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Author Topic: Are you using a trading bot?  (Read 1428 times)
JeremyPeng
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April 28, 2020, 04:03:58 AM
 #1

I'm using BitUniverse's Grid Trading Bot, and I think it's really good to buy low and sell high everyday for me, cause the market is fluctuating recently. More importantly, it's totally free and supports 20+ exchanges like Binance. Any more bots are you using? Please recommend.  Huh
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April 28, 2020, 04:55:45 AM
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 #2

Never heard BitUniverse grid trading bot but it seems it is an app for Android and Apple iPhone. I can't even find their opensource code which is I think not safe to use as a trading bot even it is free.

I know two trading bot which is used by many traders and verified safe that you can deploy in your own PC.

Take a look at these two trading bots below:

- https://github.com/DeviaVir/zenbot
- https://github.com/askmike/gekko

cafetools
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April 28, 2020, 05:14:16 AM
 #3

I use a Gunbot, i highly rec it. It works as it should. It works simple, it buys and sells at %1 profit. There might be days with no trades.

The secret with a bot is only trade coins that you believe in. That way if you get stuck holding a bag its ok. Also if you only trade coins you like you can increase the amount of $ it trades.

If you feel like gambling you can even for example set it to buy $100 worth of Litecoin, even if you only have $1000 in your Binance balance. And set it to trade $400 of BTc. If it can successfully buy and sell $400 of BTC thats $4 profit. I think the mistake of many people who use it is they set the trading limit to very low numbers like $.50 cents. Run it 24/7 and it will work the best. You can lose money manually trading, you cant lose with a bot.

Hoddle long BTC (the mother) and a few others!
thebutton
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April 28, 2020, 05:31:24 AM
 #4

...you cant lose with a bot.
I don't really agree with this. If you get the set-up wrong, the strategies that had been mentioned in the GUNBOT thread along with other settings that you need to tweak then you might find yourself on a loss rather than profit and I assume that is also the case with other trading bots. A trading bot is not a magic and a person who is interested in using this should learn how it works to understand what coins are effective to be traded with and what adjustment would you need to do in your bot to satisfy its purpose. It is quiet misleading to say that "you can't lose with a bot" but rather it minimizes the mistakes, risks due to person's emotions and other human errors that might hinder to trade effectively.
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April 28, 2020, 05:42:16 AM
 #5

I don't use any bot now I ask my friend to trade for me so he does it doesn't mean that I don't loose money at all but so far here is doing pretty well

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April 28, 2020, 06:01:06 AM
 #6

Back in my forex days I tried dozens of bots and basically the end result is that none of them were consistent. They were usually consistant in certain trends like bear markets, bull markets or sideway markets however when the trends changed the bots weren't working anymore.

Another issue was that you could backtest each bot and it would prove profitable. However when applied to a real trading account you got massive slippage at times and the huge gains on demo couldn't be applied to real life.

My end result was that none of them work in the long run and are a waste of money. Just trade on your own if you want to be profitable instead of relying on a bot.





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crzy
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April 28, 2020, 06:25:37 AM
 #7

I stopped using trading bot because I'm still losing money and I think its better to trade on my own which I'm learning it right now on how to execute my trade properly. Some people succeed on their trading because of the BOT and maybe they used trading bot because they don't have much time to study the market and I think you should also used BOT if you think you don't have much time to monitor the price movement.

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April 28, 2020, 06:48:05 AM
 #8


...you cant lose with a bot.
I can not agree with this point. Lack of knowledge about bot setup can fall to loses.

Op, You can find some comparisons and suggestions about trading bots here :
Great list of ⚉ bots ⚉ & HelpDesk- History up to 02/21/2018

[Comparison; Tutorial; Profit; Settings] 💙 Trading bots and SUPPORT BOT 💙

Maybe you will be helped by reading these threads.

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April 28, 2020, 07:05:06 AM
 #9

I have never used a trading bot. For some reason I don't trust something like that which is just my own feeling. A lot of users are using it so it must be safe to use it.

Maybe I gonna try some bot later on with some small amounts just to try it. The idea of such bot is great off course.

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April 28, 2020, 07:31:11 AM
 #10

Back in my forex days I tried dozens of bots and basically the end result is that none of them were consistent. They were usually consistant in certain trends like bear markets, bull markets or sideway markets however when the trends changed the bots weren't working anymore.

Another issue was that you could backtest each bot and it would prove profitable. However when applied to a real trading account you got massive slippage at times and the huge gains on demo couldn't be applied to real life.

My end result was that none of them work in the long run and are a waste of money. Just trade on your own if you want to be profitable instead of relying on a bot.

I suggest you to try Binance when you want to have a high percentage of having a profit in trading. I'm really comfortable using this platform because it allows you to use other cryptocurrencies that you prefer. It supports a lot of coin, bitcoin and altcoins, you just need to monitor it and manipulate it properly to prevent losses.

It is never easy to use trading bot because it is not a 100% profit, you also need to have your own strategy and keep track of it every minute or hour. But if you're confident enough with your skills in trading, then Binance is suitable for you. They are also responsive to the feedback of the people who use it in their day trading.

