Bitcoin Forum

Hello everyone.

Recently I became interested in the topic of trading bots, so I decided to study the information about it. After reading several articles, I realized that there are many different opinions and therefore it is very difficult to decide for myself whether to use bots well or badly.

So I decided to try a few bots. I drew attention to the bot announcement from NWC. I think it's better to use software from a well-known company. This gives more confidence in a good result. As far as I understand, a bot for testing on historical data uses certain algorithms to automatically detect the most important patterns on the charts.

However, is it possible that, in addition to simply detecting patterns, the bot also calculates the technical price target and looks at how many patterns reach it, so that the percentage of success of the trade can be determined?

How do you feel about trading bots? Have you ever used it and can you advise something about this?

I never used bots when it comes trading but i have friends who used bots for short term and he really get good profits from it for 3 months , and what i saw the bots keep updating him every day such how many trades it made and how many losses and successful trade he had after 24 hours.. It's very amazing to be honest because your not doing anything and you have income, that's why that day i can say bots is useful, but for me i don't want to rely on it since i  can do full time in trading, so i didn't become interested although i see what he made from it, so i forgot the name of that bots..  :D

If a good number of people is using a trading bot that uses the same indicators/strategies, it might end up not being profitable. Hence why the general recommendation is to learn how to actually trade yourself, so you can use your own strategies on a custom-made bot.

Its just a bot not an AI so never ever assume that if you use then you are going to keep making profits with 100% success rate because Jarvis is yet to be created in real life.  ;)

Using bots will be useful for people who trade too much and can't keep all these things manually so they just need an assurance which will help you to execute your trades as you wish.

I don't use trading bots because I am a little holder, investor and trader . Trading bots only for who trade a good amounts and trading all time in different exchanges. But I am using bots in others cryptocurrencies sectors.

Dont ever think that this is a money making method on where most noobs or newbies do believe on that bots could really be profitable compared when they do make out manual trades which is always been a
very bad impression or belief to have in mind thats why you should really clear out those kind of information and experience for yourself on whats the reality of trading bots.You would eventually realize
that this is really just good for automation and it isnt really different when it comes on being profitable because you are still the ones who do make out instructions or settings on what the bot will do
whenever you are far away with your pc or not able to check out your trades.

Yes, the trend of one-set of trading solutions bot wouldn't be so profitable if all bots were using the same strategies. Personally, I've heard of people building their own to customize it in their visions and for the strategies they're comfortable with.

So the red warning is, don't get yourself involved with a trading bot if you never traded or don't know much about trading as it may cost you more than you think you can earn.

I tried once using their trial, and I can say that its really effective to those busy traders who can't analyze the market that much because they already have the default settings so you just need to input your position there, and wait for the result. You still need to study trading because you are the one to manage your Bot so technically this can't still be used by the newbies, but a good start if you want to stay in trading. Overall, BOT is good if you maximize their potential and if you're into a good BOT company.

Trading bots can be profitable or non-profitable depending on the strategy you want them to use, if you use a strategy shared by someone on the bot made by them and they sell it to others also, then like mk4 said, you will lose because that strategy will become obsolete. Trading bots can be tried with different strategies to check which one suits your trading style and your portfolio. I never used bots because I believe in manual trading, but it is also an undeniable fact that bots outperform human actions, so you can try with some small portfolio and see which strategy is best for you and then slowly increase your portfolio size.

The first thing you need to know before using a bot is to know how to trade by yourself, this may seem odd at first as you want a bot to trade in your place but if you do not know how to trade then it is going to be impossible to modify the settings to the bot in a way that makes sense.

However reading the rest of your post it seems you want the bot to do more than what they offer, this means you only have two options, if the bot can be modified and you can add your own strategies then you could add this on your own, and if this is not the case you may not have any other option but to code your own bot that does exactly what you want.

I've never used a trading bot because I just do manual trading all the time.

Many opinions say that bot trading has risks and it also depends on the bot trading company that develops it.

Trading bots that have more risk of losing are bots that manage all your assets on the bot platform, so you don't have full control. I really stay away from bots like this. or if you want to try to use a little funds.

and now there is a new bot that uses the binance API feature to place orders. so assets are still there in the binary and we can manage while the bot only manages to buy certain coins and make purchases and sales.

