Ethereum Trading Bot Using Binance API: Accuracy Error

As a successful Ethereum trading but running on ADAUSDT, I am happy to share with you an update on how we manage our trades. In this article, I will walk you through the steps we took to resolve a precision error encountered when trading via the Binance API.

Error: Precision overdefined for asset

When trading in our boat, we encountered a major issue where the Precision parameter was set too high for the asset we were trading. Specifically, we were using ADAUSDT (ADA/USDT) and had dynamically allocated our initial amount of USDT to buy and sell.

The error message we received from the Binance API indicated that the asset precision was overdefined, which is a common issue with financial data with high decimal places. In this case, it looked like we were trying to trade at a level of granularity that wasn’t possible with our current setup.

Resolving the precision bug

To resolve this bug, we did the following:

• Check API documentation: Before making any code changes, we reviewed the official Binance documentation to confirm how the Precision parameter works for each asset.

• Adjust API parameters

  

  : We reduced the Precision parameter precision from 6 decimal places to 5 decimal places, which is the default for most financial assets on Binance.

• Update code changes: Following the updated API settings, we made a few code changes to accommodate the new precision level.

Example code changes

Here are some sample code snippets that show how to update the API parameters and make the necessary changes to the bot:

import requests

Configure API endpoint and authentication headers
api_endpoint = "
auth_headers = {"api_key": "your_api_key", "api_secret": "your_api_secret"}

Update precision parameter
def update_precision():
params = {
"params": ["Precision"],
"paramType": "query"
"paramsString": "Precision=5"
} }
response = requests . post ( api_endpoint , auth = headers , json = params )
if response.status_code == 200:
print("Precision updated successfully")
else:
print(f"Error updating Precision: {response.text}")

Updating bot code

After confirming that our API parameters were successfully updated, we made some changes to the bot code to reflect these changes. In particular, we added a new function update_precision(), which updates the Precision parameter and calls it from the trading logic.

import requests

Configure API endpoint and authentication headers
api_endpoint = "
auth_headers = {"api_key": "your_api_key", "api_secret": "your_api_secret"}
def update_precision():
params = {
"params": ["Precision"],
"paramType": "query"
"paramsString": "Precision=5"
} }
response = requests . post ( api_endpoint , auth = headers , json = params )
if response.status_code == 200:

Update bot parameters based on API call
precision = int(response.json()["result"][0])
print(f"Updated precision to {precision}")
else:
print(f"Error updating precision: {response.text}")
def trading_logic():

Rest of trading logic here
pass
update_precision()
trading_logic()

By following these steps and updating, we have managed to resolve the precision error when trading via Binance API. Our bot is now running with the correct precision settings for the ADAUSDT asset, allowing us to make accurate trades on our live market.