Does someone use trading bots?

[SOCAR]

Hello everyone.

Recently I became interested in the topic of trading bots, so I decided to study the information about it. After reading several articles, I realized that there are many different opinions and therefore it is very difficult to decide for myself whether to use bots well or badly.

So I decided to try a few bots. I drew attention to the bot announcement from NWC. I think it's better to use software from a well-known company. This gives more confidence in a good result. As far as I understand, a bot for testing on historical data uses certain algorithms to automatically detect the most important patterns on the charts.

However, is it possible that, in addition to simply detecting patterns, the bot also calculates the technical price target and looks at how many patterns reach it, so that the percentage of success of the trade can be determined?

How do you feel about trading bots? Have you ever used it and can you advise something about this?

[Ararbermas]

I never used bots when it comes trading but i have friends who used bots for short term and he really get good profits from it for 3 months , and what i saw the bots keep updating him every day such how many trades it made and how many losses and successful trade he had after 24 hours.. It's very amazing to be honest because your not doing anything and you have income, that's why that day i can say bots is useful, but for me i don't want to rely on it since i  can do full time in trading, so i didn't become interested although i see what he made from it, so i forgot the name of that bots..  

[mk4]

If a good number of people is using a trading bot that uses the same indicators/strategies, it might end up not being profitable. Hence why the general recommendation is to learn how to actually trade yourself, so you can use your own strategies on a custom-made bot.

[jrrsparkles]

Its just a bot not an AI so never ever assume that if you use then you are going to keep making profits with 100% success rate because Jarvis is yet to be created in real life.  

Using bots will be useful for people who trade too much and can't keep all these things manually so they just need an assurance which will help you to execute your trades as you wish.

[Sihab76]

I don't use trading bots because I am a little holder, investor and trader . Trading bots only for who trade a good amounts and trading all time in different exchanges. But I am using bots in others cryptocurrencies sectors.

[Fatunad]

How do you feel about trading bots? Have you ever used it and can you advise something about this?

Dont ever think that this is a money making method on where most noobs or newbies do believe on that bots could really be profitable compared when they do make out manual trades which is always been a
very bad impression or belief to have in mind thats why you should really clear out those kind of information and experience for yourself on whats the reality of trading bots.You would eventually realize
that this is really just good for automation and it isnt really different when it comes on being profitable because you are still the ones who do make out instructions or settings on what the bot will do
whenever you are far away with your pc or not able to check out your trades.

[DarkDays]

If a good number of people is using a trading bot that uses the same indicators/strategies, it might end up not being profitable. Hence why the general recommendation is to learn how to actually trade yourself, so you can use your own strategies on a custom-made bot.

Yes, the trend of one-set of trading solutions bot wouldn't be so profitable if all bots were using the same strategies. Personally, I've heard of people building their own to customize it in their visions and for the strategies they're comfortable with.

So the red warning is, don't get yourself involved with a trading bot if you never traded or don't know much about trading as it may cost you more than you think you can earn.

[Johnyz]

How do you feel about trading bots? Have you ever used it and can you advise something about this?

I tried once using their trial, and I can say that its really effective to those busy traders who can't analyze the market that much because they already have the default settings so you just need to input your position there, and wait for the result. You still need to study trading because you are the one to manage your Bot so technically this can't still be used by the newbies, but a good start if you want to stay in trading. Overall, BOT is good if you maximize their potential and if you're into a good BOT company.

[2double0]

Trading bots can be profitable or non-profitable depending on the strategy you want them to use, if you use a strategy shared by someone on the bot made by them and they sell it to others also, then like mk4 said, you will lose because that strategy will become obsolete. Trading bots can be tried with different strategies to check which one suits your trading style and your portfolio. I never used bots because I believe in manual trading, but it is also an undeniable fact that bots outperform human actions, so you can try with some small portfolio and see which strategy is best for you and then slowly increase your portfolio size.

[Silberman]

Hello everyone.

Recently I became interested in the topic of trading bots, so I decided to study the information about it. After reading several articles, I realized that there are many different opinions and therefore it is very difficult to decide for myself whether to use bots well or badly.

So I decided to try a few bots. I drew attention to the bot announcement from NWC. I think it's better to use software from a well-known company. This gives more confidence in a good result. As far as I understand, a bot for testing on historical data uses certain algorithms to automatically detect the most important patterns on the charts.

However, is it possible that, in addition to simply detecting patterns, the bot also calculates the technical price target and looks at how many patterns reach it, so that the percentage of success of the trade can be determined?

How do you feel about trading bots? Have you ever used it and can you advise something about this?

The first thing you need to know before using a bot is to know how to trade by yourself, this may seem odd at first as you want a bot to trade in your place but if you do not know how to trade then it is going to be impossible to modify the settings to the bot in a way that makes sense.

However reading the rest of your post it seems you want the bot to do more than what they offer, this means you only have two options, if the bot can be modified and you can add your own strategies then you could add this on your own, and if this is not the case you may not have any other option but to code your own bot that does exactly what you want.

[taufik123]

I've never used a trading bot because I just do manual trading all the time.

Many opinions say that bot trading has risks and it also depends on the bot trading company that develops it.

Trading bots that have more risk of losing are bots that manage all your assets on the bot platform, so you don't have full control. I really stay away from bots like this. or if you want to try to use a little funds.

and now there is a new bot that uses the binance API feature to place orders. so assets are still there in the binary and we can manage while the bot only manages to buy certain coins and make purchases and sales.

