Are trading bots worth using in the cryptocurrency trading?

[Altcoiner007]

Trading itself is risky, but then if you are not the one that is making the trading decision and controlling the market according to your experience you are risking more compared to the original risk that trading offers.

If you understood me very well. It is better you learn how to trade by yourself and if there is need to use a bot it is to augment your trading strategy and to make some money even when you are off the screen .

Recently, with the trend of trading bots, it has become as if the boots has totally replaced the activity of humans in trading, which is very dangerous if the trend continues. It is just like copy trading, if another is somewhere making all the decisions for you, you can blow up your account at any time and no one will be liable for your loss.

The dependence on bot is becoming a concern. Although I must admit, bots have been very useful tools to maximize Investment profit. I've explored a number of them, trading bot, investment bot etc and on different Platforms. The recent one I've been looking at is Smart portfolio bot on Bitget. Looks like an interesting use of bot to leverage Exchange rate fluctuation for profit. Will be checking this one recommended by OP out as well.

[|MINER|]

The worth of trading bot are dependent on what type of trader you are. Actually I mean for using trading bot first of all you have must know the trading analysis. Otherwise it can be cause for more losses. If you have very little knowledge about trading then trading is very risky for you and if you are completely new then I would say trading bot is not useful for you. However, experts are making their work easier by using trading bots.  So it totally depends on you whether using trading board is worth full

[jossiel]

The worth of trading bot are dependent on what type of trader you are. Actually I mean for using trading bot first of all you have must know the trading analysis. Otherwise it can be cause for more losses. If you have very little knowledge about trading then trading is very risky for you and if you are completely new then I would say trading bot is not useful for you. However, experts are making their work easier by using trading bots.  So it totally depends on you whether using trading board is worth full

There's a misconception with trading bots.

It will make our trading easier but it doesn't mean that profiting is easier as well. Like what you have said, results will still vary based on how we analyze.

Not just by having bots will give greater result but it's still us on how we proceed and make decisions while we trade. It is there to make our trades quicker and easier but profits will still depend on how you do it.

[poodle63]

The worth of trading bot are dependent on what type of trader you are. Actually I mean for using trading bot first of all you have must know the trading analysis. Otherwise it can be cause for more losses. If you have very little knowledge about trading then trading is very risky for you and if you are completely new then I would say trading bot is not useful for you. However, experts are making their work easier by using trading bots.  So it totally depends on you whether using trading board is worth full

thats true, in using trading bots, there are strategy required to maximize the potential otherwise if there's no trading strategy the bots become useless.
its actually just automatize the routine that we have in trading basically letting you spend less time while getting the same if not better results since you need to set it based on your preference beforehand.
after that, if it truly suits your need and proven to give your profit overtime then you're definitely set, your strategy will works until it won't anymore and you need to change it.
thats how it is using bot, but sometime there are bot with built in preference for those that have no idea, so there are also different types of such tools.

[agustina2]

Trading bots are truly worth using since they do the work for you based on the commands you want to execute. In that way, you don't need to monitor your trading on a regular basis and let the bot do the work. Since the bot will just follow your command, you need to carefully study what you need to put on there.

But if ever I don't like to use a trading bot that's just new to my ears and doesn't yet achieved a level of popularity.

I also don't want to use a bot that always shills by their shillers at every platform. I found those not to be trusted.

[wxa7115]

Trading bots are truly worth using since they do the work for you based on the commands you want to execute. In that way, you don't need to monitor your trading on a regular basis and let the bot do the work. Since the bot will just follow your command, you need to carefully study what you need to put on there.

A bot is supposed to act independently from the trader, if it needs your input to do anything then at best you are just talking about a code that signals you about possible opportunities on the different markets you may like to trade.

However a real bot will not only need to identify those opportunities, but it also needs the ability to act upon them in the same way you would have done so, and this requires that you can code a bot that can trade in the precise manner in which you do it, something that is quite difficult to achieve.

[justdimin]

The worth of trading bot are dependent on what type of trader you are. Actually I mean for using trading bot first of all you have must know the trading analysis. Otherwise it can be cause for more losses. If you have very little knowledge about trading then trading is very risky for you and if you are completely new then I would say trading bot is not useful for you. However, experts are making their work easier by using trading bots.  So it totally depends on you whether using trading board is worth full

If you are a great trader then you customize it in a way that it would do what you would have done and since you are a great trader you would make the bot make great trades as well, if you are a bad trader that would mean you will not handle it well and it will make even more losses because it's 7/24 and you are not.

So all in all, I would suggest that people who are newbies in the trading world should not end up making these trading bot claims that they could profit, because 99% of the time a newbie will not make a profit. The only exception would be the fact that if you start on a bull run, everything will go up, so you will think that the bot is working and you are making a profit with it.

[alexforneus]

I think that every public bot, even paid one, will loose money in long term. It's only suitable if you are sure that you will stop use after some profits

[cute nmp]

Never really used one before, But according to what many people say trading bots are quite profitable and easier cause you don't have to do any analysis on your own, They do everything for you and you claim all the profits at the end . Thinking of buying one soon, Want to try it out to now if they are actually that easy and profitable.

[Teraboy]

I think that every public bot, even paid one, will loose money in long term. It's only suitable if you are sure that you will stop use after some profits

thats true, I guess every some time the strategy used for setting the bots need to be changed around to suit current trend and need, the bots can't always profit since the nature of the market always changing, today it might be all bullish because positive sentiment but next month things will be different.
therefore using bot isn't really sure way to keep profiting there most certainly need to be calibrated.

