How to automate buying and selling

[Guest]

This is a genuine question as I'm not an experienced trader, but I managed to get a couple of wallets established. I ran into some confusion on Kraken with the "Market Price and Limit" options when selling. What do those mean? Also, I read the pros and you talk about setting your price for purchase and selling. I waaanna dooo thaaaaat!  

So, for instance, if I have a Kraken account and have USD can I set the purchasing guides so the system will trade if the price hits while I'm doing other things? Same with selling. I'm nowhere near fast day trading. I lost so much money just figuring out how to convert from one exchange to the other, then from bitcoin to ether, then ether to XRP... IT WAS RIDICULOUS. Now at least Kraken goes USD to XRP... Thank God.

Anyway, I want to take the next bold step in my ability to trade and programming my own trades would be awesome. Anyone willing to enlighten me with Kraken as the sample exchange? Please.

[Guest]

Holy Google! 

[tulo]

Depends which level of automation you need. Many exchanges offer already limit orders (i.e. you set the price you're willing to buy or sell and when the market reaches that price the order is fulfilled), stop loss and other semi-automatic modes. If you need somethong more complex you have to make a software that interacts with the exchange API.

[mulder]

metatrader 

[Guest]

19 hours ago, LordVetinari said:

Holy Google! 

You must have seen how much money I lost!

[Guest]

5 minutes ago, Wizann said:

You must have seen how much money I lost!

So you want to automate the process?

Please seek out a basic understanding of trading. 

[Guest]

Thanks so much but I thought that was what I was doing. A basic question about how to set up trades on Kraken. Sorry to offend OH Lord!

[Guest]

24 minutes ago, Wizann said:

Thanks so much but I thought that was what I was doing. A basic question about how to set up trades on Kraken. Sorry to offend OH Lord!

Quote

 "Market Price and Limit" options when selling. What do those mean? 

These are not specific to Kraken. I'm hoping you understand that you are probably not ready to run a bot. You are more likely to do more harm than good. I'm not offended, you are welcome to ignore my suggestion to do more research before trading. 

Please, do yourself a favor and at least Google, Bing, whichever some basics of trading. 

I suggest you learn at a minimum about order types, types of charts available for following the price, order books, support/resistance levels. Additionally, there are hundreds of signal and trend indicators that may be useful in determining how you will signal to your bot when to buy or sell.  

If anyone else wants to feel free to explain these to you here they're more than welcome to but all of that information has been written on hundreds of other websites.

Happy Trading! 

Edited November 29, 2017 by Guest