All you need to know about trading bots

[dogolitic]

I wish someone can post a link to a trading bot tutorial. am pretty new to this

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[MinMan]

I don't trust bots but some bots could give you profit some are not. Depends on the criteria and it applies to Forex trading but here in cryptocurrency i'm not sure if it's worth it better buy some coins that are great for holdings and sell afterwards. Goodluck buddy!

I also don’t like bots because these are not trustworthy indeed. Besides, bots don’t have the intellectual that a man possesses and if they were really cool then all the traders who trade with the help of bots would be rich guys by now. Maybe, some of them can lessen the efforts a bit but what is the essence of living such a life in which one has to not give his best? I am not in the favor of AI overall.

[GoldenLad]

I wish someone can post a link to a trading bot tutorial. am pretty new to this

The web is your friend. There are tons of articles  concerning it. Here are two to get you started; https://codeburst.io/how-to-make-your-own-trading-bot-83b5c6e35036
https://blockonomi.com/bitcoin-trading-bots/
@OP,  nice article. I just wanted to add; though, bots can not be completely, but it can also aid in making trading easy. The mistake most new traders whom just started out trading with bots do make is that, they expect it  to be an art of perfection which is not really guaranteed. I suggest,  that when one is trading with bots, they should also try to  check if the bots is really corresponding to the market chart.

[mronezigger]

bots are really good but you have to know there are bad bots that send wrong signals which will end up finishing your account.
bots are been used to easy trading.
you have to follow a bot so as to stop the bot when it starts to go wrong.

[Arsalan1996]

There are many persons who are selling their trading bots online but i suggest everyone that dont only depend on the robots because some times they stopped working and we can lose a huge amount as well. So try to enhance your trading skills so you can get the idea from charts about condition and close the trade manually.

[natka]

There are many persons who are selling their trading bots online but i suggest everyone that dont only depend on the robots because some times they stopped working and we can lose a huge amount as well. So try to enhance your trading skills so you can get the idea from charts about condition and close the trade manually.

first of all you need to evaluate your chances of work, because I'm sure that if a person can trade and is able to do market analysis and at the same time has sufficient experience, he will bring much better results than any bot.

[jporter80]

to be a good trader you have to make decision on trading with your brain not a bot.
TO be a good trader,you have to analysis and buy or sell with your experience that's what makes you a better trader.
A bot doesn't help you be a better trader,you have to follow a bot unless you will loss your capital.

[htconem7]

I have been seeing the same questions asked many times on the boards, so I figured why not put them in one place. As we see more we can add to it, feel free to ask questions as well and we will see if we can get answers.

Why do people create bots in the first place?
Its obvious that people don't want to be staring at charts and trying to figure out the best time to buy and sell. Sometimes, it is also used to save transaction fees. In short, it for simplicity. Well, purpose may vary from creator to creator.

How do the bots work?
Each bot is set of indicators and parameters that when all align will make a buy or sell signal, telling the exchange of your choice to execute a trade. Most of the time a bot is tuned for a specific market and time period, this is the creator's best educated guess on how the market will work in the future. It is not a magic crystal ball that will make perfect trades every time.

How long will it take to get rich using the bots?
If there was an easy way to get rich off bots and altcoins, don't you think there would be more stories out there about it? The better question is...

What should I expect as profit?
Depending on the time frame and what your bot is looking for you could make a lot, or loose some. This is after all a free market and not a bank. There are large unknowns when dealing with markets, any number of influences can trigger a rise or fall. Most bots will be a better strategy than a buy and hold method and as long as you believe your choice of altcoin will go up, then you will likely make a profit. Sometimes a bot is used to help reduce lost, not just make profit.

If a bot is not preforming the way you think you can always change bots or pause the bot and make a manual trade and then turn the bot back on when it is in sync with your choice.

Why use a bot at all?
There are many reasons why you would use a bot. Maybe you are an inexperienced trader and are looking for a way to get into trading, maybe you want someone watching over your account while you are away or asleep, maybe you don't need the stress of staring at monitors all day and want a rational less emotional way of trading.

