The general idea is that they are very complex and to some extent, that is probably true, and it’s challenging to manage them with manual trading. Technical indicators and crypto trading match perfectly with an automated trading system. A trading bot can process a massive amount of data 24/7, increasing the effectiveness of your performances https://allcointracker.com/trading-bots/tokentact-review-a-deep-dive-into-trading-bot-dynamics/ significantly. You can design your own rules to trade crypto without being a coder. So you can DCA or buy the dip, grid trading or trend following, whatever is your style and depending on market conditions. They already have a large set of crypto trading rules templates but you can be creative and develop your own rules.
When using TokenTact, you are not required to transfer any funds over, and the platform doesn’t have direct access to your crypto holdings. It’s tricky to trade when the market has no clear direction because of the high uncertainty of each price swing. During these times, the rate of growth of your profits on your assets can decrease. However, an automated trading strategy can add significant value to your wallet with these market conditions. Yes, TokenTact is a functional cryptocurrency trading automation platform.
It offers 2 indicators MA and RSI, but I don’t suggest using indicators for bots. Use indicators for manual trading only.it offers 2 bots for free.To end my review, it is awesome. I am Cofounder & COO of TokenTact, a platform that helps retail investors catch market opportunities through automated trading.
For more specific inquiries, TokenTact’s team can be reached via email. Additionally, users can connect with TokenTact through their various social media channels, providing yet another way to get assistance and stay updated on the latest news and updates. They draw their insights from a combination of technical and fundamental asset analysis. Technical analysis is pivotal as it focuses on analyzing the trends and patterns of price charts to identify potential trading opportunities. This method operates on the belief that all crucial information, whether it’s news, underlying factors, or market sentiment, is already integrated into the current asset price.
Now that both alerts are set up, you can launch the rule on TokenTact. Once you are happy with the indicator setup, you can set the alert by copying and pasting the needed data from the rule summary on TokenTact. For the rule to trigger, the price would now need to increase by 10% from the new Trailing Order Price of $1,150 and reach a price of $1,265 before the order triggers. Assuming the price now drops 10% from $1,400, reaching $1,260, the rule will sell. Certain rule structures with Trailing functionality are possible but should not be used unless you have a very specific strategy in mind. Finally, you have to copy/paste both the API Key and the Secret Key in the “Exchanges” section of your TokenTact account.
Of course, if the condition is met during that period, the bot sends out the order to the market. In that case, you may want to select a wallet that allows as many opportunities as possible for your strategy. Fiat currencies, stable coins, or BTC are good options but always double-check on the exchange of what trading pairs are available.
The RSI is likely the most flexible and easy to use among the technical indicators. The popular book “Flash Boys” was the first to uncover the world of automated trading bots via high-frequency trading. If you are familiar with home computing, you will be able to install both of these platforms and use the basic portfolio management functions. Getting the best out of them, it helps to have a passion for trading bots usage.
- In this way, it’s easy to review how the bot is working and, if needed, you can change some parameters to optimize it.
- There is also the option to sign up using your Google or Facebook account.
- Let’s assume the price of BTC reaches $45,000, the sell price would be $44,750.
- This strategy works well with selected coins of your choice, and it’s a great fit on leverage exchanges like Binance Futures.
That’s where crypto trading bots come in – they can help automate your trades and make the process more efficient. TokenTact lets you buy and sell cryptocurrencies on exchanges, using its advanced trading bots. Create a bot strategy from scratch, or use a prebuilt rule that has historically been traded on the exchanges exchange. Run demo trades for free to see how those strategies play out in the cryptocurrency marketplace. TokenTact lets you buy and sell cryptocurrencies on Binance, using its advanced trading bots. Create a bot strategy from scratch, or use a prebuilt rule that has historically been traded on the Binance exchange.
A common trading tip is to calculate indicators starting from the asset’s closing price in a specific period (according to the selected time frame). Then, the trader considers only signals generated by „closing prices.” Every indicator is just a tool, so its efficiency is proportional to your ability to read its signals and translate them into an actionable trading strategy.
That means that the strategy buys coins that are on solid uptrends, avoiding short-term pump-and-dumps, where the risk of buying the top is very high. At other times it’s not so easy to identify the price level that must be breached to start a new uptrend. One way to try to set up a trend following strategy in this situation is to define a percentage price surge that you consider to be the accurate indicator of the start of a sustainable uptrend. Succeed in the crypto markets with an auto trade bot for Poloniex and become a professional trader with TokenTact.