I do not recommend using bots, manual trading is something that is important to learn, because there are technical analysis and indicators that will help in trading. if you only rely on bots, you won't grow and can't do anything own analysis.

I guess many people here don't usually used a trading bots, they might possibly do manual trading. Trading bots can be profitable or non-profitable but, it will depend on your strategies, if you use a strategy that already shared by someone to other's you might experience losses because maybe the strategy that everyone used is obselete. Many people say that bot trading has risks and it also depends on the bot trading company that develops it. If you only rely on bots, you won't grow and can't do anything on your own analysis.

This is why as time passes trading bots become more and more ineffective, the reason traders keep their strategies under wraps and if possible never reveal them has to do with the fact that the more people are using the same strategy the less effective it becomes to the point of becoming useless, this is something very common when it comes to Internet marketing but it also applies to trading strategies, this means that unless you can code your own strategy into one of those bots then most likely you will not see any profits generated by that bot.

Just an additional expense for small traders like me that is why I didn't use a trading bot.
But if you have a budget, a trading bot is good when especially if you don't have enough time for trading then a trading bot is good for you. Because trading bot can execute your order on behalf of you by simply setting up your trade through this bot.

But I won't recommend trading bots on new traders because it is very risky to use. It's very hard to understand for them that will maybe lead to massive loss. Just expertise manual trading and go for bot when you are busy enough and have extra money to purchase bot.

Bots are developed to fulfill what is being assigned. It executes accordingly. In my understanding it is good to be used on cryptocurrency which has regular price fluctuation within specific range. Through this setting up a buy at a price lower than the sell price and execution of sell once after the buy gets executed happens continuously. This way traders who can't spend much time can benefit out of the bots.

Maybe there are more technical things that can be added to the bot, but this is the very specific purpose for which bots are getting used.

I'd never try and never have the plan either.
Why? Those trading bots aren't reliable to me and haven't trusted than to do it by myself. In fact, these machine is still relying on us and since I have enough time to make a trade, I don't need this anymore. Maybe those who have limited time and wanted to make these trading bots work the whole day, that seem suitable for them.

But on the other side, it makes us lazy anyway. And I preferred to do it manually as I was still gaining more learnings.

Bots are made by human which means it would be following on whats been instruction.Some bots already set-up and some do still need up some instructions for them to be functional. It is really just that most people

will really be having that kind of that impression that trading bots could give out sure profits which is really a very wrong idea because it isnt something works like that way.

You do have a really wrong mindset if people do think off this way but once reality slap you in the face then for sure you would really realize.

I got your point but it seems you don't know well how this automated trading bot will work, it's a tool that has used algorithms and this isn't a machine.
There are trusted trading bots that you can use, they're operated for how many years and used by professional traders, it might be for the small-scale traders who didn't need this bot but those using a huge fund for trading might need to use this tool.  Using this bot will easily automate and analyze the crypto market static, calculate data on market movement, and can do execute buy and sell on behalf of you.

So I don't criticize trading bot, they are still useful for me and if your decision isn't I still respect on it.

as everyone has said the best thing you can do would be to trade without depending on the bot, according to the various observations I've seen in the past the bot can give low profits, but they are not guaranteed and there are times when they simply create losses for you. that's why I don't see the advantage of using bot to trade. but in case you want to use bots, you can search for good bots on this forum and test for a few months to see the effectiveness

Pretty sure some people do, they pretty much use it to make their lives easier and to automate the monotonous parts of trading but as others have said, it's still much useful for you yourself to do the trading to react to unexpected changes with more effectiveness and swiftness compared to a bot. Bots are only useful when doing something very repetitive, something that you won't really need to actually supervise on, so really, it isn't recommended at times since the crypto market is a very volatile one. Changes by the minute are always expected to happen.

Bots are not reliable though a lot of people use them. Bots can’t beat crypto’s volatility. To become successful in trading, manual trading is the best approach.

