Experience of using a cryptorobot

[Sauv84]

Hi all 

Can you advise whether it is advisable to use a trading bot to trade cryptocurrency?
Such bots are sensitive to volatility, which often happens in the cryptocurrency world.
And how will the bot behave in a falling market?
I used one well-known bot for a month and it made 25% of my balance in a month.
And now I want to invest a lot more money in it.

Thanks

[Oilacris]

Since you arent telling on what bot you are using then it turns out that this isnt some sort of shilling. 

If you do able to earn 25% on your capital for a month time then consider yourself lucky but its ideal or better if you do secure out your capital first before investing even more.
But dont expect nor anticipate that it would be giving you an assurance because thats not how reality works.Its better if you do know on how to make manual trades and
able to edit trading bot commands because it isnt really that automatically give out some profits.So you should be aware.

[Silberman]

Hi all 

Can you advise whether it is advisable to use a trading bot to trade cryptocurrency?
Such bots are sensitive to volatility, which often happens in the cryptocurrency world.
And how will the bot behave in a falling market?
I used one well-known bot for a month and it made 25% of my balance in a month.
And now I want to invest a lot more money in it.

Thanks

While it is good that you made a good amount of money with that bot, you need to understand that bots are not automatic money making machines, bots also lose money in the markets as they depend completely on the strategy that was coded into them by their developer, as such it is difficult to judge if the bot you are using is in fact profitable with just a sample of one month, now if you know exactly the strategy the bot is using you could backtest the strategy and see if it works long term, but such a thing will require a lot of time and effort which very few people want to invest in doing something like this.

[livingfree]

I used one well-known bot for a month and it made 25% of my balance in a month.
And now I want to invest a lot more money in it.

So you already have experience on doing it. If you've made 25% from the principal amount of capital of yours then you did it well.

And if you're asking us if it's okay to add more money based on your experience using a bot, only you can tell that if you're prepared with an additional capital using that bot.

It's your rule and decision, if it's me, whether there's or there is no bot as long as I know what I do and I have funds, I'll do it.

[JeromeTash]

25% in a month is pretty cool, and that bot must really be doing good. I don't know which type of crypto trading you are doing to best answer your question. Is it Spot trading or trading derivatives with leverage.

In falling markets, spot trading isn't favorable. So I believe most bots are flexible and have the stop loss option. Always use stop loss.

[NeuroticFish]

Can you advise whether it is advisable to use a trading bot to trade cryptocurrency?
Such bots are sensitive to volatility, which often happens in the cryptocurrency world.
And how will the bot behave in a falling market?
I used one well-known bot for a month and it made 25% of my balance in a month.
And now I want to invest a lot more money in it.

The bot can usually do, repeatedly, what you would do - if you've set it right.
Since you've used bots, you should know the basics.

Whether it's advised or not to use them.. it's debatable. It depends very much on how much configurable the particular bot is, it depends on your overall trading skills, it depends whether you can configure it properly.
And it depends on what the bot does - scalping, DCA, arbitrage, whatever.

So there's no best answer to this question. My advise is to read more, especially reviews from people actually working with trading bots. One such website I've got to read at some point in the past was https://tradingbot.info/ I can't really tell whether it's the best or not, but in the results area you may find interesting things.

My advise is to think it over very good, since the fact you are asking us this may mean that you don't have yet the experience you need (and then you should wait) or you have doubts (hence you should wait). Balance everything and ignore the FOMO. Trading is about using your brain and staying cool, not about FOMO.

But I am more a HODLer type, hence I may be wrong, and, no matter what, it's you who have to take the decision.

[sheenshane]

Can you advise whether it is advisable to use a trading bot to trade cryptocurrency?

Yes, that's advisable to use because that's a tool to be used in trading aside from those trading analysis tools.
But my question is, do you know how to use this?  This isn't will work on its own, it needs a proper setup to gain profit and maybe it's not advisable to use if you're a newbie.

That's fair enough, 25% a month is really good and if you'll maintain that strategy it might have consistent profit.
Putting a lot of money is must your own decision if you think that it's comfortable for you, then go ahead, it's your call.

[adaseb]

If you want the long story short? You won’t make any money off them. They are typically scams.

If they actually worked the developer would just use it himself instead of giving away for free or a small fee. You would be pretty much in competition and he would make less money, so why give away a strategy that works.

You just gotta learn to trade on your own.

[crwth]

It depends on the type of bot you have and how it analyzes the market because there are ways that you should determine before automating your strategy. You should be able to answer this question. How will the bot handle this type of market?

Different trends of the markets are

• Bullish
• Bearish
• Sideways

In these different market trends, you need different strategies to accommodate the changes. It's going to be hard if you are going to rely on one method alone and use it in all markets, it's win-rate won't be enough for sure. So to be higher in win rate, you would need to be able to adapt to the market's current situation.

You still should control your money wherever it goes, like you shouldn't deposit directly to both. Just use an API service to trade your portfolio or something. Be vigilant.

[Ararbermas]

Hi all  

Can you advise whether it is advisable to use a trading bot to trade cryptocurrency?

yes it is and its proven and tested of some crypto traders around the internet, and as far as i know every bot has different programs to work its either shorting or long and of course it can do both but it will depends on the price as well, especially if you want to have many trades everyday because it will become more expensive.

