Ethereum Trading Bot Using Binance API: Precision Error

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

Error: Overdefined precision for asset

While trading in our bot, we encountered a significant issue where the Precision parameter was set too high for the asset we were trading. Specifically, we were using ADAUSDT (ADA/USDT) and dynamically assigned our initial USDT buy and sell amounts.

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

Precision Bug Fix

To resolve this bug, we have taken the following measures:

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

• API Parameter Adjustment: We have 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: Along with the updated API settings, we have made some code changes to accommodate our new level of precision.

Examples of code changes

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

import requests





Set up API endpoints and authentication headers
api_endpoint = "
auth_headers = {"api_key": "your_api_key", "api_secret": "your_api_secret"}

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

Update with bot

After confirming that the API parameters were updated correctly, we made some 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 within the trading logic.

import requests

Set up API endpoints and authentication headers
api_endpoint = "
auth_headers = {"api_key": "your_api_key", "api_secret": "your_api_secret"}
def update_precision():
parameters = {
"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():

The rest of your trading logic goes here
pass
update_precision()
trading_logic()

By following these steps and updates, we were able to resolve the precision error we were encountering when trading via the Binance API. Our bot is now running with the correct precision settings for the ADAUSDT asset, allowing us to trade accurately in our live market.

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