Bots

[leea-1334]

Here are the issues with these bots,

They are mostly coded with variables so they appear profitable only in the past. So if you do a backtest it would appear to make money. However if you do a forward test you will find that it doesn't work as well.

Yep, I think if anyone experienced bots it was first using MT platform and plugging into the forex apis. The same bot developers for crypto platforms all copied the same scripts anyway.

If you know how to change those script variables, then you have your own "bot" and I have seen myself people selling their bots on marketplaces,,, or even renting it out to people to try. Bull market = all bots profitable.

[Pokapoka124]

Bots operate on an automated system, they don't have a mind of their own. That means you are entrusting your trades to a machine.
I see traders on Instagram trying to sell some wonder bot that's going to trade millions for you. Bot scams are easy to fall for. I do not recommend using a bot because it is a bunch of codes and math punched together to follow a certain pattern. This is one trader's strategy being coded in a machine.

If the bots are not scams and they are reputable bots they are 100% better than manually doing it otherwise you have to do that math yourself and risk making a mistake with a bot you can do the math once and it will automatically trade for you in the future.

Bots fail too. My friend bought a bot once(he knows zilch about trading by the way), he funded his account and was set. The bot had good results for the first six weeks but after that it just could not deliver the same results. He contacted the company he bought the bot from and they said he had to upgrade the bot.

[Sanugarid]

I used it, and it most users are right, you have to make it into what you want it to be and your specifications should be able to make you money because if not then you're only automating losses and not profits. If you can do it, you will make trading a passive income in no time.

[isaac_clarke22]

~

Never became fan of those trading bots.

Using them solely is like depending on a piece of program to give you profit and that does not even make any sense. They can only do what they are programmed for. You still need your own analysis in the end.

[Oilacris]

Has anyone used bots? Are they worth the time and effort?

There are lots of types of bots but since we are on a trading discussion board then you are obviously talking about trading bot. Are they worth  the time and effort?

Dont think that bots are money making ones because everything is just really  been used  for automation of your trades and of course that would really be still into your supervision or own trading  setting.

Profitability would always vary on how you to  set up your bot on specific market condition and not just putting it on and would work for you, thats not the overall concept of a bot.

[teosanru]

Has anyone used bots? Are they worth the time and effort?

If you can create a trading bot of your own, then obviously the bot is better because it's just you without the emotions part which is good for trading but If you hire it from someone especially in crypto space I have seen these things ending in just scams and nothing else, these are unaudited bots and often face script errors after some point which means you are facing a great risk on your money, also chances are these bots won't be able to compete against bots of big institutional investors. So in this case you as an individual are much better than a bot

[Myleschetty]

Bot is a trading made easy equipment but using does not guarantee a  profit making.
Does using a bot worth the time and effort? Yes but every result depends on the bot user because the trading bot will work base on how it was set up so it is good to have good analysis skills before using a bot.

[Xinarae*]

Bots usually cannot hold their specified value bars they are unknown from the updated information of the market. I think it is better not to use bots to trade it can be put at risk we have to move forward by analyzing our own market this will make learning trading strategies easier and you will be able to know the updated information of the market. Bots are more prone to scams but if you can manage it properly there will be no problem.

[michellee]

I am not sure if you can operate the bot properly because you need to know the basics of trading before running the bot. Yes, there are guides to run the bot, but you still need to learn more about how to trade and analyze so you will not have a big difficulty when you run the bot. But I knew two bots, Gunbot and CAT, and I think that bot is popular here. You can check on their ANN to know more and ask the developer if you have a question.

[dimonstration]

To be honest, I enjoy working on my own more than working with bots. This option seems to me many times more reliable.

The didn't mention the specific he is pertaining so it's hard to give opinion about this but there are some bits that really helps user to have a good position without giving too much time on looking at the price chart. There is a DCA and Leverage Bot that can give good profit if you just set up the right price and timing but I agree with you that there's a lot of trading bot especially from unknown source offering this service that gives a bad result if you fully rely on it.

[Silberman]

Traders utilize bots to take benefits of the global cryptocurrency markets, which are open 24 hours a day, seven days a week. Bots have a benefit over investors in that they can react faster. The arbitrage bot is a popular form of bot that seeks to profit on price differences between exchanges.

Many people believe that bots are money making machines, however the greatest advantage that a bot has over human is that it can trade 24 hours per day 7 days a week and it is never going to get tired or to complain, so even if the bot cannot really beat the human in terms of ability it can beat him just because it is tireless, however this means that in order for you to develop an effective bot you need to know how to trade already and the only thing that you are after is the greater effectivity of bots which is not something that I see very commonly in the forum as people think of bots as a piece of software that they turn on and just wait for the money to come their way.

[Mkmanik]

Has anyone used bots? Are they worth the time and effort?

If you are talking about the trading bot, then I can say YES. They are worth the time and effort. But you need to set it up correctly. Now I am using the Grid bot strategy, It's easy to use. Kucoin offering 4kinds of trading bots right now. Grid bot, Future grid bot, DCA bot, and smart rebalancing bot. All of them are very useful if you know how to use those bots. Personally, I found the Grid bot is very profitable. Actually, when I create a Grid bot with any coin, I just try to find out support and resistance zone. I create the bot at the support level and close at resistance. I found this strategy is very profitable for Grid trading. You can try it from Kucoin official site. From the kucoin app and web version, you can easily use those bots. You just need to create an account at Kucoin and deposit some funds. 

