Trading Bot (help!!)

[CryptoBot-xx]

Hello All. I want to get into cryptocurrency trading bots. I have been looking into Cryptohopper and it looks pretty good and relatively cheap. Though, cryptocurrency is very unpredictable and risky, and so i came to btctalk to ask a few questions from people who have tried trading bots before. Thank you in advance.

-In your opinion, what is the best trading bot service/platform? I have seen many creating their own, and i can create my own if i put time into it. of course it wont be nearly as good/efficient as something like cryptohopper, but what is your best website for trading bots? factor in price, efficiency, ease of use, etc.

-Are trading bots worth it? do they actually produce good money or are they just scams? should one just manually trade every few days instead of paying monthly fees for a bot?

-in your experience with trading bots, what is the best strategy? please explain and then, factoring time, investment and effort, how much money could be generated off of each strategy. For 100, daily, weekly, monthly profit. For 1,000, daily, weekly, monthly profit. for 10,000, daily, weekly, monthly profit with each strategy.

-what is the best exchange to use for trading? lowest fees, availability of coins, and speed are all factors.

-how much have you guys earned? did it change your life or make you a few bucks?

-if i use an efficient strategy using something like cryptohopper, and investing a thousand US dollars, how much can i expect to make in a month?

-is it possible to lose money from trading bots? i heard that you cannot lose your money, but you can gain a lot. thats very reassuring because there is no risk if i cannot lose money, just some time and a little bit of effort and i can expect to make a lot. <-- true or false?

-this is a strategy i had in mind which involves investing 1 whole bitcoin, and then depending on the drop and rise of the btc market, switch between btc and tether. meaning, i invest 1 btc at a time that its worth 10k. then, after 24 hours, btc is now worth 11k. the bot exchanges that btc into tether, a stable coin. after 24 more hours, btc drops to 10k again. the bot exchanges from tether to 1 btc exactly, keeping the rest of the money in tether. then btc rises and drops, and i earn more money and so on. once im ready to cashout, i simply exchange the tether to my bank account/credit card. is this strategy possible? if it is, is it worth doing considering exchange and network fees?

thank you for help. i apologize if my questions are that of an amateurs, ive only gotten into trading and investing in cryptocurrency. ive been using it long before to simply buy, sell or store money, but i am beginning to realize that this could be an investing opportunity.

BTC AGAIN, THANK YOU FOR YOUR TIME!!! BTC

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[CryptoReggae]

Hello and welcome.

-In your opinion, ....................

You posted many questions, I try to answer you all.

I built my Bot myself for many reasons, mainly for a versatility to adapt it to my strategies and needs. I have no direct experience with other online bots or other open sources you mentioned.

I worked many days, occasionally for a few hours in my spare time after work. Today I am operating live with real money after having tested it on testnet for many days.

The most complex part is certainly the construction of the bot, if you have computer skills it is certainly a complex but not impossible job. There are 1000 situations that you must foresee in order not to find your bill at ZERO, but it is a job that I have done with pleasure since it is my passion. If you opt for something ready you will have to adapt to what they offer you, therefore I preferred to do it myself starting from scratch so as to have no development limit.

It is possible to lose everything, and it can happen for a thousand reasons, both in terms of strategy and techniques.

How much profit you can expect essentially depends on the strategy. You will hardly find the winning strategies publicly, you will have to develop it with your trading ideas. A strategy to work must be functional in the long term, in various market phases (uptrend, downtrend, lateral), and you have to calculate it net of the fees that will steal most of your earnings. I personally have two strategies, one more "reliable" in the long term, and one more push.
A backtest is fundamental, the longer the test period the more reliable the future result is, but it has no certainty that what has gone well in the past will go well in the future.

The choice of the pair and the currency (you speak of USD) is a personal choice and certainly also affects the results. I have chosen to accumulate BTC, therefore my strategy is centered on the accumulation of BTC.

My advice is to develop your idea of ​​automatic tradin in stages:
- which strategy I want to apply
- strategy backtest (has it worked in the past?)
- preparation and execution of the bot under test
- live with small sums
- live

I'm currently around 7/10% monthly on the "less risky" strategy and around 35% monthly on the "very risky" strategy, but I repeat, it has been a rather long and complex job in every respect.

If you think you can find a website or ready-made software where you put money, click and make money, I wouldn't want to disappoint you but I think it's really very difficult.

