Do you use a bot for trading?

[noictib]

I thought it would be interesting to know if you guys use a bot to trade bitcoin or altcoins..

Whether or not you do, if you were to make one, what rules would it based on?

I don't use one myself.. but am looking to get one built, and would welcome any suggestions on features and rules that you think would work..

Thanks!

i think the trade site will block your account if you will use bot . because use of bot for satoshi site is not legal in view of admin . for example you use bot for trading at yobit.net but there is option to get faucet collection daily . so yobit will ban your account if they sure that you are using bot .
always use legit way to get trading profit and legit way for faucet also .

[Ulloa]

No I'm not using a bot for trading because I think its simply not smart and it can also let you lose a lot of money, I recommend you to never use one because they are simply not working at all..

[Strongkored]

i'm not use bot for trading, the reason is:
1. to expensive for me, i see many bot for trading is in high price, i dont know about the free bot
2. i'm not familliar using this one
3. i'm more comfort with manual trading

[pooya87]

I thought it would be interesting to know if you guys use a bot to trade bitcoin or altcoins..

Whether or not you do, if you were to make one, what rules would it based on?

I don't use one myself.. but am looking to get one built, and would welcome any suggestions on features and rules that you think would work..

Thanks!

i have searched for this for a long time, you can find my topics back in 2014 asking for open source bots and free bots ,...

finally i started learning a programming language and made myself a bot which i am constantly developing and i use that.

[Supercrypt]

i'm not use bot for trading, the reason is:
1. to expensive for me, i see many bot for trading is in high price, i dont know about the free bot
2. i'm not familliar using this one
3. i'm more comfort with manual trading

There are a lot of free trading bots are available, still I believe they are not required for better trading as you are already comfortable in your manual trading. Moreover free bets are not that much a reliable (sadly paid ones too) to relay on them for making our trades profitable.

You can gain familiarity with using bots just with free ones but in trail accounts.

[exscudo]

As I have heard from one of the professional traders, 'never use a bot is you don`t know what`s inside of it'. So if you don`t understand its algorithms, your trading becomes gambling with a black box: you put your money in it, and then you open it in hope that there will be more of it.

[BlockEye]

I thought it would be interesting to know if you guys use a bot to trade bitcoin or altcoins..

Whether or not you do, if you were to make one, what rules would it based on?

I don't use one myself.. but am looking to get one built, and would welcome any suggestions on features and rules that you think would work..

Thanks!

I dont use a bot when trading it is better to trade and manage my trades manually . My friend use a bot trader ,he use to trade when he is busy and use trading bot in a binary trading . But he says the disadvantage of bot is you can't manage your profits and loss .so its better to trade with yourself.

[leero9]

Wow guys thank you for all the replies!

I was thinking about it... and it makes sense that you will first need to have a trading strategy/setup in place, and then the next step would be to programme those rules into a bot. I'm not here to talk about 3rd party bots where like exscudo said "you don't even know what's inside it".

And the reason why people who have working and profitable bots usually do not sell it is because, the more people have the bot, the less likely it will be profitable. Imagine someone with a working arbitrage bot, is making money because there is price discrepancies between different exchanges; if everyone has that same bot, the price discrepancies would eventually disappear and not everyone will be able to get part of the pie.


Off the top of my head, one simple setup would be an MA crossover (or even triple MA) which you watch on two timeframes (lower timeframe for deciding entry/exit prices, high timeframe for trend confirmation). Of course, it should have couple more rules in place to avoid taking every trade when MA crosses.. AND it is definitely not as easy as it sounds otherwise everyone would have their own highly profitable trading bots. Like I said, we first need a profitable setup, and then programme those rules into the bot.


Also, I think such trading bot rules will work for more established markets like BTC or ETH, or with traditional money markets. When it comes to altcoins, problems with liquidity likely render most bots useless, or at least will require a different set of rules, or parameters that consider volume and liquidity.

For altcoins, a "volumizer" seems to be pretty common, but I wonder what other functions people who trade altcoins put in their bots.. I could think of so many different kinds of bots for different functions for trading altcoins.. pretty sure whales have bots that can carry out many different functions. Also something interesting could be to create a "research" bot to study volume (among other parameters) of altcoin markets to pick up on anomalies or know when something is brewing.


Seen some talk about "altcoin developers using bots to pump the volume and manipulate the price".. But what would this bot actually do? I'm guessing some functions could include to create volume with self buys/sells, placing buys/sells higher than others, price suppression with large sell walls, etc..


Maybe another way to put my initial question would be:

What is your trading setup/strategy? I'm sure you have a few basic rules that you abide by to some extent.

Whether or not you do, if you were to make one, what rules would it based on?

I don't rely on bots since I'm pretty much online 18 hours a day. *Perks of being a Software Developer.
Secondly,as a python enthusiast,I have deployed a few trading bots according to the custom needs.Furthermore,here are a few suggestions you may want to consider while getting one programmed for trading.

 -No 24*7 window.Set a timeout after every satoshi made through the marginal values.

 -Keep a bot actively running in the background to send latest prices of the alt's.The trading bot should take these prices,analyze the differences in the span of 15 mins and then decide to trade or not.

 -Marginal values should be fetched from a reliable source such as prev or coinbase and not the website's tickr!

Yes, I use such a bot for trading.

