Bitcoin Forum

Hi all  :)

Can you advise whether it is advisable to use a trading bot to trade cryptocurrency?
Such bots are sensitive to volatility, which often happens in the cryptocurrency world.
And how will the bot behave in a falling market?
I used one well-known bot for a month and it made 25% of my balance in a month.
And now I want to invest a lot more money in it.

Thanks

Since you arent telling on what bot you are using then it turns out that this isnt some sort of shilling.  :D

If you do able to earn 25% on your capital for a month time then consider yourself lucky but its ideal or better if you do secure out your capital first before investing even more.
But dont expect nor anticipate that it would be giving you an assurance because thats not how reality works.Its better if you do know on how to make manual trades and
able to edit trading bot commands because it isnt really that automatically give out some profits.So you should be aware.

While it is good that you made a good amount of money with that bot, you need to understand that bots are not automatic money making machines, bots also lose money in the markets as they depend completely on the strategy that was coded into them by their developer, as such it is difficult to judge if the bot you are using is in fact profitable with just a sample of one month, now if you know exactly the strategy the bot is using you could backtest the strategy and see if it works long term, but such a thing will require a lot of time and effort which very few people want to invest in doing something like this.

So you already have experience on doing it. If you've made 25% from the principal amount of capital of yours then you did it well.

And if you're asking us if it's okay to add more money based on your experience using a bot, only you can tell that if you're prepared with an additional capital using that bot.

It's your rule and decision, if it's me, whether there's or there is no bot as long as I know what I do and I have funds, I'll do it.

25% in a month is pretty cool, and that bot must really be doing good. I don't know which type of crypto trading you are doing to best answer your question. Is it Spot trading or trading derivatives with leverage.

In falling markets, spot trading isn't favorable. So I believe most bots are flexible and have the stop loss option. Always use stop loss.

The bot can usually do, repeatedly, what you would do - if you've set it right.
Since you've used bots, you should know the basics.

Whether it's advised or not to use them.. it's debatable. It depends very much on how much configurable the particular bot is, it depends on your overall trading skills, it depends whether you can configure it properly.
And it depends on what the bot does - scalping, DCA, arbitrage, whatever.

So there's no best answer to this question. My advise is to read more, especially reviews from people actually working with trading bots. One such website I've got to read at some point in the past was https://tradingbot.info/ I can't really tell whether it's the best or not, but in the results area you may find interesting things.

My advise is to think it over very good, since the fact you are asking us this may mean that you don't have yet the experience you need (and then you should wait) or you have doubts (hence you should wait). Balance everything and ignore the FOMO. Trading is about using your brain and staying cool, not about FOMO.

But I am more a HODLer type, hence I may be wrong, and, no matter what, it's you who have to take the decision.

Yes, that's advisable to use because that's a tool to be used in trading aside from those trading analysis tools.
But my question is, do you know how to use this?  This isn't will work on its own, it needs a proper setup to gain profit and maybe it's not advisable to use if you're a newbie.

That's fair enough, 25% a month is really good and if you'll maintain that strategy it might have consistent profit.
Putting a lot of money is must your own decision if you think that it's comfortable for you, then go ahead, it's your call.

If you want the long story short? You won’t make any money off them. They are typically scams.

If they actually worked the developer would just use it himself instead of giving away for free or a small fee. You would be pretty much in competition and he would make less money, so why give away a strategy that works.

You just gotta learn to trade on your own.

It depends on the type of bot you have and how it analyzes the market because there are ways that you should determine before automating your strategy. You should be able to answer this question. How will the bot handle this type of market?

Different trends of the markets are

• Bullish
• Bearish
• Sideways

In these different market trends, you need different strategies to accommodate the changes. It's going to be hard if you are going to rely on one method alone and use it in all markets, it's win-rate won't be enough for sure. So to be higher in win rate, you would need to be able to adapt to the market's current situation.

You still should control your money wherever it goes, like you shouldn't deposit directly to both. Just use an API service to trade your portfolio or something. Be vigilant.

yes it is and its proven and tested of some crypto traders around the internet, and as far as i know every bot has different programs to work its either shorting or long and of course it can do both but it will depends on the price as well, especially if you want to have many trades everyday because it will become more expensive.

