What are your experiences & recommendations for trading bots / algos?

fullhdpixel

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Quote from: GreatArkansas on June 02, 2024, 09:03:34 PM

We have different bots, some are just automation that is based on your configuration or input. Just take for example what @mk4 said above, which you can customize your own bot which means, it will depend on what you want to happen, when to buy, when to sell, when to take profit, etc.

So it means, before you do that, you make sure you are a profitable trader with proper knowledge then you can apply it by creating your bot so there will be automatuions.

Maybe the ones that he tested out are not the kind of bots you describe there? Because if it is, and he lacks in knowledge about trading, then it is not possible for him to run the bot. But I prefer that type of bot better because it is based on our own knowledge. It gives us more comfort than the other. I think some good traders will still prefer to do their trades manually.

There must be some kind of thrill that they can feel here and it's highly rewarding in their brain, other than the profit that they can get once they are successful. This can be a definition of full-time trading but it does not mean that they don't have a life anymore. It's still different from addiction.

GreatArkansas

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Quote from: barbara44 on May 30, 2024, 02:26:23 PM

My biggest suggestion would be staying away from them. I have tested 11 of them so far in my life, from the biggest and most known ones, to test level beta stuff as well and I can tell you that almost 90% of them work with the same mindset and you do not need a bot, it is not going to make you any money that you already can't make, and the bigger problem is that it will make you lose more money than you would.
(....)

We have different bots, some are just automation that is based on your configuration or input. Just take for example what @mk4 said above, which you can customize your own bot which means, it will depend on what you want to happen, when to buy, when to sell, when to take profit, etc.

So it means, before you do that, you make sure you are a profitable trader with proper knowledge then you can apply it by creating your bot so there will be automatuions.

mirakal

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Quote from: mk4 on June 02, 2024, 02:14:03 PM

Bots are used by already-experienced traders to automate some of their trades; not something that would totally replace trading overall. A lot of people tend to think trading bots are something you turn on, then you just make money forever. The latter is obviously not the case.

But if you're already a decent trader and want to use a bot, here's an open-source and customizable one. https://gekko.wizb.it/

While trading using bots have certain advantage like they execute trades with speed and precision more than a regular trader can do, but mostly majority who use it end up losing their trades, most especially to those newbies who are still starting to learn trading. That’s why I prefer to use manual using my own skills and good market analysis in order to maximize winning my trades, than to resort into bots which are obviously cannot be trusted in the long run.

mk4

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Bots are used by already-experienced traders to automate some of their trades; not something that would totally replace trading overall. A lot of people tend to think trading bots are something you turn on, then you just make money forever. The latter is obviously not the case.

But if you're already a decent trader and want to use a bot, here's an open-source and customizable one. https://gekko.wizb.it/

Faisal2202

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Quote from: barbara44 on May 30, 2024, 02:26:23 PM

My biggest suggestion would be staying away from them. I have tested 11 of them so far in my life, from the biggest and most known ones, to test level beta stuff as well and I can tell you that almost 90% of them work with the same mindset and you do not need a bot, it is not going to make you any money that you already can't make, and the bigger problem is that it will make you lose more money than you would.

BTW what's the main mindset these all bots have, AFAIK they first ask you the percentage you want to risk and the profit you are expecting and the type of pair some suggest the pair some ask you to choose it, the amount to invest in daily, etc., etc. There are other fields too but I also saw one thing that they are not a surety to make money. They even ask us to agree with them as they will not be responsible for any losses if made. Overall, we must give them a try as it can be a great experience.

BTW I always wondered when we are going to see a good AI Bot that can really analyze all the historic data, analyze the charts with some best or chose indicators, and can find us a spot to buy and sell. I mean if a bot could use 4EMA, Linear Regression Channel (LRC) etc. to make entry and exit point and I could even ask the bot to trade at what risk level. I used the Bybit AI chat bot it gives us some insights on the token we ask it but not so effient as I have tried it.

batang_bitcoin

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I trade solo and am not a fan of using trading bots. There's no need to be honest to use them if you can just set the buy and sell price as that's already part of the trading platform that you're going to use. I don't have to pay for subscriptions and I think it's better to allocate that money as additional trading fund instead of paying them wholly or through monthly subscriptions. So, you may try if you want. There are too many bots out there recommendation by each exchange you use and you only have to search them out.

bettercrypto

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Quote from: FinanceOnRepeat on May 30, 2024, 09:00:39 AM

Hello, I am new to the forums.

I’m primarily interested in crypto trading and algorithmic trading, as well as bots.
I know that bots are a sensitive topic for many but I would like to gather some recommendations for crypto trading bots / services on the market - perhaps some that are a little more niche. Always on the lookout for interesting products in relation to crypto trading. I’m currently managing part of my trading with an algo bot service since about three years and am quite happy with it which made me curious about the larger picture. I write a finance and trading-related online blog and am looking for new products to discuss, test myself and share with my readers potentially.

Are any of you using outsourced trading solutions / bots / paid for automations - if so which? Or are you trading solo?

Would be glad to receive some good replies.

Cheers

The question is, have you ever experienced getting profit from the trading bot you are referring to? because if yes, you must have evidence to show that it has given you a large income regularly. Because without that means, the trading you are looking for is also ineffective.

