Use of cryptobots

[auy]

Good day to you all
More and more tempted to test cryptorobots
I understand that this is not a passive method of earning,but it can automate routine tasks of a trader
Plus,a human can not keep track of so many charts of different cryptocurrencies 24 hours a day,in contrast to the bot
Does anyone have any real experience using these cryptorobots?
If yes,please share your experience

Thanks

[palle11]

One of the challenges of traders is to focus on so many trades but never profit in them. It is better to follow few trades and get your profit from them. Having clusters of trades in your platform is more like creating more troubles beyond what you can handle, therefore is it not better handling few pairs and open orders than having much in your hands. Greed is what causes loses.

[Tytanowy Janusz]

Good day to you all
More and more tempted to test cryptorobots
I understand that this is not a passive method of earning,but it can automate routine tasks of a trader
Plus,a human can not keep track of so many charts of different cryptocurrencies 24 hours a day,in contrast to the bot
Does anyone have any real experience using these cryptorobots?
If yes,please share your experience

Thanks

Few days in python and exchange API and you will code by your own any trading strategy you want. There is no need in using paid closed source programs that will most likely steal your api key. It's not that hard and there are a lot of tutorials of how to do it

basics of python:
https://www.w3schools.com/python/

how to code trading bot:
https://www.youtube.com/results?search_query=how+to+code+a+trading+bot+python+

how yo use binance api:
https://www.youtube.com/watch?v=3uxAn7EBSS0&t=341s&ab_channel=CodeWithJoe

binance api:
https://binance-docs.github.io/apidocs/spot/en/#spot-account-trade

[JeromeTash]

One of the challenges of traders is to focus on so many trades but never profit in them. It is better to follow few trades and get your profit from them. Having clusters of trades in your platform is more like creating more troubles beyond what you can handle, therefore is it not better handling few pairs and open orders than having much in your hands. Greed is what causes loses.

Are you trying to say scalping is a useless trading strategy? Because from what I have observed, some traders have been making profits out of it. Ba calls or loses will always be there, who one manages the risk is what matters.

-snip-

Thanks, now this is the kind of information that is helpful for a non coder looking to learn how to set up a strategy

[palle11]

One of the challenges of traders is to focus on so many trades but never profit in them. It is better to follow few trades and get your profit from them. Having clusters of trades in your platform is more like creating more troubles beyond what you can handle, therefore is it not better handling few pairs and open orders than having much in your hands. Greed is what causes loses.

Are you trying to say scalping is a useless trading strategy? Because from what I have observed, some traders have been making profits out of it. Ba calls or loses will always be there, who one manages the risk is what matters.

Are you trying to say scalping is a useless trading strategy?

Never at all was I saying scalping is a useless trading strategy and my post was nothing of such too. My post was an advise to focus more on few trades so that it could easily and closely monitored for higher chances of winning as against cluster of trades that are difficult to follow up and monitored. Trading manually however if you have multiple trades on a volatile trade, it is difficult to check all in few moment. Myself I have realized this and giving it as advise.

Scalping obviously is a wonderful trading strategy buddy  And for example If a trader is not originally a scalper but enters a trade (like a ship) that he saw it was going to hit the iceberg, he diverts or stop the trade before it gets there, then he has scalped to safe the ugly situation of total loss.

[hugeblack]

Do not be deceived by false advertising about trading bots, as they are nothing but tools that are used to increase the efficiency of trading and implement the trading strategy more efficiently. If all the problem lies not in the programming or speed of the bots as much as applying the correct strategy and it is the mind that makes trading bots give great results.


So focus on learning trading strategies and you will find a lot of good open source bots that will work with you.

[The Cryptovator]

I am worried when I see someone who wants to use trading bots. Because most of us can't read the codes which are quite dangerous. I don't understand bot trading so I don't encourage anyone for that. Also, I don't think small traders like me need to use trading bots anyway. Rather than we should learn more. Keep in mind you are going to connect exchange API with the bots, so there is a potential risk. Don't pay with that you aren't familiar with.

