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mynhpark (OP)
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April 05, 2017, 03:15:07 PM |
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Cryptocurrency trading isn’t easy, but there are many people who have honed the art of trading bitcoins and altcoins on a daily basis.
Interestingly enough, most people don’t realize that many cryptocurrency traders use trading bots to execute trades faster and more
efficiently, and sometimes even in their sleep.
They are called bots because the programs execute trades like humans do, but they do it autonomously and can operate continuously
without having to rest. Trading bots or algorithmic trading is a technique that uses pre-programmed software that analyzes market
actions, such as time, price, orders, and volume.
There are bots that are free of charge and can be downloaded online. Some people have also designed their own bitcoin trading bot
software. Then, there are trading bot services you have to pay for, offered by various trading engine and programming companies.
Would you use a Bitcoin trading bot instead of you?
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The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
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Red-Apple
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April 05, 2017, 03:21:10 PM |
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if i can trust the trading bot, then yes. and trusting is not only about trusting that the bot doesn't steal my coins but also it is about trusting that the code is good enough that won't go crazy and make weird trades that leads to user's loss. and there have already been many of these cases that people lost money because of a bot.
which is i prefer the old fashioned way of trading and if i can i code my own thing.
ps. IMO this belongs to trading discussion board.
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OmegaStarScream
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April 05, 2017, 03:33:35 PM |
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I'm not sure how effective they are, that's probably the only reason why I haven't bought one yet. We have two developers on the forums who made a couple of bots. C.A.T[1] which exists for a few years now and support multiple exchanges and developement is still active and also Gunbot which only support Poloniex but It looks like people are satisfied with it. If I knew for sure that I'm going to get profit from them, I would definitely buy them but I don't think I'm willing to take the risk. [1] https://bitcointalk.org/index.php?topic=507103.0[2] https://bitcointalk.org/index.php?topic=1715214.0 |
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TRF
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April 05, 2017, 03:35:31 PM |
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I prefer manual trading. I'm on financial market since early 2000's and i could say that manual trading is better than bot
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Ayers
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Leading Crypto Sports Betting & Casino Platform
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April 05, 2017, 03:35:46 PM |
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if i can trust the trading bot, then yes. and trusting is not only about trusting that the bot doesn't steal my coins but also it is about trusting that the code is good enough that won't go crazy and make weird trades that leads to user's loss. and there have already been many of these cases that people lost money because of a bot.
which is i prefer the old fashioned way of trading and if i can i code my own thing.
ps. IMO this belongs to trading discussion board.
if the bot is likely made by yourself it's better, if you can't trust another bot, better to ask for the source, the bot itself doesn't do much it's the strategy that the creator of the bot, adopt that matter, if the strategy it's bad you will lose money if not you can do well for some time, but after that you need to change again the strategy, the competition is fierce in trading, traders always come with a better +ev strategy |
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Oralmat
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April 05, 2017, 03:41:14 PM |
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Cryptocurrency trading isn’t easy, but there are many people who have honed the art of trading bitcoins and altcoins on a daily basis.
Interestingly enough, most people don’t realize that many cryptocurrency traders use trading bots to execute trades faster and more
efficiently, and sometimes even in their sleep.
They are called bots because the programs execute trades like humans do, but they do it autonomously and can operate continuously
without having to rest. Trading bots or algorithmic trading is a technique that uses pre-programmed software that analyzes market
actions, such as time, price, orders, and volume.
There are bots that are free of charge and can be downloaded online. Some people have also designed their own bitcoin trading bot
software. Then, there are trading bot services you have to pay for, offered by various trading engine and programming companies.
Would you use a Bitcoin trading bot instead of you?
