Bitcoin Forum

hello,

is it worth to invest in automatic trading bot for trading altcoins at exchange sites?

thanks :)

What you should expect is something that's moderately profitable if you're good enough at trading already to read the charts and consider the wider future of the currency.

Basically, you can split trading into two altcoins: technical analysis and fundamental analysis.  Fundamental analysis is trading based on major news or events that are relevant to the currency.  That's what you need to do, because a bot is not intelligent, it just trades based on very specific code.  With that you need to choose what coin to trade, any really major price fluctuations in the future (e.g. completely dying or going moon). 

Technical analysis is trading based on the charts.  Looking at the price and judging the market sentiment.  For minor fluctuations in the day, that's what the bot does. 

What you have to do is look at the overall picture, and also look at how big the fluctuations in that currency usually are.  You also have to pick a good pair and keep a close eye on it in case something goes wrong.  If you do all this and you're not an idiot, it should be pretty profitable.

Using a factory as Example, would you as owner of factory trust Robots to handle all the manufacturing processes even without supervision?
Your answer to this question should help answer your own question

there is no such thing called "automatic trading bot" that you just invest in and that generates you profit. a bot is just a program that makes things easier and gives you "additional options" to work with that the exchange platform itself doesn't have.
some of these bots have some scripts and strategies for trading that you can use, but without understanding the trading strategy and in general how trading works and have some sense of how price moves in the market you won't make money from them.

I think yes it is worth to try some trading bots to automate your trading or even to make some nice profit during price swings.

One that i know is Gunbot https://bitcointalk.org/index.php?topic=1715214.0
It is trading bot for poloniex and have got few good reviews from the one who have purchased it. Price also doesn't look that high, you can give them a try.

Bot not guaranteed youre trading always profit
bot only tool can automatic youre trading, recomended bot and much member bitcointalk use CAT https://bitcointalk.org/index.php?topic=507103.0
and GUNBOT (link thread is ready above my comment)

I just want to remind that the manual way is the best. Because by manual means all decisions and actions are fully controlled by you. There will be no intervention to your decision. While the robot in my opinion can not guarantee that you will get a profit. This is just my advice, the decision is yours.

There's no such thing as a free lunch. You'll make peanuts from bots compared to actually learning how to trade

that is something you can only try if you have so much extra money, you may get lucky if you bots makes some profits, but without human intervention bots will always make a loss,
only possible way to make profit is to watch market closely, research your alts, and trade accordingly
OR
Make your OWN AI with lots of money which can only think about Strategies Read and Interpret News, does research and make moves accordingly  ;D

I don't recommend you use bot while you trading, it's only makes your bet become easier than doing it by manually (you only get small profit too with a bot).

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Correct.

There are few exchange specific trading bots are available which are being reviewed by many forum members as good but I have never tried any of them. Basically I am not ready to believe any codes to make profits for myself. I believe only on my skill to make profits with trading. Because consistent performance from trading bots will not be possible in my understanding.

the only way to trade profitability is to leaned how trading work and develop your trading skills and strategies. I have tried to used bot when I was trading forex but it doesn't work for me so I have to abandoned it and focus on my skills and manual trading.

I believe your experience must be the most common for most of the traders, because I guess we need quantum computing in order to create one versatile trading bots as the possibilities and variations of trading are unlimited so few set of coding sequences will never able able to cover all those various market conditions.

Manual trading has some minimum guarantee to withstand any market condition whereas trading bots are highly known for fetching losses in typical market conditions like highly volatile price movements.

I think using trading bot is not profitable, because if you are a good trader especially if you are experts in doing trade, perhaps you don't need it anymore.  Besides, trading bot in my opinion is just for the traders who is lazy or don't want to waste their time in applying trade on the market so while they sleep at night maybe they use trading bot.

I haven't used any bot for trading because I don't want to. But it looks like there are plenty of traders that are using bot for their own trading. I think it's profitable for some others and it may not be for others. But I will always prefer to trade manually because I want to have it the feeling of worthiness when I earn.

I think if you are professional traders then you can earn profit by using bot especially alt coin which got a big swing and the moment of big swing is only a moment, maybe it can help you to make a trade at that time and earn profit, but profit or not it's not depend on bot but more of your analysis skill

They are.

If you buy Gunbot is have little risk of losing money because it has an auto algorithm.

I think that it is definitely a good one to get if you have starting capital, however ifg you only have like 0.2 BTC anyways and you want to get a bot that costs 0.1 BTC, you're probably not going to achieve ROI.

"You will make peanuts" if you invest peanuts – it all depends on your capital. Bots are better than human, especially in trading – they never get emotionally attached to altcoins, get nervous, or get panicked. You give it input, and should expect a result – you mess up, you blame yourself not the bot. And GUNBOT seems to be the most popular one, as far as I've seen. 

