Hey everyone! I’m thinking about making my own trading bot. I know it’s not a new idea but I just don’t trust the ones out there.
I’ve been watching some Telegram channels that share trading calls. The problem is they move so fast! If you don’t jump on it right away you miss out or lose money.
So I want to build a bot that can read these Telegram channels and make trades automatically using the DEXScreener API. It would use a separate wallet just for this.
I’ve got some programming background (didn’t finish my degree though) and I’m okay with Python and HTTP. But it’s been a while since I coded seriously.
Has anyone tried something like this before? Any tips on working with these APIs or building trading bots in general? I’d really appreciate any advice you can share!
Thanks for your help!
I’ve dabbled in algo trading and can share some insights. First off, be cautious with Telegram signals - they’re often unreliable. For your bot, consider using the ccxt library. It’s great for interacting with various exchanges and simplifies the process significantly.
One crucial aspect is proper risk management. Set strict stop-losses and position sizing rules. You don’t want to blow your account on a single bad trade.
Also, latency is critical. If you’re not quick enough, you might miss opportunities or get unfavorable prices. Consider using a VPS close to the exchange servers to minimize delays.
Lastly, extensively backtest your strategy before going live. Real market conditions can be vastly different from what you expect. Start with paper trading to iron out any kinks in your system.
Remember, consistent small gains are better than chasing big wins. Good luck with your project!
I’ve experimented with algo trading and API integrations before. While it’s an exciting project, there are significant risks to consider. Automated trading based on Telegram signals can be incredibly volatile and potentially manipulated. Ensure you have robust error handling and risk management strategies in place. For the technical implementation, I’d recommend looking into asyncio for Python to handle concurrent API requests efficiently. Also, consider implementing a backtesting framework to validate your strategy before deploying with real funds. Remember, even a small bug in your code could lead to substantial losses. Proceed with caution and extensive testing.
hey elizabeths, cool idea! i’ve messed with similar stuff. word of caution tho - those telegram calls can be pump n dumps. maybe start small n test thoroughly before goin all in. for the tech side, check out python-telegram-bot library. it makes telegram integration way easier. good luck with ur project!