Topic: Trading with bots - page 4. (Read 687 times)

I have had an experience of trading bots, but not actually in the cryptocurrency industry rather in the forex trade. My experience of the trading bot was very horrible and unforgettable. I wish I never knew what trading bots was about, but my personal experience might not actually be the universal experience of what these bots are all about. As a beginner the use of bots in the forex trading had the following effects on me;

• It made me lose a huge amount of money that I could not afford to lose
• It made me develop phobia for trading
• It made me not to understand the basics or fundamentals of trading 
• It somewhat made me to fall out of love with automation 

I see bots as tools to use within a short period of time for a continuous trade that have to be monitored and not necessarily for continuous trading without a human intervention. When you want to stay off the screen for a short period of time just as used stop loss and take profits works.

Dont know on what you do mean on london time or specific time of the day on which we know that there's no way that it could really be affected something like this considering that there's no opening and closing of this market or simply being that 24/7. When speaking about bots then there are tons of tutorials on which you could see on Youtube on different platforms on which you do set up order limits basing up on what are the positions that you do really want for it to execute. Its not really that hard to understand even if you arent that too techy or really not that into technical stuffs on which we know that it isnt really that something that you could really be able to get a grasps on if you are really that serious on learning it. Bot trading is really that convenient i should say but its not recommended for you to make use if you dont really know on how to use it on the first place.

It does really give out that convenience and on point execution of orders basing up on the command that you have set. Not all would really be preferred on using it though but if you are that someone
who isnt really that facing that computer all day long then this tool would really be that best for you to make use. You would really be able to notice for yourself about its relevance
into your trading career or path on which it is something that useful basing up on the condition that you are into.

I would not like to follow bot trading, some of my friends tried in the several top exchanges, but they said it's high risk and they lost in bot trading. Because if bot is implemented by programing code so it will not be work properly in the right time. You should learn trading, now so many ways to learn trade if you search on youtube, so many video tutorials you find.

I do not support trading bots.  It is programmed by certain rules.  It does not understand the volatility of the market. The market situation can change at any time.  I think it can't trade in tune with the market. Trading should be done with your own intelligence.  You will understand the market situation which a programmed bot will not understand.

For me that is not a good way to get profit in trading with trading bot op. Then scalping timeframe is only 1 minute. Why are you a professional trader? because the only people who do scalping methods are those who have a broad understanding of crypto trading.

Have you ever made a profit in scalping with only 1 minute timeframe? and if there is, why don't you at least show an example screenshot here on the topic you made an op? It's still better to do trading in a natural way, that's what you'll always remember.

I would never advise trading using a bot without learning how to trade yourself. Moreover, most of the bots nowadays are flawed. How does a bot work? The bot analyzes the data based on the data they have and then trades based on the expected and unexpected conditions of the currency. Many times you can face huge losses. So I think you gain your own earning power and learn your own trading and then trade.

which means that using trading bots will be more appropriate for traders who are already professional. Not novice traders think that without experience and knowledge, they can still benefit from using trading bots.
Am I wrong in interpreting the situation currently happening around us? Newbie traders think using bots in trading will help them to gain profits. without even having any experience in trading. Isn't this the same as novice traders who just follow the trading signals given on the channel?

There are no tips that anyone can give you since automating your trading with bots is a two step process, first you need to put down your strategy in writing as precisely as possible, and the second and last step is to then write that strategy into a language your computer can understand.

And neither of those steps is easy, as most traders cannot precisely describe what they will do in every single circumstance, and even less traders have the ability to then write this into a code their computer can execute.

Yep, I agree with this.
Some traders also tend to learn how to code so they can start implementing what's on their mind and can save a lot of money by hiring someone to code. And I can agree it is also better to learn on your own so it will be another skill you will learn and later on you can create a bot that what you really prefer and easy to customized or improve.

The ideal way in my opinion is
1. Start trading manually. 
2. Make sure your strategy is profitable. 
3. Write yourself (or order from a specialist) a bot that will automatically trade in accordance with your strategy.

Not all but many traders are using bot to trade especially when they are not around.
What you can do is to start learning how to trade properly and once you’re ok with it then you can start looking for a bot that can work well with your strategy and your own timeline. Using Bot is not a sure profit anyway, its just like automating your trading strategy and there’s still risk.

There are many problems trading with BOTs. We see a lot of comments about bot problems and high risks. I agree with people who say why use bots when we can do it manually? at least we have action in trading and can reduce the level of losses, whatever we do is better all within reach than handing it over to a third party

Would have been nice if you showed us the charts as well. Is it a pattern?

Obviously, some traders use bots. Others just use stop limit orders. There are very many factors at play, such as the funding fee hours. They lead to drastic changes in price mostly for coins with high negative or positive funding fees.

Do you know any scripting language such as python or pinescript? or you are looking for an already built bot?

I am one of those people who used bots for years, and I can tell you that it is not going to really work for you in the end, it is just not that possible at all. I know that it is going to end up with something that would be troubled, it doesn't really feel like we could end up with anything that would be all that easy to handle, but we could say that it is going to be a bit of a horrible deal when it comes down to that.

I believe that we are going to have some trouble if we are not careful. The risk you are taking with the trading bots is too huge because you are not controlling them, why would you want to give up that control to a bot? and it will not be that easy, so stay away from bots if you do not know what you are doing.

I've never used a bot at all, I want to use it occasionally but many of my friends don't recommend it, they say it's better to follow the signals, even though as a paid VIP signal member, at least we do it manually. and taking smaller risks and everything in our control, in my opinion it is more comfortable than having to use bots

Have you ever seen people trading with bots? know how a trader sets up their trading bot?
many would not recommend using bots for trading. I don't know how accurate the planning that is implemented and can be carried out by Bots is.
I was previously interested, but when I received a lot of input from colleagues not to use bots, I finally gave up my intention.

I will not recommend you to use any type of trading bot. and since you are also new to trading bots it would be much more risky for you.  In case you want to learn about how it works. I will recommend you to watch some videos on YouTube. There are a lot of tutorials there. You will have also a visualization there. You can also choose the tutorial in your local language if you prefer it more than English.

Trading using Bots, I know that exchanges such as Binance, Bitget and several other large exchanges also have bot trading features. If you want to use it, we only need to set the bot. There are two types of trading bots on the exchange, namely futures bots and spot bots. Futures bots have a liquidation price, if they are touched by the liquidation price, the money we use in futures bot trading will run out. There are 3 trading directions provided by bots, namely long, short and neutral. OP needs to be careful when setting up trading bots, because trading using bots also has risks.

You can not be so sure if the trades are done by bots or not. Many traders that are not using bots are still making use of indicators and drawing lines. Example is a market that has been overbought with its RSI reaching over 90% and the upper band reaching high far more than normal. Good traders will know that people trading the coin will most likely sell soon. That is why you will suddenly noticed that the price of the coin will begin to fall. Later it can get to a point that more buyers will have no confidence and also start selling the coin which may lead to abrupt fall of the coin price. Indicators does matters. Although bots will also likely predict the market to fall after a massive overbought.

Check out bots like gunbot and see how the bot works. We can actually say that many traders, bulk orders have been controlled by bots when you look at the orders as there seem to be in and out with the same numbers going in.

While these bots aren't for free, you can always use the typical feature of exchanges of simply setting the sell/buy orders on your own. Disclaimer: I don't use any of them.