[BitcoinAccepted]

Yes it's worth the time and effort there are also some already built bots that you can use I'm not that sure if that was a good bot but I think you can set your own bot try to visit https://gekko.wizb.it/ or https://3commas.io/ I personally like bots since they're reliable and they can trade without my presence but depends on how you will going to to set them up.

[zanezane]

If you are referring to a trading bot then I think it depends on the person who programs the bot, there are a lot of traders who are using bot especially if the bot is really good as they are trusting the person who program it, the only thing that makes the bot specially and worth are it can trade 24/7 which cannot be done by a human.

That's always the case, it depends on the user who operates and programs the bot, if they aren't technically proficient and shitty at trading then there's a possibility that the bot programmed will do bad when it's actually trading. The automation is the reason why bots are effective especially if it's a good one.

[Silberman]

Has anyone used bots? Are they worth the time and effort?

If you are talking about the trading bot, then I can say YES. They are worth the time and effort. But you need to set it up correctly. Now I am using the Grid bot strategy, It's easy to use. Kucoin offering 4kinds of trading bots right now. Grid bot, Future grid bot, DCA bot, and smart rebalancing bot. All of them are very useful if you know how to use those bots. Personally, I found the Grid bot is very profitable. Actually, when I create a Grid bot with any coin, I just try to find out support and resistance zone. I create the bot at the support level and close at resistance. I found this strategy is very profitable for Grid trading. You can try it from Kucoin official site. From the kucoin app and web version, you can easily use those bots. You just need to create an account at Kucoin and deposit some funds. 

Not bad, however if you are using a bot everyone has access to in that platform and you are using one of the predetermined strategies then even if you have gotten some success it is difficult to imagine that you are going to keep being successful as everyone has access to what you are doing, so eventually a saturation point will be reached and you will begin to lose money, it is better that people design their own bots with their on strategies, that way you can trade the markets for a very long time with decent results.

[iv4n]

A bot can be good... if you know how to set it up and if you have enough bankroll to run a strategy! I tried them, but it's not for me... I like to trade manually! And I like auto gambling more than auto trading! But it's me! So trying is advisable, just risk how much you can afford to lose... and when you try it you will know what to expect, in a case you like it, add more money, invest in some good bot... why not?! People make money when they get more interested and when they start figuring out how something works!

[sana54210]

trading bots are really good, especially those that have been recommended. but indeed for me personally trading manual is the best. bots do not have a trader psychology, where one day trading psychology affects the movements of traders worldwide in taking action, in the sense that at certain times the bots cannot work properly, so we must be careful to deal with it

This is what exact opinion, I am as well having. I read many good reviews on trading bots but when I tried with my own capital I found that I am trading better than those bots hence I stopped making use of bots and start adopting long term trading for easy profits. If you are looking for day trading and you are ready to risk more then you may go for bot trading.

I do not have any plans to go for bot trading any time soon. I am just comfortable with my manual trading and I recommend the same to all the new traders here. But, any one may try any trading bot with least capital and then may decide as per their own prefernces.

[akiho yoshizawa]

there are a lot of people who use bots I think bots are very efficient, simple not always monitor the market, but also have to see market conditions,, if the market is in bearish condition it's useless.... more price movement would be very profitable, personal experience with decent profits using bots,,

[Silberman]

I personally prefer the bots that I can create and customize by myself. Bots don't have brains. You are on your own have to put a strategy inside the bot and the bot will perform in the way you have told it. I had some experience with some platforms, some were good some were total disasters.
I use a platform called Cleo one where you can create your strategies by type such as:

When Price is crossing up EMA (20) then BUY ETH/USDVolume:15% of the portfolio balance, Stop Loss:8% of market price, Trailing Take Profit:20% of the market price (Trailing:3% of market price)then close if Price is crossing down EMA (20)

Then I can backtest, paper trade them and live to trade them if I will be convinced enough. What I like is, they have lots of indicators, candlestick patterns, % volume and price changes, availability of trailing stop loss/take profit, easy to use, you can create your strategies in low time frames as well as daily and hourly ones, useful statistics. You can place manual trade on your own if you would prefer. As for downsides, I would say, they have limited support of exchanges. Currently, they have binance, binance us, coinbasepro, bitpandapro, hitbtc and bitfinex.

You brought a very important topic that most people never talk about and that is backtesting our strategy, most people use strategies that they do not really know if they actually work and this makes them to make mistakes that they would have not otherwise made if they knew what they were doing, this is why it is important to test any strategy by paper trading before we actually use it in the market or we run the risk of losing our money with an untested strategy.

[Hobo66]

TRADING BOTS are almost use to take advantage and profit in cryptocurrency worlds through constantly purchase and sell coin. BUT it is not necessary that by using trading bots you will make money or get profit. It is really dangerous to use. For those individuals who are new in cryptocurrency should avoid trading bots. Because if one do not have any experience about something then it is not good to use that. Because instead of profit it will lead you to loss money.