[strunberg]

I think that every public bot, even paid one, will loose money in long term. It's only suitable if you are sure that you will stop use after some profits

thats true, I guess every some time the strategy used for setting the bots need to be changed around to suit current trend and need, the bots can't always profit since the nature of the market always changing, today it might be all bullish because positive sentiment but next month things will be different.
therefore using bot isn't really sure way to keep profiting there most certainly need to be calibrated.

I also think that way. The market is unpredictable. There are no truly sophisticated bots that can know for sure market movements. I've seen bots that can actually make a profit. The way it works is by taking profit when there is a price increase that has been regulated in the system. However, this will not always produce a profit. And I think buying bots is still ineffective for now. Or maybe it's just me who hasn't found a truly effective Bot?

[L4rs_]

Disclaimer: I haven't used any form of crypto trading bots but here's still my opinion.
I think you need a very smart bot using a really good AI model to make a profit and to beat the market/other strategies.

[Dzwaafu11]

Yes, crypto bots are useful trading tools. They automatically trade for you according to your trading strategy even when you are on your sleep. They are a good way to make profit buying low and selling high.

I don’t normally classify trading bots as good tools to trade seriously because, to me, when someone claims to be doing something, that person should definitely be confident in doing so by himself or herself, not using an AI bot. However, these trading bots you are seeing are nothing but making a trader lazy or lazy to learn more. Trading bots don't guarantee profit, and they don't always go straightforward, like when you use your brain to trade. However, if you are at sleep, I cannot advise you to setup your bot to trade. That is carelessness, mate. You leaving your money there and going to sleep is not good in my opinion, and did you know that trading bots don’t work all the time as you want? You need to include your skills, so don’t rely on trading bots.

[goaldigger]

Disclaimer: I haven't used any form of crypto trading bots but here's still my opinion.
I think you need a very smart bot using a really good AI model to make a profit and to beat the market/other strategies.

If there is something like this that the BOT can beat the market, then I’m sure every trader will use it.
Unfortunately, trading bot is for your own convenience and not for you to make profit because it will still trade based on what you input and based on your own strategy. Better to trade on your own but if you are too busy and you really want to trade using BOT, then this can be possible just don’t expect for the big profit if you are using the Bot.

[JeffBrad12]

Disclaimer: I haven't used any form of crypto trading bots but here's still my opinion.
I think you need a very smart bot using a really good AI model to make a profit and to beat the market/other strategies.

AI with trading capabilities still unproven though but I'm sure in the future there will be implementation relating to AI for trading bots which gonna be different than the bots we are having right now which we requires to set manually.
but considering the fact that these AI might even have the capability of further reading the market data it will be quite the change.
after all current bots only fixated on automating things thats simple, basically doing things based on the setted preference.

[iv4n]

Disclaimer: I haven't used any form of crypto trading bots but here's still my opinion.
I think you need a very smart bot using a really good AI model to make a profit and to beat the market/other strategies.

If there is something like this that the BOT can beat the market, then I’m sure every trader will use it.
Unfortunately, trading bot is for your own convenience and not for you to make profit because it will still trade based on what you input and based on your own strategy. Better to trade on your own but if you are too busy and you really want to trade using BOT, then this can be possible just don’t expect for the big profit if you are using the Bot.

Trading bots will work for some time, but how long depends on how we set it up and how much money we invest in it. Some strategies require a big bankroll, and some strategies require complicated settings. So we can't say it's easy to find a good trading bot and to let it work. Before trying some trading bots, it would be smart for people to try trading on their own, to get some experience. Before day trading (or any other short-term trading) people should start with mid and long-term trades, it's better when we give ourselves some time to research and make a good position. We learn from our own mistakes, day trading is hard, I lost a lot of money before I learned that.

[L4rs_]

What I don't understand is that we have so much public information on the markets and AI models should be really really good at given tasks. But why is it so hard to develop an AI that acts like a good trader? Is the market that volatile and related to something like news? Why can some people make a profit with their knowledge/strategies and AI's can't?

[Altcoiner007]

Yes, crypto bots are useful trading tools. They automatically trade for you according to your trading strategy even when you are on your sleep. They are a good way to make profit buying low and selling high.

I don’t normally classify trading bots as good tools to trade seriously because, to me, when someone claims to be doing something, that person should definitely be confident in doing so by himself or herself, not using an AI bot. However, these trading bots you are seeing are nothing but making a trader lazy or lazy to learn more. Trading bots don't guarantee profit, and they don't always go straightforward, like when you use your brain to trade. However, if you are at sleep, I cannot advise you to setup your bot to trade. That is carelessness, mate. You leaving your money there and going to sleep is not good in my opinion, and did you know that trading bots don’t work all the time as you want? You need to include your skills, so don’t rely on trading bots.

 I admire your perspective, really! However, technology and trading bots in this case was meant to make our work better and more efficient. It is important to learn trading, understand fundamentals and other skills needed, then leverage on the availability of this bots to maximize profit. For instance, there's this Smart Portfolio bot that help in rebalancing your portfolio and maximum on price fluctuations to yield profit for the Investor. Would you not utilize these kind of bot even as one who can trade by yourself?