before running.