That is pretty impressive how bots are really working up their ways with trading. Im not sure how successful these bots are but 25% looks just awesome. You should keep sharing your experience further so that we can know if the bot had lucky chance this month or is it really good in any situation of the market whether it is bull or bearish. Better keep sending the updates in this thread next time you come up with profits. Moreover, its also worth sharing your settings so that fellow members can understand how you playing with the bot with such high score.


Its true but there are many stories out here regarding the profits being made by bots. I don't know if it's entirely false but no one would just buy the bots if they were not working.

Learning yourself is entirely different career I believe.  :)

Maybe the OP is using a public disclosure strategy, which will result in someone asking him privately which bot it is - and if he claims the bot is profitable to that extent, then there will certainly be those who will be interested.

---

Not only are bots a problem in the sense that they are scams, but a much bigger problem is that people think it's something that runs and makes money without the need for any knowledge of crypto trading. I have always considered them as an additional tool for those who want to increase their efficiency, but provided they know what they are doing - otherwise bots can be quite useless.

I remembered one example of testing a bot from one of our members -> https://bitcointalk.org/index.php?topic=5206137.0

as far as I've seen trading bots in cryptocurrencies, it didn't pay off in the end. many people who offer a lucrative income, and they dare to give a percentage of profit within a certain period of time. whether it works, I think it's just a promise and gives us continuous hope, and of course we will be the losers. trading without knowledge, I think like gambling, you can win by relying on luck, but whether luck will always be present, let's open our understanding

If it's giving you a sure ROI then you can possibly risk an amount you can afford to lose. This bots also make errors in trading. The bots works on an if, else and else if routine. And what if none of the conditions are met it typically means the bot will use a nearest condition to place trade and this might result in hazardous trades. Making the risk minimal is all I can advise at the moment

I used the Cryptohopper bot.I had a strategy for a rising market "Buy the dip"
At the time I was trading with a balance of 0.5 bitcoin.At the moment I have a lot more and would like to increase my capital
But risking a bigger balance is a different thing, my friends

it have possibility ponzi or money game.  the reallity didnt suit with expectation , trading using robot could not survive for long term due its based on alogorithm which is created owner, meanwhil market moved based on lastest situation which is could not programmed due its dynamic .i 've seen many investors harmed by trading robot, so far i know none of them success now except their leaderboard.

Seriously I won't advise you to be using a both, the best thing is to learn how to trade manually and you will make good profit and also your mind will be at rest, you might be making money now but robot will not be parfect always and time might come when you will endup losing all your money, so the best thing you should do now is to secure your capital first and continue using the remaining money there and don't add more money.

I have to say if you used a bot, and it made you some profit, then use the profits to trade and not the initial capital. Let's assume that you traded with 1000 dollars, and made 250 profit in a month, that is great, now take out that 250 dollars and keep working with the same 1000 dollars, then if you make some more profit then take that profit out after a month again.

Eventually, if it makes profit all the time, you will have pure profits of 1000, and you will be holding your initial 1000 in your hand as well. This way you can just keep going with your botting with the money it profited and you will not be risking any of your initial money at all.

Can you be specific on the kind of bot you used that made you 25% trading profits within a month, that being said thank goodness you know the volatility rate of the cryptocurrency market so at that how the hot will behave depend totally on your configurations and if you think the hot will not execute automatic trading when market crash it better to set a stop lose features manually to support the bot.

Bots can work fine and can earn money but to do that you need to be trader and know what are you doing. Having some skills before using a bot is a must. I used a bot for testing half a year ago and it works but you need to know the limits and to have bigger amount of money to make it work.

This may be a mistake that will lead you to losses, making profits does not mean that you need to invest more money, but rather that you try to maintain these profits.
Therefore, try to increase your skill to ensure that you get 25% per month, which is more than excellent and you will become rich in a short time if you maintain it.

Trading bots are an application of ideas and therefore they do not generate money, but rather your ideas who do that and bots turn them into reality and therefore you must make sure that these bots do the following:

 - Place orders correctly.
 - You carry out orders in a timely manner.
 - There is enough liquidity in the platform to not make mistakes.
 - The bot is fast enough to avoid price fluctuations.

This is something that quite a significant number of people do not really think about, it would seem as if a bot is the perfect way for newbies to make money from the markets as the work is done by the bot and not by themselves, but if you do not know how to trade then how is it possible for you to know that the success the bot is having is something that can be sustained long term? It is at that time when you need your knowledge and experience as a trader to find the answer, and if you do not have it then you will let your bot to trade blindly for you, which is not really a good idea if you ask me.

