I did a test with an automated trading bot a while back and even with highly customizable options, I was never able to "dial it in" where it would trade profitably, consistently. It'd make a little here and there then turn around and make 10 losing trades in a row for no apparent reason. The cons definitely outweighed the pro of being lazy and overall my test ended in the red.
It's possible for a good trading bot to be profitable over time, but it isn't easy and most likely requires some degree of babysitting in order to ensure the code used continues to be profitable with more trades than not.
In my case it was obvious that some settings worked some of the time and some worked others... sometimes nothing worked. The trick would be figuring out what works and when and then adjusting the trade options on the fly.
MHO - Don't use a bot, you'll do better learning the what and when and trading yourself.
It's possible for a good trading bot to be profitable over time, but it isn't easy and most likely requires some degree of babysitting in order to ensure the code used continues to be profitable with more trades than not.
In my case it was obvious that some settings worked some of the time and some worked others... sometimes nothing worked. The trick would be figuring out what works and when and then adjusting the trade options on the fly.
MHO - Don't use a bot, you'll do better learning the what and when and trading yourself.
I agree. Trade without a bot for a long time to understand all of the moving parts.
Then you can better understand if a bot is good and what it is doing well or poorly.
And if you get adventurous you can develop your own and then you will have 100% control over what it does
Yes this is true without any doubts, but using a bot is still not good because bots do not have a brain so they cannot think about the consensuses of a thing they are doing..
And sometimes not having a brain can be a good thing.
True a bot cannot think about what it is about to do, it is up to the developer to infuse it with logic about what they want it to do.
Currently...Programs only do what people tell them to, if they do something wrong/bad/unethical it is the peoples fault, not the programs.
I can recall, on a few occasions, where coin wallets have done bad things, I don't see people saying "Bad Wallet", I see "Bad Dev".
Why are trading bots different?
oh, I went a little ranty there,