Well perhaps you are right that automated trading bot is not reliable but I disagree when you are saying bot cannot beat the volatility, --trading bots are not making money, they are not working without you, perhaps you misinterpret how the bot works ^{[the line that I bolded above]}. The main brain of the automated trading bots are traders, the advantage is bot can do buy and sell if you are offline and but it is under your management the bot.
It is indeed not necessary to have a trading bot, they are very expensive right now. Instead of buying a trading bot, just add the fund as your capital in trading.

To be honest i am never use bot. But some of my friend said bot is only a tool and who made setting is ourself. So it still need our analysis or maybe other's analysis to setting it and then we can use it. If me i prefer to trade like usual because it is same we analyze, or other people analyze and set up the setting, or other people who analyze and we can ask for suggestion to trade like usual.

Same as other people, they never use trading bot. Lot of people here don't usually used a trading bots, I think they do manual trading. Trading bots may be profitable or not, still it depends with your strategies or plans. If people may rely on bots, they won't grow and can't do anything. For you to become successful in trading, manual trading is the best approach

It's a fantastic thing to utilize. I know I'm pretty biased with this topic, ^{since I'm a reseller of the best trading bot, Gunbot (https://gunbot.ph)}, but it's essential to know why it is a helpful and useful thing and could benefit anyone that will try to use it.

The way you should treat the trading bot is that you need to know what you will do with it. I have listed some of the most common things that you would do with a bot

• Full bot trading ^{No more interference from user}
• Half bot trading ^{You would treat it as a position closer or opener}
• Passive bot trading ^{Use it as a learning tool and transition to full bot trading}

Remember that bots will only do what you have programmed, so you should know what you will do and how you will do it.

I don’t make use of bots while trading, and I have not tried any of them at all. But I have a few friends who are making use of trading boats, and from what they have told me personally, it has been working for them, although I haven’t seen it myself to be able to know whether they’re really telling me the truth or not. What I have understood about trading bots, it's not just about buying a bot and you will be expecting it to trade automatically, you still have to be setting up the strategy that the bot is going to be relying on to trade for you.

So basically, what the boat is doing is to give you more time to rest away from the screen while it does the job for you, but that doesn’t guarantee that will be making 100% success on every trade, they’re still going to be times that you’re going to lose. And also, you’re not going to be taking your hands off 100%, ‘cause you’re still going to be there to be setting up the bot sometimes. So if you ask me whether bots work , my answer would be a yes, but they still rely on the strategy that you set up for them.

Well I've used trading bot once and I'm not satisfied. If you can make your own custom bot using you own strategy I think you should go ahead and try it.

If you don't have enough time to analysis the market I will recommend it.

For me, I have previously used a free robot as an experiment, but I did not like it very much, although it brought me some profits. There are many things that you need to know to set up the robot correctly. The robot will not give you good results unless you have enough experience in setting up the robot.
The bot is good for those who do not have enough time to trade because the bot will do it all the time for you and you will not have to repeat orders continuously, but frankly I prefer manual trading because there are some negatives, for example, some coins whose prices rise significantly, but the bot will take the profit that was made Put it in the settings and in this case you will have lost a great opportunity to achieve greater profits, also for the stop loss, if the price of the coin falls to the stop loss point, the robot will sell immediately with a loss while I prefer to keep the coin for a period of time until it returns to the rise.

Do not really hope that much from trading bots, everyone around here trying to calculate the most absolute precision to their bots in order to make a profit but if you are working that hard then is it really the bot that is great or is it actually you? I personally believe that there is a good chance we could actually end up with something that is more profitable if we manually do it or just set up notifications in our phone (or pc) and just do it ourselves. Why? Because, there are situations where it would be smarter to actually check if it is actually the thing you want to hit or is something out of normal happening, that way you would be at least in control over the situation.

Bots are not easy just like trading too. Trading with bots have generated some complaint. For me trading Is better than bots because I understand that no way is easy , cutting short cuts with bots is still no guarantee because if it is so easy then every bots user will have success story. So staying with trading takes patience and passion.

