Bitcoin Forum

I am not a software developer but I know some basic things and will understand some basic script. Is there any way that I can use to make a trading bot that will be able to follow my trading strategy? There is some exchange that provides basic trading bot but none of those can do how I want it. And is that will be safe to use these types of tools from and 3rd party site?

Though the developer stopped maintaining it, you can still use it as far as I know. Test out Gekko, it's an open-source trading bot that's been recommended a lot throughout the years: https://gekko.wizb.it/

^Not sure if you know enough Javascript to be able to use it to it's full potential, but yea.

Are you sure to use a bot as a trading tool for you. what not to do manual trading and learn to understand technical fundamental analysis better. I don't know much about trading bots, but trading bots come with risks of course. In order for a trading bot to follow your trading strategy, of course you have to build it yourself from scratch.

I know basic python but not so familiar with Javascript. But that's for the recommendation I will take a look if I can use it some how.


Actually, I am very busy with some other activities so it's not possible for me to be in front of my screen most of the time. I do manual trade but it's time-consuming because I am a scalper. It would be useful for me to make a trade by algorithms.

you can implement your trading strategy into a bot.

if you are not a software developer it will be difficult for you to build a bot that actually works for real.
Anyone can make an API call to the exchange,
to read the market, make decisions in real time, follow the execution of them  it takes deep understanding in software engineering. 

after that been said,

If this is your passion and you want to build a bot than go ahead and start building one.
Put the time and the effort,
Ask people around all the time,

you will learn A LOT and it will work.
 

every trading bot is bound to have a margin of error. This is a classic situation to face, sometimes inaccurate predictions and this is normal. we can only control and determine the rise or fall of this trade. because if we expect more in this trading bot I think it's impossible to be accurate

That's a very tricky question and it depends on your knowledge upon creating a trading bot.  It's a lot of code that you should be input ad making this third trading boot isn't easy.

Here is the link regarding How To Build An Algorithmic Trading Bot With Python (https://www.activestate.com/blog/how-to-build-an-algorithmic-trading-bot/).  If you know how to create an algorithmic trading bot that's good and you might be encounter difficulties because as a software developer isn't easy to maintain your apps clean and smooth to use that must compatible with any exchange.

Why not you will use the existed trading bot, this might save your precious time and focus on studying trading while you are new.

That must be technical and if you really want to create bot with limited resources then I guess you have to look for more details on how to done this well also, you have to be more knowledgeable enough about trading since the BOT you're going to create is about trading. This is not easy as we think, but I hope you got more capital on this one because this must not be a cheap project.

I think OP knows a thing or two about trading and OP's reason for using a trading bot might be to make time for other things, trading is a taxing activity, you always need to watch the ups and downs of the prices and time will be consumed. If the bot is an effective one then it could help OP to generate a cashflow while doing other things like increasing your modes of cashflows, creating social bonds, doing recreational activities and such. AFAIK trading bots do come with a risk but if the time that you spent on other things outweigh those risks then I think that it will be worth it, there are open source trading bots out there that you can customize to your liking, you do not necessarily need to start from scratch if you have some reference to create you bot from.

Trading bots do no have inaccurate predictions and they do not make mistakes.

The bot gets input data defined by the designer
Then, executes pre defined calculations defined by the designer
 and makes a decision based upon parameters defined by the designer.  

It's important to understand this flow to understand what to expect from a trading bot.

a bot can do only what it been built to do. no more , no less. so if a designer made a design error the the bot will execute it and we will probably loose money.
So the performance is the designers responsibility.

i'm familiar with two ways to find what to expect from a bot. if there are more please share

1. read the code ,
you have do be a very good software developer and trader to understand this part.

2. read the history of the performance on the market you wish to use it on.
this way you know what to expect ,

hope it helps  

I'm about to refer you to this as well, the good thing about this is that it's open source and it's free. But I think you could try to look for a paid trading bots I'm not really sure how does it work. I never use trading bot, what could be the advantage of having one?

I think trading bot are being created for you and other people to set orders ahead of time from others or to sell coins ahead of time to others because sometimes our orders are being congested because we are trading with whales, sometimes we did not get the value we are aiming for. And also, I think it is not safe to use 3rd party bot, they might still your assets instead, I used bot last time in my tradign and instead of making money, I lost 15usd on it on the first 2days.

If those BOT didn't work for you, then what's specific feature you want to see on BOT system and maybe, the developer can work for that if you share it to them. If you want to create BOT in trading then its fine to use 3rd party apps, since some are still free just be sure that you know what you are doing.

I don't know how much is the cost for creating your own BOT and how much time do you need for this one, but the good thing here is that, if you fail you still have option to use the existing BOT in the market.

To be honest, in almost 7 years in the trading world, I have never tried trading using bots. the reason is that I am not very good at how the bot system as a whole works. secondly because I basically get no real experience in handing trades to bots. I prefer manual trading, so there is a kind of learning in itself, where I know that by doing this strategy will get what percentage of profits, and I tried everything until I found a strategy that is comfortable until now.

can anyone simply tell me about the advantages of trading bots instead of trading manually?

The margin of error rarely comes from the bot itself but from other things like latency,,, especially your speed of internet and the platform you are using itself. So the best bots work well with the best APIs at the best exchanges.

Not to mention of course your own coding;)

It would be better to have a bot that can be reprogrammed or edited as its users wanted. Like I want a track a certain project to take a dip entry. So I want to place a bot that will track that token price and if it goes down to 15% or 20% then that bot will make a market order at that price and at the same time it will place a sell order of 5% or 10% above that price. It was an example and maybe a bot that can do this will be good for those who can not track the market 24/7.

Try to check out these links.

https://intercom.help/cleoone/en/articles/3380126-how-to-create-and-test-a-crypto-trading-bot-walk-through
https://3commas.io/blog/how-to-build-your-own-crypto-trading-bot-guide

Hope it would be helpful.

very good example,it can either work or not.
ill try to explain
1. let's say bot takes daily high price as reference.
2. price goes down 15% from #1 ,bot buys and places sell order 10% above the price bought.

so far so good.,it's an easy task for the bot. 

but few scenarios can happen:
1.do i place a limit order? if yes , where ? lets say i placed 30% below #1. market still going down, reach limit order, lost this trade.
2. price wend down 14.5% an jumped up. bot missed dip.
3. bot buy at down -15% and price goes down to -25% and stays there. 
4. price go up, execute sell order.

so in this scenario i have a 25% chance of successful trade.
is it good enough?