That's a really bad idea. Robots can't think beyond few algorithms so they are limited to trading skills. You can't expect much from robots and they are scam or risky too. Instead you can try yourself, you can learn from your loss and earn from your profits.

Don't really believe in bots. How can we trust someone with little and limited thinking capacity. Buy/sell algorithm that too with access of all your capital. Bots always try to cover loss and to do this they input double money of your last trade to cover loss plus gain the profit from that trade. It is really dangerous. They are not emotional is disadvantage I guess.

If you want start earning through the trading with seriously mind then I will suggest not to use bot , it is because the bot can't understand the fundamental discussion in the market of the money of the particular altcoin .
Bot will work upon the normal technical ways like price prediction through candel graph ,so here bot can't do much more better then what you expect .
If you want real more profit then I will suggest you for the manual trading , Because I myself in the history tried some bot technology in Poloniex but not get much success .

Bots only help us to make it easier if we do not have free time the profits or not it's depend how we predict the price. It's better to trading on your own than bot's investment

If using bots is the profitable way of trading then I believe each and every member here will be trying cryptocurrency trading, but it is not happening then it means bot trading will be having mixed results as some people are sharing profitable experience and others are sharing about losses.

Instead of spending time and money for finding trading bots, I believe it will be much easier to learn trading skills and trying with manual trading. Because manual trading after learning technical analysis is not that much harder one, everyone can learn & shine in trading if ready to put dedications.

I have been into trading (mostly on forex to be honest) for about 4 years right now, but I had many breaks plus im not trading currently, for many reasons.
I always thought that nobody should ever rely on some kind of bots or automated trading programmes, because nothing is better than a real human brain analysing the different formations that particular asset prints on the price chart.
Especially, in altcoin trading. It is because of that the new altcoins may actually stop exist, because of the pump & dump game, so how would you prevent bot from entering such an altcoins?

I think you cant. You need to get knowledge about specific altcoin to get a grasp if it is even worth it to put up any money in it, bot can only trade on some already known alts.

There are lot of altcoin trading boys are available if you keep checking whether they are profitable or not you might need to  spend  lot of time and capital. This is what bot creator are expecting, they just profit from the testers itself.

If you want to use based on some people's review or experience, you may get struck with some paid opinions.

For very specific tasks, bots are quite useful to get the best rates.
Trading bots must be programmed thoroughly to make them work as you want.

If the bots were developed in such a manner to fulfill all the necessity or in a way to get profit even when the market was not good, then it soon gets popularity. Possibly most of the coins mining expenses were quite a bit high than the bots, so its good to mine than buying bots.

I will suggest you to not to handle your trading job with bot Because bot can't do work ( like trading through mind ) in clever way , it may be possible that it down your Earning in the trading , Because all the buy sell will be handle by the bot according to the experiments calculations .
The most of the earning in the altcoin trading is due to the  publicity and the markrt news of the particular altcoins , so here we should always keep our mind on for every news but the same job can't be done by the bot Because bot has no mind power to look in the trend of the real market of altcoins .

For certain strategy to profit, bot would be better at it because they will always be the first one who see an event and trigger

Compare to human which we don't sit infront of pc 24 hour all day long

For Profit Flip, bots are good at it :)

Yet, of course bot is not human, they don't have emotions and so but they do sometime make mistake

Of course yes altcoins trading bots are profitable on trading activity but the problem there are many bots trading out there
you must try the bots one by one to getting the bots that suitable with your self,
and it will takes your time, capital to testing it also there are not people who guarantee the bots will gives constant profit for you
 if you want try the bots make sure use small capital because it is huge risk losing bitcoin.

have you actually done this or something similar that you are suggesting it here?
because to me this doesn't sound like a good plan.
using a bot can be both a good thing and a bad one. for someone who is new to trading then they wouldn't even know what they want in a bot. and if you are experienced enough you know what features you want and then seek a bot that has those features. so there won't be a need to test all of them.

But with bots we can not do what is entirely desirable. Sometimes the intervention of a computer program is too rigid to run.

bots never make mistake, the human does, the bots just execute the duty given, it's all depend on the human that operate the bot, if the bots are making mistake it's right to blame the human
that's why when using bots, you need competent human that could operate the bots perfectly

Correct, even a very well programmed bot will need your supervision but if you don’t know anything about trading then the bot will make mistakes and you will be unable to know when and where those mistakes where made.

