Post
Topic
Board Altcoin Discussion
Re: Are trading bots worth using in the cryptocurrency trading?
by
wxa7115
on 12/09/2023, 03:39:48 UTC
Yes, crypto bots are useful trading tools. They automatically trade for you according to your trading strategy even when you are on your sleep. They are a good way to make profit buying low and selling high.
The only complaints for most bot services are their fees. But with increased numbers of popular exchanges providing free bots for its users, bot has been available for a larger group of people. And high use of bots make the market relatively stable.
The futures increases the risk a multiple times than you trading with your own coin. They do provide better yield if you are successful but they are closer to betting than trading.
Trading bots sound like a great idea, however they are not the automated solution people think they are, for a bot to work as intended you need three things, a working strategy, complete knowledge about the inner workings of such strategy and the ability to put that knowledge in a language your computer can understand.

How many people do you think have those three things? A very small minority, the rest of the traders out there should not use bots as they simply lack the minimum requirements to take advantage of them.