Crypto Trading Bots: Traders Take On Them

[darkphoenix2610]

Everyone wants to make a profit from trading cryptocurrency. And there are lots of users or people in the crypto world who offered Crypto Trading Bots. Do you think it is advisable to take this kind of scheme? Is it really legit to use trading bots? https://crypto.co/technology/crypto-trading-bots-traders-take-on-them/

[1714105894]

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[1714105894]

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[leonix007]

Everyone wants to make a profit from trading cryptocurrency. And there are lots of users or people in the crypto world who offered Crypto Trading Bots. Do you think it is advisable to take this kind of scheme?

Bots are tool made by developers for an investors usage, advising people to use them should be at your own knowledge level and risks

Is it really legit to use trading bots? https://crypto.co/technology/crypto-trading-bots-traders-take-on-them/

In terms of legitimacy, yes, they are legit and do exists, same with scammers 

always take precautions in dealing with it, this includes author backgrounds, legit reviews and demo's

[sagarpatol]

I have been using profittrailer and gunbot with no problems at all. Earning good in bull market, not so good in bear market.

[wxa7115]

Everyone wants to make a profit from trading cryptocurrency. And there are lots of users or people in the crypto world who offered Crypto Trading Bots. Do you think it is advisable to take this kind of scheme? Is it really legit to use trading bots? https://crypto.co/technology/crypto-trading-bots-traders-take-on-them/

There is nothing illegitimate with the use of bots and many exchanges have the option to make it easier for you to communicate with their platform with a bot.

However there are many problems with the use of bots, as you may guess the first one is can the bot actually make profits in the market? And the only way to know that will be to know exactly what kind of strategy the bot is using and then test that strategy against past data but very few people do that and they begin to use the bot to trade not knowing about its capabilities, another problem are scams, people out there buy all kind of bots but those bots come not from companies with good reputation but from individuals that created their own software and that is a risk especially in this market because as we know once you lose your coins you'll never get them back.

[LeGaulois]

Bots are used in traditional finance for 2 or 3 decades so why not on the cryptocurrency market? @wxa7115 is right and I believe the most profitable/developed bots are not up for sale on the web. It's like if the big banks released their bots for free as open-source software ^^.

There are a few members who have posted their own tread with their own experimentation of some bots. I haven't read them all, but I remember that for one of them it's a complete waste.

The current bots don't cost too much so it doesn't harm to give it a try with a small amount to test the water but gambling with your whole portfolio is very crazy if you ask me. The same goes for if the person is a newbie to the market, I wouldn't advise looking at this. Old school is better :p

[Freddy11]

I don’t like Trading bots, as I don’t feel comfortable plus I don’t think it is really anything comfortable at all. So that’s where we need to be very careful with the way we go about approaching things.

[abel1337]

Everyone wants to make a profit from trading cryptocurrency. And there are lots of users or people in the crypto world who offered Crypto Trading Bots. Do you think it is advisable to take this kind of scheme? Is it really legit to use trading bots? https://crypto.co/technology/crypto-trading-bots-traders-take-on-them/

There are many bot options all over the internet and when it comes to legibility it's better to find some bot recommendation here or on the internet. A crypto bot is a tool for us traders to use and it is effective depending on how you use it. If you are a newbie on trading. It's better to learn the fundamentals of trading first before you try using a bot, It's true that it can help you gain profit but also you can lose money if you use it wrong. Also, try to asses yourself after some trials if ever you use it if it is worth using a trading bot because some bot requires fees to be paid.

[Salauddin1994]

It is much easier to make a profit if you have a good idea about crypto trading bots are what you need to know crypto traders can be in business and adopt their own trading strategies or profit trading strategies it is better to trade by analyzing the market by applying your own intellect. Bots help a lot when trading crypto but you need to know how to manage it business bots have always been in control of their business and cryptocurrency bots are increasingly available to traders in cryptocurrencies with much help from open source platforms.

[AakZaki]

Check and think beforehand whether you are sure to use a trading bot. You also have to know about the basics of trading, not just using bots. If you don't understand basic trading, the bot will not work properly. I don't recommend you to use a bot. What you do first is learn TA and FA science, because it is very important to know how to make good and correct trading.
Any risk that occurs is your own responsibility, so be careful if you want to use a bot. Manual trading is better and has more control than bots.

[Beparanf]

Everyone wants to make a profit from trading cryptocurrency. And there are lots of users or people in the crypto world who offered Crypto Trading Bots. Do you think it is advisable to take this kind of scheme? Is it really legit to use trading bots? https://crypto.co/technology/crypto-trading-bots-traders-take-on-them/

The problem on using this trading bot was you can't verify whether the code program on this bot is working properly or not since most of is not a programmer and there is no way that the seller of this service will reveal the code.

Using exchange advance feature like different of order type, stop losses and so on is still the best way to trade easily and safe rather than using this bots.

[slaman29]

Bots are legit to use on any platform that offers API. You do know that bots are just automated programs that help you to carry out your own strategy right? I mean, if I trade, I would want to use a bot to make sure all the orders are filled and exited according to my plan, and not sit there and watch with emotion.