I have tried one of the program in exchange site but it did not met my expectations. They trade on very fast pace and without fear of putting more money in recover your losses. Bots are generally have limited formula of trading. You can use them only when you think you have got enough backing with your coins. I would prefer to go manually as I can read charts myself and predict the future more accurately from my past experiences. :D

Yes just now I posted on above line it is not worthy to have bots but using our intellect can profit us more than bots. There are big players in this field, they will say it is bullish to use things like bots. Trading is really personal and enjoyable thing. Not get emotionally attached but just hit the right spot at right time.

the advantage is already been said before bot calculate and you don't need to keep watching 24/7 that's how they help you but
using our own time and capability will allow us to earn more since bot is just relying from what we dictate from their system.

Bots cannot predict the market ,all they can do is to follow the price movement and the question everyone will be asking is ,can i make a good profit with bot,it is possible to make money with the help of a bot if there is a bull market and it is not conducive to a bear market,so you have to be careful with how you are using the bot.

The worse part is that bots doesn't have emotions, they will lose all your money if necessary on wrong losses. A bot can't substitute a man with the currently technology we have today, at least the technology common persons have.
Trade must be done manually like any other risky activity involving too much money.

a bot is supposed to do what you can't do on your own easily not what you can not do at all. this is a common misunderstanding that people think a bot is supposed to have artificial intelligence and make decisions for them :)
a bot is just a code that does things easier and faster and also in some cases 24/7. for example for stop loss you can not sit there and watch the market all day long. you place a stop loss in your bot and it executes the order if price fell below what you want.

I think yes ,if that trading bot is reliable and have assurancr to make you profit .but it is much better to trade with yourself ,although bots have no emotions and a big difference for you is to learn skills to make your own miney not depending in a robot or any machine .

on the classic markets bots are doing about 50% of all trade deals, I think here is the same situation.

They can be very profitable if you

• Understand technical analysis
• Not being afraid to lose a percentage of coins and manually dump at the bottom.
• Have settings that are more unique than other bot users
• Have luck in bullish markets

I really don't think there is a need. Most of us are crypto enthusiasts so we understand the market, how to analyze the price of a coin, where to read up on news about it, etc. I've never traded a day in my life and this is probably beginners luck but I've turned 0.2BTC into 0.3BTC trading TORCoin and Litecoin yesterday. I don't know about you but that's a lot of money for me, lol!

Trading bits are for traders who don't really have much time to really observe the market. It's quite expensive thoughbif you're going to buy a software. Also sometimes people get lazy so instead of studying the movement themselves, they resort to these kinds of applications and software

From what I heard from some of the people how bought these kinds of bots is that they are saying it is quite effective and it does profit them. But I don't think it does, as there is quite a lot of things you should know of in trading that a bot can never ever imitate a good trader as it just executes some strategy that it has been preset.

as long as the source come from a professional trader and programmer ,
then i can assume it has been formulated to get profit ,
it won't have a low price for this kind bot ,
otherwise the bot just running without having a certain program to get profit.

Using bot actually, is not guaranteed that it can give a enough earnings of bitcoin, And as far as I know, it is just give an idea or options in way of earnings in trading. Or in some other reason, there are traders using it for they want profit in trading on 24 hours and they can do that by using bot, I think.

Using bot can be profitable but They run on a very basic code check charts and make a prediction which can go wrong and if it go wrong it won't learn from its mistake where you will and learn better which can bring more profit

There are many trading bots available, but i would prefer Gunbot or CAT

I think you need to be very experienced trader to used bot for trading, it can be profitable if you know how to used it, but it wont give you full exeperience of trading and sometimes the prices can go higher but because you are using bot you wont reach that point, so bot can limit your profit

I don't think that trading bot for altcoins are profitable.  It is not still profitable instead much better to do trade manually, It may only give profit but not enough earnings for sure.

No for me, Because if this is true for sure all traders will be dependent on this things they just set it up then wait for their profit.
But that's not what's happening, it is still good and much better to do trade manually than using bot in trading.

I don't think that trading bot is profitable, because it cannot guaranteed you to give enough earnings. Because if it is really gives profit perhaps all traders in any exchange plaform will not work hard for it in doing trade if trading is really a good one to give us profit. But no! it means most traders like to do actual trade than using bot in the platform.

I think these bots are pretty expensive at time and if you're just starting to trade, it would still be better to do it manually to have a real feel of how trading works. Also if you have a day job and won't be able to look into your trades, then having a bot to do it for you would be helpful

Are there any good bots，
I want to buy a source code

I doubt that they will sell you their codes. I am not sure the trading bots are coming with open source so that you can modify their coding as per your requirements.

There are two bots are highly suggested by this community : CAT and gunbots. But I am preferring trading by my own analysis. So I am not recommending to you anything. But you can try them at your own responsibilities.

