BitiCodes

Customize Your Winning Bitcoin Trading Strategies, Automates Trades and Enjoy a Simplified Bitcoin Trading Experience

BitiCodes
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What is BitiCodes

  • BitiCodes is a user-friendly Bitcoin trading app that makes it possible for Bitcoin traders to automate some of the mundane tasks involved in Bitcoin trading for a better and a more efficient trading experience. BitiCodes automates trades using a set of preprogrammed parameters; these parameters or market indicators can be customized by individual traders according to their trading strategies and style.
  • BitiCodes was designed to automate time consuming tasks like manually scanning the Bitcoin market for good setups and executing and monitoring trades in the cryptocurrency market, which is highly volatile and is open 24 hours a day, 7 days a week.
  • BitiCodes is more reliable and works more effectively than human traders because it can scan the Bitcoin market on all compatible cryptocurrency exchanges for good trade setups based on the predefined parameters. Also, BitiCodes enters and exits trade positions only when certain market conditions are met; this removes the possibility of emotions that often result in bad trading decisions by Bitcoin traders.

The Future of Bitcoin in 2022 and Beyond

Government regulations have cracked down on Bitcoin activities in countries like Singapore and China. Additionally, the growing concerns of the environmental impact of Bitcoin mining has been a serious threat to the growth of Bitcoin the last couple of years.

However, during this period, the total market capitalization of the cryptocurrency market grew to $2.02 trillion and over 11,000 cryptocurrencies have also been created since Bitcoin was launched in 2009. Blockchain technology is gradually being adopted and applied in various fields such as medicine, education, supply chain and logistics tracking, international remittance and insurance industry.

If the widespread adoption of Bitcoin and blockchain technology continues regardless of the crackdown and government regulations, then it is safe to assume that Bitcoin will thrive for many more years to come and there will still be many trading opportunities for Bitcoin traders to maximize.

Is it too Late to Invest in Bitcoin?

It is not too late to invest in Bitcoin if you are playing the long game and if you believe in Bitcoin as an invaluable store of value and its potential to disrupt traditional financial systems in the coming years. However, if you share the sentiment that government regulations and crackdown on Bitcoin mining activities will lead to a crash of the cryptocurrency economy, then you might just be too late to the party.

Choosing the Best Bitcoin Trading Style

Bitcoin is a high-risk crypto asset and trading without a plan or style will be disastrous and might result in loss of capital and waste of time. There are no perfect or better trading styles, but we’ll be talking about four major styles; day trading, scalping, swing trading, and position trading.

The trading styles are similar but are only different due to the time periods the trades are held. Scalping trades are done within a few seconds to hours while swing trading is done within hours to few days. Position trades can be done in days or even years.

To choose the trading style that works for you, there are a few factors you must consider. They include: risk tolerance, your personality, and goals.

Day Trading

This is a lucrative trading style but might be challenging to a beginner if not done properly. This Bitcoin trading style involves buying or selling Bitcoin positions within a single day. The profit is lesser than the other trading strategy, but the risk level is low.

It requires constant monitoring of the market trends. Day traders do not have the patience position that swing traders have. They usually make use of trading apps like BitiCodes. BitiCodes uses different filters and signals to know the best time to enter and exit trades on Bitcoin.

Position Trading

This is the exact opposite of the swing trading; it takes a longer time for the price to reach the profit target, which is usually large and impressionable. A position trader purposely waits for a long period of time knowing the target price will be worthwhile.

Also, there’s a big possibility of encountering a larger loss in this kind of trading. It can be considered as a buy-and-hold strategy as opposed to the buy-and-sell strategy that’s practiced in swing trading. It’s a trading strategy that is best suited for a patient trader who is not easily overwhelmed by small profits.

A position trader will have to be determined in order not to be deterred from the big price. One of the most important factors in this strategy is the ability to point out the entry and exit points in the market trend. This ability can make any loss experienced tolerable.

Scalping

This trading style is done by going in and out of the market within a few hours. The target of traders here is to make profits out of the smallest price movements. It involves buying and selling of crypto assets almost immediately, and a good trade setup presents itself and profits or losses are taken within a very short period of time.

Traders, also known as scalpers, need to be fast and precise with the timing of market entry since it can close within a few seconds. It’s an exciting trading style and its risk level is high. To be a good scalper, a trader must not be emotional or overridden with sentiments. Scalpers also make use of trading apps like BitiCodes. BitiCodes uses technical indicators to find trading opportunities and make good decisions without hesitation.

Swing Trading

This trading strategy requires a lot of patience and determination. Profits are taken within a short period of time. Time is essential in this type of trading in order not to miss out on potential profits, which are mostly due as a result of drastic market moves.

What Trading Strategy is Better?

It can’t be said which is better because it depends on the trader’s personality, knowledge and risk tolerance. It also depends on the goals the trader has in mind; for example, a trader with retirement plans in mind might consider position trading while a trader with the goal of making a living might prefer day trading or swing trading. All the trading strategies are reliable and useful.

Signup for BitiCodes and customize your trading strategy based on your style or you can also use one of several back-tested trading strategies.

How to Sign up for BitiCodes

Step 1

Step 1: Install BitiCodes on your desktop or mobile device

To get started, extract and install the BitiCodes software package on your device. After starting BitiCodes, you can access the interface in your browser.

