Ethereum Trading Bot Using Binance API: Precision Error

As a successful Ethereum trading bot operating on ADAUSDT, I’m excited to share with you an update on how we’ve been managing our trades. In this article, I’ll walk you through the steps we took to resolve a precision error we encountered when trading via the Binance API.

The Error: Precision Over-Defined for Asset

When trading on our bot, we were experiencing a significant issue where the Precision parameter was being 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’s precision was over-defined, which is a common issue when dealing with financial data in high decimal places. In this case, it appeared we were trying to trade at a level of detail that was not possible with our current setup.

Resolving the Precision Error

To resolve this error, we took the following steps:

• Check API Documentation

  : Before diving into any code changes, we consulted the official Binance documentation to confirm how the Precision parameter works for each asset.

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

• Update Code Changes: With the updated API settings in place, we made some code changes to accommodate our new level of precision.

Example Code Changes

Here are some sample code snippets that demonstrate how to update API parameters and make the necessary changes in 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("Accuracy updated successfully")
else:
print(f"Error updating Accuracy: {response.text}")

Update the Bot Code

After confirming that our API parameters were updated correctly, we made a few changes to the bot code to reflect these changes. Specifically, we added a new update_precision() function that updates the Precision parameter and calls it from within 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"Precision updated to {precision}")
else:
print(f"Error updating precision: {response.text}")
def trading_logic():

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

By following these steps and updates, we were able to resolve the precision error encountered when trading via the Binance API. Our bot now operates with the correct precision settings for the ADAUSDT asset, allowing us to place accurate trades in our active market.

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