Bitcoin Forum

Created this thread to discuss how important is it automate your trading strategies.

Out of curiosity, just wanna know how many of you guys are still manually trading? And how many of you are automating your trades? And if you are automating them, are you making consistent profits? What are the pros and cons?

Are you sure it's "out of curiosity? If you are trying to advertise your website gstar.ai you might as well say so. You aren't fooling anyone and this is a bad look for your company.

Another Chinese token sale...we need an artificial dishonest buster algorithm.

Yes, some platforms allow automating the cryptocurrency transactions. Users can set up trade by framing certain rules regarding securities and indicators, both for entering and exiting a trade. Once programmed, the computer will automatically start trading without the interference from the user. This saves the time of the investors. However, you need to be an experienced user, posses programming skills and equip yourself with lot of knowledge about crypto market in order to use this automation facility.

You can't really only use automated trading, you will always have to adjust anyways so it isn't really automated. News and market sentiment is something a bot cannot understand. I personally would pick manual always.

I've tried several automated trading tools including GunBot, and from my experience none of them are able to generate a reliable profit, especially when the market is blood red as it currently is. I've found that almost everybody using a trading bot has had theirs deactivated for months now, as they're simply not capable of trading bitcoin with any accuracy when everything is going down. Manual trading at least allows you to pick out some low volume winners amounts the chaos, so that's likely to be the best route right now as ping pong just isn't going to cut it.

Automatic trading can be done with BOT and it is very dangerous because BOT does not have a conscience like humans.

Manual trading is done by yourself and done with feeling, if you can't, then you can stop and it's the best choice compared to trading with BOT.

If I trade I always do it manually, because in my opinion manual trading makes me able to study the market well. Automatic trading or using a bot I think it's also as difficult because we still have to monitor it to avoid potential mechanical failures such as system problems. And sometimes the results achieved are not in accordance with the wishes. So in my opinion it will be easier and better to trade manually.

I dont have idea about automated crypto trading, because i never use bot in crypto trading. I been use bot in forex trading, but to get profit consistent from that also difficult. I prefer to trade by manually and use stop loss and trailling stop to minimize the risk whenever buy any coins.

both are good if you interested but I am happy with manual trading.becouse manual trading gives me lots of experience which I can feel really good. I trust that experience makes me perfact.so I always search manually & happy with this kind of trading.

I'm pretty sure most if not all traders are still doing it manually, simply because you still have better control trading manually compared to using a bot. Your trading bot is only as good as how you make it(with your own strategies and such).

Yes, that should be the usual route, manual trading specially for newbies. That's why I was surprised seeing some threads around promoting trading bots, even experienced traders will have a hard time using bots so I don't think its advisable to newbies as well. Bots have advantages, specially if you are not always in front of your pc, but its not a guarantee as bots might have a flaw and will result for a massive lost in your end. I also prefer manual and stop-loss to mitigate risk and have total control of your trading activity.

Nowadays many peoples are reduce the work so many peoples are move to automate trading. All the time we are not active in this forum and we cannot completely monitor in our trading so automation is good for the this scenario. I think future we will see the autonomous trading so our only work is just fill the BTC in our exchanges.

I personally still prefer to do manual trading because I trust myself more than to any bot.
Its too risky to depend on the bot I think because you cannot control it while you are not active in the market, so I still tried to trade on my own with a lot of studies done before I trade. We all have different strategies, make sure you know what you are doing to prevent from losing big money.

Manually trading is difficult, laborious and patient, but automatic trading is easy, simple and sometimes profitable. But there is also a fact that there is a high risk factor for the use of boots in automated transactions and the information of our account can always be known by someone else. Other people can control our accounts and use it for a variety of bad purposes. Of course, it is possible to eliminate all these disadvantages with a quality service, but this is a very expensive operation. I think that both options have several advantages and disadvantages, but I'm still doing it manually because my account and my transactions will be much safer.

I think manual trading is good for new comers of crypto space.Bots are playing with our assets isn't good for big holders

Even you have tons of experience you'll never be perfect because trading and losses can't be separated, even we didn't like it.

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Using trading bots are just for weak and just relying their profit in an automated system and besides my friend told me that he once used bots and it happened that glitches occur which tend him to loss instantly. It's better to have first hand in manual trading since our money is at stake.

I don't trust automated trading at all. I think all these automated systems were made just to scam people and help them lose their money quickly, so stay away from them. Only your brain can make a right decision.

In principle, the trader must be able to manage profit and loss, namely by maximizing profit and minimizing loss, the way is by automated crypto trading that keeps away from risk loss because it can execute orders automatically based on predetermined criteria.

The problem is the bear vs bull question. During a bear run like the 9 month we have been having, manual is better because you are getting into something you personally believe and increase the amount you have over time and wait for a bull run, whereas bots just try to make money but lose because it is a bear market.

Moreover, during a bull run you are a human so you can invest into something that could make money but bots are constantly 7/24 checking prices and indicators and making money insanely and constantly and get rich quite fast because they can do this all the time and fast whereas you can't.

I've very little experience with bots & automated trading but what i've noticed from people using those, the bots tend to get in trades alot later than i would when trading manually. Therefore losing couple % gains straight from the get go. Of course it's not a major thing but still, bots that i've seen being used do not maximize profits.

Other than that, they do get into winning rates with relatively good success rate.