We know that robot could neither be that effective or not and due to various conditions and market situation and we know that this doesnt really give out any guarantees or assurance that it could work for longer runs thats why its really necessary that you should learn trading via manually on where it isnt really gives you the knowledge but also it do really enhance your skills which is needed and also bots are editable or could really be changed and if you do have knowledge then you could set up commands according to your likes and thats the advantage if you are aware on what you are doing.

If you're really using bot and earning 25% of profits in a month already, lucky you. You didn't even drop the name so I don't really believe on what you've said, also the account is just a newbie. I have friends who used bots but it didn't end up well, so my take on that is using cryptocurrency bots are not really recommended if you're just a newbie trader.

Reading and watching tutorials are much better, in my opinion.

dont be hurry to invest more money ,better test this robot trading for longer time so we could review is it could survive in bullish or bearish trend also. maybe around 6 months enough for testing periode , if the result still consistent we could add our balance. but if trading result still unstable maybe current amount enough as long as we accept this risk.

What I have seen from my experience is trading bots will always eventually run you into losses, especially the ones which are readymade available in the market, you will see them going well for a long time, and then suddenly you will see all your earnings getting wiped out in just one or two trades, this could be due to some bug in the code because these trading companies don't really put so much effort in getting the code audited from end to end. I have seen big companies making tons of money from cryptobots but they make money because they generally have their own trading bots which they get tailor-made from in-house coders only.

I do not think it is a bug, but rather the bots are coded that way, lets take for example the martingale system that is so popular among some gamblers, the martingale system can be attractive for some as it seems foolproof as you get your money back most of the time, but the more you play the higher the chances you eventually lose too many times and lose all your capital, does this sounds familiar? Because that is the way many bots trade, they use a system with a high accuracy and a money management strategy that gets more aggressive the more you lose, until you eventually lose too many trades in a row and then you lose everything as well.

Nothing beats out if you do really make use of these robot but at the same time you should really know on how to deal up with trading and of course you should be aware and does have the skill
because using up robots without having no knowledge then it wont really be that much effective.Its up to you whether you would really be making use of it for passive type of trading
career but dont expect nor anticipate that it would make money for you on guaranteed manner because thats not how things or reality works.

Indeed, people imagine that people will be comfortable using bots, so we don't do anything and then get passive income which is a tantalizing amount. I think the first thought for those who will follow it is like that. but in reality it is not as sweet as we imagine because one day we will experience severe losses, because bots can only work according to orders, while the market is dynamic. therefore if we can master manual trading, then we will understand when the bot can work

I think you're using the good bot for trading that's why you make a 25% profit on your investment, I suggest you should withdraw your profit because I have no good experience with the crypto bot, I was used the KUCOIN exchange trading bot and I have lost me all investment, there was no big investment but most of the bot not profitable so you should safe your profit if you made 25% for the crypto bot.

I think is time people stop depending on bots and they should start trading their selfs, your trading bit is giving you 25% profits and you are really happy, but hope you know bots are programed which they can never be 100% accurate which means their will be a day which they will definitely fail and after the bots fail all your money is gone already. So i believe I high time we all learn how to trade ourselves and stop depending on bots.

With 25% profit a month, you would probably earn exactly 14.55 times your initial balance after 12 consecutive months, and 211.75 times after 2 years. Do you really believe such a bot can have the ability like that? Trust me, there are really patterns and algorithms we can rely on but in fact, those algos will soon be busted by the Market itself. I do not know why.

For example, years before (2018-2019), I was testing a really awesome Forex trading algorithm that my friends introduced to me. I used a bot and run it with 10 years history log. And surprisingly, the bot still made a profit (about 50% according to the latest year of the year I test, including compound). But what is more surprising, is that the older the year, the more profitable. Some even x15. What I observed myself is that the market adjusts itself to create more "noise" (maybe because more and more people know the algos), which in the future will eventually prevent the algo to make a profit, unless we have to make an adjustment to the algo

So, I believe that unless you are able to trade manually and are fully in control of the bot (and know some sort of creating your own bot with an awesome algorithm), do not give your money to any best-looking-trading-bot-ever.

