What you really think about trading bots?

[Rahul09]

IMO you are 100% right by saying that such tools are not for beginners rather only for expert traders. Only experienced traders should go for it and they are in better position to tell whether they are worthy or not. These days AI based trading bots are available that can do trading like humans (not sure up to what extent they can act like humans).
I would say use them only while you are away not rely on them 100% for all of your trading. If bots can give profit then whole trading industry would be relying on them.

in real use beginners use trading bots more than doing manual trades with their technical knowledge. Beginners only rely on the work of bots to make trades automatically. This will be very dangerous because beginners do not have full control of what is traded. Even though trading bots also use AI it will still be at risk. No machine is perfect, all will experience errors. As a trader, you must also have control over the assets being traded.

absolutely right. To survive in trade, you have to learn and know everything yourself. If you are a new trader like everyone else you will want to use bots but this is very risky. Never rely on anything to trade. First make yourself adept at trading and then trade. If you don't do this and trade daily with bots, you will end up losing money which will lead to your disappointment and failure.

[georgest]

I will save lot of time. most public bots are scams you will end losing money.

check my thread if you are seriosly interested making money in crypto using futures bot trading

https://bitcointalk.org/index.php?topic=5431269.0

[Cling18]

IMO you are 100% right by saying that such tools are not for beginners rather only for expert traders. Only experienced traders should go for it and they are in better position to tell whether they are worthy or not. These days AI based trading bots are available that can do trading like humans (not sure up to what extent they can act like humans).
I would say use them only while you are away not rely on them 100% for all of your trading. If bots can give profit then whole trading industry would be relying on them.

in real use beginners use trading bots more than doing manual trades with their technical knowledge. Beginners only rely on the work of bots to make trades automatically. This will be very dangerous because beginners do not have full control of what is traded. Even though trading bots also use AI it will still be at risk. No machine is perfect, all will experience errors. As a trader, you must also have control over the assets being traded.

absolutely right. To survive in trade, you have to learn and know everything yourself. If you are a new trader like everyone else you will want to use bots but this is very risky. Never rely on anything to trade. First make yourself adept at trading and then trade. If you don't do this and trade daily with bots, you will end up losing money which will lead to your disappointment and failure.

I've tried using trading bots before due to curiosity but unfortunately, I only ended up losing more so I can conclude that they aren't reliable all the time. Because of that experience, I tried my best to learn all the applicable and effective strategies in trading. Knowing the fundamentals and technical analysis is really an advantage for us to grow as traders where we don't have to rely on AIs. Beginners should focus on learning everything about trading first than relying on bots because we could make accurate and right decisions by doing manual trading.

[SquallLeonhart]

Honestly, I prefer not to use robots or bots for work. Their algorithm is usually quite simple, and does not take into account many nuances.

But, how sure that you are like all the bots are based on only simple algorithm. I am sure that many bot are around here with advanced strategies which might be more than enough to crack profits still losses also possible due to market conditions. I mean that you may not be right to ignore all the bots just for the reason of being simple algorithm based.

I heard some people are making use of exchange based bots for trading but not sure about their consistent profit making chances. But, I am keen on listening any success storied on those exchange based trading bots.

[GeorgeJohn]

From my perception in bot application, i seems bot application in trading as a programmed application, the profit you will make in bot is not of higher potential than the profit you will gain from a manual trading, i portray this because bot have a calculated measures, which is being programmed, so hoping that bot will more advantages than manual trading i think it's individual conceptions, because the profit you can earn through bot application is a limited profit.

[wxa7115]

Honestly, I prefer not to use robots or bots for work. Their algorithm is usually quite simple, and does not take into account many nuances.

But, how sure that you are like all the bots are based on only simple algorithm. I am sure that many bot are around here with advanced strategies which might be more than enough to crack profits still losses also possible due to market conditions. I mean that you may not be right to ignore all the bots just for the reason of being simple algorithm based.

I heard some people are making use of exchange based bots for trading but not sure about their consistent profit making chances. But, I am keen on listening any success storied on those exchange based trading bots.

