Autotrading system

[Emmybit001]

I got to realize that must people use autotrading software which enable them to make good profit in trading,  I don't really know about this autotrading system, how does it work? Because people have been saying things about this autotrading, can someone explain how this autotrading is?

[OmegaStarScream]

I got to realize that must people use autotrading software which enable them to make good profit in trading,  I don't really know about this autotrading system, how does it work? Because people have been saying things about this autotrading, can someone explain how this autotrading is?

It's exactly as the name suggests "automatic trading". If you want to experience with that, I suggest you go with Hummingbot[1] (use it at your own risk. It has a solid documentation, and you can also find some step-by-step guides on it on YouTube.

[1] https://github.com/hummingbot/hummingbot

[Oshosondy]

It is called automated trading. Bots are used for the automated trading. You can also check some exchanges like OKX, Binance and other exchanges and read more about their bots. The bots have different works but in a way they can execute trades for you automatically without you doing anything or even when you are sleeping.

[terrific]

I got to realize that must people use autotrading software which enable them to make good profit in trading,  I don't really know about this autotrading system, how does it work? Because people have been saying things about this autotrading, can someone explain how this autotrading is?

Using it won't guarantee you profit. Don't get into that misconception because if these automated trading is a certain profit maker, many have already used them and became rich now on.
As explained above, it does the trading for you but you still need to do something for setting it up.

[Hamphser]

I got to realize that must people use autotrading software which enable them to make good profit in trading,  I don't really know about this autotrading system, how does it work? Because people have been saying things about this autotrading, can someone explain how this autotrading is?

Autotrading which does simply means that you would really be making use of bots on which this is something for you to automate your trades which of course you would really be still needing up that sufficient experience and knowledge about trading because there's no way that you could really be able to make yourself that be able to handle out on using trading bots if you do lack that knowledge.

The misconception of most people is that they do really that believe that trading bots could really make sure profits on which we know that this is something that would be impossible.
Market is really that volatile and there's no way that you could really be able to make yourself having that assured profits with those trading bots.
The best thing is that making use of bots plus having that knowledge on the things that you've been doing on which at least you do have the idea.

[BitMaxz]

Be careful about using automated trading or bots that are too risky and even if it's automated there's no guaranteed profit on using them I tried those bots at first yes it made me profit but since it's still running my profit turned negative so at the end I earn negative profit.

Automating your trading might be worth it in a high time frame because you can react right away and stop the bot if you see profit is dropping or stop the bot if you already made a profit.

And take note that even if it is automated you still need to monitor them if you don't want to lose the opportunity in making a profit or to avoid a huge loss.

[Bravut]

Be careful about using automated trading or bots that are too risky and even if it's automated there's no guaranteed profit on using them I tried those bots at first yes it made me profit but since it's still running my profit turned negative so at the end I earn negative profit.

Automating your trading might be worth it in a high time frame because you can react right away and stop the bot if you see profit is dropping or stop the bot if you already made a profit.

And take note that even if it is automated you still need to monitor them if you don't want to lose the opportunity in making a profit or to avoid a huge loss.

I always advice anyone using Automated Trading software or bot should buy the one that aligns with our strategy, also even when making for ourselves. It works one time and fail the other time, just be aware of scammers who sell those shots, just have the right knowledge and skill set you win in the world of Trading, and not buying, believing and wasting money on softwares.

[Rruchi man]

I got to realize that must people use autotrading software which enable them to make good profit in trading,

If your intention is to keep making profits from trading, then your best approach should be to first develop the skill of trading on your own and not look to automate your trading just yet. A new trader who focuses on learning to use bots to trade will never last long in the market and will not end up with a sustainable skill because they will not be able to trade without a bot.

Do not be in a hurry to automate your trading when you have never made a profit trading yourself.

[kentrolla]

As others have shared basic about Automated trading, I would like to inform you that don't be in misconception that this will make you rich overnight or guarantees profit because it works either on some precoded logic or you have to create one for them to buy and sell which may or may not succeed. There are lot of videos in YouTube about it hence try exploring the ways to set logic.

[Mr.right85]

I think the closest I’ve been to anything auto about trading is:

Setting my stop loss and take profit.
Also, having to set a market order to execute at certain points.

Other than these, I don’t have a reason to use auto trading, not at all. The only trading skills I can only trust is, my self analyzed skills. Putting my market trading experience to a continued test and getting the excitement as well as the courage that follows when I get it right. When I don’t, I learn from it.

If you think an auto trading technology is helping people to make profit, I don’t see any reason why anyone would be burdened with doing analysis. Think of it, it just doesn’t work as advertised. My advise would be, be careful where you choose to loss your money.

[Bureau]

Please keep in mind that automatic trading doesn't mean the bot will decide every trade. As a trader it only helps making trade faster and easier with the set of guidelines provided by the trader. It does increase the chance of earning profits but the decision to invest and exit has to be taken by the trader operating the bot. It is not an AI that takes all decisions in account to make a successful and profitable trade.

[_act_]

Using it won't guarantee you profit. Don't get into that misconception because if these automated trading is a certain profit maker, many have already used them and became rich now on.

Bots are not better than humans. They have their errors also and they can make poor decisions which can lead to losses also. Bots should be used for making trading easier and not a way to make profit from trading.