Cheers  ;D ;D

Nice example of the martingale system. But I doubt one can code it, bots generally work on mathematics so if you have given it code to react in a particular way in particular condition it always will, so technically not can never be obeying that system, unless obviously the market itself behaves in such a way, but I think this thing can be solved by regularly updating code in your bot based on the changing dynamics of the market. But by the way we are here also not considering the probability of these bots actually being scam in the first place.

This is called overfitting, basically it is the process in which a trader designs their trading strategy to perform the best according to the historical data available, this means that the profits you saw early on of 15x in a single year were especially overfitted by the trader in order to maximize a period of incredible volatility in the market, however the problem is that the markets never move exactly the same, so doing something like this will prevent you from obtaining profits in the future.

If you already have a proven bot that has brought you 25% profit, you do not need to ask for advice from others, you can make an independent decision. In my experience, I noticed that the bot brings profit in a bull market and, accordingly, it is not effective in a bear market.

I do not think that people relying on trading bots is a bad thing, it all depends on how you use it and how you could make a profit based on it. I personally do not use one anymore but I remember the period when I used one and it wasn't that bad, it was bad during the bear period, when it was going down the trading bot usually lost more than I would, and that was the reason why I stopped using it.

However, during the bull period when everyone was making money, the trading bot I used made me more money than I could have personally. This is why I believe that it is not really that difficult to use it and could be beneficial for some newbies for sure.

I subscribe to this that you made a nice point. The idea of using bots to pick profit is rare and op has made it look like that easy to make 25% and this may attract others to consider reaching out to Op. I think OP should show proof of his trade history using the bot. A developer will want to keep his bots success to himself not to disclose it because no rich man want to let you have his source of wealth just that easily. If really that OP has made such profit then I wish him good luck but he may not find it easy next try. Advise is to go gradually and don't put all your capital in with the trust of a bot.

Most people just depend completely on bot, they don't really want to learn how to trade on their own because they believe the bot will do everything for them, they don't believe bots can fail and they can lose their money. When trading with bots and you are making money, whenever the bot will disappoint, you will endup losing all your profits you have been making. The best thing is just for you toearn how to trade yourself and don't use any bots.

Some people are using trading bots because they have no time or not enough time to study the market. Hence, they rely on bots. But it is true, using a bot may not give you the profits that you want in the end. They are just doing their job according to what they are task to do. Sometimes, it depends on how you program them. I have no experience with bots because for me, it is better to learn the market on your own.

If you really want to be a trader I believe you should create time to study the market, why will I be making money from a place then I won't always create time for it that's bad. If you want to be trading then you should always have time when you will be doing your analysis. Seriously am always discouraging people using cryptobots because I believe it those not really work, if bots are reliable then most of us will have been very rich and we won't disturb ourselves doing analysis.

indeed if you want to become a real trader, we must be able to learn to gain knowledge, and that requires a process so it takes patience and tenacity. while bots will not make us good at trading and until whenever we can only depend on it. bots don't have feelings so they work according to the orders that have been formulated, so one day if conditions don't match, then big losses are unavoidable

Bots can be profitable, the issue is that as your experience tells you a bot is not as good at cutting losses as a trader can be and this is critical, people often think about making money in the markets but the most important skill you can have is the ability to cut your losses short and minimize them, and many bots fail at this critical step and regardless of how well they do during a bull market they do terribly during a bear market, and a trader relying exclusively on them will find out the hard way about this reality.

Bots are good for automation but this isnt something that you could really rely considering that there are market conditions which does need immediate action on which personal engagement or decision

would really be needed or relevant rather than entrusting your bot on doing its job but cant deny that there are things which needed to be stopped whether you do see other opportunity or there
are unexpected events that is happening which it would really be that needed for you to completely change pace or plans which it is really that sensible
that you would really be using manual actions.

I tell you I cannot say much about trading bots in other platforms other than the one on KUCOIN, but let me tell you I have lost so much money it is unbelievable. Maybe it was just my luck, but I am never trying that again.

