Topic: what sort of features would you want in a trading bot? (Read 360 times)

If you are a trader, you do not have to ask too many questions about your bot, not just yet. What I expected of you is to first get the bot fixed with functionalities like sorting for the market signal, placing of the trade and the considerations of the money and risk management in all ramifications. So, the use of the stop loss and take profits functions, and the proportion of the risk the bot should take max. should have been the first points ringing in your head. From then, you need to test your work if it is working at all, and it if does, then you proceed to test it for at least 3 months to know what the result will truly be.

Although, I prefer it if people could increase the time of testing to 6 months for better assurance of the results. The 3 months should have been hinting to the trader what could become of the bot, still, further testing might be needed in some cases. It is after all these that you may now want people to give their advice about the bot depending on the results and provided you want to commercialise it, to know the preferences of people towards bots for better sales.

However, it is mostly about the working system of bots, just ensure that you are correct with the strategy coded in it, and then maximise the rest with the right management.

I think most of the users here already answered it but I would also like to say that a Bot that can easily be use more like a visual programming. I think if we can't really reach that goal, maybe at least like a visual programming like to program your bot and execute it.

Other than that maybe the ability to back test that strategy to see the success rate of it and maybe an AI ability to also analyze fundamental trading, like if there's a good news about Bitcoin something like that.

I would love to see a bot that will be able to get prices from many trading platforms, login there and do arbitrage trading. For example, BTC on Binance is 66400 right now, on Kraken its 66380. A good time to make some nice profit with arbitrage trading.

How can bot detect what type of market you are in? If there is a bot that finds a way to be profitable in all conditions, then trading won't happen. Everyone can't win in trading, you profit because someone lost, that's the number one rule. Bot can't analyze what mind-blowing even happens, it can't read and analyze articles published on Cointelegraph. Trading bots can only do mathematical calculations and act accordingly. No one can create a bot that you are asking for.

Like mentioned above, arbitrage monitoring. Bots need to be able to plug into whichever exchanges locally, as in like in different countries. Not Binance or Kucoin but the local ones that only serve local people.

That's where the true arbitrage is, in local exchanges

Yet to see something like this, where you can monitor depth of order book so as to calculate real volume of the arbitrage price, and to include fee and wd/funding fees as part of equation.

It depends on the trade. A lot of strategies can be automated, off the top of my head I can mention stop loss orders that need to be executed automatically and from trading strategies I can think of Arbitrage Trading which has to be fully automated to work efficiently and fast. In fact arbitrage is not something you can do manually and make profit.

If you are new to trading then you must know about trading well first then you have to invest in trading. You must have a long term plan in trading, many times it is seen that investing with a short term plan leads to loss of profits in a hurry, so always keep a long term plan in trading. In trading patiently check the market then you have to trade many times we lose patience we should not lose patience we have to continue trading with patience. Many times it is seen in trading that we are in a hurry and lose patience, so without losing patience, if we can do it with patience without being in too much of a hurry, surely we will be successful through trading.

You can give a beginner trader a winning strategy with a 60% higher winning percentage yet still gonna lose. Why? Because they don't have proper risk management in play. They risk too large, they would revenge trade, they close their trades early, they would take risk out of their system, they might get greedy.

So apart from winning strategy, that would be better if there is also some risk management incorporated to the trading bot. Like a risk calculator with notes depending on the current balance of the account. Should they risk less or more.

that is a very simple question, everyone is looking to make profit.
add this feature and you got a winning product. 

It is impossible, I understand that people think that it would be possible because either they want to believe it or they just want to get rich, but the reality is that it is impossible to build something like that. Human part of trading is human, there is no way that a bot would be that human, it would be impossible.

Nowadays they are trying to put machine learning in it, that way it can study humans and then make trades like humans that it learned from, which could be a way to improve it for sure, but it is still not going to be enough. I believe that we are going to end up with just a software, nothing more. As long as it is just a software, it will have bugs, no matter how amazing the dev is, there will always be bugs and that will make you lose sometimes.

And that is my point, creating a piece of software that trades in the exact same way as you do, that has no bugs and does this without taking any break is the objective of most traders.

But that ideal is almost impossible to reach, so in my opinion at most a bot should give signals, but it should not have the feature of trading by itself, this way the trader can always double check that everything is in order and only then conduct a trade on the exchange of their preference.

