Now, when setting up Take Profit (TP), you can also enable the Trailing Take Profit functionality (TTP). With it, the TP price will follow the current price at the distance you define in the settings. An extra option is available to give your Stop Loss even more functionality.
Automated Binance strategies refer to the application of trading bots to carry out trades on the Binance exchange, following predefined trading methodologies. The Binance bot marketplace showcases a variety of automation tools that you can choose from, examine thoroughly, and incorporate into your trading approach. For instance, you can find spot and futures grid strategies, a rebalancing bot strategy, and auto-invest amongst the options. To understand how to effectively deploy these tools, you can explore the Strategy Academy on Binance.
For example, the Moving Average Convergence Divergence, or MACD, indicator helps traders spot shifts in the market’s momentum. The Relative Strength Index, or RSI, is also commonly used to determine when the market is overbought or oversold. A trader with a longer timeframe might still achieve positive results by winning only half, or fewer, of their trades, as long as the wins are significantly larger than the losses. In contrast, a successful stock scalper will have a higher ratio of winning to losing trades while maintaining profits roughly equal to or slightly larger than losses. I have finally discovered that the “percentage change” is where the profit or loss is really indicated. Your bot profit could show massive profits but when you close, your overall investment has gone down.
Your browser will also guide you through the process and explain what (if any) additional steps you need to take. Plus, you can manage your account just like you’d in the browser version of TokenTact, and your changes will be applied instantly. Switch to a more advanced subscription plan, enable two-factor authentication… Everything you need is here. This update is giving you a new detailed window where you can review bot performance before you decide to cancel any of your bots. In order to get started on TokenTact, you will need to create a new account.
The basic account comes with all standard features and allows you to engage in unlimited exchanges. The free plan is, in fact, a trial plan available for usage for 14 days. All standard features are included in this plan, along with a $1,000 monthly trading limit. We highly recommend that you take advantage of this free trial to understand how the platform works before you opt-in for a paid version. Another area where TokenTact shines is in its extensive portfolio management feature. Each time you add the API key of an exchange, the trade portfolios become available at your disposal.
- An experienced trader looking to set up complex trading strategies would probably be better off looking elsewhere.
- However, at TokenTact, you can choose a trading pair based on the percentage change in its value.
- On activating the bot, its algorithm will start selling the previously bought assets and taking returns using the GRID strategy.
- It helps traders understand how the trading pair might move up and down and how well the trading strategy might play out based on the pair’s historical data.
The bitcoin trading bots of the future will be able to give you an edge on any market opportunity that you would miss out on. Following this, be strategic about the platform, and you will be highly known. Napbots is compatible with most of the industry’s leading exchanges, including Binance, FTX, Kraken, etc., and is actively expanding its list. TokenTact GRID bot allows making a profit in the base or the quote currency.
The service has many useful tools that automate and simplify trading. There are no complaints about TokenTact’s performance, users like the robot’s functionality and the ability to test the platform with a 7-day trial. Compared to spot bots, the COMBO Bot can generate returns way faster, but it is essential to remember that futures trading carries more risk. The COMBO Bot combines the grid and DCA strategies and makes profits in USDT only. Choosing which cryptocurrencies or trading pairs to engage with can initially seem daunting given the plethora of options available.
In the pop-up window, you will see the calculated results of the bot’s work (bot profit) with the current settings for the past 30 days (by default), like in the example below. Backtest allows you to evaluate the bot performance based on historical data of a trading pair for a selected period. This feature may help you understand your bot’s settings and optimize them for the selected trading pair.
To select this option, go to the [Bot actions] menu, choose [Stop Bot] (Pic. 5), and then click on [Sell at limit price] for a long bot or [Buy at limit price] for a short bot. In February, we added a set of cool extra features to the DCA bot’s [Manual adjustment] and [Bot actions] sections that you can use to fully customize your trading strategy. When activated, in the field “Investment change, %,” you can specify the profit or Loss percentage from the original investment at which you would like to fix and close the bot. This section includes settings responsible for the complete DCA bot closure and risk management. In the following example, we set a limit of 3 active orders while there should be 5 DCA orders in total.
Their support is really responsive and polite which is not something you always see in support. They’re an extension of the company that introduced me to them and I think their service and software are really beneficial. Alternatives like ArbitrageScanner, TokenTact or the TokenTact app may be worth considering depending on needs and trader profiles.
In addition, https://daocoin.money/review-of-the-tokentact-bot/ also provides a set of analytical trading tools to research the performance of all popular trading pairs. You can integrate the option of setting a time frame, choosing a chart style and work alongside various indicators. Provided you’ve chosen an adequate market opportunity (a sideways trend) and taken great care setting up your grid, you’ll have all the chances of settling with good returns.