I have been in trading for quite a long time and have heards of bots but have not used it because i am not sure if they are really profitable or not. Another thing is that all the bots which i know are paid ones. Asyou have mentioned there are free bots available , can you guide where can i get such free trading bots ? |
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BrewMaster
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There is trouble abrewing
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April 05, 2017, 03:43:40 PM |
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the bots have always been so expensive for me to even consider buying any of them. although i have heard about quite a lot of them. and seen a lot of them also.
they certainly help a lot but i can never trust any of them. specially those sites that you create an account on and do the trading for you. a program is at least a bit more trust-able.
i have my own bot but it is not automatic, i do the analysis and everything else manually and then that just executes and keeps track of things for me.
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There is a FOMO brewing...
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Dorky
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Best IoT Platform Based on Blockchain
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April 05, 2017, 03:58:27 PM |
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Trading is hazardous, no matter if it is discretionary or automated.
If you intend to buy a bot system (expert advisor), you need to realize there is a market limit that is liquidity. And if a person has a successful bot (truly unlikely), he would not sell it to you that you will just suck out the market liquidity from him.
If you intend to develop your own system, you need to realize no matter what approach you employ (machine learning, optimization, etc), the market structure will always be highly uncertain with interchanging trend-following and mean-reversion. All the technical indicators you can employ will eventually prove to be just invalids.
In conclusion, trading is strongly NOT recommended.
Discretionary trading is worse than using bots because of all the emotions involved, unless you are trading a very primitive market.
Seasoned traders trade the market by spoofing it with an automated system, but this is not recommended as you can get caught and be sent to jail like Nav Sarao.
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Hydrogen
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Merit: 1441
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April 05, 2017, 04:43:53 PM |
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I've thought about doing bot trading in the past.
For bot trading to be viable requires prices to move a decent amount of percentage points on a daily basis imo.
Imagine if you had the perfect bot that never fails to make money.
In a theoretical context, you could make maybe around 1% per day as that's near to the maximum amount prices fluctuate in a 24 hour period.
That comes out to around 30% (without compounding interest) gains per month(without factoring in trading commissions, etc).
For bots to be attractive would require bigger percentage moves on a daily basis to elevate that maximum potential profit number higher than 1%.
Of course, your trading would be limited by volume and other factors.
Its not really worth it imo to go through the trouble of designing and coding a bot only to earn approximately 30% in a 30 day period.
Then of course, you have to factor in your losses as you'll definitely lose sometimes, trading in the real world.
The best trading strategy over the long term is probably to just hold btc or other crypto.
The more details factor in, one might say the less attractive a trading bot might be.
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gribble
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April 05, 2017, 04:53:50 PM |
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Cryptocurrency trading isn’t easy, but there are many people who have honed the art of trading bitcoins and altcoins on a daily basis.
Interestingly enough, most people don’t realize that many cryptocurrency traders use trading bots to execute trades faster and more
efficiently, and sometimes even in their sleep.
They are called bots because the programs execute trades like humans do, but they do it autonomously and can operate continuously
without having to rest. Trading bots or algorithmic trading is a technique that uses pre-programmed software that analyzes market
actions, such as time, price, orders, and volume.
There are bots that are free of charge and can be downloaded online. Some people have also designed their own bitcoin trading bot
software. Then, there are trading bot services you have to pay for, offered by various trading engine and programming companies.
Would you use a Bitcoin trading bot instead of you?
No, I don't use a bitcoin trading bot because bot is program be made by peoples and not all of traders will be suitable with the bot, the bot must be tested by traders I am more comfort trade with manual because i am full control in trading. |
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TechnoMusic
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April 05, 2017, 04:56:43 PM |
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It will not work I am sure because they are many new scam coins but crypto coins are real risky for trade so only your experience can help you.Many persons also told me that bots dont work.
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amacar2
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April 05, 2017, 06:17:06 PM |
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Would you use a Bitcoin trading bot instead of you?
I would use trading bots specially for day trading if those bots are developed by well known and trust-able developers. I am looking at gunbot this days for auto trading in poloniex, manual trading on poloniex during large pumps and dumps is almost impossible so i am thinking about using bot to make some nice profit in this big swings. However i think manual input and monitoring is also very important to set strategy for bots. |
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Winner
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Look ARROUND!
