Welcome, in this article we will discuss what is the best automated crypto day trading function to make the most profit.
Some questions we will need to ask ourselves are
- What is automated crypto day trading?
- What is the best crypto day trading function?
- What are the pros with and automated crypto day trading function
- What are the risks with and automated crypto day trading function
What is automated crypto day trading?
Automated crypto day trading can be performed by using a crypto trading bot.
A crypto trading bot lets you actively trade cryptocurrencies without constantly monitoring your computer.
Automated trading strategies uses algorithms executed bu crypto trading bots to buy and sell your cryptocurrencies at certain times.
Depending on the automated trading strategy and the predefined rules you use, trades may be executed based on asset price, technical indicators, or the proportion of value in your portfolio.
Best automated crypto day trading function
In the table below, we have listed the best crypto trading bots for automated day trading.
Coinrule automated day trading
Coinrule crypto trading bot offers a wide range of preset trading strategies, including day trading and auto arbitrage trading among many other.
The crypto trading bot currently allow the use to take advantage of more than 150 trading templates automatically executed when market conditions meet predefined parameters.
Wunderbit automated day trading
Wunderbit ia a crypto trading bot, trading terminal and a copy trading function.
One of the greatest Wunderbit features for traders is to create a TradingView bot, which can be easily automated with Wunderbit Trading.
Pros with automated crypto day trading function
As for any investment strategy, there are pros with an automated crypto day trading function
- When you are using a bot you can reduce your time in front of the screen
- You don´t have to follow the news 100% of the time
- You can eliminate feelings from trading desicions which is a large source for failure in trading
Risks with automated crypto day trading function
As for any investment strategy, there are risks with an automated crypto day trading function
- You can never be 100% sure your trade is executed even if your predetermined rules are triggered.
- You can never predict the markets and there can be very short lived market movements that can trigger your position to close but the market might recover very fast
- You can fall in too much trust to your trading strategy if you have one successful month. A crypto trading bot shouldn’t be considered as full programmed but needs to be adjusted all the time.
How can I report crypto tax with automated day trading function?
There are many great crypto tax software that will help you out to report your crypto trading tax for affordable prices.
We wouldn´t recommend you to try to do this manually since it will involve a lot on time and man hours.
Even with a crypto tax software you might have to spend some hours to verify that all transactions are interpreted correct buy the crypto tax software bot.