What are your experiences & recommendations for trading bots / algos?
What are your experiences & recommendations for trading bots / algos?
I’m primarily interested in crypto trading and algorithmic trading, as well as bots.
I know that bots are a sensitive topic for many but I would like to gather some recommendations for crypto trading bots / services on the market – perhaps some that are a little more niche. Always on the lookout for interesting products in relation to crypto trading. I’m currently managing part of my trading with an algo bot service since about three years and am quite happy with it which made me curious about the larger picture. I write a finance and trading-related online blog and am looking for new products to discuss, test myself and share with my readers potentially.
Are any of you using outsourced trading solutions / bots / paid for automations – if so which? Or are you trading solo?
Would be glad to receive some good replies.
Cheers
I haven’t used any paid service or bot to trade or have no experience. But I follow a social media influencer sometimes, and I noticed he uses a couple of Centralized exchanges and bots to trade. For example, Bybit has tradeGPT which suggests their users to chose the pairs and the directions. I do not suggest anyone to use them, but I am just saying that such things exist on the internet which you may want to explore.
Most important thing to understand is. Bots are only automated ways to run your instructions. Codes, scripts to carry out your work for you. In which case, crypto trading bots should be reviewed on how well they carry out your instructions, nothing to do with profit. How it works with exchanges. Does it execute all trades and exit well. And so on.
My biggest suggestion would be staying away from them. I have tested 11 of them so far in my life, from the biggest and most known ones, to test level beta stuff as well and I can tell you that almost 90% of them work with the same mindset and you do not need a bot, it is not going to make you any money that you already can’t make, and the bigger problem is that it will make you lose more money than you would.