Crypto Trading Bots

[tippytoes]

We all know how volatile the crypto market is especially now. I have heard so much about crypto trading bots and their possibilities of automating the trading process and turning folks into crypto millionaires. For some of these bots, the user can program them to buy at predefined low and sell at a predefined high. I’m pretty skeptical about this maybe out of ignorance or just sheer human skepticism for stuff like this. Have you ever used a bot to automate your trading? Do you trust it enough to make the right decisions? If trading bots are as good as they claim, why are folks not using them as much as they should?

I would not say "never" use them, they are still something that you could learn a bit of things from, they are still not that far away from the reality and it is certainly good if you could find a decent bot as well. The main problem that most people forget is that unless you have been using one for a long time and know how to use it then you are not going to even make a profit during the bull period.

I wouldn't say "never" if you know how to use automated trading bots, they are still a useful tool if you know how to use them.
An automated trading bot will not work without you, this isn't a machine that will work and make money for you.  On behalf of you and under your command, a trading bot will work fine.  This is still useful on my side especially when you aren't around facing your PC and monitoring the market price, automated trading bot will execute buy/sell under your command.

Each of us has different perceptions of this automated trading bot system, but when you say they are useless, no, I wouldn't agree.  It depends on how to use it.

This is very right. This is why automated trading bots are not for all traders. Because if they don't know how to use it or understand the use of it, it is useless. You can just stick to the normal trading if you have no idea yet how to use auto trading bots. Because if you got the strategy on how to use, definitely, it will be useful for you when you have no time to attend to all your trading activities.

[savetheFORUM]

The main problem that most people forget is that unless you have been using one for a long time and know how to use it then you are not going to even make a profit during the bull period.

Yeah, I understand some people may ask "how will I lose money during a bull period when things are going up", but even during bull periods there are times when there is a small correction and that's how you lose money. But, if you know how to use it then you could make profit even while it is going down.

This is why I believe that we should not be really giving up, but not expect too much at the same time as well, it is something that requires you to work to learn.

[Questat]

The main problem that most people forget is that unless you have been using one for a long time and know how to use it then you are not going to even make a profit during the bull period.

Yeah, I understand some people may ask "how will I lose money during a bull period when things are going up", but even during bull periods there are times when there is a small correction and that's how you lose money. But, if you know how to use it then you could make profit even while it is going down.

This is why I believe that we should not be really giving up, but not expect too much at the same time as well, it is something that requires you to work to learn.

Even experts, can't assure that everything will be alright and have always a profitable trade coz losses are somewhat inevitable. And that much more if we use trading bots on behalf of our presence as they are just reliant on us. Of course, we aim for better results from our trade and that is why we work hard but having bots is not a good idea for me especially if we just have enough time to perform trading, that I guess we even more learning and we know what we are doing.

[Rigon]

Yes we have seen that different exchanges are controlled by bots. In all exchanges those who use bots buy at low prices and sell at high prices.The bot sets up in such a way that ordinary customers like us cannot buy or sell any coins there. If the token price goes up, the bot sells automatically. A little more than we have been ordered or Sells his automatic with less. I have never used a bot on any exchange.

[IQnawaz123]

Cryptocurrency trading bots are automated trading systems that works on behalf of the investors.

[dataispower]

Bot can not make you rich over night , I guess that's the information many pass without giving details about how bot works.  Bot is controlled by human. One who operates with bot to trade must have good understanding about trading.  In a case where their is no knowledge in trading thinking bot can give you all you need which is not possible.

Bot is not controlled by humans but i was made by humans. So every commands that planted on the bots will be executed on the market and cannot be controlled when it's running, we just could stop it.
So i think in crypto market using trading bots is not recommended because the market volatility, there is no perfect bot yet for crypto market that could handle any posibility because it's too many and it could be changing everytime in a short time.

I know that manual cryptocurrency trading is preferable than bot cryptocurrency trading, bot trading it is finance it use to run in the form of subscription and when bot start is action of trading it can not be regulate in such away that you will stop the process of it like manual you can pause the transaction or the process, you have to wait until bot complete it is programming work, i agree with your suggestion bot trading can  not be recommended by me

[jaberwock]

An automated trading bot will not work without you, this isn't a machine that will work and make money for you.  On behalf of you and under your command, a trading bot will work fine.  This is still useful on my side especially when you aren't around facing your PC and monitoring the market price, automated trading bot will execute buy/sell under your command.

Then what are the difference between those automated bot and limit-stop-loss order? Because you sound like what I have been using in the name of limit orders? Limit orders will buy or sell when I set them up higher or lower than current market price levels.

Does your bots are capable of finding stop-loss levels if you feed where you need to enter? When a bot needs our command every time then it cannot be appropriate to call "automated" .

