Re: Are trading bots worth using in the cryptocurrency trading?
Trading itself is risky, but then if you are not the one that is making the trading decision and controlling the market according to your experience you are risking more compared to the original risk that trading offers.
If you understood me very well. It is better you learn how to trade by yourself and if there is need to use a bot it is to augment your trading strategy and to make some money even when you are off the screen .
Recently, with the trend of trading bots, it has become as if the boots has totally replaced the activity of humans in trading, which is very dangerous if the trend continues. It is just like copy trading, if another is somewhere making all the decisions for you, you can blow up your account at any time and no one will be liable for your loss.
Yeah this is already the one worth noting since even by the smartest bots out there whether it is also created by your own, it would be still be risky as it is. It's still your money in the end.If you understood me very well. It is better you learn how to trade by yourself and if there is need to use a bot it is to augment your trading strategy and to make some money even when you are off the screen .
Recently, with the trend of trading bots, it has become as if the boots has totally replaced the activity of humans in trading, which is very dangerous if the trend continues. It is just like copy trading, if another is somewhere making all the decisions for you, you can blow up your account at any time and no one will be liable for your loss.
Bots are still helpful, but like every developer's pet peeve out there, it is just a tool in the end and people shouldn't rely on it too much. We're already being replaced by AI anyway. /s
Plus another worth taking note is that bot is still programmed by someone and it can only do what it was programmed to do unless it is an AI.
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.
There are just people think that trading bots are like ChatGPT in crypto. Even ChatGPT itself already has limitation, what more could be said for bots out there? 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.