[teosanru]

Good day to you all
More and more tempted to test cryptorobots
I understand that this is not a passive method of earning,but it can automate routine tasks of a trader
Plus,a human can not keep track of so many charts of different cryptocurrencies 24 hours a day,in contrast to the bot
Does anyone have any real experience using these cryptorobots?
If yes,please share your experience

Thanks

I have not used any recent bots, but yes I have had experiences with bots earlier and they were not really up to the mark, In fact, some even have problems such as they will hack into your funds or even become buggy after some point in time and make random unprofitable trades which can burn your capital. Some tend to become unprofitable with something as small as a change in trend. Basically, there hasn't been a single bot at least something I have found which is robust enough to serve you as a good trader so that at least your screen time can be reduced.

[Johnyz]

Bots can really work 24/7 but still the result will depend on your strategy that you will setup using BOT though there’s a default strategy but there’s still no guarantee that you can make money from this. If you are too busy i guess trading is not meant for you, you should use BOT if you only have knowledge about crypto trading, but if you are still newbie, I don’t suggest to use bot because it is still better to have your own strategy.

[KingsDen]

Cryptobots are good tools which enhances the performance of a good trader. That is to say, it is for a trader who is already experienced. I see that you are experienced and that is why you open so much trades. But you could also solve your problem by not opening so much trades that you cannot control.
For you to be successful in bots, you should know how to manipulate the bot to work for your favour with your strategy. Same bot will work well for a good bot manipulator but will blow the account of whoever doesn't know how to manipulate it.

[palle11]

For you to be successful in bots, you should know how to manipulate the bot to work for your favour with your strategy. Same bot will work well for a good bot manipulator but will blow the account of whoever doesn't know how to manipulate it.

Yes it is the disadvantage of using bot therefore you are right on that. Bots can go wrong if not properly adjusted and you lose all you have if you fail in it. I have heard instance of such happening to an account where it was using bots but unfortunately the bots traded against the trader and it was gone. Using bots requires a lot of care.

[Wakate]

Good day to you all
More and more tempted to test cryptorobots
I understand that this is not a passive method of earning,but it can automate routine tasks of a trader
Plus,a human can not keep track of so many charts of different cryptocurrencies 24 hours a day,in contrast to the bot
Does anyone have any real experience using these cryptorobots?
If yes,please share your experience

Thanks

I have used cryptobot before to trade the crypto market but it was never for the future market. It is good to use when you are just doing ordinary buying and selling with minute profits but in a consistent and quick manner.
You know that we can not always be available to check charts and trade the market as fast as possible but the use of crypto bit really helps a lot but it is only meant for the spot market. It has disadvantages too of you not making consistent profits if the market is stagnant.
 You can't make profits when the market is stagnant and in a case off bear market, one could have loses if you sell your holdings.

[Baofeng]

Good day to you all
More and more tempted to test cryptorobots
I understand that this is not a passive method of earning,but it can automate routine tasks of a trader
Plus,a human can not keep track of so many charts of different cryptocurrencies 24 hours a day,in contrast to the bot
Does anyone have any real experience using these cryptorobots?
If yes,please share your experience

Thanks

You mean trading bots? One of the best well-known bots is  [GUNBOT] Trading Bot with 136 exchanges available!!!. I'm almost tempted to buy it before, but I decided not to. Anyhow, just remember that all the parameters is still going to be set by you, so if you don't have experience in trading then for sure you might lose money. So they are not a guarantee for a passive income as you might think of, just saying.

[auy]

So,hello everyone
I plan to use the Cryptohopper bot
The test period there lasts two weeks,where backtesting of your strategy is available
I set up my strategy parameters,trading signals and take profit
Took the bot's work period from the beginning of August to today
In the pool I had about 12 positions and it showed an average profit of 3.7 percent on one currency per month
But there was a question
If I have chosen a strategy correctly for the current market, should I rely on backtesting?