I wish you luck in your adventure

[joniboini]

-In your opinion, what is the best trading bot service/platform? I have seen many creating their own, and i can create my own if i put time into it. of course it wont be nearly as good/efficient as something like cryptohopper, but what is your best website for trading bots? factor in price, efficiency, ease of use, etc.

I use some open-source bot in the past, and most of them work fine as long as the strategy is set correctly. That being said, I've seen Gunbot and many others being mentioned in this forum, so you might want to check them out. It's absolutely okay if you go with the one you're comfortable the most with, so you know how to set up your trading.

-Are trading bots worth it? do they actually produce good money or are they just scams? should one just manually trade every few days instead of paying monthly fees for a bot?

It depends on you. If you can use them then sure, if not focus on leveling up your trading skills instead. A trading bot is just a tool and not a magic box that gives you money.

-in your experience with trading bots, what is the best strategy? please explain and then, factoring time, investment and effort, how much money could be generated off of each strategy. For 100, daily, weekly, monthly profit. For 1,000, daily, weekly, monthly profit. for 10,000, daily, weekly, monthly profit with each strategy.

That's asking too much I believe. The best strategy is the one that works for you and nobody knows, because if anyone knows about it then they'll have the same pattern of buy & sell which in turn decrease your profits.

-what is the best exchange to use for trading? lowest fees, availability of coins, and speed are all factors.

What are you using right now? Most major exchanges (centralized ofc) like Binance, Poloniex, Coinbase etc share the same features. You might want to use Binance most of the time as they've lots of alts (compared to others) and decent liquidity.

-if i use an efficient strategy using something like cryptohopper, and investing a thousand US dollars, how much can i expect to make in a month?

Nobody knows. Again, it depends on your strategy and probably your luck too.

-this is a strategy i had in mind which involves investing 1 whole bitcoin, and then depending on the drop and rise of the btc market, switch between btc and tether. meaning, i invest 1 btc at a time that its worth 10k. then, after 24 hours, btc is now worth 11k. the bot exchanges that btc into tether, a stable coin. after 24 more hours, btc drops to 10k again. the bot exchanges from tether to 1 btc exactly, keeping the rest of the money in tether. then btc rises and drops, and i earn more money and so on. once im ready to cashout, i simply exchange the tether to my bank account/credit card. is this strategy possible? if it is, is it worth doing considering exchange and network fees?

I'm not sure I follow your strategy but it sounds like you go all-in first, and 'hope' that BTC will rise first so you'll have some tether. After that, you switch tether back and forth with bitcoin. What would you do if BTC drops first instead?

I don't think it's a good strategy. I think you should stick to percentage gains and use chart pattern instead of pricing points as it doesn't fully show the market trend and prone to fake out.

[sbogovac]

You (OP) are asking a lot of interesting questions. But let me ask you one: how good of a trader are you...?

[hugeblack]

-In your opinion, what is the best trading bot service/platform? I have seen many creating their own, and i can create my own if i put time into it. of course it wont be nearly as good/efficient as something like cryptohopper, but what is your best website for trading bots? factor in price, efficiency, ease of use, etc.

Trading bots are tools that enable you to automate trading, and therefore you will not change the equation if you do not know what to do. It is like buying sophisticated mechanisms for something that you do not know anything about.
The more you know about trading, the more precisely your goals will be set, and thus you can limit the trading bots that suit those goals.

Asking others' opinions at this stage will be useless, define your goals, ask the variables that you want to work on and we can determine for you the best bots that achieve these goals.

-Are trading bots worth it? do they actually produce good money or are they just scams? should one just manually trade every few days instead of paying monthly fees for a bot?

Yes, it is worth it, otherwise, it would have disappeared a few months after its launch.
As for the production of funds, they are just tools, if the expert uses them, he will get money.

-in your experience with trading bots, what is the best strategy?

You combine two things that are contradictory, which is to get an easy strategy and achieve profits quickly, achieving profits requires risk, which means changing plans to achieve the maximum profit possible.

-what is the best exchange to use for trading? lowest fees, availability of coins, and speed are all factors.

As a general answer, Binance. It is not the best but Best of the bad.

-how much have you guys earned? did it change your life or make you a few bucks?

The answer to this question will give you misleading results, so it is better to focus on how you make money and not on how much money others have earned.

-is it possible to lose money from trading bots?

Yes.

i heard that you cannot lose your money, but you can gain a lot.

