Does someone use trading bots?

[bishkot]

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 

[Silberman]

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.

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.

[LastKiss]

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'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.

[BitcoinAccepted]

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.

[LUCKMCFLY]

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.

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.

[JunkieMiner]

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.

[Silberman]

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.

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.