Custom developed, it integrates via API on several different popular exchanges* and generates passive income for me via arbitrage (buy bitcoin cheapest possible on x platform, sell higher on y platform). Daily profit varies obviously due to BTC price fluctuations, arbitrage fluctuations, etc. If anybody is seriously interested in it and has a decent offer, PM me   Not willing to release it publicly however for obvious reasons.


*you must have valid and existing accounts on any exchange you want it to use that is supported.

Google will point you to older opensource projects that you can use/abuse to your own needs.

I make and test mostly semi automated stuff.
 This one is quite easy to rewrite.

Thank you for the tips!! 

[xIIImaL]

As I have heard from one of the professional traders, 'never use a bot is you don`t know what`s inside of it'. So if you don`t understand its algorithms, your trading becomes gambling with a black box: you put your money in it, and then you open it in hope that there will be more of it.

But million dollar trader always use bot on trading and Simple people who use trade the bitcoins for the daily needs and who is doing professional trading will not with bot trading, Because to avoid and coding issue or any malfunction in transactions.

[jhenfelipe]

Just like others, I never used bot in trading. Honestly, I don't know how it works, or even how to set it up to do trading for me or for anybody. I'm also thinking if there is really an advantage? I mean you can earn more with that? Hmmm, anyway I think it is still better without it, at least you can manage your trades with your own decision/control. That's the reason why I don't see myself making one in the future. It seems that you already have plan in making your own, good luck   Thank you for sharing your idea too.

[leero9]

I thought it would be interesting to know if you guys use a bot to trade bitcoin or altcoins..

Whether or not you do, if you were to make one, what rules would it based on?

I don't use one myself.. but am looking to get one built, and would welcome any suggestions on features and rules that you think would work..

Thanks!

i have searched for this for a long time, you can find my topics back in 2014 asking for open source bots and free bots ,...

finally i started learning a programming language and made myself a bot which i am constantly developing and i use that.

That's really great! Wish I had your tenacity to learn programming from the ground up..

Could you share a little about what your bot does or what functions it has?

[leero9]

Just like others, I never used bot in trading. Honestly, I don't know how it works, or even how to set it up to do trading for me or for anybody. I'm also thinking if there is really an advantage? I mean you can earn more with that? Hmmm, anyway I think it is still better without it, at least you can manage your trades with your own decision/control. That's the reason why I don't see myself making one in the future. It seems that you already have plan in making your own, good luck   Thank you for sharing your idea too.

Thank you for the good words!

I think that if you already have a working trading strategy, that can be turned into an algorithm to trade for you exactly the way you want it.

But of course, first coming up with a profitable trading strategy is the hardest part, since as most people say, 95% of traders are not profitable.

[Xenophoto]

I don't see the need to use bots in trading. There are bots in trading that buys or sells a coin at the minimum amount possible just to make the name of the coin in the list blink continuously. I guess that's other people's way to attract investors and to promote their coin but seriously, you don't need any bot other than that. You just have to set your buy/sell order and leave it. Bots wouldn't make you have a seller/buyer quickly.

[harizen]

Im regularly watching and monitoring the price so in the first place it's not necessary for me to used the bot service. Using bot is good for fiat currency trades since the price is stable. For bitcoin and altcoin, you need to monitor the price regularly especially on altcoin trades since the price fluctuates much.

But honestly, I didn't know some bot program that allowed in some popular bitcoin exchanges.

[senyorito123]

I don't use bot since i can monitor the price for my own without relying on that and also i don't see any people use this kind of bot in tradings since i don't reall believe that theirs a working one on those exchangers, but since theirs a service offering some bot script on such huge exchangers i think this is to good to be true since i beleive tradings need effort to earn.

[iv4n]

I don`t like bots, that's why I don't use them, I need to admit that I never used this trading bot, even I heard about it here. I trade for fun, I don`t expect some big profit, cause I just go with informations I find here. If I see some good thing going on with some coin, I open my yobit account see a little for myself and buy some amount of that coin I heard good things.
Can you say how much profit you made with your trading strategy? And do you think its easy money? I mean can anyone do it, or this kind of earning require some skills and knowledge?

[talkbitcoin]

i do my trades as long term buy and sells meaning i go to my exchanger and open some orders to buy at a price that i have decided is good for me to buy at and then set a price in mind to sell and i either open sell orders before or at the time price reaches that point.
so i don't really feel the need for bots.

but i have been looking around for a good bot preferably free and open source or at least cheap but good. sadly i have not found one yet.

[Sampey]

Hundreds of traders use my C.A.T. bot : https://bitcointalk.org/index.php?topic=507103.0

And Exchanges are very happy when bot comes in play : they generate a LOT of volumes and more volumes = more fees.

I directly works with many exchange admins, and i never receive a response like "we don't want BOT on our exchange".
Of course some of them set a "spam filter", for example no more than 3 API Call/second from the same IP

[BitHodler]

I was planning to have a highly skilled coder develop one for me, but I as a noob when it comes to code don't know whether or not he didn't add a line of nasty code where he can access my account.

That's for me the main reason of why I don't use a bot for my trading.

[SAMKUSH]

I have used bots for on demo accounts and to trade very small amounts, these amounts are worth less than $10, this was just to see if the bot works well and if it makes the profit I expect. The bot was very successful in making profit the majority of the time however it was when there were large changes in price, anything where the price changes by over $20 in a few minutes, that things started to go wrong. Because of this i mainly trade manually.