No.


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[TokenBot_]

-In your opinion, what is the best trading bot service/platform? I have seen many creating their own, and i can create my own if i put time into it. of course it wont be nearly as good/efficient as something like cryptohopper, but what is your best website for trading bots? factor in price, efficiency, ease of use, etc.

Tokenbot.com. Its free to use and you can auto-trade specific traders across multiple exchanges. Checkout https://t.me/Joe_Saz_Tokenbot_Trades for example.

-Are trading bots worth it? do they actually produce good money or are they just scams? should one just manually trade every few days instead of paying monthly fees for a bot?

Trading bots are certainly not scams. They are tools to provide automation. It is mostly up to the user to decide which automations they should implement and are profitable.

-what is the best exchange to use for trading? lowest fees, availability of coins, and speed are all factors.

Depends on your geography and what you want to trade.

-is it possible to lose money from trading bots? i heard that you cannot lose your money, but you can gain a lot. thats very reassuring because there is no risk if i cannot lose money, just some time and a little bit of effort and i can expect to make a lot. <-- true or false?

Yes, of course you can lose money.

-this is a strategy i had in mind which involves investing 1 whole bitcoin, and then depending on the drop and rise of the btc market, switch between btc and tether. meaning, i invest 1 btc at a time that its worth 10k. then, after 24 hours, btc is now worth 11k. the bot exchanges that btc into tether, a stable coin. after 24 more hours, btc drops to 10k again. the bot exchanges from tether to 1 btc exactly, keeping the rest of the money in tether. then btc rises and drops, and i earn more money and so on. once im ready to cashout, i simply exchange the tether to my bank account/credit card. is this strategy possible? if it is, is it worth doing considering exchange and network fees?

This is easier said than done. 10% profit in one day is not impossible trading bitcoin, especially with all the leverage available today. However, traditional investment firms do not produce 10% returns on a yearly basis, at least consistently. You would be in the top percentile of traders if you could do that consistently.

[Lakai01]

-In your opinion, what is the best trading bot service/platform? I have seen many creating their own, and i can create my own if i put time into it. of course it wont be nearly as good/efficient as something like cryptohopper, but what is your best website for trading bots? factor in price, efficiency, ease of use, etc.

Since other posters have already answered your other questions here, I would like to answer only this question.

I had set up a trading bot based on gecko in 2017. It is open source and yet quite common and well known, so you can find tutorials and how-to's relatively easy. But the bot requires that you are technically experienced enough to install it on a server (could be a Raspberry Pi for example). So if you would like to try trading bots just once and should not incur any costs, this would be a possible solution for you.

Before you start with the Trading Bot you should inform yourself about the tax aspects of trades. Depending on the country you live in, taxes may already be payable when you switch from Cryptocurrency A to Cryptocurrency B, which will immediately reduce your profits from the bot.

10% profit in one day is not impossible trading bitcoin, especially with all the leverage available today.

If you mention leverage, you should also say that you can not only make 10% profit with it, but also it is also possible to lose the x-fold of that in the blink of an eye.

[sbogovac]

If you learn how to set up a trading bot, it can bring you a stable income.

What do you mean? Is it even possible for a novice to set up a bot on their own?

Sure it is... just like any kid can install MS Office. Does that make him a successful writer(Word)/accountant(Excel)/presenter(PowerPoint) though...?

[joniboini]

If you learn how to set up a trading bot, it can bring you a stable income.

What do you mean? Is it even possible for a novice to set up a bot on their own?

Don't believe it. Bots are just bots, they work on pattern. If the market screw that pattern then you get rekt too. Learn proper fund management and some charts first so you know how to use the bot. As I said before, it's not a magic box that will give you $10k a month forever.

[Ridwan Fauzi]

-Are trading bots worth it? do they actually produce good money or are they just scams? should one just manually trade every few days instead of paying monthly fees for a bot?

Trading bots are certainly not scams. They are tools to provide automation. It is mostly up to the user to decide which automations they should implement and are profitable.

That doesn't guarantee, there are several trading bots which proved to be a scam, you can check them

1. https://bitcointalk.org/index.php?topic=5241229.0
2. https://bitcointalk.org/index.php?topic=5129229.0
3. https://bitcointalk.org/index.php?topic=263484.0

OP, using a centralized platform does not guarantee you are 100% safe. You may need some review from other people first before you choose a trading bot platform.