Do these trading bots actually work? I mean do you plug them to an exchange and work 24/7 for you? Is this like a passive income opportunity?
- Do these trading bots actually work? Yes, when coded well, they do perform reasonably.
- I mean do you plug them to an exchange and work 24/7 for you? No, not exactly…
- Is this like a passive income opportunity? Absolutely No, they require constant attention and modification as this sphere changes so rapidly. They are definitely not for the faint of heart or anyone that cannot modify the code to change how it works almost every day. If you want a solid bot that doesn’t need much change, then trade Forex.
Edit: Article says “typically used by large firms” - this is true for Forex and Stock exchanges, not so true for the Crypto sphere just yet due to the unpredictable nature of change. For a large firm with a lot of money, a small percentage can be millions, which is why Forex and Stocks tends to only move in small percentages. Crypto moves in large percentages daily and is too unpredictable for the more risk adverse financial firms.
If you want to see what I mean, check out this thread:
Nice write up Mike. I had one of the BOT’s running back during the last big bull run. During that time it was like passive income but you really couldn’t go wrong. The most basic strategy worked and kind of just out of the box. Once the market started into a bear market that is when things stopped working for me. I hit a couple of manual stop loss triggers and just shut it down. In the end it was very profitable for a short period and a learning experience in that I like to try new things. Found I wasn’t interested in learning to code the BOT or even manually trade every day like that.