But it doesn't a make huge profit and it's advice to make to trade manually because bot is not reliable and trustworthy in terms of trading, i noticed that bot application is used to scam people in different form but people don't know, the subscription fee of bot can be use to trade manually and make nice profit..so believe on manual trading than bot trading application

And you bring another interesting point, many bots are sold under a subscription which means that you need to pay each month for the bot to keep running and when it comes to trading those additional costs can quickly add up and reduce your profits in a significant way, after all you have to pay the fees of the exchange, withdrawal fees, taxes, books or whatever you use to refine your trading strategy and now you have to add bot subscription costs to all of this, which decrease your chances of becoming profitable in the market.

Those subscription based ones are the ones that trust themselves though. Meaning if you are paying only monthly then if you make a profit you could continue because you are making a profit and can afford to use it, but if you do not make a profit then you can stop at any moment and you should be fine. The ones that sell upfront for a huge cost are the ones that do not trust themselves because they are not making any profit for you most of the time, so they want to get as high as possible from you before you realize that the trading bot is a shitty one and you shouldn't have bought it.

Its not really in talk about non trustworthy or reliable but instead it isnt something a tool that you could rely on or simply could work for you and make easy or quick bucks because thats not how reality works.

Its always been having that kind of wrong belief or mindset about bots that they could make out easy money or profits without realizing that it would really vary out on the strategy or settings that you
had set on.

So this do talks about on your own trading knowledge which you could able to set up those bots for the automation of your trades which came out from your own knowledge.
There might be some pre-set already but if you dont have the idea on what it is then you would find yourself in a hard or confused situation.

Well, sometimes this topic makes me think of two things, if a cryptorobot is much more beneficial for trading in general, even though I think it is much more profitable to do in the short term because of the ability to react, which must be very fast, at least 100 times faster than the reaction of a human being, or of having a cryptorobot that is for arbitration only? now a lot is being implemented related to AI and I think this is what is moving many people, because if something like this is implemented, the person would have gains, I think this is what they are looking for, but not all cryptobots they are programmed for it.

Usually it would really be for arbitrage but we know that it would really vary on how its been programmed or what are the things be in commanded so it does really vary.
It could act faster than human which is usual but making out immediate back off on your decisions or alteration then you are the ones who could really still able to do
so specially if emotion is been tagged on.This is something these bots do lack but in overall automation then nothing cant beat it but of course it do really
follow on whats been commanded.

Crypto robots are best used by traders who don't need stress up in the space. But not all Crypto robots gives profits, they differs because some of them are extremely expensive while some are gotten at cheaper rate. The one bought high and the ones bought low, can't perform the same actions. Mostly, traders go for cheap one all because they want to be greedy for their own selfish interest, when they would start losing, they start complaining and stop using the crypto robots, and they give negatively feedback on both robots they bought and the ones that they couldn't afford, they just extend their complaints to people were aiming to buy crypto robots. Cryptorobots are very fast and good when placing a trade, they look for the solid coin to trade, and eventually traders make massive profits from robots, they are their own signals.

this is my recipe for success with trading bot:

1. code it yourself or be able to access to the source code
2. make it a grid bot and spread the grid +/- 100% range from the current price
--- NO LEVERAGE
--- NO STOP LOSS
--- optional: increment the order size: the farer from current price the higher the order
3. take profit at minimum, don't wait for +10% gain. get the minimum (of course consider the fees).. on average it's around 0.4% gain
4. only limit orders + post only
5. don't interfere with the bot
6. enjoy

It may happen that you stay days or even weeks with unrealized loss, but ultimately the price will recover and you will close the trade at a win.
When the trade is done repeat, in loop, forever.

like this i was able to grow my btc bag by 176.56 % in exactly 365 days, closing ONLY profitable trades. Not a single loss was taken (and i have proofs)
Of course a good trader can do this gain in a few dozen trades maybe, but he will have to deal with bad trades and losses.
Of course (2) there might be better solutions or strategy compared to this one, but well... this worked for me and I'm not changing it.
Of course (3) if you're trading a shitcoin that goes to 0 or pumps like 1000% in few minutes, you might lose all. if you're trading btc you're pretty safe.

sorry english is not my first language, i hope this was clear..
if not, i can answer all of your questions.. maybe..

also: don't sell the bot unless they're offering you a reasonable amount :D

as good as it is, cryptobots run on human orders, so this can indeed be said to be effective, as long as the humans who use them know when cryptobots can work or not. that way it is better to learn manual trading first, it will be better, to be able to know the emotions in trading, and this is what cryptobots don't have, so sometimes many traders believe in it so much that they lose capital, and consider it a risk

