What you really think about trading bots?

[wxa7115]

What do you think about trading bots in general?

I have never tried it. Once I attempted to set it up on Binance but changed my mind.
They say I should just keep up to date with the happenings, then do some settings and I could go on vacation knowing that the bots will make me money. Hell no. Maybe I am not too comfortable yet with letting a bit make trading decisions for me. I am yet to be convinced that they can make as much money as human traders can.
But to think of it, do they make losses too?

And you are right on your reasoning, it is common for some traders to see bots as the solution to their problems and that they only need to activate one and watch their account get richer by the day.

But things are never that simple, you need to make sure the strategy you have implemented is correct and there are no bugs, and even then you still need to supervise that the bot does not make some sort of mistake, as it could be the case of the bot not closing an open position and then lose money that it was not supposed to lose, and in that respect your misgivings about bots are not misplaced.

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[xSkylarx]

What do you think about trading bots in general?

I have never tried it. Once I attempted to set it up on Binance but changed my mind.
They say I should just keep up to date with the happenings, then do some settings and I could go on vacation knowing that the bots will make me money. Hell no. Maybe I am not too comfortable yet with letting a bit make trading decisions for me. I am yet to be convinced that they can make as much money as human traders can.
But to think of it, do they make losses too?

And you are right on your reasoning, it is common for some traders to see bots as the solution to their problems and that they only need to activate one and watch their account get richer by the day.

But things are never that simple, you need to make sure the strategy you have implemented is correct and there are no bugs, and even then you still need to supervise that the bot does not make some sort of mistake, as it could be the case of the bot not closing an open position and then lose money that it was not supposed to lose, and in that respect your misgivings about bots are not misplaced.

Bots can make us feel more at ease and save us time checking and monitoring the chart; however, the question is whether they are profitable. You are also correct in that you must monitor it because there will be time that bot will make mistakes. I usually write scripts for my daily tasks at work because I find them repetitive and boring, and I code them myself, but when it comes to trading, this is not a good solution because I need flexibility, which is why I don't use or rely on bots. It is better to trade manually as you can learn more every day in the market.

[uneng]

Bots can make us feel more at ease and save us time checking and monitoring the chart; however, the question is whether they are profitable. You are also correct in that you must monitor it because there will be time that bot will make mistakes. I usually write scripts for my daily tasks at work because I find them repetitive and boring, and I code them myself, but when it comes to trading, this is not a good solution because I need flexibility, which is why I don't use or rely on bots. It is better to trade manually as you can learn more every day in the market.

I'm skeptical regards trading bots, because if they were profitable, every traders could just acquire the top notch bot available in the market, set it up, and earn passive income from the bot's work. It's not what happens for real, though. And in fact it would be impossible, as they are only bots and not seers. As forum members have related, from the accessibility and interactivity point of views, bots are great, but they don't guarantee profit, and in this case I think it's the most important aspect they fail in achieving.

[Franctoshi]

Trading Bots are just trading tools coupled together using some indicators or using a trading strategy made by some professional traders in order to help some traders who don't have much of time to Analyze the market or read chart patterns etc. There are some bots that works well while some are not good. I have once or twice traded with bots before , but I may consider using trading bots again due to time saving.

[Mahanton]

Bots can make us feel more at ease and save us time checking and monitoring the chart; however, the question is whether they are profitable. You are also correct in that you must monitor it because there will be time that bot will make mistakes. I usually write scripts for my daily tasks at work because I find them repetitive and boring, and I code them myself, but when it comes to trading, this is not a good solution because I need flexibility, which is why I don't use or rely on bots. It is better to trade manually as you can learn more every day in the market.

I'm skeptical regards trading bots, because if they were profitable, every traders could just acquire the top notch bot available in the market, set it up, and earn passive income from the bot's work. It's not what happens for real, though. And in fact it would be impossible, as they are only bots and not seers. As forum members have related, from the accessibility and interactivity point of views, bots are great, but they don't guarantee profit, and in this case I think it's the most important aspect they fail in achieving.

A common sense thing on which if they are really indeed working then we cant or see a market which is operating today because every trader is really that profiting into those movements.Who would be those sellers and buyers if both things are been holding with their positions just because the bot are really setting up on the same command on where it is been set? There would be no such movement  and this is why its
really that dumb to believe into something which isnt really that realistic. It is really just a common misconception about bots where they do believe that it is really that money making or profitable
which it isnt really that true.