I believe what is known with this is EA into MT4 platform, and my point of view with this is that it is really working if you have a lot of money, but it is risky. I found a lot of EA before and tested them in demo, some are promising and some are not, but there is one that I am really impressed with because it follows the trend, the strategy was about trend follow which is kinda bot but it is better to use it as an indicator to minimize losses but bots are not as good as us humans because they were programmed. I would rather use all of the indicators rather than the bot.

I think trading bots of third party companies are risky and also not that profitable in a longer run. Unless someone has made a tailor made software for you which delivers result or you on your own have made a bot, don't go for them. I don't recommend falling in prey of these software developers because most of these softwares are unaudited which means their code might contain a bug and just a small bug might ruin your entire capital. Another reason why I say this is because if bot trading was so profitable why haven't everyone shifted on them, bots have been here for years now? There are hardly any retail traders that use bot.

Of course you wouldn't able to know on how to make use bots if you don't know on how to trade in the first place and its just a tool for you to automate your trading which means that it has nothing to do with those success stories because it is really simply just on users skills and knowledge.

Its a wrong perception that bots turns out to be profitable than on doing manual which is really wrong.

You do have need to some knowledge on how you do set up your own bot according into your preference when you are away from your pc.

Bots can in fact give some advantages to traders but the main advantage a bot can give you is that it can trade the markets without rest and without mistakes for as long as you want, this is not possible for any trader, the bot could increase your profits just by being able to watch the markets all the time and watch more markets than any human could be able to pull off on its own, but when it comes to pure trading ability I still think humans are leagues above any bot.

^ Definitely right because a bot is just a tool that can be used by humans but not exactly the bot will work on their own.
There is nothing wrong if you will use a bot as long as you are a long-time experienced trader, bots are very risky on newbies, they will probably think that bot will work on their own just to generate profit but the fact it is not. Some experts that I have known in trading have been used this automated trading bot because when you are away from your computer you can use a bot to cut your losses.

I have two issues with using trading bots. The first issue would be that I don't feel like I could trust a trading bot not to make mistakes which could lose me all my money. Programs aren't perfect and not even modern AI can be deemed anywhere near human intelligence in most cases. Secondly, if there was a trading bot that was powerful and could make good trades even better than humans, then nobody would sell it. Why sell it if you could make more money by being the only one using it? No bot competition.

So one way or another, I prefer good old human brains. ;D

It is probably there are some traders who use this but not sure if this works on them or not. That I think they need to confirm it in order to save from people doubting the credibility of this tool. I have to admit that I don't trust them nor even have the guts to try either coz till now no one had ever to say that they got a positive results upon using trading bots. Or maybe, they are afraid that someone would ask them.
But for me, I was very comfortable in manual trading...I'm not spending the whole day on the computer and trading every day, so it wasn't a need for me to think about using bots on my behalf to work 24 hours.

Currently, a large number of people use trading bots. It enhances the yield and improves a person's chances of producing money. It is capable of determining the time and assisting in trading at a logical time. Trading bots come in a variety of forms, and it is up to the individual to decide which form of trading bot he wants to use. If you have no prior experience with bots, it does not appear to be a good idea to utilise them. Because you can't utilise it if you don't know how to use it.

This must be one of the misconception about crypto trading. If there are profitable trading bots are available then by this time we might have many billionaires out of crypto trading within this community but I am not seeing anyone sharing like that but most of the people from this community are always negative about making use of trading bots due to its less effectiveness.

Trading bots might get your profit in some stable market conditions and when market conditions are getting into extreme volatility then those bots will go silent or getting you negative profit yielding  signals.

Because all the market conditions cannot be covered by few program coding which is the problem with trading bots as of now. Human brain cannot be matched with any programming codes by the currently available technology. So, always manual trading must be better and profitable in long run.

Don't rely too much on trading robots when trading because trading bots are just a trader's tool

if you are a novice trader and just trying trading bots then you will find it difficult to make money unless you buy expensive full trading bots

try to learn first trading with small capital, if trading suits you then you can try using a trading bot

I've only tried using trading bots on kucoin exchage once, that was few months back, I really did not understand anything about bots trading so I set the way kucoin set it, I didn't configure or change anything to my own preference, the end result was that the bot helped me loose some money though not really significant, though I believe it's because I didn't probably know how to set the bot, but since then. I've never tried trading with a bot again.