To be honest, I was convinced that you should not work with bots in principle. I don't know if I made the right choice, but I prefer to work manually.

uh

I think it is best to say "Don't be greedy"
you can make money with bot but you may loose too.. so invest wisely!
there's a saying which goes like this : "don't invest what you can't loose!"
if you are trying to invest a lot, i think it's wise to split them into parts and invest in different platform or different crypto!
and if you are really wishing to use crypto trade bot! DCA will be the best option...
But don't take my word seriously! do your own research first before you invest

yeah you are right.. but bot can save your time... there's a feature in bot which you can take advantage of.... in bot you can manually analyze and put the preferred data according to your analysis...bot will buy at low and sell at high... in spot trade actually! futures got high risks

Some of what you write like don't be greedy and invest only what you can afford to lose are a perfect advises for the op because the op said that he wants to invest more money and by there he is already showing an early signs of being greedy. He is now investing money that can be out of his range.

It's only good if he got lucky and win his trades but what if it's a lose? That will be the time for blaming and regrets. Prevention is always better than cure, so before it happens, better if we refrain from doing it at all. 25%percent gain in a month is I think already a decent return. The goal there is to build a consistent profit but in a less riskier way.

I cannot speak for all of them. But the one I used on Kucoinom has only brought me losses and was going to got zero holdings had I not stopped it. Conclusion. Not trying the bot ever again! 

^ Good thing that you have been realized.
Trading bots are just a tool for trading, if you don't have knowledge of it, it is completely useless.
This trading tool has an advantage and disadvantages but believes me, it will not increase your trading ability if you rely on this tool. The function is that this trading tool can help you when you are out on your PC and can able to set a stop-loss strategy.

I tried to work with different bots, but I made an important conclusion - it's better to work manually. This option seemed to me the most reliable and profitable in terms of work.

From what i know from bot application, people don't know that bot application has disadvantages, indecencies that the app run through a subscription as a recharge before it will stand firm to process your transaction. So using bot app is something i seen like people who doesn't understand the concept of trading are usually adopt the system of bot application trading. From my points of views it's like lazy set of traders will prefer using it. because from my perspective it disadvantages is higher than the advantages via trading.

as I stated before, the only working bot is the one you can code yourself.
don't subscribe or pay for bots you can't access the source code.
If you know how to trade and if you know how to code, it's pretty easy to be profitable.
if you wanna check some results of my bot, here they are: rekt.it/video.html

Many of my friends tried to work with bots, but few people were satisfied with the result. It seems to me that with experience, a trader may well earn more himself.

I also tried using it before and it didn't work for me. That's why we're advised to learn everything about trading so we can do it ourselves. Yes, manual trading is more ideal and effective than trading bots because we could decide what to do on our own than relying on automated bets. Trading bots are too risky and as much as possible, we should get rid of them.

Although it is a robot, but the settings remain manual and are done by ourselves. So relying on robots for trading is not very effective, if it lacks technical basis and fundametal analysis. In fact, I have been invited to work together to set up roboot trading, this is because I understand a little about the technical analysis applied to execution orders in roboot trading. But so far I am still not interested in using trading robots. I believe more if I do independent technical analysis.

And you are not wrong, a trader has the ability to change strategies on the fly and adjust to the market conditions way faster than any bot, however the advantages of bots are not small but can only benefit a small number of traders, as an example bots can trade tirelessly without rest every single hour of every single day, something that even the best trader cannot do, also a bot can monitor many more pairs than a trader so they can find more and better opportunities to make money, so while bots are not perfect they still offer some good opportunities to make money in the markets if you know how to take advantage out of their characteristics.

It is really admirable to get good returns by you using trading bots but trading at all based on trading bots should not be done at all. Here you can make a temporary profit but you can also face a big loss because you know that robot is conducted by order which confirmed manually.

I have used a bit to trade the spot market before and it was amazing. It was making short profits for me with time and I was surprised it really works to my desire and expect. The major difficulty about it is that we can not use it and trade the future market. The bot doesn't predict price movement and guesses the market direct. I was able to make good profits from the bot and it was one of my favorite bot then that.