[justdimin]

I'm skeptical regards trading bots, because if they were profitable, every traders could just acquire the top notch bot available in the market, set it up, and earn passive income from the bot's work. It's not what happens for real, though. And in fact it would be impossible, as they are only bots and not seers. As forum members have related, from the accessibility and interactivity point of views, bots are great, but they don't guarantee profit, and in this case I think it's the most important aspect they fail in achieving.

Nothing guarantees profit anyway, so if you want to test it out and the only thing that keeps you away from it is the fact that you are not entirely sure if you are going to make money with it or not, then you should give it a go.

However, the reality is that "will I be able to use it" is a much bigger trouble, because I have seen a million people who fail to use it properly and their stupidity becomes 7/24 thanks to the bot they are using. This is why most people should not use, only the very greats should because their awesome trading becomes 7/24 instead. The guaranteed profit thing will not be real in any way or shape so it's better to not really look at anything else.

[GigaBit]

A newbie in trading or crypto sees or expects a trading bot as a money making machine where you set it up and will make a profit automatically. Not thinking, if that was the case then a lot of people who came into the crypto world earlier compared to them should have become wealthy by now. Not a fan of trading bot, if I'm a person which is too lazy in trading, i'll do copy trading instead. Atleast I can see the winning percentage of the trader.

Humans have thoughts that can generate profits in an easy way. even though they have found a way to make money, they will continue to grow to try to have an easier way to make a profit. one of them with the work done by robots. but I can't be sure the robot can make you generate profits according to what you want. sometimes all things go wrong.

A trading bot is generally an application by which a trader can make his trading activity easy and profitable. If a trader does not have a good idea about trading, then using that bot in trading can be exposed to loss rather than benefit. Everything that a trader is unable to do manually can be done in seconds with the help of a bot. A trader should know well about bots before using them. If the trader can use bots if they understand the market conditions and expectations and risk factors well, then it can bring good results.

A trader should also have a good understanding of his application. A free application should never be used for such purposes. This will increase the amount of risk and even there is a good chance of losing his money in the future.

[Davidvictorson]

What do you think about trading bots in general?

People talk a big deal about trading bots. But we know that trading bots are just bots. They are programmed and cannot replace experienced traders. They cannot make intelligent decisions as they are purported. Because if they can actually make 10x profits then most people would just turn to them. One other point is that trading bots are not for newbies. It doesn't stop one from learning about trading because to set it up requires some level of skill. For now though, I stay away from it.

[Lanatsa]

What do you think about trading bots in general?

People talk a big deal about trading bots. But we know that trading bots are just bots. They are programmed and cannot replace experienced traders. They cannot make intelligent decisions as they are purported. Because if they can actually make 10x profits then most people would just turn to them. One other point is that trading bots are not for newbies. It doesn't stop one from learning about trading because to set it up requires some level of skill. For now though, I stay away from it.

Newbies are the ones who do easily fall out with these kind of claims on which they do really tend to believe that these bots could help them out on making profitable trades which is really very wrong.Just like on

what you had said and others here that bot is just bot which is for automation of trades and it would be still relying on traders decisions and settings that they would really be putting into those bots.

While you are really that away then these bots are the ones would be executing actions basing up on what you had put into.People should really not make themselves believe which
arent true at all.

[Hamza2424]

Dear OP i like trading bots, As in thr sideways movement of the market trading bots play a profitable role. Bots are good but cant be trusted 100% i can see some exchanges trading bots are fully optimized but ou need to be careful in digital world a small bug can lead to a major loss anyways I'm sure reputed exchanges always use tenets for such product launches and you can feel safe with them. In high volatility Bots are useless.

[rozak]

Dear OP i like trading bots, As in thr sideways movement of the market trading bots play a profitable role. Bots are good but cant be trusted 100% i can see some exchanges trading bots are fully optimized but ou need to be careful in digital world a small bug can lead to a major loss anyways I'm sure reputed exchanges always use tenets for such product launches and you can feel safe with them. In high volatility Bots are useless.

for those who have tried trading bots and profited it might be good to use them.
But beginners still need someone who can immediately make the right adjustments from using the bot.
I've used it myself, but not sure if I'm doing it right. but I'm not comfortable using it. and more interested in trading normally. maybe using copy trading appeals more to me.