If you are referring to bot trading,  then I must say bot trading could be the singular wining trade you could have in bear market.  You must however know how to use the bot especially if you are not the creator.  Bot trading works both ways,  it make you profit and make you losses as well!

I use the manual method because this method is a real trader and wants to learn from the experience of trading from time to time, so I can't answer how much profit is generated by automatic trading

Do you mean do automatic trading by use trading bot? I never do that because i more enjoy and happy to do manual trading, and i have full times to do that. I did trading by bot in forex trading but the risk look higher and can not make profit in consistent. So i prefer to do manual trading to increase my knowledge and skill in trading activity.

I think depending on our own brain is a wiser decision. Personally i didn't prefer automated trading and I always trade in manually. There is chance to lose huge money on automated trading. So, in my personal opinion, it will be the right decision to avoid automated training.

I think using a bot will be a good idea, You just have to make a software to be designed as a bot and you can put your strategy in it, it can be a benefit for you because your time won't run out and it will be passive income, Of course your emotions won't is in the bot so the possibility of loss is reduced

The disadvantage of trading manually is our mindset, if you have a good mindset in the sense that you have a balance when you make a profit or get a loss. A person's mindset will be drained because he must have an awareness of when he must be satisfied with the profit he gets (not greedy) or he must be aware if someone has gotten a loss so he must take the cut lose decision. While the disadventage of trading using a bot, when the price will reach the target that you reach but you continue to wait until the end the price drops dramatically so that it reaches the cut lose area that you have determined.

You get profit, and 1 more important thing than that, you get experience, knowledge and more skill to do in trading. It is better to implement in at future. That is why bot is actually not really affected.

Still lot of people were going with manual trading strategies because automated trading needs huge capital and the profits maybe less when copared to the manual trading,as myslef not a regular trader so I will always using the simple basic trading strategies for long term crypto trading.

There is nothing easy to get consistent profits from manual trading or trading automatically, it all must be accompanied by knowledge of trade, I am not a consistent trader, every time I have to trade more for manuals, the first one certainly adds insight and already has a way good to trade with all the peace in mind, the second is to make sure that my trade in good condition is not the problem I face, distrust of bots I'm not sure they will work to the fullest in exchange, many cases also partly here people share experiences using bots that don't function properly often endanger the money they have, that's what I know.

Manual strategy always find advantage as you can change right away/real time when things seems not so good with your position, unlike automated where you will relied with your set goals and wait till that particular target will be hitted, though I'm also not trading for a while but I see to it that in every time that I place my position I keep checking possible news that can affect my position and change right away if there's any basis that I needed to adjust.

Ofcourse. For me, manual is the best thing still because we all know how manual gave us the exact and very  detailed thing we want lile our strategies. Manual can do and have a high possibility of geeting what we want because it sets and shows our strategic idea the way we want to see them. And ofcourse it executes well. Eventhough manuals are long terms and have a span of time, it is okay because you're sure

Well programmed bots are doing a much better job trading than most of the manual traders, and that without being subject to emotions and whatnot. Shitty bots people here use are dangerous in more ways than one.

95% of the people aren't able to screen the code looking for vulnerabilities, and most of them don't even know how to operate it. They buy a complete bot package where a third party sets everything up for them.

Even if the bot is safe, allowing someone to know your API Key is plain stupid. Just browse through the internet to see how many people have been a victim of rogue bots and portfolio applications. It's almost embarrassing to read.

I don't trade much also so I think its better for us to trade manually since bot is quiet not good for me.
Though its pretty helping or worth it for some traders to use BOT, I think this will just depend on you and what's strategies you will be using every time you trade.

I had done a little reading and to be honest the ads of automatic trading bot really tempting, but many people warned that the result of the automatic trading is not as good as it being imagine, and some claimed that you need the basic of trading to be able to used the automatic, so I think I prefer to used the manual trading technique, its more satisfying and I can gained experience which will be very useful for making profit

I think manually trading is easy by automated trading.you can't really only use manual trading because most platforms allow the manually cryptocurrency transection. i m only using manually because my account and my transactions will be much safer.

For those that are looking for something in-between fully automated bots and manual trading, I (developer of the ancient Bitcoin Can app) am currently working on something that you may find interesting. Like my previous app, I designed it mainly for my own use, but figured that others may find it helpful.

It's not ready for the public yet (still in development and legal clearing), but it would allow partial automation of trading in interesting ways while avoiding the biggest risks (like sharing your credentials/API key with a service or trusting some AI to time the market for you).

If any of you would like early access to it, please fill in the interest form at forgottencrypt.com (http://forgottencrypt.com) and I will let you know when you can get give it a spin for free in exchange for your early feedback.

Now to answer the original question:
I do a mix of the automated and manual trading. There are insights that humans can provide that bots can't figure out, in addition to market news, rumors, etc...
The drawbacks of manual trading of course is that you may get blindsided by quick events and not be able to react in time, or get emotional and make biased decisions.

Automated trading allows you to forego manual computations and analysis. It can figure out break even points in precision and scale up to accumulate small wins that a human wouldn't have the patience or accuracy to compute. The drawbacks of automated trading is that you put your faith in code that may fail (or be intentionally malicious), or work in ways you did not anticipate and suffer greater losses (typically by repeated application of a bad strategy).

As with everything financial, use common sense, and trust no one.

when market is calm, maybe many help from bot. However, if market is wild, then often the bot is not reliable. therefore i prefer to use a manual in accordance with analysis that has been planned