Automating Trades?

[PepeLapiu]

Hey guys, first post here.
I recently became a Bitcoin trader against my better judgement. The kind of trading I do is pretty simple. I buy large amounts of Bitcoin at a lower price and I sell it for a small profit on various exchanges like Paxful and LocalBitcoins.
It certainly is not a living, more like a hobby or sideline.

But after about 200 trades, things got very boring and annoying. I have to carry my phone and laptop with me everywhere I go. And stop whatever I am doing (driving, eating, working, jogging, sleeping) to tend to a trade.

People who buy bitcoin from me often demand immediate response or they move on. For example, once I receive their payment, it takes me about 5-10 minutes to secure the payment. Verify that everything is kosher, and release the coin to the buyer. But in that 5-10 minutes, I have had a great many of them complaining and getting scared that I am scamming them or being too slow.

So lately, I've been trying to automate as much of the process as possible. One very small example of automation is opting for automatic deposit for Interac e-transfers. Instead of manually accepting e-transfers into my bank account, it all gets done automatically as soon as I receive a notification of payment

And there are a few things I am gradually automating. So I just wonder, am I the only one trying automation with AutoHotKey, Pulover's Macro Creator, and various API's?
Are there any traders on here who were able to fully or mostly automate their trades?

[maydna]

It seems you do not manage your time to trade. You don't need to trade for a day, even if you automate the trading process because crypto trading cannot be predicted. If you decide to automate the process, you will not be able to make a profit, and you will lose your money anytime.

My suggestion is to try to manage your trading time. When you can trade, how long you trade, so you can do another thing you want. Besides that, I think that will be safe for you because you can minimize the risk of losing your money because of the crypto market movements. I think even the pro trader will have time in a day to trade, but they don't use all of their time to trading only.

You can use software automation to trade, but you need to set everything to run. But that doesn't guarantee to see your bot will always follow where the market moves because we know that the crypto market will always move. If you can do that, I am sure that you don't need to automate your trading while you can do other things in your free time.

[slapper]

There are, actually, many traders using automatic systems so as to proceed with their trading orders. I can say that there are a huge number of them. However, as I can see, the main reason that happens to you is that you can not manage your time and therefore, you need a bot to automatically trade for you. Bots are good cause they don't have emotions like humans. But it is hard to create your own bot which satisfies all of your desire and purchased bots are absolutely terrible and trash. So if you want to trade with bots, just do it, not one judges you about that, but try to make your own bots with your own efforts. Dont depend on anyone on any forums or the Internet

[darewaller]

Bots are something that is there to help you achieve what you want to achieve by using what you want to use, not to make you money without any work put into it at all. If you think that you can buy a bot that will work for you and just make you money with one click, that doesn't exist, the ones that tell you that they will do that are liars and do not exist at all.

However, if you want to buy a bot that will allow you to do what you want it to do and you can put some indicators in it and etc etc, it will not really be a problem and you will be able to do that. Which is why I think there is some merit to bots, you can use them however you want, basically make the bot YOU and just let it work while you sleep, but know that you will be dealing with all of that and configure it.

[mersal]

I have been trading on Localbitcoins for a while now but not yet tried automating the trades but I knew some fellow traders who uses automation feature to complete all the trades without much efforts not sure about the name of the bot they were using but you are not the only one brother.

If you don't want the trouble then increase your minimum trading limit so you no need to deal with your device much often.

[Sanugarid]

It seems you do not manage your time to trade. You don't need to trade for a day, even if you automate the trading process because crypto trading cannot be predicted. If you decide to automate the process, you will not be able to make a profit, and you will lose your money anytime.

Using bot is not that really bad actually, especially when you have something to do so you let the bot trade for you but I have to agree, bots does not guarantee any profit what these bots are doing is just following your settings you put into them. However there are some traders who keep using bot coz it is profitable for them, so I guess bots isn't bot or AI as we think of it, it is just us on automatic trading mode.

My suggestion is to try to manage your trading time. When you can trade, how long you trade, so you can do another thing you want. Besides that, I think that will be safe for you because you can minimize the risk of losing your money because of the crypto market movements. I think even the pro trader will have time in a day to trade, but they don't use all of their time to trading only.

I'm positive that during this time we are all capable of trading since most of us are under lockdown and quarantine. We can pretty much do any trade we want because of so much time we got, we can a lot of research throughout the coin so we can safely invest to it, and I guess the time now is not appropriate for using bots, just my opinion 

[Review Master]

I recently became a Bitcoin trader against my better judgement. The kind of trading I do is pretty simple. I buy large amounts of Bitcoin at a lower price and I sell it for a small profit on various exchanges like Paxful and LocalBitcoins.

If you are doing p2p trading on crypto-currency than it's better to choose a fixed time to spend in that like jobs. Then it won't impact on your daily works or life. Also, it's true that many buyers want instant payment in p2p platforms because they always hurry in their works and don't think about the bitcoin's price movement. That's why every traders need to be more active in those platform to have the clients. So, try to select a specific time and write that in your bio to trade smoothly, IMO.