And are those bots up for sale? Bots have been part of the stock market for decades now, so there is not much of a point on questioning their efficacy, the question is if you can buy a good bot or develop your own?

And for the most part it is impossible for most traders to do the latter, while the former is seldom an option either as someone which actually has an effective bot to trade the markets does not have any incentive to sell it as they can just trade the markets with it and make way more money than whatever they could get by selling the bot.

[xSkylarx]

I am not an active trader and a trading bot user, but people need to know that trading bots are just a tool that still requires you to have an actual trading plan that you follow religiously.

I haven't tried a trading bot in cryptocurrency but I tried one in forex, and I really thought that they were both the same , it will execute a buy or sell order if most of its indicators are saying buy or low, e.g., MACD and RSI will say overbought or oversold, or Fibonacci hits the zone, etc. It is automating the process than waiting all the indicators.However, you must understand the fundamentals of trading. However, most sellers only include tutorials on how to set up and deposit to a specific platform and run the bot 24/7.

However, based on my experience with bots, I would say that it is risky because most bots require a large deposit in order to avoid being liquidated or having our accounts burned. Also, it depends on the trend; for example, there are bots that work well when the market is in an uptrend; however, the market can change at any time, and if it does, then you will lose your money. 

[oaz7t]

I have seen it go further with the bots but setting it up is not easy task for non technical
population. In addition to that, you always need to keep changing the settings within bot for
various limits, stop-loss methodology and N-number of parameters to set up. I am not sure how
does it make it a bot if we are going to set up such things. These things can easily be done on
any exchanger, you have call-put options, time parameters, and the trade can go on its own.
Till date I have not seen anyone posting the pics about these bots in play. Kinda dope!

[xSkylarx]

I have seen it go further with the bots but setting it up is not easy task for non technical
population. In addition to that, you always need to keep changing the settings within bot for
various limits, stop-loss methodology and N-number of parameters to set up. I am not sure how
does it make it a bot if we are going to set up such things. These things can easily be done on
any exchanger, you have call-put options, time parameters, and the trade can go on its own.
Till date I have not seen anyone posting the pics about these bots in play. Kinda dope!

If you try to join trading groups, you will notice that some people are selling bots, flexing their profit from the trade using the bot, and demonstrating that they are profitable. These bots are usually paid one time or on a monthly basis, but the setup depends on the bot you are purchasing. For example, there are bots that have already been setup; you only need the installation setup, which is usually provided by the seller. But, once again, I am not a fan of using the bot, but those developers have impressed me with how they do it. Though doing trading manually is better for me,

[Mahanton]

I have seen it go further with the bots but setting it up is not easy task for non technical
population. In addition to that, you always need to keep changing the settings within bot for
various limits, stop-loss methodology and N-number of parameters to set up. I am not sure how
does it make it a bot if we are going to set up such things. These things can easily be done on
any exchanger, you have call-put options, time parameters, and the trade can go on its own.
Till date I have not seen anyone posting the pics about these bots in play. Kinda dope!

If you try to join trading groups, you will notice that some people are selling bots, flexing their profit from the trade using the bot, and demonstrating that they are profitable. These bots are usually paid one time or on a monthly basis, but the setup depends on the bot you are purchasing. For example, there are bots that have already been setup; you only need the installation setup, which is usually provided by the seller. But, once again, I am not a fan of using the bot, but those developers have impressed me with how they do it. Though doing trading manually is better for me,

Yes, those bots are already having those ready set-up but how you would consider out for those bots to be profitable if these creators or bot sellers trying to sell it out?
If you do just simply trying out to be sensible around then it is really not just right to make yourself believe that there would really be some exploits or holy grail method
on making yourself profitable on automation way or method.There's no such thing on this world could make out that kind of guarantee specially when dealing up with an unpredictable market.
You are just simply wasting off your money with these things.

[libert19]

Just false promises, that you can earn this much profit with our bot. Regarding gunbot, I had come across it years ago, good to see it still thriving.

