I am totally clueless about trading bots. How do they work? Are they profitable? How much would one cost? Can I make my own? Any helpful online resources would be appreciated. I cant wait to hear you guys' advice!
If you want to see how they work, go to Bittrex or any other exchange and try to sell any coin. In the sell option enter the price just a satoshi less from the previous orders, you will immediately see the Bot the other people are using will cancel their order and make another order, a satoshi less from yours. It does the same with Buying also, it will keep going up until it has reached it's maximum Buying price defined in it's algorithm by the Bot programmer.
It takes time to manually cancel an order and start another one with different prices but the Bot does that automatically within seconds.