Why doesn't my bot buy/sell at the lowest/highest?
Most importantly the bots are not always checking to buy or sell, they have a period of time where they wait and it is likely that which ever peak or valley doesn't happen right when the bot checks. Plus even if it was the highest or lowest how would the bot know? All bots are looking for specific conditions to trade on and in most cases it will execute after it the high or low.

This is the holy grail of bot trading, not just for altcoins, but for all markets. There are large computers with well paid designers trying to create these kinds of bots.

Why does one bot buy/sell but another doesn't?
Different bots are designed and tuned to do different things. Of course they are going to react differently to the market. -cryptotrader

I think that at this point you should not use bots in trading, the market is unstable and difficult to predict, so it is very difficult to trade successfully, especially bitcoin prices are very Or there are sudden changes in several hundreds of dollars and make the market over. Therefore, if you let the trading bots, you will lose money.

[tungaqhd]

I have been seeing the same questions asked many times on the boards, so I figured why not put them in one place. As we see more we can add to it, feel free to ask questions as well and we will see if we can get answers.

Why do people create bots in the first place?
Its obvious that people don't want to be staring at charts and trying to figure out the best time to buy and sell. Sometimes, it is also used to save transaction fees. In short, it for simplicity. Well, purpose may vary from creator to creator.

How do the bots work?
Each bot is set of indicators and parameters that when all align will make a buy or sell signal, telling the exchange of your choice to execute a trade. Most of the time a bot is tuned for a specific market and time period, this is the creator's best educated guess on how the market will work in the future. It is not a magic crystal ball that will make perfect trades every time.

How long will it take to get rich using the bots?
If there was an easy way to get rich off bots and altcoins, don't you think there would be more stories out there about it? The better question is...

What should I expect as profit?
Depending on the time frame and what your bot is looking for you could make a lot, or loose some. This is after all a free market and not a bank. There are large unknowns when dealing with markets, any number of influences can trigger a rise or fall. Most bots will be a better strategy than a buy and hold method and as long as you believe your choice of altcoin will go up, then you will likely make a profit. Sometimes a bot is used to help reduce lost, not just make profit.

If a bot is not preforming the way you think you can always change bots or pause the bot and make a manual trade and then turn the bot back on when it is in sync with your choice.

Why use a bot at all?
There are many reasons why you would use a bot. Maybe you are an inexperienced trader and are looking for a way to get into trading, maybe you want someone watching over your account while you are away or asleep, maybe you don't need the stress of staring at monitors all day and want a rational less emotional way of trading.

Why doesn't my bot buy/sell at the lowest/highest?
Most importantly the bots are not always checking to buy or sell, they have a period of time where they wait and it is likely that which ever peak or valley doesn't happen right when the bot checks. Plus even if it was the highest or lowest how would the bot know? All bots are looking for specific conditions to trade on and in most cases it will execute after it the high or low.

This is the holy grail of bot trading, not just for altcoins, but for all markets. There are large computers with well paid designers trying to create these kinds of bots.

Why does one bot buy/sell but another doesn't?
Different bots are designed and tuned to do different things. Of course they are going to react differently to the market. -cryptotrader

I know some bots are good but we should use bot only when the market is stable. Some bot include malware which can steal our money or make our balance dried in a night.

[Hammonds]

When I see the title of your thread I immediately say 'ahhhh, BOT, it's useless'

BOT is created by humans, and you want to trade by BOT, the same thing you want to kill yourself with your own tools.

[nicster551]

I have been seeing the same questions asked many times on the boards, so I figured why not put them in one place. As we see more we can add to it, feel free to ask questions as well and we will see if we can get answers.

Why do people create bots in the first place?
Its obvious that people don't want to be staring at charts and trying to figure out the best time to buy and sell. Sometimes, it is also used to save transaction fees. In short, it for simplicity. Well, purpose may vary from creator to creator.

How do the bots work?
Each bot is set of indicators and parameters that when all align will make a buy or sell signal, telling the exchange of your choice to execute a trade. Most of the time a bot is tuned for a specific market and time period, this is the creator's best educated guess on how the market will work in the future. It is not a magic crystal ball that will make perfect trades every time.

How long will it take to get rich using the bots?
If there was an easy way to get rich off bots and altcoins, don't you think there would be more stories out there about it? The better question is...

