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Ethereum Trading Bot using Binance API: Precision Error

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

The Error: Precision Overdefined for Asset

When making trades in our bot, we were experiencing a significant issue where the Precision parameter was being set too high for the asset we were trading with. Specifically, we were using ADAUSDT (ADA/USDT) and had dynamically allocated our initial quantity of USDT to buy and sell.

The error message we received from Binance API indicated that the precision for the asset was overdefined, which is a common issue when dealing with financial data in high decimal places. In this case, it seemed like we were trying to trade on a level of detail that was not possible with our current configuration.

Resolving the Precision Error

To resolve this error, we took the following steps:

• Check API documentation: Before diving into any code changes, we consulted Binance’s official 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 a few code changes to accommodate our new precision level.

Example Code Changes

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

import requests











Set up 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}")

Update the Bot Code

Once we had confirmed that our API parameters were updated correctly, we made some changes to the bot code to reflect these changes. Specifically, we added a new function update_precision() that updates the Precision parameter and calls it from within the trading logic.

import requests



Set up 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 the 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 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 making trades via the Binance API. Our bot now operates with the correct precision settings for the ADAUSDT asset, allowing us to make accurate trades on our live market.