Everyone has their experience of trading bots, but mine was horrible as it was like a nightmare. It is the only factor that deterred me from being a pro trader. I was discouraged and also gave up.
The first few weeks I used it, it was very profitable and I thought I have arrived. I increased my capital and it blew my account 3 times.
I lost everything, including trading capital, money for buying bots and all.

It was after some times I understood that why I lost much was because I thought the bot was auto-money making machine, not knowing I was supposed to manually follow up and manipulate.
So, the conclusion is that the strategy that your bot is using might be fin now, but when the market changes, it can be disastrous.

Let us share vital experience and be very honest here. It's very clear and obvious and very understandable in same vain that using bot application for trading will not give you a potential or sufficient profit that normal trading will gives you, i just on my own notice that the only advantages of bot trading is that it will not permit you to adventure into lost subsequently and it will not make you nake profit as i said previously, saying with assurance that with bot application you make a qualities or huge profit is under statement. Except you are not portraying your point base on what you encounter or said because you have heard about bot trading...use it before you can portray positive things and negative things about bot application

I have developed a lot of robot trading strategy.
My advise is that you should test the robot for 4 years at least,  so it worked on bullish and bearish and Sideways.

Which actually is the whole point of bots that many people do not realize.

Bot is not to magically create strategies for you. That job is your job, to find the strategy that works for your level of time, bankroll and risk,,, bot is simply there to automate those strategies and let you sleep and do other things instead of staring at the screen the whole day :)

But I guess people think of bots as 'tricks' to earn.

That's true for some. They miss understand the true use case of these bots. This is why many people create bots and sells them in the market. They then put some description that this bot can work wonders only to fool the newbie and those who looks for easy money. I am not sure but maybe there are communities or forum where people gather and talk about crypto trading bots.

If we are lucky maybe we can find scripts there that we can just download and load it on our own bots, same with what I am doing with gambling bots but they are just a strategy and won't still guarantee that someone can earn unlimited profits without experiencing to lose anything.

trading bots costs will offer a tantalizing profit calculation, just as we get passive income, so many of those who are not familiar with trading are clearly tempted to participate, while the risk actually threatens them, trading bots have existed for many years, and until now There are no success stories of trading bots as a member yet. maybe at the beginning profit can be achieved, but gradually it is no longer relevant, and finally excuses for updating bots so that they are charged again

Actually on the contrary many people want to sit at the computer all day to watch the price, hence the wrong use of trading tools like bots. They shit there and sit there running their bot and wonder why they are not making profits.

Then they take over in impatience and tweak all day and worry,,, taking away the exact whole point of the bot, which is automation!

People who use bots but are always sitting in front of a monitor are those who may not trust the bot or its setup enough. They keep monitoring the price movement even though they are already using bot, that's funny and I think at the same time they are losing the functionality of the bots themselves. Bot are tools we can customize to our liking, but so far I haven't used them. If someone really doesn't trust bot and their setup, then why would they use bot, bot should be able to make them have more time away from the monitor.

This is the difference between an expert trader and a novice one. A novice one will use the default given strategies and hope that we would get something in return, and that would be a bad idea, I do not suggest doing that because it will not be that much of a problem or help for you at all.

However, if we are talking about something that is profitable in the sense that we could make a profit but we want to work as little as possible then the best thing we could do right now would be to learn how to trade manually first and if we are great at that then we could become great at how to use a crypto trading bot as well and use the same system on it.

They are certainly not my circle, they are the people you and me see every single day on this forum,,, when I was on Twitter or Slack or even Telegram, people were talking about price all day. Move up $1000? 10 people talking about it. Move down $500? Panic. Chart sharing price sharing, it is all nonstop.

So what, these guys are not all day watching price?

Real trading should be research charting etc, putting in trades, then doing other things like actual job.

People ARE lazy. Watching prices all day is being lazy :)

It seems to me that the use of bots has a negative effect on the results of the trader's work and on the experience of the trader in general.

But that is my whole point :) And we are in agreement here that people should not watch prices all day and use algos or bots,,, and let it automate for them.

But this is why I say most people are lazy. They do NOT want to spend time researching and refining strategies and then set their bot up to do things on their behalf.

They lazily get a bot that they think makes them automatic profit and sit and watch all day  ::)

They are not stupid. They have brains. They probably got uni degrees. They are just lazy :P

I have commented in this thread before, and i know quite well that i state out some possible advantages ( positive impact of bot application trading) and the disadvantages ( negative impact of bot application trading) it's very obvious that with bot you will not lost your funds that way, but the disadvantages is that with bot application they will not be sustainable profit or Mega profit compare to someone who's trading manually.