I do not recommend using bots, manual trading is something that is important to learn, because there are technical analysis and indicators that will help in trading. if you only rely on bots, you won't grow and can't do anything own analysis.

[Hippocrypto]

I guess many people here don't usually used a trading bots, they might possibly do manual trading. Trading bots can be profitable or non-profitable but, it will depend on your strategies, if you use a strategy that already shared by someone to other's you might experience losses because maybe the strategy that everyone used is obselete. Many people say that bot trading has risks and it also depends on the bot trading company that develops it. If you only rely on bots, you won't grow and can't do anything on your own analysis.

[Silberman]

Trading bots can be profitable or non-profitable depending on the strategy you want them to use, if you use a strategy shared by someone on the bot made by them and they sell it to others also, then like mk4 said, you will lose because that strategy will become obsolete. Trading bots can be tried with different strategies to check which one suits your trading style and your portfolio. I never used bots because I believe in manual trading, but it is also an undeniable fact that bots outperform human actions, so you can try with some small portfolio and see which strategy is best for you and then slowly increase your portfolio size.

This is why as time passes trading bots become more and more ineffective, the reason traders keep their strategies under wraps and if possible never reveal them has to do with the fact that the more people are using the same strategy the less effective it becomes to the point of becoming useless, this is something very common when it comes to Internet marketing but it also applies to trading strategies, this means that unless you can code your own strategy into one of those bots then most likely you will not see any profits generated by that bot.

[TinaK]

Just an additional expense for small traders like me that is why I didn't use a trading bot.
But if you have a budget, a trading bot is good when especially if you don't have enough time for trading then a trading bot is good for you. Because trading bot can execute your order on behalf of you by simply setting up your trade through this bot.

But I won't recommend trading bots on new traders because it is very risky to use. It's very hard to understand for them that will maybe lead to massive loss. Just expertise manual trading and go for bot when you are busy enough and have extra money to purchase bot.

[KennyR]

Bots are developed to fulfill what is being assigned. It executes accordingly. In my understanding it is good to be used on cryptocurrency which has regular price fluctuation within specific range. Through this setting up a buy at a price lower than the sell price and execution of sell once after the buy gets executed happens continuously. This way traders who can't spend much time can benefit out of the bots.

Maybe there are more technical things that can be added to the bot, but this is the very specific purpose for which bots are getting used.

[Hypnosis00]

I'd never try and never have the plan either.
Why? Those trading bots aren't reliable to me and haven't trusted than to do it by myself. In fact, these machine is still relying on us and since I have enough time to make a trade, I don't need this anymore. Maybe those who have limited time and wanted to make these trading bots work the whole day, that seem suitable for them.

But on the other side, it makes us lazy anyway. And I preferred to do it manually as I was still gaining more learnings.

[carlfebz2]

Bots are developed to fulfill what is being assigned. It executes accordingly. In my understanding it is good to be used on cryptocurrency which has regular price fluctuation within specific range. Through this setting up a buy at a price lower than the sell price and execution of sell once after the buy gets executed happens continuously. This way traders who can't spend much time can benefit out of the bots.

Maybe there are more technical things that can be added to the bot, but this is the very specific purpose for which bots are getting used.

Bots are made by human which means it would be following on whats been instruction.Some bots already set-up and some do still need up some instructions for them to be functional. It is really just that most people

will really be having that kind of that impression that trading bots could give out sure profits which is really a very wrong idea because it isnt something works like that way.

You do have a really wrong mindset if people do think off this way but once reality slap you in the face then for sure you would really realize.

[sheenshane]

I'd never try and never have the plan either.
Why? Those trading bots aren't reliable to me and haven't trusted than to do it by myself. In fact, these machine is still relying on us and since I have enough time to make a trade, I don't need this anymore. Maybe those who have limited time and wanted to make these trading bots work the whole day, that seem suitable for them.

But on the other side, it makes us lazy anyway. And I preferred to do it manually as I was still gaining more learnings.

I got your point but it seems you don't know well how this automated trading bot will work, it's a tool that has used algorithms and this isn't a machine.
There are trusted trading bots that you can use, they're operated for how many years and used by professional traders, it might be for the small-scale traders who didn't need this bot but those using a huge fund for trading might need to use this tool.  Using this bot will easily automate and analyze the crypto market static, calculate data on market movement, and can do execute buy and sell on behalf of you.

So I don't criticize trading bot, they are still useful for me and if your decision isn't I still respect on it.

[Slow death]

as everyone has said the best thing you can do would be to trade without depending on the bot, according to the various observations I've seen in the past the bot can give low profits, but they are not guaranteed and there are times when they simply create losses for you. that's why I don't see the advantage of using bot to trade. but in case you want to use bots, you can search for good bots on this forum and test for a few months to see the effectiveness

[Wexnident]

Pretty sure some people do, they pretty much use it to make their lives easier and to automate the monotonous parts of trading but as others have said, it's still much useful for you yourself to do the trading to react to unexpected changes with more effectiveness and swiftness compared to a bot. Bots are only useful when doing something very repetitive, something that you won't really need to actually supervise on, so really, it isn't recommended at times since the crypto market is a very volatile one. Changes by the minute are always expected to happen.