I'm a simple man, I want my bot to be able to do all the trading for me without the need for me to do some adjustments to the system, they should be able to trade in just one click of a button, so basically the feature that I'm looking for a trading bot is something that's probably not yet realized by many developers because it's difficult to do since you're not relying on the users anymore, you're making the AI do the trading without the adjustments that's unique for most people. Most trading bots already have a lot of features so I'm not inclined to add more if it doesn't benefit me in terms of finances, I'm not going to make it complicated if it's not going to make things more easy for me to use the bot to make me more profit/money in trading.

It's hard to say because in my opinion the features of a trading bot depends on the strategies that the user of it wants to use. It could be simple trades with only the capability to set watchers to monitor the market and execute orders under predefined conditions. Or it could be all the way to complex trading algorithms that could increase the risk of trading but give you some profit at the same time.

I personally worked on some stuff for myself a couple of years ago but I mostly focused on basic trading and also on arbitrage trading. But at those times the networks were more reliable and CEXes weren't as terrible as they are today with their delays, high fees and KYC nonsense. The arbitrage trading worked back then and having a bot helped a lot with that. That doesn't work these days anymore.

This must be the dream of all but I'm sorry that it is not possible and there are no perfect software yet up to date. This is why they always roll an update from time to time to fix the bugs that a software will encounter. The more it won't be possible because the guy seem to be learning yet despite being successful with some of his projects.

Without a bot, we are always advice to use small amounts but with a bot, we need to follow this strictly because a bug can ruin our trades and lose all our money quickly. A really good bot can only experience it rarely but losing is still there because of the unpredictability of the market and the coin that we choose to trade.

I will tell you the expectation of users from the bot as they don't bother what features they need or what could be improved but they just needs to yield profit using the bot so you should consider more winning strategies I mean multiple inbuilt strategies with the result of backtesting last few weeks or months data as it will help users to understand what to expect from the bot and it's strategies. It should be user friendly and robust

I do not use bots for that reason either, in theory coding a bot that could use your strategy just like you, should be relatively easy as long as you can create an algorithm for it.

However that is the easy part, the difficult part is to make sure the bot you created sticks to that strategy and does not begin to do weird movements which cause you to lose money, and this can be very difficult, as the number of scenarios which can happen are almost unlimited, so no matter what you do this risk will always be there looming over your head.

There is no amount of features that can be included with a trading bot that makes it more better to use, we still have a lower chances of winning all times on our trades, bot have been proven to be less effective to a certain extent for delivering the required result we want to have on trades, am not condemning your efforts on developing one, but what the general approach seems like is what am trying to give, someone like me cannot use such for my trading.

This is why I do not use bots anymore, I have seen plenty, I will not tell which ones but they all had bugs that caused people to lose money. I did not face every bug, some of them I did, some of them I just read from others and got scared. I do not need something like that using all of my money, I do not need to give a machine any rights to make mistakes on my behalf and that's the most important part of the situation.

I believe that the best thing to do would be just making sure that we are dealing with something that could take some time, and when you think of it that way, things suddenly start to make sense. I will make mistakes too, I will lose money too, but at least it would be because of my own mistakes.

The bot must be bulletproof, by this I mean that it does not matter what happens, the bot should present no bugs or weird behavior, lets be honest the most scary thing about a bot is that you are letting a few lines of code to dictate your financial future, however unlike regular code, in which a mistake is for the most part irrelevant and you can always improve it after the fact.

When it comes to your bot a single bug can cost you so much money that it would be unrealistic to think you will ever recover it, so the bot must present no such bugs at all, and for that you will need extensive testing and the ability to imagine almost any scenario possible so the bot can deal with it.

Is your trading bot a free one or can be used by others or only for self purpose usage only? Ive tried trading bot but I didnt like some of their feature. I incurred losses from a market that I think will fall and the bot didnt anticipate that so I could say there are some cons on using it too. Props to some who was able to retain a perfect trading bot or guide to trading. I think if you can developed or make your bot more prone to safe keeping when it comes to trade then it can be used for services that can be avail by users.

Easy to use, friendly user.
Most of the trading bots I saw are very difficult to use, and not friendly to newbies especially.

I am not against trading bots, it is a really big help for busy persons. Even if it's a paid bot, I am really willing to pay for it as long as it is useful and can satisfy what I need in a trading bot.