Can you use a Bot to place a buy order - and set a stop-loss for it instantly?

[thegoatiest]

Hello.
I'm not comfortable at all with placing a buy order and leaving it hanging in the air while I type out a stop-loss.
Just now I bought some BTC and while I was typing in my stop-loss, the price went lower than my trigger price.

This is bad. I don't see how people trade like this.
Can using a bot - overcome this issue?

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[butka]

Where do you trade?

If you trade on Binance there is a bot (free of charge) you can use. The drawback is you have to have some basic skills to install and make it work.

https://github.com/jsappme/node-binance-trader

Not only does it help you set a stop loss, it can also help you set a take profit level if you like.

The other drawback is obviously you have to have a permanent internet connection (raspberry pi connected to the net 24/7 or some basic hosting where your bot can run).

[thegoatiest]

yeah at Binance.
OMG!
That is great news. Thankyou butka.

That was the only reason I went over to bitmex. As it had these order types that Binance didn't.
But I had no clue that's what bots were for.

I have a good friend who is an I.T tech. I'm sure he'd give me a hand setting it up - as I am not so good with computers...
I just had a look over that page... I'm definatley going to need help.
It'll be so worth it however.

Whoo!

[Bitcoin_Arena]

Try to checkout 3 commas and see if it can help with your problem.
Just discovered it recently and am still trying to test out more of its features though some are paid.

What i liked about it is the mobile app.

[alisafidel58]

Can using a bot - overcome this issue?

Yes, a bot can overcome these things. As Butka just said trade at Binance so that you have to deal with the problem that you have faced on other exchanges.

[Freny250]

Yes a bot can perform all this functions. But just make sure that you monitor the bot activity closely. Because bot malfunction  sometimes even to the extent of trading at a loss

[el kaka22]

It depends on who created the bot, I am a developer and I am so security conscious about any platform I make use of because I don't want to end up losing funds for the sake of bad development. If the bot is written by me, then I don't mind making use of it because I always do my check very much to make sure I don't experience any flaws in the future. As a developer, we always love to come up with easier way to do things so that time can be saved, since time is the most precious thing given to us.

[rizkyhiw]

Hello.
I'm not comfortable at all with placing a buy order and leaving it hanging in the air while I type out a stop-loss.
Just now I bought some BTC and while I was typing in my stop-loss, the price went lower than my trigger price.

This is bad. I don't see how people trade like this.
Can using a bot - overcome this issue?

That is very possible because bots are created to solve the problems of every trader when they are not worried if prices do not rise to unwanted limits, but there are some that must be considered, the most important is where you trade using bots and analysis first The case yesterday there were many people who lose because of bots don't work well and must be given the right settings to be able to trade comfortably.

[Bitinity]

Trading bots provides some features that you cant find in exchange, that's the main reason why bots are created. To make traders experience easier way to trade with some additional useful features. But it is not good to rely on the bots, means that you should monitor it frequently just in case the bots does not work as it should be.

[Eildosa]

You can try to use the trade mate platform. It is possible to form transactions and immediately specify the purchase price, stop loss and sale price. This is very convenient and you can immediately see the price changes on the chart. It is also convenient that you can edit your task at any time.

[zhengqi]

You can try to use the trade mate platform. It is possible to form transactions and immediately specify the purchase price, stop loss and sale price. This is very convenient and you can immediately see the price changes on the chart. It is also convenient that you can edit your task at any time.

I used that platform, too. I agree with every word you say, it is really very comfortable. Even though it is a Russian team, I trust this project.

[superstarbtc]

in crypto volatile market i think bots will work and they can handle the stop-loss effectively i prefer manual trading which is safe in crypto market

[Zadicar]

Yes, you can use up a bot to execute those commands, there are inbuilt and there are bots created by some devs, just be careful on choosing one due to security issues but
using these bots do really need some simple knowledge as i say.

[palle11]

Hello.
I'm not comfortable at all with placing a buy order and leaving it hanging in the air while I type out a stop-loss.

But I think there are also provisions that you can carry out all commands at same time. You can set both the orders and your stop loss before you place your order so that it takes your orders at same time .

[sheenshane]

Binance offers a bot to place a buy order. It is free of charge. But if you want, you can actually hire your I.T friend to help you solve your problem. Just ask him if he can make you a favor to do a bot that would help you place a buy order on any platform. I have heard that they can actually do it. Some techy guys do it for their sales force.

[bitgolden]

Trading bots provides some features that you cant find in exchange, that's the main reason why bots are created. To make traders experience easier way to trade with some additional useful features. But it is not good to rely on the bots, means that you should monitor it frequently just in case the bots does not work as it should be.

Some BOT are actually very reliable because I have been using one in a long term now that has never disappointed me but prior to these ones, I once used some free ones when I didn’t have money to buy a good BOT, it ended up making me lose my trade overtime.

To buy a BOT, just the way one verifies ICO before investing in, it is very important to check the company very well and be sure they are very reliable and not just a company that created the BOT just to make money and scam people. There are some paid BOT that stopped working along the line without any support to report too but we still have some reliable ones with good support.

[cabron]

Bots follow some patterns. If for instance the bot suddenly encounter a new pattern, it will have to decide something else for your trading positions which can end up in a loss of funds.  In FOREX for example the EA aren't something you can control when unexpected pattern of the candle sticks occur. Why don't you just use the advance option of the exchange and manually input your orders, take profit and stoploss.

[thegoatiest]

Bots follow some patterns. If for instance the bot suddenly encounter a new pattern, it will have to decide something else for your trading positions which can end up in a loss of funds.  In FOREX for example the EA aren't something you can control when unexpected pattern of the candle sticks occur. Why don't you just use the advance option of the exchange and manually input your orders, take profit and stoploss.

Because, I'd like to be able to place a buy order - with an attached stop-loss. So placing them simultaneously.
This will eliminate the chance of the price moving past the point I wanted to place my stop-loss while typing out my stop-loss manually. Just makes sense to avoid this if possible.
I don't think you can enter a take profit on Binance using the vanilla exchange (I.E no bots)..? Unless I'm missing something.

I don't really need many advanced order types such as; take profit, trailing stop, iceberg e.t.c- Just the ability to simultaneously place a buy and a stop-loss.
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I will ask my friend to make me a bot

Can you use bots with the Binance desktop app?