There is one way in which both of those problems can be solved and that is by coding your own bot, if you have a strategy that works and you are an expert at using it then coding a bot that trades in the exact same way is not has hard as it may sound, this way you can be sure the bot does not hold any malicious code or makes mistakes as you are the one creating the code while at the same time you know it is using a good trading strategy as it is the one you are using to beat the markets.

Not all are programmers or developers on suggesting out coding a bot on your own and set it out according on your likings which could be possible but not attainable or possible for all people because only a few could able

to do so thats why we do have some bots being created now which could be trusted too and you should stick with that.The very common mindset that we do see on why some people do make use of bot is that they do

really believe that it would profitable if they would make use of it but we know that reality doesnt really work that way yet you would still need to set it on your own to make it effective.

I even seem bot as a means of wasting of time, because a friend of mine that normally use bot for trading just gave me a small hit of bot, then after his explanations via bot machine kind of trading, then i just understand that can only get small amount of profit when using it, because the money used for it's subscription exhaust it's very obvious that the automated machine will stop by itself until you subscribe another one, so have to reason, bot is trading the money you input in it and is generating a small amount of profit, is better i trade manually than bot from my own perceptions.

Yes, there must be someone who uses bots for trading. But it wasn't me and for some reason I wasn't interested in it. I feel capable and have the time to trade independently. Maybe some people use bots to save more their time or because they have too much work but still want to trade so the way to go is to use bots. Bots themselves can also do their job well and even make a profit.

Yes I saw several people seeking some bots but actually this will never guarantee that we can earn since it has a chance to lose for certain instance. And I also not interested to use this since its not fun to do trades by using that since we cannot learn something deep unlike we do it manually. But this will matter depends on what people like since there are rich guys there who can spend a lot of money to buy some bots to have trade for them.

If you configure your bot properly and you have a decent bot then there is a chance that you could never "lose", all you will have a ton of bags that you will hold. However, assuming you deal with known high level stuff, things like btc/usdt, eth/usdt, btc/eth, usdt/bnb and so forth so forth then you would not be holding them for too long. There is a good chance that you could actually program your bot in a way that it either gives you a profit right away, or it waits until it gives you a profit until the prices go back up. That is how I used mine back in the day but unfortunately it started to be a little funky and I decided to stop using it.

Profitable bots are expensive, but it's worth it. However, using bots might not always meet your expectations, so I don't really recommend using bots in Trading. I'd rather choose trading by myself so I can enjoy my losses and wins, also to gain experience to become a better trader. It's much better to trade for yourself so you could cherish all of your hard works and you'll see for yourself what Trading world really is.

I dont use bots for trading, im doing it my way.

In markets like forex and others bots are incredibly common on investing firms, we must remember that while I think humans are probably better than any bot, we face a lot of limitations, a bot can trade without any kind of rest while never making mistakes and watch basically all the markets of the world at the same time, when we think of such a bot it is obvious it will generate more profits than a human not because it performs better than them but because of the sheer volume it can manage, which is why trading bots are important tools if you are capable of adding them to your arsenal.

Trading bots are goods for automatic tradings, rather than manually waiting for some changes on the market. You can set up the bot what it can do if something happened on the market like increase of orders, execute transactions and other strategies. I personally use bots for passive trading and I can tell that it don't work perfectly yet but I am earning good amount.

and Bots are usual use of traders , more of those who had been in trading daily and had some work that cannot focus infront of computer each time/
in this Bot Helps a lot .
Then you are a Good trader , not needing any Bot but can make money in trading safely?

Trading bots is so dangerous. My friend use it in forex and blow his account three times. His capital three times blow and money he use to buy the bot lost. he is regreting it until today. This is for forex trading. I don't know how both work here in cryptocurrency trading platform.

Bots are bots, wherever you use them, for forex, crypto, gambling... bots can be dangerous if you don't know how to set them up! And people make that mistake everywhere, they don't set it up correctly, and bankroll just drops to zero at one point! You can't blame the bot, it's a human error! So setting up a bot is very important, but don't forget that every setup (strategy) needs a minimum bankroll to work properly!

