Trading bots... do they work?

[junder]

When I first started, I realized I had to understand the basics of trading to make the most out of the bot. It's not going to automatically make you money; it's all about the setup and strategy you use.

Exactly, I also want to say that one of the benefits of trading bots is that it helps you to trade only when you don't have much time in front of the monitor, meaning that when you have a trading bot it doesn't mean that you will be able to get more profit, because in the end as you said that it all depends on our knowledge and skills related to the world of trading, in the sense that a bot is a tool that can help you in executing the market and not to help you increase your profit.
However, I can also convey one other benefit where the bot allows you to avoid the possibility of too much loss, the reason? there will be no emotions involved in every situation, especially when you experience a loss when you use a bot as a tool to execute the market, and of course this bot can also keep you away from greed.

[Mahanton]

When I first started, I realized I had to understand the basics of trading to make the most out of the bot. It's not going to automatically make you money; it's all about the setup and strategy you use.

Exactly, I also want to say that one of the benefits of trading bots is that it helps you to trade only when you don't have much time in front of the monitor, meaning that when you have a trading bot it doesn't mean that you will be able to get more profit, because in the end as you said that it all depends on our knowledge and skills related to the world of trading, in the sense that a bot is a tool that can help you in executing the market and not to help you increase your profit.
However, I can also convey one other benefit where the bot allows you to avoid the possibility of too much loss, the reason? there will be no emotions involved in every situation, especially when you experience a loss when you use a bot as a tool to execute the market, and of course this bot can also keep you away from greed.

It is really that for automation nothingless, the problem for most people specially noobs are really that expecting that trading bots are money making generating machine or bot on which they do believe that on the moment that they do set out those bots or run them then they are already minding or thinking that they are making money constantly, until the market would be fucking up those bots and ending up on getting those blown trading balances and this is the time that they would really be making those realizations. Bots are really just that good for automation just like on what had been said that if you dont have much time on looking the chart or trade in all day then these things would really be that a good thing or simply brings up that convenience and comfort on which executing your trading analysis without needing to monitor all the time.

Do they work? Yes, but of course it would really be still needing up that traders intervention when it comes on tweaking up the settings on which making those stop losses or take profit
or trailing stops or whatever that in correlation with these things. If you dont really know on how to trade in the first place then you would really be having a hard time on making up some
tweaking of these bots but of course there are already that ready made or set up ready bots on which you could use but still that much better if you do really know on what you are dealing on with.

[Fredomago]

When I first started, I realized I had to understand the basics of trading to make the most out of the bot. It's not going to automatically make you money; it's all about the setup and strategy you use.

Exactly, I also want to say that one of the benefits of trading bots is that it helps you to trade only when you don't have much time in front of the monitor, meaning that when you have a trading bot it doesn't mean that you will be able to get more profit, because in the end as you said that it all depends on our knowledge and skills related to the world of trading, in the sense that a bot is a tool that can help you in executing the market and not to help you increase your profit.
However, I can also convey one other benefit where the bot allows you to avoid the possibility of too much loss, the reason? there will be no emotions involved in every situation, especially when you experience a loss when you use a bot as a tool to execute the market, and of course this bot can also keep you away from greed.

Yeah right, and also one of the good catch is when you already set it up you can leave it and let it execute the trade, good for those who have good knowledge about trading as they can't be emotional whatever the directions the market will go, as long as they trust their settings they will just let it go and close the trade.

More on how good you are in understanding the situation and having that good knowledge about the venue of this type of investment and how well you understand the purpose of your bot.

[Hamza2424]

This topic got bumped again, haha I know that's an old topic but still, I'm curious what others are saying again on it, anyway for sure I think most people know that trading bots and AI bots are what they expect are completely different as a bot is just a bot, need some pre-set of instruction to perform, and those instructions depend on the one's trading skills and knowledge to imprint a strategy to bot, using its features.

TBH problem is not with he newbies that they think it's a money-making machine just make a first deposit and it will start making money for you, the problem is with the fancy marketing of such products where they use words AI-enhanced and blah blah, and people think that this is AI supported bot and it will adopt the market price action and develop a strategy itself somehow and make money.

Point to Note: it's not practical, as we are still far from developing such bots because all our development in the AI field is not as advanced, and we have yet to study, adopt, and strategize in such a financial market.

[ChocolateBitcoinK]

I don't think trading can ever be done by a bot, I don't understand how this is possible. This is the first time I have seen such a thing. Moreover, I think it will help, because if the bot could be successful in trading, then no one would have suffered so much in trading, and no one would have lost so much money in trading. In trading, your own research is most important.

[Fara Chan]

I don't think trading can ever be done by a bot, I don't understand how this is possible. This is the first time I have seen such a thing. Moreover, I think it will help, because if the bot could be successful in trading, then no one would have suffered so much in trading, and no one would have lost so much money in trading. In trading, your own research is most important.

If you are still not sure about trading bots, it means that you also still have to research trading bots in more depth if you yourself are already familiar with manual trading which requires each trader to do their own research. Because the bot in question is not a robot that will find the best asset and then tell us to make a trade on that asset on a particular exchange, but it is just an automated trading system that can read certain algorithms so that it can give traders a little convenience in managing their own flow.