[Hamza2424]

Dear OP i like trading bots, As in thr sideways movement of the market trading bots play a profitable role. Bots are good but cant be trusted 100% i can see some exchanges trading bots are fully optimized but ou need to be careful in digital world a small bug can lead to a major loss anyways I'm sure reputed exchanges always use tenets for such product launches and you can feel safe with them. In high volatility Bots are useless.

for those who have tried trading bots and profited it might be good to use them.
But beginners still need someone who can immediately make the right adjustments from using the bot.
I've used it myself, but not sure if I'm doing it right. but I'm not comfortable using it. and more interested in trading normally. maybe using copy trading appeals more to me.

I am not satisfied with your argument dear if you know just simple resistance and support levels on the daily chart then there is a no more simple way to trade then AI trading or grid bot trading. Yes, results are slow but results are always positive. So even a newbie can trade with the Bots if he simply knows Support and Resistance levels one thing i would like to add he should also need to be famaliar with how to use the bot.

[WatChe]

Bots are not some kind of magic wands that can magically let the money roll into your account. Bots are great tools with good traders. Without trader's knowledge and experience bots cant do anything. It has quite significant advantages some of them are:

Time: I don't need to sit down in front of the screen and look for opportunities. I mean since bots are on the market all the time, it catches the opportunities that I might miss.

Execution speed: Since it does the execution according to its algorithm, it executes way faster than doing manually.

Emotional Discipline: As most newbies when I first started trading, I ended up losing many times then I realized It was mostly because I was lack of emotional discipline. Traders tend to act greedy, panic, or with ego. That was one of the main reasons why I started automated trading.

So I think bots are worth it. It works for me at least. Tools on their own can’t do anything but help. The platform you will be using for creating your bots is also crucial.

One more thing I wanna add is bots can be used only when you are going out somewhere and can't see the market. Bots are no way human replacement and should be used accordingly. If bots are that much intelligent then whole world would be super rich by now using Bots only. Since AI based bots are rolling out in the market we need sometime to check there result.

[LUCKMCFLY]

In my personal opinion, bots are not profitable, I have friends who have had a very bad time buying bots that trade on binance, and one who got into a big porblame where he owes up to $200k and that is something that is still bad, he has not been able to pay, in fact he has sold his house, farms, car, and he still lacks money, so he has not been able to do much because there are many who still owe him money.

So the bots don't have any impact, I think that AI is a way to do it, although I haven't been able to find it on the web or in a service that does something like this, it would be good to try, because technology is good to take advantage of for everything.

[wxa7115]

And you are right on your reasoning, it is common for some traders to see bots as the solution to their problems and that they only need to activate one and watch their account get richer by the day.

But things are never that simple, you need to make sure the strategy you have implemented is correct and there are no bugs, and even then you still need to supervise that the bot does not make some sort of mistake, as it could be the case of the bot not closing an open position and then lose money that it was not supposed to lose, and in that respect your misgivings about bots are not misplaced.

Bots can make us feel more at ease and save us time checking and monitoring the chart; however, the question is whether they are profitable. You are also correct in that you must monitor it because there will be time that bot will make mistakes. I usually write scripts for my daily tasks at work because I find them repetitive and boring, and I code them myself, but when it comes to trading, this is not a good solution because I need flexibility, which is why I don't use or rely on bots. It is better to trade manually as you can learn more every day in the market.

You could build a signals bot that detects possible profitable trades instead of one that trades automatically, in a way it would be a very similar bot as it would have to do everything that a trading bot will need to do.

The only difference is that instead of using the exchange API and generate a trade order a signals bot could send you an email which is linked to your smartphone and you could receive an alert coming from it, then you could watch the market in question and see if there is in fact a profitable trading opportunity waiting for you, and if this is the case then you could open a position by yourself.

[adzino]

Any trading bots that promise you that you will make profit are actually fake and most likely trying to scam/lure you. Don't "buy" those trading bots. You don't even know what those bots are capable of. They can end up swiping your whole computer!

There are legit trading bots, but don't expect those bots to do everything for you. They will follow the strategy you provide them with, but you will have to supervise and keep on updating the bots. The only thing bots help you do is automate the trade for you which you only need to update every few minutes to hours instead of constantly looking at the screen.