I tried some trading bots before... I didn't win/lose much in general, I had a very careful approach, and I didn't want to invest too much, and results are like that! Also, I didn't spend too much time figuring it out completely, that takes time for sure, for someone who is in touch with bots for the first time.

I think these are one of the disadvantages of having bots which are used by many other traders, it gets to be less profitable as some of these manipulative brokers can easily go for stop losses to take you out of the market or manipulate market to go the opposite which could force traders to prematurely close trades or open new positions which could end up losing and  broker walks away as the winner.

But overall bots are good for taking out profits, price alerts, opening and closing traders and nothing more.

I tried using trading bots before and at first, it was fun but I realized that I wasn't gaining a good profit so I prefered trading with my own skills. To be honest, using trading bots would be too risky compared to using our own skills. It would be better to do it personally so we'll be able to control things well.

Not yet used NWC trading bots, But I have heard about NWC bot.

I am a regular User of =https://www.pionex.com/Pionex  (http://=https://www.pionex.com/Pionex) bots. Here you can trade cryptocurrency with 16 Free in-built trading bots. One year has gone and still, I am using their bots without any kind of problem. First I was a user of Bituniverse (https://www.bituniverse.org/en-US/index.html), but When they started Pionex, I become a regular user of this site.

Still, I use Bituniverse because all of the coins are not listed at pionex. so I use the API key at Bitunivese and can able to create a bot without any hassle. You can try both of them, both are user-friendly and there are a ton of videos available on youtube/blog on how to use them.

You can also check this thread: [BIG LIST] Crypto Trading Bots] (https://bitcointalk.org/index.php?topic=5278392.0)

Technically all strategies could be coded and implemented into trading bots but its effectiveness against different market fluctuations my not be estimated well in advance. It means only against certain expected market conditions, most trading bots might be getting us profits and beyond those "covered situations", you may or may not get profits because programming codes cannot think and act on their own hence it will buy or exit at pre-determined levels which might be getting you profits or losses.

After continuous losses I decided to stay away from trading bots. But, thanks to failed trading bot experiences, I started focusing on manual trading which is somehow consistent for me so far.

Seriously have not really used any bot before and i don't really believe in trading bot, I believe in doing your technical analysis yourself before entering your trade. Have heard different bad stories about trading bit failing people but I believe there will definitely be some that will be good but have not tried any before because I believe in me trading by myself.

Actually that's the best case because market needs immediate reactions that could give you profits but if you rely on trading bots that might not be successful in every scenario so it's best to learn all by yourself as your mind is the best helper to you.

It can be unfortunate and I think we don't just rely on bots but rather to work on our own and add more learnings out from. Although there are some legit and working trading bots at this time, I think it was still best and more profiting by doing manual trading than them.
Even me, I less to nothing interest at them as I could even manage my time in trading while working. As long as I can do both, that certainly never gives me a reason to even try at them.

many people want to get something instantly, that's why they use bots even for trading. I agree that it is better to develop yourself in the world of trading than using bots. we don't know how the system will work, and if we're too busy, it's likely to end badly. personally, i never use bots. Well, I think the results I get can be maximized with my own efforts. if I get a loss, then it will be a lesson to be taken.

Why do people do really have this kind of impression towards bot? Most of them do really believe that it is set up on being profitable?

Havent they able to think that it was just for an automation tool and it doesnt involve nor does give out guarantees for you to make money or profits guaranteed?

Nothing beats out if you do know on how to trade up manually but using up bots would be effecient if you are away and not on the front of your computer but of course you would still need to be wise on how to set it up.

Because they believe in bots with their own income so this makes a lot of people interested, even in my country I often see convincing bot trading offers saying you just sit back and work is bot trading, this word seems as a sweetener to promote but will stuck for those who bought it.

It will not give any guarantee to the bot and the tool will definitely not work perfectly there is always a big risk behind it.

Manual trading is the most effective, everyone does it even with their own more accurate analysis for sure.