[Flexystar]

That is pretty impressive how bots are really working up their ways with trading. Im not sure how successful these bots are but 25% looks just awesome. You should keep sharing your experience further so that we can know if the bot had lucky chance this month or is it really good in any situation of the market whether it is bull or bearish. Better keep sending the updates in this thread next time you come up with profits. Moreover, its also worth sharing your settings so that fellow members can understand how you playing with the bot with such high score.

If you want the long story short? You won’t make any money off them. They are typically scams.

If they actually worked the developer would just use it himself instead of giving away for free or a small fee. You would be pretty much in competition and he would make less money, so why give away a strategy that works.

You just gotta learn to trade on your own.

Its true but there are many stories out here regarding the profits being made by bots. I don't know if it's entirely false but no one would just buy the bots if they were not working.

Learning yourself is entirely different career I believe. 

[Lucius]

Since you arent telling on what bot you are using then it turns out that this isnt some sort of shilling. 

Maybe the OP is using a public disclosure strategy, which will result in someone asking him privately which bot it is - and if he claims the bot is profitable to that extent, then there will certainly be those who will be interested.

If you want the long story short? You won’t make any money off them. They are typically scams.

Not only are bots a problem in the sense that they are scams, but a much bigger problem is that people think it's something that runs and makes money without the need for any knowledge of crypto trading. I have always considered them as an additional tool for those who want to increase their efficiency, but provided they know what they are doing - otherwise bots can be quite useless.

I remembered one example of testing a bot from one of our members -> https://bitcointalk.org/index.php?topic=5206137.0

[Xampeuu]

as far as I've seen trading bots in cryptocurrencies, it didn't pay off in the end. many people who offer a lucrative income, and they dare to give a percentage of profit within a certain period of time. whether it works, I think it's just a promise and gives us continuous hope, and of course we will be the losers. trading without knowledge, I think like gambling, you can win by relying on luck, but whether luck will always be present, let's open our understanding

[Alisha-k]

If it's giving you a sure ROI then you can possibly risk an amount you can afford to lose. This bots also make errors in trading. The bots works on an if, else and else if routine. And what if none of the conditions are met it typically means the bot will use a nearest condition to place trade and this might result in hazardous trades. Making the risk minimal is all I can advise at the moment

[Sauv84]

I used the Cryptohopper bot.I had a strategy for a rising market "Buy the dip"
At the time I was trading with a balance of 0.5 bitcoin.At the moment I have a lot more and would like to increase my capital
But risking a bigger balance is a different thing, my friends

[calya]

as far as I've seen trading bots in cryptocurrencies, it didn't pay off in the end. many people who offer a lucrative income, and they dare to give a percentage of profit within a certain period of time. whether it works, I think it's just a promise and gives us continuous hope, and of course we will be the losers. trading without knowledge, I think like gambling, you can win by relying on luck, but whether luck will always be present, let's open our understanding

it have possibility ponzi or money game.  the reallity didnt suit with expectation , trading using robot could not survive for long term due its based on alogorithm which is created owner, meanwhil market moved based on lastest situation which is could not programmed due its dynamic .i 've seen many investors harmed by trading robot, so far i know none of them success now except their leaderboard.

[Issa56]

Seriously I won't advise you to be using a both, the best thing is to learn how to trade manually and you will make good profit and also your mind will be at rest, you might be making money now but robot will not be parfect always and time might come when you will endup losing all your money, so the best thing you should do now is to secure your capital first and continue using the remaining money there and don't add more money.

[el kaka22]

I have to say if you used a bot, and it made you some profit, then use the profits to trade and not the initial capital. Let's assume that you traded with 1000 dollars, and made 250 profit in a month, that is great, now take out that 250 dollars and keep working with the same 1000 dollars, then if you make some more profit then take that profit out after a month again.

Eventually, if it makes profit all the time, you will have pure profits of 1000, and you will be holding your initial 1000 in your hand as well. This way you can just keep going with your botting with the money it profited and you will not be risking any of your initial money at all.

[Odusko]

Hi all 

Can you advise whether it is advisable to use a trading bot to trade cryptocurrency?
Such bots are sensitive to volatility, which often happens in the cryptocurrency world.
And how will the bot behave in a falling market?
I used one well-known bot for a month and it made 25% of my balance in a month.
And now I want to invest a lot more money in it.

Thanks

Can you be specific on the kind of bot you used that made you 25% trading profits within a month, that being said thank goodness you know the volatility rate of the cryptocurrency market so at that how the hot will behave depend totally on your configurations and if you think the hot will not execute automatic trading when market crash it better to set a stop lose features manually to support the bot.

[JooBra]

To be honest, I don't find the use of bots useful. It seems to me that there are more important and necessary things for work. For example, experience. For a trader, this is much more important. When I started working with a broker from Amarkets, I paid a lot of attention to working on a demo account.

Bots can work fine and can earn money but to do that you need to be trader and know what are you doing. Having some skills before using a bot is a must. I used a bot for testing half a year ago and it works but you need to know the limits and to have bigger amount of money to make it work.