[GigaBit]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

Trading bots definitely work but I don't want to use trading bots. Normal bots are able to execute any trade faster than humans. It has some advantages as well as disadvantages. There will be more losses than gains if the commands are not used properly. Again, there is confusion that all trading bots will provide good support. I don't use trading bots because I prefer to use my own strategy for trading. My strategy and the strategy of trading bots will not be the same. Market movement is always dynamic in nature, so I think dynamic thinking of people is more effective than bots.

[GIF-JOBS]

Trading with a trading bot is fraught with greater risk. Because trading bots usually work through market algorithms, but due to market volatility these algorithms may not work properly in those situations and using high risk strategies may put your investment at high risk. A trading bot's decisions will never match your thoughts. So I think if people trade with their own thoughts, a bot can do better than that.

I always prefer to trade manually, because using a trading bot puts your information at risk through cyber-attacks or data leakage, which can make you lose all your money.

[Lanatsa]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

Trading bots definitely work but I don't want to use trading bots. Normal bots are able to execute any trade faster than humans. It has some advantages as well as disadvantages. There will be more losses than gains if the commands are not used properly. Again, there is confusion that all trading bots will provide good support. I don't use trading bots because I prefer to use my own strategy for trading. My strategy and the strategy of trading bots will not be the same. Market movement is always dynamic in nature, so I think dynamic thinking of people is more effective than bots.

Just like on what other users or posters saying above that it would really be that just good for automating your trades on which it does really bring out that convenience but same as yours im not really that a fan on using up bot not unless if there's something important that i would do which it could make be leave in my computer but most of the time i will really be that watching up my trades since i've been doing short trades and making out some scalping on which we know that on the moment that you do find yourself having that kind of wrong beliefs about trading bot specially into those newbie people then you would really be that keeping on using it basing up on what you are thinking. Bots are helpful and something that will really be relevant if you do really just make use it according into its real use.

The wrong thing about noobs is that they do really believe that they could easily make money with it which is really that very wrong. Trading bots do really bring out convenience
nothing less but still it will really be needing up someones knowledge about on how to make use of it, you could make some switch up in between manual and automated trading
basing up on your own preference since not all would really be wanting automation but rather going on manual.

[Mahanton]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

Trading bots definitely work but I don't want to use trading bots. Normal bots are able to execute any trade faster than humans. It has some advantages as well as disadvantages. There will be more losses than gains if the commands are not used properly. Again, there is confusion that all trading bots will provide good support. I don't use trading bots because I prefer to use my own strategy for trading. My strategy and the strategy of trading bots will not be the same. Market movement is always dynamic in nature, so I think dynamic thinking of people is more effective than bots.

Just like on what other users or posters saying above that it would really be that just good for automating your trades on which it does really bring out that convenience but same as yours im not really that a fan on using up bot not unless if there's something important that i would do which it could make be leave in my computer but most of the time i will really be that watching up my trades since i've been doing short trades and making out some scalping on which we know that on the moment that you do find yourself having that kind of wrong beliefs about trading bot specially into those newbie people then you would really be that keeping on using it basing up on what you are thinking. Bots are helpful and something that will really be relevant if you do really just make use it according into its real use.

The wrong thing about noobs is that they do really believe that they could easily make money with it which is really that very wrong. Trading bots do really bring out convenience
nothing less but still it will really be needing up someones knowledge about on how to make use of it, you could make some switch up in between manual and automated trading
basing up on your own preference since not all would really be wanting automation but rather going on manual.

You are definitely right on this one mate or something that it is really that happening for most cases specially into newbies neither they do have those initial thoughts or beliefs or they have seen it somewhere on the net by introduced by someone and this is why they do mold up that kind of false belief into their mind that trading bots are money generating machines that they could really be that become rich which same as you said.
On the time that these kind of hopes and expectations will really be having into your mind then it is really that something that brings up that kind of wrong beliefs on how things should really be done and on how it shoudl really be that treated up. HOw trading bots do work? You would really be needing to know about its real essence or its usage before you would be drawing up some conclusion. Majority of newbies will really be having those impressions that this is something that will be making up their money here on crypto space without even thinking realistically on how it do work and on whats the real purpose of it.
On the time or moment that you've seen yourself on dealing up with things then it would really be just that right that you should be acting it out normally and realistically at least.

[dansus021]

Trading with a trading bot is fraught with greater risk. Because trading bots usually work through market algorithms, but due to market volatility these algorithms may not work properly in those situations and using high risk strategies may put your investment at high risk. A trading bot's decisions will never match your thoughts. So I think if people trade with their own thoughts, a bot can do better than that.

I always prefer to trade manually, because using a trading bot puts your information at risk through cyber-attacks or data leakage, which can make you lose all your money.

There is no bot that trades accurately and trades with 100% win rate, even with the AI era I believe the bot still struggles with market volatility, especially in a crypto market like this. Because trading is simply not about Technical analysis but I also come with Fundamental Analysis that AI is hard to predict don't forget about the whale too.

But I don't know in the future if AI can read Fundamental and Techinal at the same time maybe it can go crazy

[benalexis12]

Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?

So please, only comment below if you're actively using trading bots and how successful they are.

Maybe for others it helps trading bots, but for me the trading bot is not far away from copy trading, because you trust other traders to make your profit from trading that they will do with copy trading, and while with trading bots it is AI bots making the profit you desire instead of the human trader himself making it.

That's why the cons of trading bots are that if the setup you did is wrong in the beginning, the result will be wrong, and in the end, you won't get any profit.