What do i need to know to write a programm that uses my "tactic"
First of all, yet i do not have a techniqe/tactic i use. I'm reading on the interwebs that using a programm you wrote on your own that implements your tactic is seen over a long term to pay of more. At least from my point of view because i think i would be quite emotional. But i would need to be rational. So lets assume i would have the know how about forex traiding (which im actually trying to gather these days and im aware that experiece is a key point), where would i get started with this. I have trouble finding the first good google search request that brings me on the wave to lerning :) My first little project would be this: I target kraken.com as my trading site and use their api. Then when i buy something with my programm over kraken, i'll have a dataset of the purchase and let it calcualte the profits by the difference of the price i used to bought and the current price. If the prices are about +/- 20% of the buying price, it will sell automaticly. So maybe there is some of you that is actually doing what i would like to do and could share a little bit. Critiqe, suggestions.. everything is welcomed here. I would use JS with PHP or Nodejs to do so.
If I trade LTC/BTC on Binance, does that mean Litecoin is my base currency and my gains/losses are in LTC or vice versa?
I am having such a hard time finding an answer to what I thought would be a simple search. I want to buy crypto and start "trading up" my account. So I would ideally like my base currency to be crypto so I can trade other cryptos against it. Ideally I'd like to start with Litecoin. But here is my question -- if I load LTC into Binance for example and I traid LTC/BTC I am essentially buying LTC and selling BTC to go long and selling LTC and buying BTC to go short, right? And my gains / losses are in LTC? Am I getting that right? Now if my base currency is LTC does that mean I am ONLY limited to trading LTC against other currencies? Or does that mean I am only limited to having my gains / losses in LTC? So could I decide to trade BTC/USDT or XRP/BTC and so on as long as I have the equivalent LTC in my account? And the money I make at that point would be in LTC? I have been Googling for days and I can't find just a simple summary of this. I trade Forex but I don't know if it's the same. EDIT Please stop talking about laws and taxes. My question has nothing to do with taxes or laws. My question has to do with trading cryptocurrency pairs, what the base currency is, and what your profit on a trade would actually be in.