A bot is a just a tool, your friend either did not used the bot correctly or the bot was coded with a poor strategy, if it was the former then your friend is at fault but even if it was the latter he is at fault too, as it is irresponsible to use a trading tool without verifying that the strategy that is using can give your profits in the market, this proves that bots can be effective at making you money on the markets, but they can lose your capital incredibly quickly as well if you are not careful when you are using them.

I use trading bot very well and I always make good profit from it. My trading bot do not trade the future market cause it does not predict the market price. It buys and sells continually depending on how versatile the crypto market is. Some trades usually takes days for it to make profit while some just few minutes or hours. Trading is risky but it depends the kind of market one is trading.

You are right, what happens is that now exchanges are not allowing commercial bots, because they have a type of security through captchas, regularly when you go to make a withdrawal if the system determines that it may be a bot, the same exchange requires you You should take a quick photo of your face to confirm that you are the one who is there, also the best trading bots are those with artificial intelligence and are usually used for arbitration, a normal trading bot that can be introduced is to make commercial decisions according to a technical analysis that is introduced.

I had never bother to learn how to use a bot for trading because I am not convinced about using any forms of automation in my trades, such as Expert Advisor EA in forex trading and bot for crypto trading, I prefer to learn how to trade and manually place my trades without involving any third party tools, no wonder those automated trading tools fails as a result of volatility in the price of cryptocurrencies, though many newbies believes that It will take quite some time to learn trading and become profitable but will rather adopt or use a bot in assisting them to trade, to make quick profits.

Cryptocurrency trading bot makes trading more easier and effective but your personal knowledge in crypto trading does the most vital job before you can trade profitably.
The use of a trading bot doesn't guarantee your trading will be successful either but I will advise you to develop your knowledge in crypto trading before making use of a bot.

I think the use of BOT is only suitable for those who trade a lot in 24 hours with large amounts of money. Do not depend on BOT because it cannot be completely accurate. Using BOT is not always profitable, it even makes you lose. If you don't trade a lot, do it manually so you can capture the market and have a better judgment.

I would say you are both right and wrong at the same time. You could bother yourself with learning, and there are some decent bots out there that would help you as well and if you are a great trader yourself then you could probably be good with it. However the difference is that we are talking about something that is only a "helper" and for some reason people think that buying a bot would automatically make them some profit, and it is not like that at all. You could make some profit but the reality is that we are talking about something that is rarely ever like that, it is usually something that would make you a bit of profit only after you configure it properly.

I don't use bots in trading, using bots in my opinion is only for those who trade full time. However, bots cannot guarantee full profits, there are risks that cannot be controlled. A trading system that is assisted by bots, for beginners it seems that they have no more losses because they have spent capital for it. However, until now it is still under discussion, only a few have had success with trading using bots.

Those who trade in large numbers some of them often use bots, for me trading bots is better for those of us who are always actively trading in crypto. But keep in mind that bots also cannot provide 100% profit, some traders also experience losses due to using bots. Here you need to be careful in choosing bots from companies that sell them. Look for companies that manufacture bots and the bots they sell are often profitable.

I've never used bots and I don't seem interested. I prefer to learn manual trading because my hope is that from trading later I can live and become the main source of income. bots do not have psychology, while every trader has feelings, so at certain times bots cannot work optimally, in my opinion, therefore manual trading for me is better

I actually never believe the bots and even i didn't trade any trade with it .It is actually do the trade with strategy attached itself .If the strategy gone into the fall you will loose your fund .The couple of strategy may be combine with that .However it is always better to research and do our trade as you said if we do any wrong we can be corrected it for the future and our experience wil be increased on trading .So that i think we need to avoid it and make use our strategy to work for us for that we have to study always and research and gathered information .Hope we can be succeed .

Seems like OP hasn't try the effects of book order on centralized exchanges, that's when you know the power of bots manipulation in trading. I'm not an expert but i know very well how trading bots behaves with technical trends charts.
Like kucoin exchange for examples, the design bots will appear plenty of buy order once they noticed that a a resistance has been tested but will disappear as soon as it be broken by high pressure sell order. If your Bots is not well configure and follow those manipulation, you are doom mehn.

