Just a heads up I am somewhat new at using forums and am probably making my posts way longer than they should be. If your ok with reading a long post that explains my backstory and want to read and help I can tell you now that I am a very thankful for you taking your time to read and respond. So my situation is I finally got the funds to do some investing in coins/tokens. Quick backstory is I have been getting my house ready to sell in Seattle area in order to buy a cheaper house on the coast in order to invest the difference. House I am selling I paid 330 k
cash for in 2011 and has risen to 1.2 million since then. Bought house on coast of Wa for 275k about 3 months ago. Finally selling Seattle home sometime in next few weeks for sure. Anyways if your still here what happened is I sold a truck I had and used the cash from sell to buy a car and had about 15 k to invest. I wanted to practice with a smaller amount of money before I get large amount to invest. Everything was going pretty good. I made a few thousand trading on pancake swap. I was pumped. One thing I knew I needed to learn about but was so pumped to finally try my hand at investing that I did not learn was how to set up a trading bot or something like this to make trades for me into a stable coin if I was sleeping or too busy and my coins was started to tank. Needless to say this was a huge mistake and nearly lost everything I had invested by not having this setup. So what im asking is for any advice from others who have experience and know how I go about setting something up that I can put an amount that if my coin drops by this much that it will just trade my coin for a stable coin in order to not wake up and find out the coin that was up ten percent has now dropped so low that it pretty much wiped me out. Once again I can’t thank you enough for reading my message and honestly am super grateful. I apologize if my punctuation is not correct and for having sentences that are way too long. I was very good
I don’t know much about bot trading, but you could use one of the exchanges that allow advanced trading (I’m using coinbase pro) and set stop-limit orders on your coins. So that way if the coin goes below a certain level it will automatically sell. You will make more with a bot, but I’m just starting to look into bot trading, and for the life of me, I can’t figure out the tax implications if I have a bot trading multiple times a day.
Crypto markets never sleep! Sorry to hear about your losses. Check out our AI powered trading assistant at www.curpaytrader.com we built it to protect your assets and trade no matter what the market conditions are.
You will need to connect it to a central exchange like coinbase pro or kraken. Good luck!
Try out our AI powered trading assistant, it’s way better than a bot! Connect it to your coinbase account. For tax records and tracking you can use cointracker.io keeps me current with all the tax events buy/selling crypto creates.
I already use Cointracker…I guess my question is (and again I don’t know much about the kind of trading your talking about), but if the bot/ai is doing what I would imagine is several trades per day, am I going to end up with tons of transactions in my cointracker account or does it only “count” when I put coins in & take them out.
I am referring to spot trading on a centralized exchange. Cointracker will track your buys and sells. Sells are taxable events, coin tracker does all the math from that and can give you snapshot of what your tax exposure is depending on your trading activity. You can have profits and also sell for losses which can minimize your tax depending on when you realize those losses. CurPay and Cointracker paired together have done well for me. I use Coinbase Pro as well.