Trust your instincts rather than choosing a trading bot
Trading bots are truly fascinating. They are simply pieces of code that can study the market and then place orders based on a conclusion that they draw. But are they truly the best way to gain profits from trading? If you ask any successful trader they would tell you how important it is to learn to trade independently.
When you need support
For your first few days into trading when things appear daunting, you might need support. Support can come in the form of trading brokers or trading bots. If you plan to trade actively it is always good to rely on your talents than on a bot or a broker. Trading bots, as well as online brokers who help with trading, have a fee attached to them. So for every profit, you make you end up paying a portion of it to the trading platform. Besides trading platforms like Olymp Trade lure users into make deposits with the help of their false promises. But not all of the features that they claim to possess might be present after all. So if you really need support it is alright to find a trusted trading bot or an online broker just for partially helping you with your trades. Or there is always the option of going with managed funds. If you talk long term, learn to grow beyond the bots.
Trust your gut feeling
Robot trading platforms often work with a narrow focus. Though the bots that are equipped with machine learning have a slight edge over the others they are still bots that lack the flexibility to adapt to the market. There might be certain unlikely situations that might lead to profits if you plan right. Take the case of a market crash for example. There are many strategies that allow you to make profits during a market crash. But a bot might not help you in such situations. This is where you would profit better by trusting your instincts than by trusting a trading bot.
You are not in the driver’s seat
When the bot is having full control of the operations there are few places where you do not have control of what trades are being executed. Risk mitigation is something that you would not be able to control either. There is the problem of the bots placing more number of trades at a given point leading to margin calls that can cause losses.