Can Trading Bots be trusted.

[LogitechMouse]

I'm not an expert when it comes to crypto trading, but I would not use trading bots and hope that I will become rich just by doing nothing but adjusting my bot.

I mean what's the purpose of trading bots? I know I'm not using it, but if we can trade by ourselves, why need a bot? Sorry for being ignorant here since I'm not good at trading, but is there somebody here that's using trading bots, and got profits in it on a weekly or even monthly basis. For me, I think it would be better if we just trade ourselves and not rely on these trading bots. No offense to those who are using trading bots here, but if you are more profitable by using a trading bot than trading yourself then just continue what you're doing.

[$crypto$]

Well here is the difference, actually I am not against the use of bots as long as they are used optimally. For example, we can use bots to be material that we can analyze later and not just expect profit.

Many people use bots for learning purposes, that is something wise of course. But once the bot is only used to be able to get profit without doing anything, then that is something that I think is not right.

I also used bots in trading in the past to learn, but then I left it because the bot I was using at that time had an error and I decided to trade manually and according to my own analysis. because everyone has a strategy in trading that we must develop in order to achieve profit.
but if there is a good bot maybe I will try to use it again, but I haven't found it yet.

Well, that's how it should be, we also use it to increase knowledge and not just hope, that's the same as hoping for luck. It would be better if we slowly trade with our own strategy.

We don't have to leave the bot, but what we learned before can be applied to our own analysis trading. For me, trading with our own strategy would be better, because it will increase our insight.

[philipma1957]

I'm not an expert when it comes to crypto trading, but I would not use trading bots and hope that I will become rich just by doing nothing but adjusting my bot.

I mean what's the purpose of trading bots? I know I'm not using it, but if we can trade by ourselves, why need a bot? Sorry for being ignorant here since I'm not good at trading, but is there somebody here that's using trading bots, and got profits in it on a weekly or even monthly basis. For me, I think it would be better if we just trade ourselves and not rely on these trading bots. No offense to those who are using trading bots here, but if you are more profitable by using a trading bot than trading yourself then just continue what you're doing.

To fully explain how a proper bot would be really hard to do.

First off every country in the world has different tax rules. So fast day trading with bot direction needs to be geared to the tax laws where you are trading.

In the USA tax reporting rules (Due to a law passed into effect by Donald Trump) are brutal and doing legit multiple trading in the USA runs into complex endless federal and worse yet state tax laws.


For example I live in New Jersey USA.

so every trade I do is subject to two sets of tax laws. Federal and NJ.

The feds let you carry over losses from prior years so my 61 thousand dollar loss in 2022. Carried over to 2023 and my federal return cancelled out 8000 worth of gains. my federal return shows no cap gain tax for 2023 and carries over 53 thousand dollars.

New Jersey says I respectfully disagree losses go poof so I have to pay tax on 8000 gain in NJ tax return.

bots would not take any of the above into account but I do take it into account.

the other 49 states all have different state tax laws.

doing auto trades do not look into any tax consequences so for USA people in NJ they are terrible .

But another state they could be okay. Now try to think of all the tax rules in all the other countries.

also if you want to hide trades and break laws i suspect bots will rat you out.


If I lived in Delaware I would have different tax laws and may have that same 53k in carryover fed losss for state.

so I could use a bot and not worry about my state tax.


to complicate all of the above I am old enough to get a property tax  freeze. but if I did 50k in gains with the bot My NJ laws would not left me use the write off I would be taxed on the 50k and I would lose my property tax freeze so my property tax would rise from 7200 to 10600.

So another reason I would not use a bot as I do not want to make money just to lose it because the bot works well enough say 50k for this year.

making slower trades and holding allows me to manage my tax burdens. bots would or could fuck all that up.

[dekafee79]

Well, that's how it should be, we also use it to increase knowledge and not just hope, that's the same as hoping for luck. It would be better if we slowly trade with our own strategy.

We don't have to leave the bot, but what we learned before can be applied to our own analysis trading. For me, trading with our own strategy would be better, because it will increase our insight.

Trading using bots will make it easier for newbies, they can start learning by setting etc. But the advice of seniors is that we should do manual trading because gradually we can learn trading in more detail and gain experience and can train our skills. because there are many things we have to learn if we want to become a professional trader.

[MUGNIA]

Personally, I don't believe in trading bots, because the first reason is that I don't really understand how they work, it's better for me to take the time to monitor the market myself where bots will not be 100% perfect and by monitoring the market we can learn how to set strategies for the future.

[$crypto$]

Well, that's how it should be, we also use it to increase knowledge and not just hope, that's the same as hoping for luck. It would be better if we slowly trade with our own strategy.

We don't have to leave the bot, but what we learned before can be applied to our own analysis trading. For me, trading with our own strategy would be better, because it will increase our insight.

Trading using bots will make it easier for newbies, they can start learning by setting etc. But the advice of seniors is that we should do manual trading because gradually we can learn trading in more detail and gain experience and can train our skills. because there are many things we have to learn if we want to become a professional trader.

Yes, it doesn't have to be rushed if we are still used to using bots, we can let go of them slowly. Everything requires a process and in that process there will definitely be something that we feel.