[maydna]

It seems you do not manage your time to trade. You don't need to trade for a day, even if you automate the trading process because crypto trading cannot be predicted. If you decide to automate the process, you will not be able to make a profit, and you will lose your money anytime.

Using bot is not that really bad actually, especially when you have something to do so you let the bot trade for you but I have to agree, bots does not guarantee any profit what these bots are doing is just following your settings you put into them. However there are some traders who keep using bot coz it is profitable for them, so I guess bots isn't bot or AI as we think of it, it is just us on automatic trading mode.

No, it is not bad at all. But before he can use the bot, he needs to have skills in trading, so he can set the bots to work as what he wants. But we know that the market is not always moving to the way that we want, and the market will always change from time to time. If he doesn't have any skills, and only depends on the bots, I guarantee he will not make any profit. A trader who uses bots in trading knows how to set the bot, and they know how to analyze the market, so they can integrate their skills into the bot to work correctly based on the current market situations.

My suggestion is to try to manage your trading time. When you can trade, how long you trade, so you can do another thing you want. Besides that, I think that will be safe for you because you can minimize the risk of losing your money because of the crypto market movements. I think even the pro trader will have time in a day to trade, but they don't use all of their time to trading only.

I'm positive that during this time we are all capable of trading since most of us are under lockdown and quarantine. We can pretty much do any trade we want because of so much time we got, we can a lot of research throughout the coin so we can safely invest to it, and I guess the time now is not appropriate for using bots, just my opinion 

In this lockdown or quarantine at home, we have much time to learn more about trading, so we can spend our time searching for the good lesson of trading. With that, I am sure that we can improve our skills from the lesson, and we can apply it in real trading, and we can use it to integrate the setting to the bot. Yes, I think right now is not appropriate to use the bot because the market is hard to predict, and we might get the wrong direction, which can lead us to get lost.

[leyton11]

This is very difficult and it should only be programmed when you have a large number of properties. If you only sell between 5 and 10 BTC, you should use it manually or you should hire more people to manage transactions. If you want some automation applications, you should go to IT so that they can code to help you program a system and make sure it costs a lot of money. You should consider.

[durilup]

In my opinion the best way to automate a trade is through an API . You should start with a demo account on a exchange that allow that and provide an API for a demo account and see how your algorithm works .

[mithun303]

In many cases we used this automated trade, because we can't manage our own time. In fact, many traders are using this automated system. It does nit mean that there in no loss or profit, But in most cases their business is constantly growing.


But in my opinion it is very difficult and risky. It is best to automated trader, If you have more than business and you have more time value with all the other side And if you have less time on this site and you own a lot of property.

[Kelvinid]

Hey guys, first post here.
I recently became a Bitcoin trader against my better judgement. The kind of trading I do is pretty simple. I buy large amounts of Bitcoin at a lower price and I sell it for a small profit on various exchanges like Paxful and LocalBitcoins.
It certainly is not a living, more like a hobby or sideline.

I see difficulties in managing your time, quite that manual trading isn't perfect for you and you need a trading bot to help you out. But thing first you need to understand about automation trading using a bot. You have to be careful in choosing that thing because a lot of trading bot existed today and you can hardly find which one is legit or not. What we looking for now is your safety but of course, it also matters at your choice.

I'm sure that was pretty boring when you have less interested in trading and when are only using one coin for trade, try to add some more coins and focus it, will likely love it.

[Wexnident]

Since it's P2P trading, it's honestly expected that it'd take some time, but saying that it ruins your activities for the entire day? I could only assume that you're not using your time wisely. Automated trading has been a thing for quite some time already and you really aren't the first one to use it. It's rather easy due to the fact that there are a lot of bots out there already that makes trading easy, and you finding it is just a matter of time.

Additionally, since you're doing P2P trading, you should've set a timeframe where you accept trades or orders. Similar to a merchant, you only need to be online at a specific time and answer them during then. No need to stay online 24/7, otherwise, wouldn't merchants tire themselves to death if they copied your style? Even with automated trading, set a timeframe for you to answer inquiries and questions.

[South Park]

Hey guys, first post here.
I recently became a Bitcoin trader against my better judgement. The kind of trading I do is pretty simple. I buy large amounts of Bitcoin at a lower price and I sell it for a small profit on various exchanges like Paxful and LocalBitcoins.
It certainly is not a living, more like a hobby or sideline.

But after about 200 trades, things got very boring and annoying. I have to carry my phone and laptop with me everywhere I go. And stop whatever I am doing (driving, eating, working, jogging, sleeping) to tend to a trade.

