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TradeBots - When to use then by bitrocker2020

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· @bitrocker2020 ·
$9.21
TradeBots - When to use then
![2d5ke5.png](https://img.esteem.app/2d5ke5.png)

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I have been trading Crypto since late 2015 and at that time, there was not a lot of exchanges as compared to now. I would guess that almost all of these exchanges which were available then were not regulated in any way as people were still trying to grasp what on earth Blockchain was all about. 

Few of the most regular exchanges which I traded on was Bittrex, Poloniex and also BTC-E (FBI shut them down) 

Coming into late 2016-2017, after exchanges started to innovate themselves, they started introducing APIs where you are able to use better tools to manage your trades.

___

This was the rise of the trade bots where you started seeing many bots being promoted all around the Internet telling you how much you can make from using their bots. The latest trend in tradebots is that they use fancy words like AI and machine learning.. Blah blah blah... 

Now, I've tried many of these bots and here is my conclusion after both making profit and also loosing my gains.

TradeBots should only be used when you absolutely know what trade strategy to use on which pairs for the day.

So far, ive noticed that most bots are extremely profitable in a bull run, however you would start to see if these so called bots are able to handle irradic market movements especially during a downtrend.

## So when should I use a trade bot?
I do suggest that you start doing a lot of manual trades first and understand at least the basic fundamentals of trading.

With this, you are then able to setup parameters for your bots way easier.

What I primary look for in a trade bot is how I am able to effectively configure the bot to run commands after it closes as trade.

By being able to do this, you are able to automate your trade from simple step gain strategy to having a 3 way trade to arbitrage and gain profits. 

Example 
Using BTC to buy USD then buy ETH and then buy USD. 

This method can earn you a small percentage within minutes however if its done like 20 to 30 times a day using the trade bot.. That would be a pretty nice day. 

___

# which bot do you recommend? 

Now since I'm not a professional trader but more of a 'casual' trader, I do try and use a variety of bots. 

You could easily Google up and find a ton of them. You may want to explore a few and see which ones you are most comfortable with. 

You could try bots like 3commas which I have tried using but just didn't stick with me. Another approach which I took was to find an open source one and modify from there. 


So remember.. Before you start pickup up any tradebots, make sure you have already started manual trading and know at least the basics.  

TradeBots can make u money, however it can also make you loos. And don't fall for all this marketing using the words AI or Machine Learning fully automated trades. Do your research and best if there are trial accounts so that you can test it out. 

Well that's all from me this lovely start of the week. 

👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 394 others
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@bossku ·
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@esteemapp ·
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@steem-ua ·
#### Hi @bitrocker2020!

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@steemitboard ·
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