Hey everyone, I need some advice on setting up an automated system for my Telegram group chat. Some of my buddies share great trading tips, but I’m usually stuck at work and can’t act on them fast enough.
I was wondering if it’s possible to make a bot that could:
- Scan our group chat for trading signals
- Quickly execute buy orders based on those signals
- Automatically sell for profit
Has anyone tried something like this before? What tools or programming languages would work best? I’m pretty new to coding, so any tips or resources would be super helpful.
Also, are there any risks or legal stuff I should know about before trying this? Thanks in advance for any input!
i tried something like that before. ended up losing a bunch of money cuz the bot made some dumb trades. be real careful man, theres tons of legal stuff to worry about too. maybe start with just getting alerts on ur phone instead? way less risky n easier to setup
I’ve actually experimented with something similar in my trading group. While it sounds great in theory, there are some serious challenges and risks to consider.
First off, natural language processing to accurately interpret trading signals from chat messages is incredibly complex. You’d need advanced AI to avoid costly mistakes from misinterpreted messages.
Even if you nail the tech side, automated trading based on group chat tips is risky business. Without proper risk management, you could blow up your account fast. Not to mention potential legal issues around insider trading or market manipulation depending on the info being shared.
My advice? Start smaller. Maybe create alerts for yourself when certain keywords pop up in chat. That way you can still act on opportunities faster, but keep human judgment in the loop. It’s a safer approach while you learn more about algo trading.
If you do pursue the bot idea, make sure to extensively backtest on historical data first. And consult a lawyer about compliance issues. Better safe than sorry when it comes to automated trading.
I’ve dabbled in algo trading and can tell you it’s not as simple as it sounds. Parsing chat messages accurately is a major challenge. Even if you get that right, automated trading based on tips is incredibly risky. You could easily violate securities laws or lose your shirt if the bot makes bad trades.
Instead, consider setting up custom alerts for specific keywords or patterns in your group chat. This gives you a speed advantage without removing human judgment. It’s also much simpler to implement, especially for a coding novice.
If you’re set on pursuing the bot idea, start by thoroughly researching trading algorithms, backtesting strategies, and relevant regulations. Python with libraries like ccxt for exchange integration could be a good starting point. But proceed with extreme caution and consult legal/financial experts before going live.