People who buy bitcoin from me often demand immediate response or they move on. For example, once I receive their payment, it takes me about 5-10 minutes to secure the payment. Verify that everything is kosher, and release the coin to the buyer. But in that 5-10 minutes, I have had a great many of them complaining and getting scared that I am scamming them or being too slow.

So lately, I've been trying to automate as much of the process as possible. One very small example of automation is opting for automatic deposit for Interac e-transfers. Instead of manually accepting e-transfers into my bank account, it all gets done automatically as soon as I receive a notification of payment

And there are a few things I am gradually automating. So I just wonder, am I the only one trying automation with AutoHotKey, Pulover's Macro Creator, and various API's?
Are there any traders on here who were able to fully or mostly automate their trades?

You are not really an exception, any worker after finding a way to earn money should always try to either find way to earn more money and to make it in faster way so trying to automate your trades is natural, however since you are selling directly to users on Paxful then this is more complex as it could be for example selling on Binance, my recommendation is that you not only concentrate on getting more efficient but also in giving a better customer service since reputation is everything there, you could set something similar to an email autoresponder and send them a message stating their order will be processed during the next 30 minutes to an hour, that way you will receive less complaints about the speed of your service and you may have some time to resolve some issues in the case something goes wrong.

[andreibi]

Out of 16 replies, only two actually read the problem and even these two don't understand what the problem is.

First of all, I don't think you can fully automate selling your bitcoins like what you describe. I understand it's the verification part of the payment process that's taking time.

Macros like autohotkey are dumb automation that could spell disaster for you if it goes wrong.

It's either you use Binance's P2P trading services or create an exchange service yourself. But that defeats the purpose of LocalBitcoins. There's no other way if your major source of buyers is LocalBitcoins.

You may try to contact technical help if they have some alert service or even your banks, if not, change banks.

[tbterryboy]

I never tried API and all those things because I do trading in a very simple manner and does not require too much work done. So, basically I open 2 buy orders daily one for buy and the other for sell each of them separated by $100 margins for example I have my buyer order for BTC price to go down by $100 then it would be processed and if the bitcoin price moves up by $100 the other order will be processed.

I have been doing this for a while now and although you need some smart moves and hold at times or sell when there is a sharp downside but this way I have been making profits overall and don' have to carry my laptop everywhere like you said you have to carry it.

The fun fact about trading is that the more complex you feel it is, the more complex it will actually become while as simple as you feel it, it would actually be a cakewalk.

[PepeLapiu]

It seems some people in the replies are confused about the way I trade.
I'm not a day trader. I don't have to watch the Bitcoin price, ever. I couldn't care less if Bitcoin went up 60% today, or dropped 60% tomorrow.
What I do is buy and sell Bitcoin from people looking to buy or sell on platforms similar to LocalBitcoins and Paxful. Usually for a 4-5% fee.
The Bitcoin fanatic I am wants Bitcoin price to soar to the moon. But the trader part of me doesn't care. I make a profit from my trades no matter where the price goes.

I have been trading on Localbitcoins for a while now but not yet tried automating the trades but I knew some fellow traders who uses automation feature to complete all the trades without much efforts not sure about the name of the bot they were using but you are not the only one brother.

If you don't want the trouble then increase your minimum trading limit so you no need to deal with your device much often.

That's not how business works. You have to try to make as little profit as possible and sell for the cheapest price possible. That's how Walmart business model works.

Because in the end, it's better to make just a cent of profit on your item if you sell a hundred of them, than making 50 cents per sale and nobody buys from you because you are too expensive.

As it it, manually, it takes about 30 minutes at my computer or phone to process one trade. If I make 10 trades in one day, that's about 5 hours of my time when I can't sleep, drive, eat, work at my job, or just hang out with my family.

But if I can automate it, and I will, I will be able to litterally do hundreds of trades per day, with minimum time consumed out of my life. And I could sell for much cheaper too.

[PepeLapiu]

Out of 16 replies, only two actually read the problem and even these two don't understand what the problem is.

You are absolutely correct.

First of all, I don't think you can fully automate selling your bitcoins like what you describe. I understand it's the verification part of the payment process that's taking time.

Yes, verifying a customer is something that must be done manually. But I only have to do it once. And subsequent trades with that verified customer can be done automatically.

My bot is turning out just fine and should be going live online before x-mas. (fingers crossed) I'm trading with it on the testnet right now. And once a few bugs are fixed, it will be released to the internet.

What worries me the most is not my software screwing up. I got plenty of fail-safes to prevent that from happening. What I worry about is customer reception. Will they prefer to have access to a fast trading bot 24/7? Or will they prefer a more human touch to the process?

[Tipstar]

These are the last few grid trades of my personal bot on binance. It's not possible to manually place exact amount and price in small time. That's why we need to utilize the API bot to automate our trade. I achieved this with some tweaks on zenbot.
Though bot trading is fun, there's certainly no perfect strategy.  You need to keep half of your liquidity free and your eyes open to make a good profit.