Artificial intelligence trading bots - useful or not?
Hello Steemians,
more and more AI trading bots are flooding the market. In this post I will share my experiences with these programs.
Back in Q1 2018 i wanted to start trading, so I was searching a good bot program for my future investments. As there are many competitors, it's difficult to find the right ones. Rule #1 is: never expose your private keys or passwords from exchanges. Serious bots always work with APIs on serious exchanges and will never demand this kind of information. It's important that you never enable a withdraw function for the programs, just trading and reading.
Starting with Cryptohopper
First I tested the platform "CryptoHopper" where you pay from 19$-99$ monthly to get access to your own programmable bot. The difference to fully automatic bots is that you have to select the strategies by yourself with the help of the (very good) community or youtube videos. If you don't want to do that yourself you can choose a signal service like "MiningHamsters" which will send signals to your bot. Your bot will buy and sell then after you set how much profit you want to make. All major exchanges have an API with the hopper and it always worked without problems. The GUI is nice and easy to use.
I made decent gains for a short period of time but in the end my portfolio always went down when the market crashed. In the end I did not make any profits so I decided to change to an AI bot.
Second try
After some research I found Apitrade.pro, a new player on the market. It works like CryptoHopper with an API and has a nice and easy to use interface. I use the platform since three months now. They don't take monthly fees - you have a balance where you pay in a little amount that is used to pay the fees, which are 50%. This is much, but the developers only make profit when you do. They even share the loss with you, when a trade is not profitable within 45 days. Then you get full compensation. It makes small and many trades a day, but when the market is going down you will lose more trading against the bitcoin.
Summary:
Serious bots do already work, but if you make a profit depends on the market too strong at the moment. The programs work like a lever: When market goes up, you will earn much more than just holding BTC. If it goes down, you will lose more. So it just depends on your opinion.
I will not put in any affiliate links here because I would not recommend a service that I am not 100% convinced of, but I can tell you that especially CryptoHopper works very well if you are an experienced trader. It's worth a try then.
CryptoHopper:
Apitrade.pro
Have a nice day! :)
Nice, I've been working with bots, they sometimes work, but you are right. When the market go down, you loss a lot!
To me, if you want to use a bot, you have to pay attention to the bot, sometimes they just go bananas!
Another lesson that I learned, do trading is just play with the noise of the market. The true profit is in the hodl!
Right, they are still like little children you have to take care of. Which bots did you use before?
Investing or using bots is of no use. You only lose what you have earned as when they upvote your post it is again divided into 3 shares and you get only a few of that.
I don't talk about steem here, more about exchange bots.
Great article, @cryptographix!