[tygeade]

Any trading bots that promise you that you will make profit are actually fake and most likely trying to scam/lure you. Don't "buy" those trading bots. You don't even know what those bots are capable of. They can end up swiping your whole computer!

There are legit trading bots, but don't expect those bots to do everything for you. They will follow the strategy you provide them with, but you will have to supervise and keep on updating the bots. The only thing bots help you do is automate the trade for you which you only need to update every few minutes to hours instead of constantly looking at the screen.

This is true, if a trading bot owner tells you that you are going to make profit for sure, 100% guaranteed that you will be profiting, then they are selling you a lie. Those legit trading bots and their sellers will always tell you that there is a chance to lose money, or a chance to buy something that won't go up for a long time, basically make a bad trade, they do try to keep that into minimum, and they may claim that they are the one that has that as little as possible and best at that, but they will tell you that it could happen.

This is why it's already wide open to me that if it could make a loss, so could I, and why would I need it to begin with. I like my own investments more.

[molsewid]

Any trading bots that promise you that you will make profit are actually fake and most likely trying to scam/lure you. Don't "buy" those trading bots. You don't even know what those bots are capable of. They can end up swiping your whole computer!

There are legit trading bots, but don't expect those bots to do everything for you. They will follow the strategy you provide them with, but you will have to supervise and keep on updating the bots. The only thing bots help you do is automate the trade for you which you only need to update every few minutes to hours instead of constantly looking at the screen.

This is true, if a trading bot owner tells you that you are going to make profit for sure, 100% guaranteed that you will be profiting, then they are selling you a lie. Those legit trading bots and their sellers will always tell you that there is a chance to lose money, or a chance to buy something that won't go up for a long time, basically make a bad trade, they do try to keep that into minimum, and they may claim that they are the one that has that as little as possible and best at that, but they will tell you that it could happen.

This is why it's already wide open to me that if it could make a loss, so could I, and why would I need it to begin with. I like my own investments more.

Indeed! I clearly remember that someone who sell me a bot that is linked to my binance account, he said let your bot make a trade for you and you don't need to do anything you will get a profit since he was using this bot as well in futures, but then when I check , his bot only using cross and 75x yes the bot is working but not actually accurate, you just need to have a larger margin.

[LUCKMCFLY]

Any trading bots that promise you that you will make profit are actually fake and most likely trying to scam/lure you. Don't "buy" those trading bots. You don't even know what those bots are capable of. They can end up swiping your whole computer!

There are legit trading bots, but don't expect those bots to do everything for you. They will follow the strategy you provide them with, but you will have to supervise and keep on updating the bots. The only thing bots help you do is automate the trade for you which you only need to update every few minutes to hours instead of constantly looking at the screen.

This is true, if a trading bot owner tells you that you are going to make profit for sure, 100% guaranteed that you will be profiting, then they are selling you a lie. Those legit trading bots and their sellers will always tell you that there is a chance to lose money, or a chance to buy something that won't go up for a long time, basically make a bad trade, they do try to keep that into minimum, and they may claim that they are the one that has that as little as possible and best at that, but they will tell you that it could happen.

This is why it's already wide open to me that if it could make a loss, so could I, and why would I need it to begin with. I like my own investments more.

Indeed! I clearly remember that someone who sell me a bot that is linked to my binance account, he said let your bot make a trade for you and you don't need to do anything you will get a profit since he was using this bot as well in futures, but then when I check , his bot only using cross and 75x yes the bot is working but not actually accurate, you just need to have a larger margin.

The truth is that the people who have used bots to train have not done well at all, they have not been profitable, they are things that happen that are very difficult to do, it is not fulfilled, quite the opposite, I know of a case where they sold robots commercials to trade on binance, and you only had to have money there, and the robot did everything, it had the power to do everything the bot wanted, what I found out is that everyone who purchased the bot lost all their money and the person who brought them the bot or offered it came out as a scammer, so the people who fell are currently demanding that they pay them the money they invested.

[martyns]

Trading bots are very accurate interms of trading in the market. It's some kind of signal that gives names of the coins to buy either using futures or spot. But most trading bots uses futures trade, which gives the leverage depending on your account size, it's very dependable when you're busy with work and need something that will open the trade and close it for you even when you're not online. Although it have it's disadvantages because you can be using bots for years and don't even know how to use TA and FA which still proofs that one is still a newbie in the space.