This tutorial shows you how to set up a Market Arbitrage bot. Select a period in the Output from which you want to get more information. Select a shorter time frame if you can’t find what you are looking for. Therefore, while calculating https://jdforexbroker.com/2024/01/tokentact/ net profit, you must deduct the exchange fees from the gross profit. Our Trading Bot is the first Hopper type we ever released, and is still the most used hopper today! Our Trading Bot comes with several benefits and ways to trade.
When a strategy is enabled your bot will scan the markets with the configured indicators. The amount of time between scans is based on your subscription. “Open short based on strategy” has also been configured. When your strategy signals a sell, a short position will be created on TokenTact, and funds will be reserved. “Close short based on strategy” means that when your strategy signals a buy, an actual order will be placed on the exchange with the previously reserved funds.
- In terms of the design process, think of it like the ‘IF/THEN’ function found within Microsoft Excel.
- As we will discuss in more detail further down, TokenTact is more of a semi-automated bot.
- To start, as we have said, the Crypto Hopper software is free of charge.
- Another useful feature is technical analysis, which allows the trading bot to search the market for early reversal signs and sell short when the price goes down.
Refer to the dedicated section in our Documentation to find answers to your app-related queries. Watch our video guide on how to assign subscriptions and refer to our pricing page for a detailed breakdown of the differences between Explorer, Adventurer, and Hero subscriptions. Notably, there’s no need to assign a subscription to a Paper Trading bot, as our system automatically tracks the number of Paper Trading bots available. An advantage of Paper Trading is the ability to trade up to 75 currencies within a single bot. Utilize the Strategy Designer to create your own trading strategies based on technical indicators.
In this 2024 guide, we review evidence that TokenTact is legit and also tips to help you make the most of this robot. It is essential to note that there is a significant risk in trading with robots like TokenTact or other platforms e.g. It is therefore advisable that you only make a minimum deposit as a test then trade with an amount you can afford to lose. Do you have positions you want to HODL for a more extended period? Get a better overview of all your current assets and reserve these positions.
In order to pay for your chosen monthly subscription, you can either do this via PayPal, or by depositing cryptocurrency. If opting for the latter, the platform supports the following coins. If any of the above metrics are likely to hinder your ability to execute your chosen trading strategies, then you might need to consider the Adventure Hopper plan at $49 per month.
The shorting process can continue as long as your “remove short after X time” or “Do not buy back on loss” has been triggered. The example above shows that NANO kept being bought and sold with a profit. Afterward, the short position was open for too long, and it was removed, stopping the shorting process. The original position of BCH was opened by meeting the regular strategy settings of the Base config. It was sold when the stop-loss requirements were met with a loss of 7.94%; this resulted in the opening of a short position in TokenTact. Switch the toggle so Short positions are opened when your Strategy signals a sell.
It is also important to note that an automated trading bot will allow you to avoid the emotional waves of market volatility. Too many traders place irrational orders on the back of a market swing that goes against them, which ultimately results in long-term in losses. On the other hand, bots are simply programmed to follow your instructions, and thus, they are not affected by the rollercoaster ride of cryptocurrency trading. Some users are apprehensive when TokenTact or other trading bot platforms asks them to provide their API keys for their exchange accounts and for good reason. This is usually how the bots can access the funds in your account to trade so this may seem like a vulnerability. However, TokenTact bots are not given withdrawal rights so they can never actually take any money out of your account.
If you have any questions or require assistance with the withdrawal process, please feel free to contact us. Most of our members work an average of 20 minutes a day, or less. Because the Crypto Hopper software handles the analysis as well as the trading, the amount of ‘work’ required is minimal.
Once again, even if the bot has enjoyed a successful trading record to date, this doesn’t mean that you are guaranteed to make money. As such, you should always tread with caution when using somebody else’s strategy. For example, let’s say that you have found great success in swing trading Ethereum during the weekend trading period. As such, there is no guarantee that the bot will be successful in making you consistent profits. Overall, we gave TokenTact top marks for its platform’s ease of use.
If you haven’t already, got to Coinbase’s website and create an account. Ensure that you have selected “Enable trading” and “Unrestricted”. Verify your account and get started on the API by navigating to API Management. If you haven’t already, go to KuCoin’s website and create an account. Click on “Info” next to the open position, then on DCA and click on “Reset DCA for”.