Each of us has different perceptions of this automated trading bot system, but when you say they are useless, no, I wouldn't agree.  It depends on how to use it.

Yeah, there are different kinds of bots are available and each will do different tasks hence n general we cannot have negative opinion on all bots but practically what I found is I am a better trader than what was voted no:1 crypto trading bot in 2020 by few review portals.

[dunfida]

I still don't like trading with bots. To be honest, manual work is much safer.

Safer on the sense that you could directly stop whenever there are sudden changes in the market specially if there are news or fundamentals around which you could really make out

some arrangement or changes in to your trading style or indicators which would make you decide directly whether you do stop or continue.For trading bots then you could set out those
specific commands and rules but of course there would be no human intervention kind of reaction as these bots would continue on whats been set up and thats the cons it does
have but i do still find it relevant because automation is really helpful when you arent doing something.

[Sled]

I still don't like trading with bots. To be honest, manual work is much safer.

Safer on the sense that you could directly stop whenever there are sudden changes in the market specially if there are news or fundamentals around which you could really make out

some arrangement or changes in to your trading style or indicators which would make you decide directly whether you do stop or continue.For trading bots then you could set out those
specific commands and rules but of course there would be no human intervention kind of reaction as these bots would continue on whats been set up and thats the cons it does
have but i do still find it relevant because automation is really helpful when you arent doing something.

As once it was fully set up, the bots will run on their own until we turn them off. If there is an abrupt change in the market that can be difficult especially when we don't monitor it and that surely it coz losses. It all just relies upon us, if we fail to make a good command, surely it never works and it will fail.

Trading bots could be somewhat useful for those who have limited time in trading but if we have enough time to perform it, I guess we don't need it anymore.

[3la9l_kolbaCa]

We all know how volatile the crypto market is especially now. I have heard so much about crypto trading bots and their possibilities of automating the trading process and turning folks into crypto millionaires. For some of these bots, the user can program them to buy at predefined low and sell at a predefined high. I’m pretty skeptical about this maybe out of ignorance or just sheer human skepticism for stuff like this. Have you ever used a bot to automate your trading? Do you trust it enough to make the right decisions? If trading bots are as good as they claim, why are folks not using them as much as they should?

Basically that made me think shady against those bots in reality, people getting rid of it due to lots of scam accusations. Somehow it was paid by large whales community that's also using it to deceive people and then fell into their fraudulent tactics. My perspective on this matter is to learn trading all alone and successfully gain full knowledge in perfect time.

[Silberman]

I still don't like trading with bots. To be honest, manual work is much safer.

Safer on the sense that you could directly stop whenever there are sudden changes in the market specially if there are news or fundamentals around which you could really make out

some arrangement or changes in to your trading style or indicators which would make you decide directly whether you do stop or continue.For trading bots then you could set out those
specific commands and rules but of course there would be no human intervention kind of reaction as these bots would continue on whats been set up and thats the cons it does
have but i do still find it relevant because automation is really helpful when you arent doing something.

One of the flaws of trading bots is that they are only as good as your code, meaning that even if you have great instincts about the market and how to trade it if you cannot put this knowledge into the bot with your code then your bot will always be a lesser version of yourself, also we need to remember that many times when you code you make mistakes and bugs could be in the code, now most of the time this is not really a problem but it becomes a huge one when we are talking about a piece of software using your savings to trade the markets.

[tygeade]

One of the flaws of trading bots is that they are only as good as your code, meaning that even if you have great instincts about the market and how to trade it if you cannot put this knowledge into the bot with your code then your bot will always be a lesser version of yourself, also we need to remember that many times when you code you make mistakes and bugs could be in the code, now most of the time this is not really a problem but it becomes a huge one when we are talking about a piece of software using your savings to trade the markets.

Yes, trading bots are simply programming codes and even it is not having any bugs, we cannot expect it to remain versatile to handle all kind of market fluctuations and keep getting you profits. So, technically trading bots are having very limited probability to get us profits still the losses could be unlimited (if there is a guarantee about limited profits but zero losses then we can still go for bots ).

It has been stated by many traders who had long experiences with trading bots that manual trading is multifold better than bots on all kind of market situations.

[Hypnosis00]

One of the flaws of trading bots is that they are only as good as your code, meaning that even if you have great instincts about the market and how to trade it if you cannot put this knowledge into the bot with your code then your bot will always be a lesser version of yourself, also we need to remember that many times when you code you make mistakes and bugs could be in the code, now most of the time this is not really a problem but it becomes a huge one when we are talking about a piece of software using your savings to trade the markets.

Yes, trading bots are simply programming codes and even it is not having any bugs, we cannot expect it to remain versatile to handle all kind of market fluctuations and keep getting you profits. So, technically trading bots are having very limited probability to get us profits still the losses could be unlimited (if there is a guarantee about limited profits but zero losses then we can still go for bots ).

