Trading robots - wrong assumptions made by beginners.

[carap]

Looks like there are not so many traders with practical experiences in using robots...

[CraigWrightBTC]

Looks like there are not so many traders with practical experiences in using robots...

Of course yes because the trading robot is made by peoples and not all of people are suitable when use it,
personality I am more trust in my skills of trading than make betting on the program of trading
trading robot is part of strategy trading and I think all of traders has their strategy trading be made by them selves.

[carap]

For some reason, majority believes that robots do trade on their own (doing all analysis, making decisions)...

First of all it is an automation tool! Saying that one trades better by hands is similar to saying that one can hammer a nail better with bare hands (like Chuck Norris in "Way of the Dragon" I assume).

[Und3rw00d]

For some reason, majority believes that robots do trade on their own (doing all analysis, making decisions)...

First of all it is an automation tool! Saying that one trades better by hands is similar to saying that one can hammer a nail better with bare hands (like Chuck Norris in "Way of the Dragon" I assume).

Even if it's just a tool, you need to know how to use it, experienced trader should be experienced with bots too, not only with trading

[carap]

Even if it's just a tool, you need to know how to use it, experienced trader should be experienced with bots too, not only with trading

Totally agree! One may use a kitchen knife to cut bread, but cut away his fingers instead (not to mention more complicated tools).

[richmcrich]

I think I know why fintech is a profitable business. Some people make trader bots because selling it is a risk free job. Using it even tough there is a small amount of risk is still risky. Also  back in the day and even today Wall Street and finance sector is biggest sector out there.

Now that sillicon valley and technology became the next big thing, combining them together and creating fintech, its a huge boom. That is why bots are so popular these days. I think the greatest traders are developers if you ask me. That way he won’t have to be experience with the bots, he will be the creator of the bot himself.

[blackhawkeye1912]

effective trading strategy is the task of the trader and not the robot. It’s like a car that allows driving faster and more comfortable, but it is up for the driver to decide how to get to the destination. And most important, it is the driver who is responsible for all actions.
[/b]
This one is the most I like in your statement, it should be remember most of the time by the traders in this industry, so that they may know it well how to make trade properly and to minimize their loss too while their in the actual doing trade in the platform. It is still much better to do trade manually than using a bot trading because in actual you can appreciate what you are doing in the exchange platform than anything else.

[Herbert2020]

For some reason, majority believes that robots do trade on their own (doing all analysis, making decisions)...

First of all it is an automation tool! Saying that one trades better by hands is similar to saying that one can hammer a nail better with bare hands (like Chuck Norris in "Way of the Dragon" I assume).

when you use the word automation, many take it as in "click a button and start earning money" and some of the advertisements are causing this false way of thinking too. they promise an easy way of analyzing, "Artificial Intelligence" lol, and many other things and someone from outside who has never had any trading experience but is desperate for earning money this way will surely want to try them. and end up regretting it.

[carlfebz2]

effective trading strategy is the task of the trader and not the robot. It’s like a car that allows driving faster and more comfortable, but it is up for the driver to decide how to get to the destination. And most important, it is the driver who is responsible for all actions.
[/b]
This one is the most I like in your statement, it should be remember most of the time by the traders in this industry, so that they may know it well how to make trade properly and to minimize their loss too while their in the actual doing trade in the platform. It is still much better to do trade manually than using a bot trading because in actual you can appreciate what you are doing in the exchange platform than anything else.

A very nice illustration or comparison regarding on trading which is very true when we are tradibg using bots.For the first time when i was still a newbie without any proper knowledge i do really believe that these bots can make me money since its automated ans been ran by codes which i realized later on that i was wrong because i do lost lots of money entrusting the fund in my wallet.

[carap]

Thank you for your replies!

when you use the word automation, many take it as in "click a button and start earning money"

And that kind of assumptions is exactly what I'm trying to change with this topic!

Unfortunately, I don't have a good enough writing skills to explain some key-concepts.
People consider bot as some solid structure that automates everything.
In fact, there are many separate elements related to trading that may require automation:
* Price monitoring - when it has grown few percents higher than some fixed value, or above some moving average. Some application may send you a signal when this price change happens. Thus you don't have to sit in front of the monitor the whole day.
* Volume monitoring - when there is an explosion in trade volumes.
* Implementation of various indicators and signals - where all the necessary data is retrieved from various sources and analyzed
* Order placement - when you have multiple pairs with multiple orders for each (in some excel table for example) and you want to quickly place them without making any typos.
* Check order statuses - with no need to connect to the web interface, but instead to receive some notification (sound or SMS) upon execution of order.

These are examples of automation!
These elements might be very helpful to every trader, and any combination of those may result into creation of some trading robot.

[carap]

From my personal experience, when I started trading, the first thing I did was an "Order Placement" utility! It saved me a lot of time and nerves (no typos, quick placement, no waiting for web-interface). Second thing I did was an utility that helped me to "Check order statuses". And that saved me a lot more time allowing me to stay away from the terminal, but react quickly (quicker than before). These are examples of automation. Not a "Money Making Button", but rather trading assistant (powerful trading terminal).

[Slow death]

Please, share your stories related to the use of bots....

You created the thread and said many good things, but you missed the most important...

Your experience with bots. People will give more credibility to your thread if you share your experience with bots.

How many bots do you use?

What is your favorite bot and why?

What was your worst profit with a bot?

What was your biggest profit with bot?

Can you show sources from where you got those bots?

[slaman29]

I am not an experienced trader at all... and never tried crypto but many years ago was making very small micro lot trades on forex. I did not dare to use bots at the time, just because I am afraid I would change my mind while away from computer. Of course, bots are automated assistants. Your strategy still brings the outcome.