[Minor Miner]

It can't be generalized that all of them are useless and a waste of time as I believe that there are some bots that are working efficiently but not perfectly. I think you are also using one of it (Gunbot), how it does for you OP? I think you can also share it with us so people will encourage to try it.

Well, anyways, bots can only be working well depending on the trader itself. Likely, if a trader had already deep knowledge of trading he can really make a good setup on the bot that will just work according to what haven been commanded. But if you are new, you can never expect that it will become productive but rather expect failure.

I agree, I do not believe in bots for sale on social networks or telegram groups, they still work, but it is not as effective as we expect. But for some people who are programmers and they create their own bot to use, I believe it works great. I've seen a few people do that, and of course, they never sell it or share it with anyone. In that case, I would do the same, when something gets too popular it won't work either. Like good traders, they never brag, but trader impersonators love to sell signals and open trading teaching groups.

[Woodie]

Most people posting here probably know that there are a lot of trading bots out there, but does it work? How could you tell if one is working?

Trading bots are configured to trade like their creator based on certain perimeters say if a 50 moving average crosses the 200 moving average that signals an entry and the alike but these are bound to fail because market conditions are always changing and the never adjust to them unfortunately. But the best alternative to this would be copy trading as this is usually based on good analysis and only copies the entries and exists a trade as the master account automatically.

Just false promises, that you can earn this much profit with our bot.

Very true and the only reason these guys still manage to sell these bots is because they back test on already printed candles which makes these bots look like they work, but when it comes to the real markets they fail terribly.

[Taskford]

It can't be generalized that all of them are useless and a waste of time as I believe that there are some bots that are working efficiently but not perfectly. I think you are also using one of it (Gunbot), how it does for you OP? I think you can also share it with us so people will encourage to try it.

Well, anyways, bots can only be working well depending on the trader itself. Likely, if a trader had already deep knowledge of trading he can really make a good setup on the bot that will just work according to what haven been commanded. But if you are new, you can never expect that it will become productive but rather expect failure.

I agree, I do not believe in bots for sale on social networks or telegram groups, they still work, but it is not as effective as we expect. But for some people who are programmers and they create their own bot to use, I believe it works great. I've seen a few people do that, and of course, they never sell it or share it with anyone. In that case, I would do the same, when something gets too popular it won't work either. Like good traders, they never brag, but trader impersonators love to sell signals and open trading teaching groups.

Profits is used for marketing but in reality there's no really passive earning we can get since this can use to automate our trade profit is not included because we are the one who set it. But there are some traders use this since this is somehow helpful but for newbies thinking about becoming rich on this well maybe this is not for them because maybe they will dislike the result on their bought trading bots.

[GigaBit]

Honestly, I prefer not to use robots or bots for work. Their algorithm is usually quite simple, and does not take into account many nuances. So, for now, I trade manually with a broker from Amarkets, and this option seems to me more interesting.

Robots are usually created as substitutes for humans. In this age of mechanization, many human jobs are now done by robots. People are now receiving services in various ways with artificial intelligence. It is now very effective in trading as well. Robots powered by artificial intelligence have the potential to be used universally. Through this robot it is now possible to trade more volume in less time. What is almost impossible manually can easily be done with artificial intelligence. The main task of this robot is to follow the trading chart and use its intelligence to extract profit. All these things, from finding a deal to buying and selling, are done without the intervention of a trader. No need to analyze. No need to read the news.

There are some advantages using trading bots.  It will trade itself 24 hours a day. It works in a fixed system so rules are never broken. There are numerous settings that can be managed through the settings themselves. Ability to perform data analysis in very short time. Any new trader with basic knowledge can earn with this method. Dealing with a specific currency results in very low trading losses. But there are some disadvantages with it. A robot cannot normally work in more than one currency. So if you want to set up a robot in multiple currencies, you need to purchase a robot for each currency.
In robot trading, you do not have the opportunity to trade, so the robot will lose the trade by making a mistake in the formula. If it can be used correctly, users would be profitable.