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April 05, 2017, 06:30:40 PM |
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Bitcoin Trading Bots are really cool if the person knows how to inspect the source code within the program. The reason why is that people like to put hidden code within the program to take another person's information without them knowing right when they enter in their login details.
Trading Bots are typically okay to use when the proper indicators are all set in place. Just make sure that there isn't any other outgoing information leaking from the Trading Bot.
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shield132
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April 05, 2017, 06:32:45 PM |
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Well, bitcoin trading bots are ok and nowdays they are developed very well like gunbot and etc many bots here.
Despite everything, bot can't be better than human's brain and to my mind bot trading isn't good for serious money and profit. Chanses of mistakes with bot are very higher than with manual trading and also with bots you can't get experience.
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Sampey
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April 05, 2017, 06:33:13 PM |
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Hi, check my bot if you are interested in : https://bitcointalk.org/index.php?topic=507103.0It works on 20 Exchanges and i'm selling it since 2013. Check my 200+ Trusted feedacks. And of course you can run it inside a sandbox if you have fear of some "malicous code" : C.A.T. will only using API System and his Working Folder.  |
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ArdiPrabowo
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April 05, 2017, 08:28:26 PM |
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Cryptocurrency trading isn’t easy, but there are many people who have honed the art of trading bitcoins and altcoins on a daily basis.
Interestingly enough, most people don’t realize that many cryptocurrency traders use trading bots to execute trades faster and more
efficiently, and sometimes even in their sleep.
They are called bots because the programs execute trades like humans do, but they do it autonomously and can operate continuously
without having to rest. Trading bots or algorithmic trading is a technique that uses pre-programmed software that analyzes market
actions, such as time, price, orders, and volume.
There are bots that are free of charge and can be downloaded online. Some people have also designed their own bitcoin trading bot
software. Then, there are trading bot services you have to pay for, offered by various trading engine and programming companies.
Would you use a Bitcoin trading bot instead of you?
I think BOT only tool you can automatic trading but same with pending order with use TP and SL so bot not guranted you can always get profit and not lost |
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amaral1977
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April 05, 2017, 09:02:42 PM |
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It is very important to have trading knowledge when using bots. The days aren´t always the same, the markets as different behaviors and you need to understand what you are asking the bot to do. In a simpler way to know when to turn it on or off, or to adjust its settings to the market and pair specifics for that day
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avatar_kiyoshi
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April 05, 2017, 09:22:33 PM |
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It is very important to have trading knowledge when using bots. The days aren´t always the same, the markets as different behaviors and you need to understand what you are asking the bot to do. In a simpler way to know when to turn it on or off, or to adjust its settings to the market and pair specifics for that day
That's right, I also have experience with some bots, that I can't understand how the algorithm and the script of the bots works, when the trend is changed the bot can't adapt because it's just doing a lopping algorithm, so the knowledge about how the bot works is very necessary. Bot actually is just a tool to make easier doing our trade, all strategy is depends on ourselves. |
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pooya87
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April 06, 2017, 04:33:19 AM |
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this means the bot has to make the decisions and follow the strategy and that means if the bot has any kind of bug then it would lead to significant amount of money lost.
in short no I do NOT trust a bot to do things for me, although i am using one and yes i have lost money but i have placed a lot of preventing measures that the loss has been very small.
in short, as i always say, if you are new to trading then stay away from using a bot.
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icecube45
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April 06, 2017, 05:30:07 AM |
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Trading bot I think is very suitable for people who are busy so could not often see the market, it will help them to earn profits. To my knowledge, a good trading bot is paid but I do not know whether it's true or not. If I do trading I never use a trading bot. I'm better to do it manually and always took time to trade, besides profits it can also be knowledge to our skills when trading manually  |
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