It has been stated by many traders who had long experiences with trading bots that manual trading is multifold better than bots on all kind of market situations.

This means that traders are preferred to do trading manually than having these machines. As with this kind of market situation, bots can't perform that much as we can do personally, they are just following commands and they will keep that command until someone will change it.

Although I didn't fully know about trading bots as I just used them once and based on my experience, that can't be reliable. It is better to do trading manually as our chances to gain profit can be unlimited and we also learn more which is very important.

[adzino]

We all know how volatile the crypto market is especially now. I have heard so much about crypto trading bots and their possibilities of automating the trading process and turning folks into crypto millionaires. For some of these bots, the user can program them to buy at predefined low and sell at a predefined high. I’m pretty skeptical about this maybe out of ignorance or just sheer human skepticism for stuff like this. Have you ever used a bot to automate your trading? Do you trust it enough to make the right decisions? If trading bots are as good as they claim, why are folks not using them as much as they should?

If those crypto bot were turning people into "millionaires", then everyone would have been using it and be a millionaire by now. They are not using it as much as they should  because those kind of bots doesn't exists. If someone wanted to sell you this bot claiming that you can be a millionaire, he probably is trying to scam you. Why would he be selling it to you when he could be using it? Why would he even have to sell you for money? He is already a millionaire. Bots can be configured to steal your funds. Bots can malfunction and you might end up losing everything. So I would suggest you to stay away from those kind of bots.

[Obito]

You are right to hold some skepticism around trading bots, the truth is that bots can be very effective but there is a catch, if you do not know how to trade manually then there is little hope that you will make any money even with a trading bot, you need to know how to trade because if you do not then it is going to be impossible for you to actually know if the strategy that the bot is using is profitable or not, so if you were to code a bad strategy into the bot the only thing it will do is to lose money for you at an alarming speed.

That's what I always say to my friends who consider using trading bots, if they don't have any experience trading or they don't know how to do a trade themselves that generates profit then how will they generate that profit in a bot that only follows your instructions, a bot will only be as good as it's owner and the specifications that that person has added to the bot.

[IQnawaz123]

Crypto trading bots are computer software that manage the trades.

[Kelvinid]

You are right to hold some skepticism around trading bots, the truth is that bots can be very effective but there is a catch, if you do not know how to trade manually then there is little hope that you will make any money even with a trading bot, you need to know how to trade because if you do not then it is going to be impossible for you to actually know if the strategy that the bot is using is profitable or not, so if you were to code a bad strategy into the bot the only thing it will do is to lose money for you at an alarming speed.

That's what I always say to my friends who consider using trading bots, if they don't have any experience trading or they don't know how to do a trade themselves that generates profit then how will they generate that profit in a bot that only follows your instructions, a bot will only be as good as it's owner and the specifications that that person has added to the bot.

If they use trading bots without knowledge about trading, it is absolutely that they just waste their money and time. That is really not advisable for them and instead of learning how to use trading bots, they'd rather help themselves to learn first and focus on improving their knowledge and skill as this will not just give them the passive results but this helps them to realize that trading is not an easy job.

Maybe I could say that trading bot is also good but have to accept that this is not meant for everyone.

[Natalim]

Maybe I could say that trading bot is also good but have to accept that this is not meant for everyone.

Of course, because it cannot make everyone profitable, also, if you subscribe to a crypto bot, you have to pay for the premium and the amount varies depending on how popular the trading bot is. Before, I believe there's a lot of trading bot being introduce to the market, but now, it seems like they are gone because maybe people have realize that trading bot does not work in the long run.

[beerlover]

For some of these bots, the user can program them to buy at predefined low and sell at a predefined high. I’m pretty skeptical about this maybe out of ignorance or just sheer human skepticism for stuff like this. Have you ever used a bot to automate your trading?

To get some idea on trading bots, you can try any bot as most of them are coming up with free trail for certain time period and if you find them good to go with, then you can buy a subscription to continuously use them. You do not need to remain about trading bots as a mystery; because most people do have good opinion on bots until they start using them personally. I have tried different bots in my trading career but not right now not using any of them.

Trading bots might be useful for few repeated tasks like for putting trailing stop loss or when market is jumping in price levels and you are unable to catch the right price then bots may help you to detect a better price to enter or exit. Other than these, I could not find any other useful tasks from bots.

[taufik123]

Trading bots keep popping up, long lost ones reappear under another name but the features remain. this will keep repeating. I have never used a trading bot during my trading, I rely more on technical analysis than having to rely on bots, most bots nowadays are just free bots that are converted to premium. Scam trading bots are also widely spread.