[Natalim]

...

I agree, I do not believe in bots for sale on social networks or telegram groups, they still work, but it is not as effective as we expect. But for some people who are programmers and they create their own bot to use, I believe it works great. I've seen a few people do that, and of course, they never sell it or share it with anyone. In that case, I would do the same, when something gets too popular it won't work either. Like good traders, they never brag, but trader impersonators love to sell signals and open trading teaching groups.

Profits is used for marketing but in reality there's no really passive earning we can get since this can use to automate our trade profit is not included because we are the one who set it. But there are some traders use this since this is somehow helpful but for newbies thinking about becoming rich on this well maybe this is not for them because maybe they will dislike the result on their bought trading bots.

Not necessarily have to try using them but I think we need to do so just to see what really happens and what this bot can do for us traders.
Many opinions arise that they are not working, maybe they are because a trader fails to do good as well. But never I encourage people to try from not a trusted site, better know it first and, of course, make sure that you are ready enough and knows how to use them otherwise, it is totally a waste of time either.

[coinerer]

I am not used to trading by trading bots but I have heard that trading bots are able to complete an accurate trade. And a bot can work several times faster than humans so it protects a trader from big losses . Now various exchanges are also launching their own trading bots.  For example kucoin has trading bots on their exchange by which a user can trade with the help of that bot . But I personally am not used to trading by trading bots and I don't have much experience in it

[borovichok]

I am not used to trading by trading bots but I have heard that trading bots are able to complete an accurate trade. And a bot can work several times faster than humans so it protects a trader from big losses . Now various exchanges are also launching their own trading bots.  For example kucoin has trading bots on their exchange by which a user can trade with the help of that bot . But I personally am not used to trading by trading bots and I don't have much experience in it

Trading bots served important purpose for traders in the space. Trading bots are accurate but they come with fees, they're not free. Sometimes they failed to take profits when the TP is triggered in a trading position. Bots don't fixed the error they omit and they're program machine which served the purpose of the moderators of  trading exchange. Kucoin trading bots is accessible and easy to place trades, they have their certain targets for the day and also make fewer losses over the week. Although ivet not try trading with bots but with the proper knowledge, it's simple to grab profits.

[MegaKill]

Trading bot is very useful if you already know a trading strategy that works. For example like arbitrage, which need to be executed fast and constant monitoring of markets. The arbitrage chance is very few and hard to come by especially within the same exchange, so some will do cross exchanges arbitrage, which is more tedious, because one need to move funds around. In this case bot is certainly needed. A human is not possible to monitor the markets 24/7.

Another better strategy is to trade the perpetual future spread difference across different exchanges, also call "spread trading", where one trade a perpetual futures pair between two exchanges and profit from the convergence and divergence (or widening and narrowing) of the spread. Example: When the spread is widening, one will short on Exchange A and long on Exchange B at the same time. One will then wait until the spread is narrowing and exit the positions by doing the reverse operations, thereby profiting from the spread. You actually don't have directional risk here.

This is a complex strategy, you need to take into consideration for the funding rate as well not to mention you need to calculate the price fast, have very fast fingers ready to click long & short on both exchanges and high concentration at all time. So, having a bot actually help me a lot trading with this strategy.

Cheers.

[jaberwock]

Profits is used for marketing but in reality there's no really passive earning we can get since this can use to automate our trade profit is not included because we are the one who set it. But there are some traders use this since this is somehow helpful but for newbies thinking about becoming rich on this well maybe this is not for them because maybe they will dislike the result on their bought trading bots.

This is their preferred business. To create a bot and then sell a copy of it for public use so marketing is important for them so that their bots can be reached out by many people. Now, given that bots can automate our trading strategies then they really can provide us a passive profits because we can just leave them running in the background.

You can even make money by using them while you are sleeping but of course that is if our personal trading strategy that we set inside the bot is also effective. The trading bot providers must only be transparent and tell the truth that bots like this can't do a magic so that newbies will not hope too much on them.