[bitgolden]

Well, depends on how well of a trader you are, many people think that you can be a trading newbie that doesn't know what to do with their money and just buy a bot, deposit some money to an exchange and let the bot make money for you.

They are not like that, they are stuff that is advanced in listening to what you say and following your orders but they are not experts on trading themselves, they are just few lines of codes how could they know what market is about to do and predict it before any other human, that would require artificial intelligence level of development and nobody can do that beyond small tiny machine learning stuff. Hence if you are a great trader manually, that means you can use a trading bot and make a ton of money, if you are a newbie, you may lose a ton.

[milewilda]

Everyone wants to make a profit from trading cryptocurrency. And there are lots of users or people in the crypto world who offered Crypto Trading Bots. Do you think it is advisable to take this kind of scheme? Is it really legit to use trading bots? https://crypto.co/technology/crypto-trading-bots-traders-take-on-them/

Everyone can make use of bots as long you do know on what youre doing then you should be fine.No one prohibits on using it yet this one is a tool
which is really good for someones trade specially on automation.These things are helpful but of course people do have wrong mindset about this one which
they do believe that this is something that can give out guaranteed profits for those who use which is really a wrong for someone to think.
This is for automation nothingless and setting it up will depend on traders knowledge towards  trading.

[LUCKMCFLY]

Everyone wants to make a profit from trading cryptocurrency. And there are lots of users or people in the crypto world who offered Crypto Trading Bots. Do you think it is advisable to take this kind of scheme? Is it really legit to use trading bots? https://crypto.co/technology/crypto-trading-bots-traders-take-on-them/

I´m not very fond of bots, but there is something that you should take into account that very few traders think about it, which is the fact that if the bot does high frequency trading, since normal bots apply technical analysis, and the Technical analysis added to artificial intelligence gives very good results, but when it is in the presence of High Frequency Trading management, that is another level, for me, the great whales are the ones that have them to protect their investments.

[Lanatsa]

Bots are legit to use on any platform that offers API. You do know that bots are just automated programs that help you to carry out your own strategy right? I mean, if I trade, I would want to use a bot to make sure all the orders are filled and exited according to my plan, and not sit there and watch with emotion.

There are bots which are already set-up and when some one do make out some purchase or subscription then they do believe that they do only need to wait up
and let the bot do the rest.

Just like all others do talk this this is just for automating your trades when you are far away or cant able to trade.As mentioned where you do need to
adjust it according to your likes on making out commands on price actions or situations.

Most noobs do really have wrong belief about trading bots.

[BALIK]

Bots are legit to use if you want to, no platform will prohibit you from using them (or at least not one I know of ).

However, as with everything else it comes with a caveat and that is that some bots might not work in the way you think they do, thus in the end losing you money. Personally, I just don't like shifting that responsibility to an algorithm when I can decide for myself.

Sure, there are also people out there who mastered their use but this like everything else takes practice, and i for one don't have the time or capital to expend on that practice.

[KnightElite]

Bots are legit to use if you want to, no platform will prohibit you from using them (or at least not one I know of ).

However, as with everything else it comes with a caveat and that is that some bots might not work in the way you think they do, thus in the end losing you money. Personally, I just don't like shifting that responsibility to an algorithm when I can decide for myself.

Sure, there are also people out there who mastered their use but this like everything else takes practice, and i for one don't have the time or capital to expend on that practice.

My perspective changed in these past months about trading bots, I'm once a hater of the trading bots but now I saw its potential and it is to make money even though you are not monitoring the chart but I still prefer to trade manually because it is the fastest way and the best way to learn trading. Those profitable by using trading bots said that it takes a lot of time, money and effort in order to build a profitable code. Do not expect that you are going to make money easily and guarantee in your 1st investment using trading bots. Also considered the probability of winning because most of the users of trading bots are losing huge because of their wrong algorithm.

[harizen]

First of all, trading bots are not meant to literally give you profits. It was designed to take action upon a given condition. In that way, you don't need to monitor your trading activity 24/7 and you will have an assurance that your strategy will take place depending on where you set it to take an action.

Others prefer to do manual trading like me because I'm not really comfortable using bots so I never consider using it. But it doesn't mean it's wrong to use. If a trader really wants to test the waters using it then they are free to do so.

Just make sure to do an enhanced DYOR about the legitimacy of the trading bots. Always check reviews before hopping in.

[Vispilio]

The market conditions which have hitherto enabled a bot to yield profitable results can change, and usually this happens very fast and suddenly, at which point the historically profitable bot can become flat or even disastrous...

Any trader who wants to integrate bots into his trading needs to either be a robust coder himself or consistently cooperate with a developer to modify his bot according to changes in market dynamics;

another option would be to have a bot which is highly parametric and flexible, and this would entail lots of manual supervision to adjust your parameters for the same reasons mentioned above...

[darkphoenix2610]

I have been using profittrailer and gunbot with no problems at all. Earning good in bull market, not so good in bear market.

How long have you been using profitraile and gunbot now? And do they require you to pay for their apps? At what cost? I have seen some offering trading bots and asking for so much but in the end, they are all just scam bots. But I know for some facts that the trading bots are also being used by the exchange to make their volume higher.