Not A Fan Of Bot Trading
Over the last weekend one of my sons friends mentioned he was using the Stoic Trading Bot for trading. My ears picked up like they would as I had never heard of it and learning about something new is just adding to the knowledge. I am always open to suggestions as you could be missing a trick.
He mentioned he is up 20% and that is after his 5% management fee for using this bot. I presumed that must be weekly but no that is more like monthly from what I am gathering whilst doing research which in my books is a fail. 20% in a bull market is terrible return for a 4 week period and looking deeper they site brags it made 300% returns last year and sounds impressive but if you had just held Bitcoin during their famous time frame you would have made 277% so not a smashing success when you start to think about it.
I just don't like allowing anyone access to your wallet in the first place as I only trust myself and not your keys not your coins is very true. I did ask him if he was happy with the returns which he replied yes as obviously he has no clue. Look he is doing ok and not going to slag him for his choice but I firmly believe he is leaving food on the table relying on something to trade for him.
I am no genius but also no dummy and even through learning and some lessons learned I am way up and doing more than double what his super bot is doing. This is not bragging and a reality of teaching yourself new skills as you will only improve over time. I think relying on a bot possibly for the Bear market would be good experiment but I would still never use one as I do believe that doing a little research with detective work you can find trades better than what the bots will.
If you know how to trade and have the time you can live anywhere in the world as long as you have a laptop/phone and some liquid available. I have never heard of someone going from $10 000 to $1 million by using a bot and there are many stories of this being achieved. This is not so uncommon and with DeFi available earnings are only likely to start increasing so $10 000 to $100 000 is very achievable for someone orientated with setting goals. I would wonder how many years it would take a bot to achieve those types of returns possibly 3 or 4 or even longer depending on the market conditions.
My son asked me this evening if I have signed up to Stoic and just said I am learning to trade and a bot wouldn't make me learn. He knows me too well and can small bullshit a mile off lol. He did push further with his questions as he guessed I was doing better than his mate so I just showed him my PNL for last month and he clearly understood.
Don't get me wrong Bots have a place for some who don't have the time or have a clue and they do serve a purpose. I would not recommend them to anyone as doing it yourself is just that much better plus you are learning a skill that no one can take away.
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