For example, when we are used to trading using bots, then when we slowly trade the results of our own analysis, it will make us have to focus more on doing the analysis. Of course it's not something easy, so we have to get used to it.

[lombok]

Personally, I don't believe in trading bots, because the first reason is that I don't really understand how they work, it's better for me to take the time to monitor the market myself where bots will not be 100% perfect and by monitoring the market we can learn how to set strategies for the future.

It is quite normal to have concerns regarding trading bots and it becomes worse when you have the feeling that the bots understand something you do not. By checking the market ourselves we are both able to have the ultimate control and are also able to develop our skills in market analysis. In this way we can create better strategies for the future and be more self-assured with every action we are taking. Thus, even if bots are not completely accurate, first-hand knowledge of the basic concepts can only help when developing our entrepreneurial skills.

[satpol_PP]

Yes, it doesn't have to be rushed if we are still used to using bots, we can let go of them slowly. Everything requires a process and in that process there will definitely be something that we feel.

For example, when we are used to trading using bots, then when we slowly trade the results of our own analysis, it will make us have to focus more on doing the analysis. Of course it's not something easy, so we have to get used to it.

I have asked some seniors who have been trading for a long time, they suggest trading manually while learning to do technical and fundamental analysis, observing market movements, reading charts and making predictions. It is better than relying on bots. because in the learning process we must follow the sequence in learning it until we really understand.

[kulkhan]

I also saw many people using trasing bot to trade and some times they are being profited and some times they are loser. But i never use trading bot. I think trading bot is risky. This trading bot are not oprating any human it is only computer software oprated.

I always believe trade can be done by own decision. Otherwise losing possibility increase. So i always trade following my own decision and thinking.

[Rubel007]

I have never tried using these bots myself. Because the confusions that always work in me is whether I got real bot or it is fake. To use bots, you must use Premium Bots. However, if those who do not have the skills try to use it without proper knowledge, there may be negative results. Bot generally works by following any set algorithm. But since trading changes at any time, I can't fully trust trading bots. But not all are the same. There are many people who have become successful using trading bots.

[luckyledger]

I have never tried using these bots myself. Because the confusions that always work in me is whether I got real bot or it is fake. To use bots, you must use Premium Bots. However, if those who do not have the skills try to use it without proper knowledge, there may be negative results. Bot generally works by following any set algorithm. But since trading changes at any time, I can't fully trust trading bots. But not all are the same. There are many people who have become successful using trading bots.

There are simple bots on OKX to use, but they aren't a life-change or a high-risk type of deal.
Just to try them out, not much is needed, however, many out there would still prefer doing it manually, simply because you are in control in that case.

[$crypto$]

Yes, it doesn't have to be rushed if we are still used to using bots, we can let go of them slowly. Everything requires a process and in that process there will definitely be something that we feel.

For example, when we are used to trading using bots, then when we slowly trade the results of our own analysis, it will make us have to focus more on doing the analysis. Of course it's not something easy, so we have to get used to it.

I have asked some seniors who have been trading for a long time, they suggest trading manually while learning to do technical and fundamental analysis, observing market movements, reading charts and making predictions. It is better than relying on bots. because in the learning process we must follow the sequence in learning it until we really understand.

I think most people will say the same thing, which is better to trade manually than to trade using a bot. And most people in this discussion also almost all say the same thing.

There are various reasons why we should be able to trade independently through our own analysis. Because it will increase our security even more and when we are wrong we know what mistakes we made.

[Publictalk792]

I have never tried using these bots myself. Because the confusions that always work in me is whether I got real bot or it is fake. To use bots, you must use Premium Bots. However, if those who do not have the skills try to use it without proper knowledge, there may be negative results. Bot generally works by following any set algorithm. But since trading changes at any time, I can't fully trust trading bots. But not all are the same. There are many people who have become successful using trading bots.

I am unsure about trading bots because I worry about fake bots and potential dangers especially for people new to trading who may not know what they are doing. By the way some of us have success with bots market can change suddenly and bots rules can not keep up making it hard to trust them completely. To reduce risks it is important to do research choose well known and trustworthy providers understand what bots can and can not do and keep close eye on how they are performing. In end trading bots can be really helpful for people with experience but it is important to be cautious and carefully evaluate them to avoid problems and achieve success.

[Mr. Magkaisa]

          -     If you are technically knowledgeable about such a thing, it will be profitable for you, but if you are not knowledgeable about such a concept, do not try to use it. As far as I know, there is still a script to be used for the settings.

So that's a bit complicated set-up because that's not possible for newbies in this field of the crypto space, especially in the trading activity
that any crypto enthusiast will do.

[Vx1]

          -     If you are technically knowledgeable about such a thing, it will be profitable for you, but if you are not knowledgeable about such a concept, do not try to use it. As far as I know, there is still a script to be used for the settings.

So that's a bit complicated set-up because that's not possible for newbies in this field of the crypto space, especially in the trading activity
that any crypto enthusiast will do.

This is absolutely true, because if we do not understand and have knowledge about this then we should not try. But if we are curious, we can learn first from someone who is an expert, then we can try it if we really understand. I can't do this, and prefer to do manual trading.