Hi Binance users,
I’ve noticed that the topic of crypto trading bots and discussion of various platforms is quite popular here. As someone who has worked for a trading company and has a general interest in algotrading for both crypto and stocks, I wanted to share my thoughts on the topic.
In my opinion, the potential for algotrading in stocks is higher, but with crypto, the entry barrier is lower with exchanges like Binance providing easy access through their API (although we have seen that this also has its downsides, such as the recent API leak with 3commas).
We’ve tried various no-coding crypto and stock trading platforms, but in my view, they are not designed for building something outside the box and have a limited number of tools, making it difficult to truly compete in today’s tough market.
What concerns me the most is that the majority of tools in this area concentrate mostly on technical indicators, and many newcomers who are interested in learning about algotrading may have the impression that this is the only option. Based on my experience in trading companies, institutions, and successful retail traders, technical analysis alone is not enough.
Successful traders always use alternative data (in addition to market data) and some form of more advanced data analysis approach, such as machine learning, to scan both market and alternative datasets to identify potentially exploitable trading opportunities. Then, you need advanced backtesting, parameters optimization, and risk management features to properly assess and adjust your strategy.
After failing to find a suitable platform, we are now building our own [no-coding app](https://robobobo.io) for building and experimenting with algos. It will have an access to alternative data sources (such as sentiment, social indicators, blockchain stats and more) and it will be possible to set up and incorporate AI (machine learning) indicators into your strategies. We are about to start beta testing and are looking for people who might be interested to join our waitlist. Feel free to sign up, it is free, no deposit required and you don’t even need to have an account to try it, although we will have an integration for Binance accounts as well.