Hi bro very interesting questions, I can relate to this as I'm currently doing some Algo trading for this past few months

Q1 : Yes I think so because of continuous advancement in technology

Q2 : Well so TA's and FA's doesn't work all the time but one thing is for sure the bot will analyze market conditions based on actual data to interpret "buy and sell" signals

Q3: If this is the case it will be battle of the bots. Right now it would be difficult to find true profitable bots because they will not publish it to everyone since there must be losers for you to gain on the other side (hope you got it xD)

Q4 : as said by @SFR10 it is easier said than done. But it is possible, develop your own bot, back test it to gain confidence, then let it run. What is good about an algo-trading bot is they have no emotions they just execute trades based on defined parameters that gives them consistency. But still you have adjust the bot at some time to adopt to current market conditions, e.g. stop-loss placement.