But if you're not that used in to bot, you should trade manually with your skills so that you're the only accountable for the effect and result of your trading. Sometimes trading bot is not that effective and necessary to use if you're good in trading. Some people only use trading bot if they are so busy at work or their endeavor.
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April 28, 2020, 07:47:22 AM
 #11

As of now, im not using anything because im really in a losing side so im in a hold position right now. I haven't really use one either because when i read it here in the forum, trading bots are pretty hard to use because you need the knowledge and the correct parameters to be able to use effectively. Since i dont have time to learn all that and invest in it, i've decided to do manual trading.

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April 28, 2020, 08:11:05 AM
 #12

The only way you will "lose" with the bot is if it holds a bag. That is why i mentioned you could only trade coins you believe in holding long term if it comes to that.

Hoddle long BTC (the mother) and a few others!
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April 28, 2020, 08:59:26 AM
 #13

Just trade on your own if you want to be profitable instead of relying on a bot.

I just know this is the best option. A bot malfunctions when trend change because it has been built to function in a particular way until maybe you reformat it. If you want to make money in trading, labour to learn a strategy.

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April 28, 2020, 10:09:39 AM
 #14

Back in my forex days I tried dozens of bots and basically the end result is that none of them were consistent. They were usually consistant in certain trends like bear markets, bull markets or sideway markets however when the trends changed the bots weren't working anymore.

Another issue was that you could backtest each bot and it would prove profitable. However when applied to a real trading account you got massive slippage at times and the huge gains on demo couldn't be applied to real life.

My end result was that none of them work in the long run and are a waste of money. Just trade on your own if you want to be profitable instead of relying on a bot.
Been on EA back in forex and i can say it did blow my account when theres a news and put up a big candle on the opposite side of your position which in result in a loss and since you do rely that everything is automated then its too late to make actions when these kind of scenario happen since bot are just good on what they have instructed or been set up but in talks of decision making then thats the main cons.

After that im not using any bots ever since back when doing forex and now that i had tried crypto which im really impressed with the possible returns but we know that volatility would always have that corresponding risk.
Its our own choice though if bots will make ease or do give comfort on your side but as said,bots doesnt generate easy profits because it all matters on how you do set it up.

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April 28, 2020, 01:17:26 PM
 #15

I know some trading bot like gunbot, cat, but I don't use trading bot. I think I get some difficult to set up the bot because the market now is unpredicted. So I decide to use manual trading because I think I only trade if I want to trade and I can see the chance to make a profit. If I don't see my chance to make a profit, then I don't trade and only watch the price will up and down.

If you want to use a trading bot, you need to decide to use a paid trading bot or free trading bot because it is different. I think you need to prepare some money to buy that bot if you want to use trading bot.

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April 28, 2020, 01:54:09 PM
 #16

No, I don't use a trading bot, as I believe we as human can do better than a "bot". I've been trading for years, crypto and stocks. Today I prefer crypto much more due to it's volatilty, making it easier to pull a profit short term.

I've started trading on DEX's as of lately, as I'm worried about all my trading history being reported to who knows in my country. Been playing around with DEX's which relies on atomic swaps, and it works alright. Sure liquidity isn't too high, but I'm trading 20+ pairs at once so it's no biggie. Been doing some successful trades recently on the Blocknet DEX, which I totally recommend for anyone looking for a decentralized alternative.
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April 28, 2020, 01:59:12 PM
 #17

No, I'm not...not to this time.
I wasn't really confident using trading bots than make it manually. Not just because I have no trust for bots to make their own decision but because I don't find a legit one which I could trust and put in charge of my funds. Maybe I was picky but something I am not comfortable with using bots and for the reason also that I want to learn more about trading and experiencing is a way to improve my trading strategy that can be helpful in the future.

I'm not close to this instance but not this time...it can be someday...it should be in perfect time.

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April 28, 2020, 04:41:55 PM
 #18

I am not interested in using a bot I prefer trading manually. For me, Bot and manual trading are just the same, bot is just automating the instruction that you have input. So if you made a mistake on your inputs the bot will probably do some mistakes too, so if you want to try it better familiarize it first or if they have a demo account better try it and familiarize it. Of course, I am seeing an advantage in using a bot it is hassle-free.
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April 28, 2020, 08:47:56 PM
 #19

I'm using BitUniverse's Grid Trading Bot, and I think it's really good to buy low and sell high everyday for me, cause the market is fluctuating recently. More importantly, it's totally free and supports 20+ exchanges like Binance. Any more bots are you using? Please recommend.  Huh

The whole trading bot thingy is not my thing, the last time i tried using one, i got burn madly. So for now, i just stick to trading by myself as the whole market is currently unpredictable and i prefer to get burn while trading by myself to using a bot or letting someone trade for me. And again, seems to me the trading bots are configure in such away to read market charts to determine their moves but the downtrends in this sector makes viatually every TA fails
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April 28, 2020, 09:13:09 PM
 #20

The trading bot is a usefull tool and it works. Its just one more tool that we could use to eek out a profit. For anyone serious about trading I cant see the harm in running the bot in the background.

Hoddle long BTC (the mother) and a few others!
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