Please keep in mind that automatic trading doesn't mean the bot will decide every trade. As a trader it only helps making trade faster and easier with the set of guidelines provided by the trader. It does increase the chance of earning profits but the decision to invest and exit has to be taken by the trader operating the bot. It is not an AI that takes all decisions in account to make a successful and profitable trade.

You can make bots to decide every trades for you but not a way of increasing trading profit. Trading is risky and bots do not decrease the risks.

[blckhawk]

Those autotrading software/system that you're talking about aren't real, sure they trade for you automatically but you got to understand that those systems need tweaking from the users that would be using them, they input what they want the software to do manually, that's how most of them works. So what you might see in those autotrading systems that other people show you, it's probably not going to work for you at all because your way of trading might be a little bit different than those that were promoting it, they already know how to trade really good in a manual way, they just want to do it automatically, so if you suck at trading right now, you're probably better off practicing for now instead of using those stuff.

[BitMaxz]

I always advice anyone using Automated Trading software or bot should buy the one that aligns with our strategy, also even when making for ourselves. It works one time and fail the other time, just be aware of scammers who sell those shots, just have the right knowledge and skill set you win in the world of Trading, and not buying, believing and wasting money on softwares.

No, I tested it myself automated trading or bots are risky like I said there's no guaranteed profit in automated trading the market is always changing. You make a profit fast but since greed is one of human nature instead of you already made a profit you will lose them in the end because of greediness which is not good even if it is automated.
Copy trading is way better because they can control their emotions greed and fear and manage the risk. Just make sure you are following the best trader on the current market condition.

[Eternad]

Please keep in mind that automatic trading doesn't mean the bot will decide every trade. As a trader it only helps making trade faster and easier with the set of guidelines provided by the trader. It does increase the chance of earning profits but the decision to invest and exit has to be taken by the trader operating the bot. It is not an AI that takes all decisions in account to make a successful and profitable trade.

You’re correct that bots needs to be setup first base on user preferences before it will do automatic trading but the existence of copy trading makes the job of automated trading with the decision of others is possible.

Copy is now very popular instead of bots since exchange shows the winning percentage of each copy traders that helps user to decide who to follow for copy trading. This is much better than bots if you have poor trading skills since it’s like hiring fund manager to trade your assets but the only difference is just you are copying his personal trades.

[Natsuu]

It is called automated trading. Bots are used for the automated trading. You can also check some exchanges like OKX, Binance and other exchanges and read more about their bots. The bots have different works but in a way they can execute trades for you automatically without you doing anything or even when you are sleeping.

But most of the time, this trading bots are high frequency. It operates in many trades, in negative risk rewards, and without the scope of the narrative in the market place such as economic news. For me most of it are flawed. Because in high frequency, you may be winning but the commission or transaction cost could be higher than you are expecting. In negative risk reward, you may have a high win rate but still losing because of it. It is like puting all your faith in robot for our own trading and I personally is not a fan of it.

[Lakai01]

I got to realize that must people use autotrading software which enable them to make good profit in trading,  I don't really know about this autotrading system, how does it work? Because people have been saying things about this autotrading, can someone explain how this autotrading is?

This assumption is wrong and often leads to newcomers to the market in particular expecting high profits, which then do not materialize - and they lose their capital.

A bot implements your strategy automatically. If your strategy is poor/immature/not suitable for the market/... then the bot will not make a profit either. These are not automated money-printing machines.

So beware of using bots, they won't do the hard work of learning to trade for you.

[gunhell16]

That's the so-called trading bot; there have been tools like that in crypto trading for a long time. That did not really hit or be enjoyed by the crypto community.
Take note that the that the majority of the crypto community in the crypto space does not want to use trading bots.

Most are more comfortable with the natural way of conducting trading activity on any trading platform. I believe that the trading bot has surpassed copy trading, that is why in most
of the CEX has a copy trade features.

[Assface16678]

It is called automated trading. Bots are used for the automated trading. You can also check some exchanges like OKX, Binance and other exchanges and read more about their bots. The bots have different works but in a way they can execute trades for you automatically without you doing anything or even when you are sleeping.

But most of the time, this trading bots are high frequency. It operates in many trades, in negative risk rewards, and without the scope of the narrative in the market place such as economic news. For me most of it are flawed. Because in high frequency, you may be winning but the commission or transaction cost could be higher than you are expecting. In negative risk reward, you may have a high win rate but still losing because of it. It is like puting all your faith in robot for our own trading and I personally is not a fan of it.

Also, I'd like to add that most automated trading and trading both require huge subscription fees. Well, of course, what do we expect? But notice that not all are using it, especially experienced traders. Most likely, the market for automated trading is those new to trading or newbies wanting to have quick cash or profit while skipping and ignoring the fundamentals of trading, which are knowledge, skills, and experience.

And if you notice that even a trading bot has the task of doing auto trading, the trader or the one who will use the bot will still need to configure how, when, and what amount it will trade. In short, traders who will use automated trading still need to know the basics, or else even a trading bot will not help them. That's why it's better to trade on your own without relying on a trading bot because it's more fulfilling and you will be proud of yourself.

[DarkState]

It is called automated trading. Bots are used for the automated trading. You can also check some exchanges like OKX, Binance and other exchanges and read more about their bots. The bots have different works but in a way they can execute trades for you automatically without you doing anything or even when you are sleeping.

Are there any technical skills required to set up trading bots? I want to know if the trading bots of OKS and Binance exchange platform are beginner friendly? Do I need to be a pro trader to use them?