Quote from: crwth on December 19, 2022, 05:34:46 AM

Most people posting here probably know that there are a lot of trading bots out there, but does it work? How could you tell if one is working?

Most of them probably have promises that you could gain profit, but that's different. People should understand that bots are told what to do and would react to what they have set in the parameters. It still depends on how the market would go and how the strategy you would have set would respond.

What do you think about trading bots in general?

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Bots are not some kind of magic wands that can magically let the money roll into your account. Bots are great tools with good traders. Without trader's knowledge and experience bots cant do anything. It has quite significant advantages some of them are:

Time: I don't need to sit down in front of the screen and look for opportunities. I mean since bots are on the market all the time, it catches the opportunities that I might miss.

Execution speed: Since it does the execution according to its algorithm, it executes way faster than doing manually.

Emotional Discipline: As most newbies when I first started trading, I ended up losing many times then I realized It was mostly because I was lack of emotional discipline. Traders tend to act greedy, panic, or with ego. That was one of the main reasons why I started automated trading.

So I think bots are worth it. It works for me at least. Tools on their own cant do anything but help. The platform you will be using for creating your bots is also crucial.