BOTS Blog: Day trading or algorithmic trading; which is better?
What is BOTS?
It’s an open platform on which expert developers offer the use of their bots. These bots trade for you, making decisions based on artificial intelligence, machine learning and algorithms. So, essentially, bots are automated trading strategies.
Thanks to our app, the best trading strategies are now also available to you, not just to the richest 3% of the world. This is how we are revolutionising the world of trading together and making it fairer and more transparent.
Apps for trading
Simon knows by now that there are two popular ways to trade: day trading and algorithmic trading. Today, he compares the two methods to see which one suits you best.
With day trading, you do all the work yourself (or have someone do it for you). In any case, you rely on a human being for the trading. You can also choose to trade using algorithms, putting your faith in artificial intelligence and machine learning. Both methods have advantages and disadvantages. Simon lists these for you.
Day Trading
Day trading is a very popular way to get the highest possible return on your investments. Although some people would have you believe that day trading is easy, the opposite is true. It’s a complex way of achieving returns that’s not the best available option for everyone.
The secret of successful day trading
The internet is full of them: success stories about day traders who have struck it rich. Simon wonders if it’s really that easy or whether there might be a catch. He decides to get some expert opinions.
One of these experts says: “Truly successful day traders are simply very good at what they do.”
What also strikes Simon is that many of these successful day traders have found another source of income: selling training courses on trading. Both live and online.
Although Simon believes that there are some really good day traders out there, they don’t generally seek publicity. People like Ross Cameron, Sasha Evdakov and Steven A. Cohen. The world’s best day trader is George Soros, with an estimated wealth of 8.6 billion dollars.
All of the profits that these day traders make are mainly the result of hard work. And that hard work consists of full-time day trading for quite a few years, during which they also lose a lot of money. This is the only way to learn how the markets work and eventually make a living from it.
Fundamentally, day trading is based on statistics. Even statistically, people can sometimes just get lucky, but if you really want to get good at it, you need a tactic. Without good tactics, you will never be financially successful.
Many day traders are therefore in touch with psychologists to learn how to control their emotions so that they can respond calmly to a fluctuating market.
Algorithmic trading
Personally, Simon doesn’t have the time or the desire to become a trading expert in this way. He therefore trades using the BOTS app. The BOTS app uses algorithms that automatically trade for you. These algorithms are developed by day trading experts and apply a literal (and improved) version of a tactic.
The bots in the BOTS app have no emotions, of course, so they are able to make the best trading decisions for you. So it doesn’t cost you any time or effort to trade.
The disadvantage of the bots in the app is that they really only do what they are programmed to do. People have access to much more information and can therefore make quicker decisions.
Even though large banks and investment companies use algorithms to trade, this is the reason why there are always people watching from behind their computers.
The choice for day trading or algorithmic trading is ultimately down to you, of course. However, you should take into account your own risk profile, the time you are prepared to put into it and, of course, how much money you are willing to invest.
Trading is for everyone
Everyone should be able to trade. And now they can. With BOTS. Interested, but your question hasn’t been answered yet? Then please take a look at the FAQs on our site. Or contact us and we will be happy to explain it to you in person.
Need help with something else?
If you have any questions about the BOTS app, please feel free to contact our support department.
On our YouTube channel you will find other instruction videos to help you get started. Also, feel free to visit our Discord channel.
The BOTS app is now live
Download the BOTS app on your mobile phone today! For Android click here, for Apple click here.
There is no such thing as risk-free trading. It is possible to lose all or part of your stake.
