Have you ever used a bot to automate your trading? Do you trust it enough to make the right decisions? If trading bots are as good as they claim, why are folks not using them as much as they should?
I haven't tried yet to use any bots to automate my trading.
But my basic understanding of trading bots is it is more likely to follow your configuration if you set any, like your analysis or conditions when to buy/sell or stop loss.
I saw other trading bots are using pre-configured settings on tradings if you don't want to create your own. Or there are some trading bots platforms that some configurations are public and you can check how the configuration works and it's up to you if want to use it.
So overall for me, I can not say that using trading bots is not good, as long as you know how it works and you understand it, it's good for me.
Yeah, that all relies upon what we feed them. Trading bots will take action based on our configuration and it never makes any decision unless it was changed, and this is the reason why if we fail to set it right, that loss is certainly be going to happen. Plus, in times of abrupt change in the market trend, these bots will never make it change as well.
That it finds no wrong but if we are using this tool, see to it that we are in the watchful of the market and so we can make adjustments in the situation where the price trend suddenly changes its momentum.
The end scenario here is, its still you who are controlling the trade. So i think it will be a waste of money if we trust these trading bots when in fact they can't guarantee us that all trades will be profitable. Yes, they may turn us into instant millionaires but that will also depend on how we feed and handle them. Its like training a baby and watching him grow based on how we mold him. If that's the case, i will just be contented on my own trades and focus on how to improve it so as to minimize from having losses.