Do you know other traders who are just starting out and don't know anything about trading yet? What they do, even if they just invest, is they just choose to copy a trader, pay, and then wait for their profit in the amount they will enter. But most of the time, it also does not bring good profit to the user of this method.

nelson4lov

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I'm mostly trading solo and I have tried a few bots in the past and my stance about bots haven't changed. Bots are good but not good enough. The most recent bots I have tried are the ones by binance and I think bybit and it looks like their grid bots are engineered to make traders lose. I prefer to trade personally because it gives more flexibility and control to trade as opposed to using bots with fixed rules and little to no control. I would be opened to experience another bot as long as it does work and can net actual profits.

kentrolla

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I have tried couple of them and there isn't much difference than how we trade as we are the one who will be keying in the strategy hence I didn't bother experimenting much because I was one of them who has misconception that algo trading will enhance the winning rate which is not true and nowadays there are lot of bots with automated trading strategies sold but those are not as special as they advertise hence avoiding them is better.

irhact

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Quote from: FinanceOnRepeat on May 30, 2024, 09:00:39 AM

Are any of you using outsourced trading solutions / bots / paid for automations - if so which? Or are you trading solo?

I don't know for others but I don't use bot when trading, I have had some experience with bots when I started trading newly but they weren't profitable. Bots don't feel like real trading to me as I don't learn anything if I was to make a mistake on the trade and it makes me to lose my money. Bots to me are only for those individuals who don't want to learn how to trade but just want to make money. For those Individuals that are interested in trading, they don't need bots.

What makes you very good at trading is when you have gathered experiences from the mistakes that you have made in the past and also the success that you have had, you add all those experience together and you will make better choices when you have trading problems. Trading bot will make you lazy and not have any experience to trade when you finally want to start trading by yourself and not bots.

yhiaali3

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For me, I prefer trading alone. I use my own trading strategies to choose the appropriate coins and choose the times to buy and sell. This strategy works for me sometimes and fails other times.

As for trading bots, I rarely use them. I tried some free bots as well as grid trading bots found on some large exchanges such as Binance, KuCoin, OKX, but I did not get satisfactory results. Maybe I didn't handle it well, but I didn't like it.

Learn Bitcoin

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I haven't used any paid service or bot to trade or have no experience. But I follow a social media influencer sometimes, and I noticed he uses a couple of Centralized exchanges and bots to trade. For example, Bybit has tradeGPT which suggests their users to chose the pairs and the directions. I do not suggest anyone to use them, but I am just saying that such things exist on the internet which you may want to explore.

Exchange like Kucoin has grid trading bots or something like that which I never used as well. But, I have heard that people make a lot of money out of it. But since I haven't used any of them, I cannot tell you how it works. You can do your own research about these bots if you want.

slaman29

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Most important thing to understand is. Bots are only automated ways to run your instructions. Codes, scripts to carry out your work for you. In which case, crypto trading bots should be reviewed on how well they carry out your instructions, nothing to do with profit. How it works with exchanges. Does it execute all trades and exit well. And so on.

They will make your life easy IF you have a strategy you want to automate. Think of it not as ChatGPT but drone. You still give instructions, but it does the manual clicking and trading for you.

They are not a magic winning formula. No such thing as winning formula, so that's a scam anyhow it is told to you

All those feedback above me are people talking about FORMULA/STRATEGY, being applied to bots, not the bot itself.

Lanatsa

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Quote from: barbara44 on May 30, 2024, 02:26:23 PM

My biggest suggestion would be staying away from them. I have tested 11 of them so far in my life, from the biggest and most known ones, to test level beta stuff as well and I can tell you that almost 90% of them work with the same mindset and you do not need a bot, it is not going to make you any money that you already can't make, and the bigger problem is that it will make you lose more money than you would.

In a case where you are doing the right thing, instead of making five dollars you make ten dollars which is fine, but if we are talking about losing five dollars then it makes you lose 10 dollars instead and that is why you should stay away from it. There is no benefit to it and you should probably look for another way to make money than any kind of active trading which can be either manual or bot based, no big differences.

Newbies or to those people who dont have experience are the ones would really be thinking that they could really be able to make money with bots or something that we should called money making machine for them not until on the time that they would really be able to experience for themselves. If OP is really that indeed making money with bots or really that being profitable then good for him because we do know that there are bots which is already set up but of course not all would really be able to fit out on different market conditions on which means this is where traders knowledge would really be setting in. You should really know on what are the strategies that you would really be needing to changed up and apply on a certain market condition on which this is the main different into those people who do make use of bots
efficiently than to those newbies who do simply put up money and let the bot work.

Come in mind that bots are really just that for trading automation and not something that would really be speaking about making guaranteed profits. You would really be still needing that
kind of intervention on which we know that this is something relevant.

barbara44

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My biggest suggestion would be staying away from them. I have tested 11 of them so far in my life, from the biggest and most known ones, to test level beta stuff as well and I can tell you that almost 90% of them work with the same mindset and you do not need a bot, it is not going to make you any money that you already can't make, and the bigger problem is that it will make you lose more money than you would.

In a case where you are doing the right thing, instead of making five dollars you make ten dollars which is fine, but if we are talking about losing five dollars then it makes you lose 10 dollars instead and that is why you should stay away from it. There is no benefit to it and you should probably look for another way to make money than any kind of active trading which can be either manual or bot based, no big differences.

FinanceOnRepeat

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Hello, I am new to the forums.

I’m primarily interested in crypto trading and algorithmic trading, as well as bots.
I know that bots are a sensitive topic for many but I would like to gather some recommendations for crypto trading bots / services on the market - perhaps some that are a little more niche. Always on the lookout for interesting products in relation to crypto trading. I’m currently managing part of my trading with an algo bot service since about three years and am quite happy with it which made me curious about the larger picture. I write a finance and trading-related online blog and am looking for new products to discuss, test myself and share with my readers potentially.

Are any of you using outsourced trading solutions / bots / paid for automations - if so which? Or are you trading solo?

Would be glad to receive some good replies.

Cheers

Topic: What are your experiences & recommendations for trading bots / algos? (Read 142 times)