You should reconsider using bots because bots aren't that reliable and risky, stick to manual to ensure that you get profit and less risky.But the decision is not mine,im just suggesting so goodluck to you. PEACE

Some of the altcoin trading bots are profitable but not for long term because the market is not always remain the same so there is a possibility for a change in the exchanger that can cause problem to your trading bots and can lead you to losses but if you want a real profitable way of trading then manual trading is the best which also expands your knowledge about trading.

Most of the commercial bots in the market today are losing money in altcoins trading. I do prefer manual trading compared to bots. I do advise people to develop their trading skills and understanding on how trade work and focus on it until they succeeded in it. Trading is a game of common sense and you have to understand the rule to play The game and bots has no understanding.

Bot is an application so that you can trade even if you are not infront of your pc or gadget.  The profitability depend on the setup of the bot, so it means it depends on how you understand the market you are trading.  If you are well verse about it, the using Bot is profitable since you can set it to function according to what you think would happen to the market.

First time you use it are profitable but after that only loss you'll get. Market is something that we can't control or manipulate, even you have great bots is never worth. Leave bots and use your real bots that we call brain, use your brain to make analyze about the market and try to run it by doing some " open market " ( op ). Understand the risk and deal with it just like real life. For me, bots aren't profitable but if you want to try itself I can do nothing. That's your way, good luck.

I'm don't have a good trade knowledge, but if you are trading based on charts, and looking for fluctuations over a few minutes etc, then why shouldn't a bot be better than human analysis? If you are searching for a pattern, then a bot should be better than you, in dong that job I think.

But do you think it would be possible to code a bot to recognize all the chart patterns.
For example, you may sometimes find a good entry pattern in 4 hrs chart and in some other times you may find with 30 min chart. I do not think any bot will be doing like that. Versatility of trading bot is a very big question here.

Like I said I'm new to this, so I was thinking about processing speed, and keeping emotions out of the equation. But yes maybe you are right. Although a bot has a better processing capacity than humans, we are certainly better in removing noise and filtering those patterns, than a bot would, because we just can't code an effective way of removing all that noise first, and focusing on the important stuff.

Just as expected that bots do really have their own flaws because nothing can really be perfectly coded by anyone which means there are feature cant really be available thats why its important for us to be knowledgeable even theres something that bot cant do.if we are a programmer and do know how to code as long its open source then it would be an advantage.

No matter how helpful bots are, they cannot be compare to a human mind. My advice is to trade yourself rather than accepting bot to do something better than yourself.

Yes, bot is profitable to the extend that you dont have to be online 24/7 to do the trading but you cannot depend on it totally. You need to check in on regular basis to see if all is going well. Also Bot cant handle sudden pump or dump of coins, so it is risky also.

Yes, manual trading is certainly the best one. But human mind may give room for emotions whereas trading bots will do only as per schedule. This may be another reason, we can choose and depend on trading bots.

In my opinion,  altcoin trading bot is not profitable to me because it is still much better and good to do trade in the actual trade than using it. Due to if it is really profitable I guess traders who tried to use it now become a millionaires because of it.

Altcoin trading is very much profitable for today.People panic for an information how to be a bitcoiner because many today are earning big salary as a bitcoiner.Some almost got a million of money rate that through paypal is an easy transactoin of getting their salary.Many are interested for today how to be a member.

Nope,they arent profitable when you do make use of those trading bots on exchanges.It does really give only the automation of your trades and doesnt really guarantee that it can make profits for you when you do tend to leave it overtime or you far away on your pc. Its not bad to make use of bots as long you do know how to set up it correctly so that your trades wont be messed up later on.

Then explain to me how much will the legal use of bots for trading on the exchange be? How then will control be carried out if such opportunities were still impossible to use as far as I understand Or am I mistaken?

it can help, yes profitable don't know because it is all about market condition and if you not check it everytime and something bad happen to coin that you trade, you will regret it

If you use bots or similar types of programs use them only for signals nothing more this is my advice.
Better to see it your self and take decide if the trade / position is good.
Bots wont make you millionaire. You don't need them you need only your self nothing more. If you are an experienced trader you are going to make more profit then waisting money on bots and tools for auto trading. Only use them for signals.

I don.t think that will give huge profit.
Because they are just bots.
They just trade on their calculation.
It is far more better to trade by own.

There probably are some bots that are extremely profitable. its just that they will not be for sale unless you are willing to pay a lot of money for it. If I made a successfull trading algo, I wouldnt be selling it, I would be monopolizing profits instead.

Depends on the coin and the bot... Some bots work on 1 coin, but not on another, so you should always look for the best combination of bot&coin.

For example: No bot is going to do very well at an altcoin that is at its peak and drops right after you've started using your bot on it.

I think they will all be like that, if there is something very profitable then it will be just in case anytime, because seeing success in trading will be difficult to predict how it is done completely.