Bot are for automation and this should really be put up in mind because majority of people specially noobs do believe that this is some money making machine which they could make out profits
on long term duration without doing anything or something or less effort but once you do experience the reality then you would really be finding out yourself on believing on things
which doesnt really happen after all. Bots are for automating your trades which simply means that you would need still to edit or command the bot on what are the things that they should do
and if you dont have any knowledge about it then you are just simply throwing off your money.

Not really if you are using bots to automate the process and use your brain to make the strategies. I mean as long as you are using bots to automate a certain process that can be repeated humanly, I think it's fine. The problem starts when people buy bots with pre-determined strategies implemented in the bots and then they just hope those outdated strategies work.

There are some crypto-bots that spot any arbitrage trading opportunity and then you can capitalize on it quickly with the help of the bot. It's like buying BTC @$39k on KuCoin and selling for $40k immediately on Binance. These are things where you can use bots but quite honestly, there aren't many opportunities like this in the current market. Years back these things were more common and easily available.

It seems that you really comprehend what i emphasised exactly, many people mindset is that made mentioned of bot application you have arrived for profit launching and making through trading of cryptocurrency, but it's something that is officially and understandable that th e impact bot application implies in trading is the perfect and it grant opportunity for generating quantum's of profit daily and weekly, i tried to disregard that totally.

A common mistake and one that I made too when I was new in crypto trading. I remember I purchased some cheap bot and during those times Poloniex was a known exchange and I have no idea what the bot was doing but it generated profits and then it lost everything slowly. I just had to enter the amount of BTC I want the bot to trade for me. Now looking back at those days, I feel dumb because unless I am keeping a track of the market, it's hard to make money from trading whether it's bots or manually.

Bots can only help you if you have a plan and require some kind of assistance automating a process. If you think you can just deposit money in the night and the bot will earn you millions by the time you wake up in the morning, you are mistaken.

By the way, are you guys trading more on CEX or DEX? I personally prefer trading on DEX these days after almost all the exchanges are getting strict with KYC and privacy is almost extinct.

Oh I remember Poloniex a lot and a bot might have been useful there even for the loan facility,,, you could loan out BTC and other crypto for very short durations and earn interest. I remember you could earn even 10% for 1 day loans to other traders and instead of sitting there and looking for loans just use the bot and repeatedly loan out BTC for 1 hour or 1 day all around.

That makes perfect sense but to trade itself, if your strategy is bad,,, the bot just automates a bad strategy  ;D

You know what, even if you can access the source code o a bit I won't still advise anybody to use not to trade, bot will definitely fail you one day and when it will fail, you might not really expect it. I know lot's of people that have tried different bot to trade which they always end up losing their money, so the best thing you should do it just to learn how to trade urself, learn to do analysis and stop depending on any bot.

i would agree with you.. but..
take for example a grid bot, and imagine that grid is at 100% below the price, the only way you will lose is if that crypto goes to zero.
that's math, not scifi..

For me using bots is not a good choice and as much as possible to avoid it,
trading manually is much better compared to bots because we know what to do,
Before using bots, it's better to do some research first so you don't regret it later

I actually used bot last year, and it is really bad and I regret using that. My friend suggested to use that bot in futures, at first it is okay but at the end it always makes me hit the stop loss. The bot is not well functional, it always counter the chart and the bot always chooses cross, that's why my fund loses in just a days. That's the time I say to myself that I don't need a bot, and I am too lazy to understand the market so now, I am still learning how to read it.

Its not well functional but rather volatility is the main reason or culprit on why those SL's are been triggered or hit and that not something unusual on this market.This is why its really important that you are

knowledgeable on making out some sudden change in setting for your bot for such automation.Dont took or give the blame into those tools considering that they are still useful if you do know on what
you are doing.Dont expect or anticipate that its a money making machine because thats not how it works.Be realistic so that you wont really be ending up on frustration.

I believe if you can do research on your own then why do you have to make use of crypto bot, most people that do use bot those not really know about technical analysis, I believe if you can do your analysis yourself then you should trade yourself  and don't depend on any bit because they will definitely disappoint you at the end.