What should I expect as profit?
Depending on the time frame and what your bot is looking for you could make a lot, or loose some. This is after all a free market and not a bank. There are large unknowns when dealing with markets, any number of influences can trigger a rise or fall. Most bots will be a better strategy than a buy and hold method and as long as you believe your choice of altcoin will go up, then you will likely make a profit. Sometimes a bot is used to help reduce lost, not just make profit.

If a bot is not preforming the way you think you can always change bots or pause the bot and make a manual trade and then turn the bot back on when it is in sync with your choice.

Why use a bot at all?
There are many reasons why you would use a bot. Maybe you are an inexperienced trader and are looking for a way to get into trading, maybe you want someone watching over your account while you are away or asleep, maybe you don't need the stress of staring at monitors all day and want a rational less emotional way of trading.

Why doesn't my bot buy/sell at the lowest/highest?
Most importantly the bots are not always checking to buy or sell, they have a period of time where they wait and it is likely that which ever peak or valley doesn't happen right when the bot checks. Plus even if it was the highest or lowest how would the bot know? All bots are looking for specific conditions to trade on and in most cases it will execute after it the high or low.

This is the holy grail of bot trading, not just for altcoins, but for all markets. There are large computers with well paid designers trying to create these kinds of bots.

Why does one bot buy/sell but another doesn't?
Different bots are designed and tuned to do different things. Of course they are going to react differently to the market. -cryptotrader

If you are busy enough with your daily life and you do not have care to learn anything from the market trading, then maybe a trading bot is really for you.

[deus030518]

I have been seeing the same questions asked many times on the boards, so I figured why not put them in one place. As we see more we can add to it, feel free to ask questions as well and we will see if we can get answers.

Why do people create bots in the first place?
Its obvious that people don't want to be staring at charts and trying to figure out the best time to buy and sell. Sometimes, it is also used to save transaction fees. In short, it for simplicity. Well, purpose may vary from creator to creator.

How do the bots work?
Each bot is set of indicators and parameters that when all align will make a buy or sell signal, telling the exchange of your choice to execute a trade. Most of the time a bot is tuned for a specific market and time period, this is the creator's best educated guess on how the market will work in the future. It is not a magic crystal ball that will make perfect trades every time.

How long will it take to get rich using the bots?
If there was an easy way to get rich off bots and altcoins, don't you think there would be more stories out there about it? The better question is...

What should I expect as profit?
Depending on the time frame and what your bot is looking for you could make a lot, or loose some. This is after all a free market and not a bank. There are large unknowns when dealing with markets, any number of influences can trigger a rise or fall. Most bots will be a better strategy than a buy and hold method and as long as you believe your choice of altcoin will go up, then you will likely make a profit. Sometimes a bot is used to help reduce lost, not just make profit.

If a bot is not preforming the way you think you can always change bots or pause the bot and make a manual trade and then turn the bot back on when it is in sync with your choice.

Why use a bot at all?
There are many reasons why you would use a bot. Maybe you are an inexperienced trader and are looking for a way to get into trading, maybe you want someone watching over your account while you are away or asleep, maybe you don't need the stress of staring at monitors all day and want a rational less emotional way of trading.

Why doesn't my bot buy/sell at the lowest/highest?
Most importantly the bots are not always checking to buy or sell, they have a period of time where they wait and it is likely that which ever peak or valley doesn't happen right when the bot checks. Plus even if it was the highest or lowest how would the bot know? All bots are looking for specific conditions to trade on and in most cases it will execute after it the high or low.

This is the holy grail of bot trading, not just for altcoins, but for all markets. There are large computers with well paid designers trying to create these kinds of bots.

Why does one bot buy/sell but another doesn't?
Different bots are designed and tuned to do different things. Of course they are going to react differently to the market. -cryptotrader

People create bot because they do not have time in trading, they also think that they will earn with the bot. The bot is the one who does the work that you should do in trading, but not at all the times and not 24/7. For me if you will just used the bot, you will not esrn from it. It is not odeal that you used it if you want to earn big. You should not expect that big cause you will not earn big in using the bot. For me I am not reccomending you to use the bot cause it will not give you a good result in trading.