I have used them for years and I can tell you that it is definitely a tricky situation to be involved in crypto bots. You are getting something that is the most magnificent "increaser" in the sense that whatever you do, that bot will increase it by 10x. Obviously there are simply just failed bots that never work properly, those are not the ones I am talking about. Usually a bot can increase what you can do by tenfold but that means you are going to be very very careful as well.

I have seen people who were bad traders and wanted to use a bot to make a profit automatically, the whole idea of "just sit back, relax and watch your profits grow" is not true at all, will never be true, in no bot at all. It is always the trader who needs to configure the bot correctly and perfectly, so if you are great then you will profit 10x more, if you are horrible, you will lose 10x more.

If youre not experienced or totally noob then you wont able to to determine the movement of those bots on orderbooks.You could really see and notice

those if you do already have some experienced eyes or lets say you do already have the knowledge on trading.Of course there are lots who had been using up bots into their trades.

This is a tool for automation which its understandable that its useful on common aspect.

im the developer of such a bot with a simple strategy. Works with coinbase and binance. if someone is interested i will share a link. its very new project.

BR

I have used the trading bot at the past.
But I decided to stop it because:
1. It is a very cheap trading bot, so it is also very risky
2. Not really effective and efficient working on me  because that cheap price or even I didn't really know how to operate
3. We must be also smart and know enough the best ways to set the trading bot, if we don't really know, we may lose it, too  ;D

Btw, I am actually interested to use that kind of trading bit if it uses AI technology with more effectiveness, efficiency, smart trading bit, and also working on.
But I also realize that the price of that kind of trading bot is very expensive.
That is why, right now, I prefer to do trading manually  :D

Sometimes the best things are the simplest, believe me. There are tons of people who can talk about backtesting, TA analisys , strategies etc...
One simpe thing : Buy 1 apple at price X and sell for X+Y. once that triggers => rebuy that apple for price X again. So you have a profit of Y.

Repeat this for 10, 100 or 100 different prices of X (x.10, x.20, x.30 etc.....)

What the bot does? Simplifies and automates all these that i wrote above.

My personal opinion! Cheers  ;)

Exactly, many people think of bots as automatic money making machines and this is not true at all, whatever you do is amplified by the bot, so if you are losing money in the markets then all of what the bot is going to do is to lose the money even faster, but if you are a good trader then the bot gives you the ability to trade without rest and even more importantly it can find more opportunities to trade because as humans we have limitations about the number of markets we can watch, while this is not a problem for a bot.

I'm never use a trading bot btw, my reason is trading bot doesn't guarantee my profits and some of them are only a joke. It's better to build our skills rather than depending on a bot, in my place some people made a fake trading bot and guarantee big return from what they invest people who understand wont easily get fooled.

Actually professional traders use trading bots not just for automatic execution of trade but for notification of the changes of the market and the status of it. I remember using RSI bot where it analyzes whether the the coins is overbought or oversold and it's pretty accurate but it is much more accurate if you use other indicators such as simple support and resistance or trend lines.

The truth is very difficult for me this type of tool, besides that there are many exchanges that do not allow the use of it because you can run the risk of a possible ban, however I know that they have existed all their lives, in fact it is very It is possible to highlight that the majority of people who use bots are not many, because bots tend to act according to the technical analysis that is implemented and this is currently a double-edged sword because events worldwide are passing rapidly, such as covid -19 among others, I prefer to use or know where you can get the bot that does high-frequency trading, that there is almost no relevant information.

Bots are utilized by merchants to exploit the digital money advertises that exchange all day, every day from one side of the planet to the other.
The benefit bots have over financial backers is they can respond faster Meanwhile, most financial backers additionally don't have the opportunity to devote to consistently get everything exchange—something that bots can do One critical sort of bot is the exchange bot which hopes to exploit value inconsistencies across trades.

Bots that give signals are more common than bots that actually execute trades, and this is because many traders do not trust that a bot will not make a mistake when setting up a trade and then they lose money because of it, however if you can code a bot that can generate signals about potential good trades that you can make, then you are just one step away from creating a trading bot as the only thing left to do at that point is code the module that executes a trade based on the indicators the market is showing at the time.