Step 2

Step 2: Connect to the exchange API

Enter your API key to connect BitiCodes to your exchange account. The API secret is stored only on your device for security reasons. Make sure that the API key you created is allowed to read info and may execute trades on your behalf.

Step 3

Step 3: Create a trading strategy

If you are a beginner with no coding skills, you can choose from the in-built strategies, or you can create a custom strategy that suits your trading style. However, you must adjust the trading limit depending on your trading capital and risk appetite.

The BitiCodes Bitcoin trading app enters or exits a trade depending on the predetermined strategies. There are many different strategies to choose from such as grid trading styles, trends & trend reversals, price action, as well as the use of indicators like EMA.

The strategies can be customized using multiple indicators for more reliable and accurate entries. You can also manually enter trades and configure BitiCodes to take profits for at different levels.

Step 4

Step 4: Select the Bitcoin trading pairs you want to trade

There are numerous Bitcoin trading pairs across multiple crypto exchange platforms that you can choose from. With X, you can choose individual pairs or customized filter rules can also be implemented.

Step 5

Step 5: Run your Bitcoin trading app

Start BitiCodesand let it manage your trades. BitiCodes saves you the time and stress it takes to open Bitcoin trading positions and monitor trades manually.

Sign up now to enjoy a hassle-free trading journey!

How Does Bitcoin Trading Work?

Bitcoin trading involves speculation of Bitcoin price movements; just like we have in the traditional trading markets. It provides an opportunity for traders to maximize Bitcoin’s volatility by executing buy or sell using derivatives to predict rallies and falling prices.

I am sure you are familiar with the popular saying that “those who fail to plan, plan to fail.” Well, this principle also applies to Bitcoin trading, and you must have a back-tested trading plan before you start trading Bitcoin. You can follow these steps to create a successful Bitcoin trading plan:

Decide a trading style that suits your personality

Scalping, day trading, position trading and swing trading are the most common Bitcoin trading styles that professional traders use. They differ only in the duration it takes for price to reach their targets. If you are a beginner, you can try all the trading styles until you find one that is suitable for you.

Determine your invalidation point and set stop loss

Invalidation points and stop loss limits are important risk management tools. A stop loss is a buy/sell order that is executed only when price hits the invalidation level of a trade. For instance, setting a stop loss order at 5% below my entry level for a long Bitcoin position will limit the loss to 5% if market sentiment changes and price goes against the prediction.

In January 2022, the crypto market saw a cascade of liquidations to the tune of $343 million within 24 hours across all the cryptocurrency exchanges. About $122 million of this figure was associated with Bitcoin trading positions.

Do you think these liquidations would have happened if Bitcoin traders had set stop loss orders at their invalidation levels? The answer is NO because stop loss helps you cut down losses on losing trades and they are essential useful for capital preservation when trades go against your prediction in a volatile digital asset like Bitcoin.

Establish direction of trend

Like every speculative asset, Bitcoin price can be in an uptrend, downtrend, or it can be in a ranging market. You can determine the direction of trend and trend reversal using trend lines, support and resistance, market structure, EMAs, RSI etc. It is often rewarding when you flow with the tide rather than against it. Establishing trend direction will help you prepare your trades with better chances of winning.

Monitor your trade

Monitoring your open Bitcoin trades is just as important as determining the direction of trend and setting stop loss. Monitoring your open trades will help you spot trend reversals quickly, take profits, and cut down losses on losing trades when necessary. When monitoring trades, it is also paramount for you to always document the progress of all your trades. Journaling will help you figure out what you did right, and what you can improve upon.

In conclusion, you must learn to accept responsibility for losses, learn from mistakes, and stick to your trading plan, regardless of the timeframes you use or whether you use fundamental or technical analysis. Always be in control of your emotions and wait for confirmation of your trade setups before opening or closing a position.

Pros and Cons of Bitcoin Trading

  • The price of Bitcoin can be very volatile; this makes it possible for traders to make significant profits within a short period of time.
  • With leverage, traders can buy or sell Bitcoin with a fraction of its price as margin.
  • Bitcoin provides trading opportunities 24/7.
  • The volatility of the Bitcoin market and drastic swing in prices increases the risk of losing all your trading capital.
  • Regularly trading Bitcoin for fiat increases taxable events compared to other forms of investments.

Signup for BitiCodes now and let BitiCodes efficiently monitor your trades.

BitiCodes - FAQs

What is a Bitcoin trading software?

A Bitcoin trading app is a type of software that automates the Bitcoin trading process using a predefined and preprogrammed set of rules.

Can I use BitiCodes without any Bitcoin trading experience?

It is strongly recommended that you have some basic understanding of technical analysis of financial markets whether you trade manually or with an automation software like BitiCodes. Please note that Bitcoin trading is extremely unpredictable, and while it provides excellent opportunities for incredible profits, it also involves a significant level of risk.

What operating systems can I run BitiCodes on?

X works with all operating systems including Mac, Linux, Windows, and ARM.

What strategies can I run with BitiCodes?

BitiCodes has several in-built trading strategies that you can run. It also allows you to customize these strategies with your desired indicators and create your own trading strategy.

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