BitiCodes

Customize Your Bitcoin Trading Strategies, Streamline Your Trades and Enjoy a Smoother Bitcoin Trading Experience

BitiCodes
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What is BitiCodes

  • BitiCodes is a user-friendly Bitcoin trading platform that makes it possible for Bitcoin traders to expedite some of the mundane tasks involved in Bitcoin trading for a better and more efficient trading experience.
  • BitiCodes provides you with a broker who can help you find trades that meet your goals; all you need to do is share your preferences and limitations with your broker, and they will notify you about trading opportunities that match your goals.
  • BitiCodes was designed to facilitate time-consuming tasks like scanning the Bitcoin market and monitoring trades in the cryptocurrency market, which is highly volatile and is open 24 hours a day, 7 days a week.
  • Another feature of BitiCodes is the “Demo” account, which you can use to make fake trades using fake money. This is a great way for beginners to test their skills, learn from their mistakes, and generally get more acquainted with the market so they can hopefully become better traders over time. Even if you have some experience in trading, you can use this feature to test your trading strategy and see if it works before you invest money that you might lose.

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 about the environmental impact of Bitcoin mining have been a serious threat to the growth of Bitcoin in the last couple of years.

However, during this period, the total market capitalization of the cryptocurrency market grew to more than $1 trillion, and over 18,000 other cryptocurrencies have 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 the insurance industry.

If the widespread adoption of Bitcoin and blockchain technology continues regardless of the crackdown and government regulations, it might be 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 hopefully 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 a crackdown on Bitcoin mining activities will lead to a crash in 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 a loss of capital and a waste of time. There are no perfect or better trading styles, but you’ll learn 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 a 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, 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 possible profit is lower than expected in other trading strategies.

However, day trading requires constant monitoring of market trends, Day traders cannot afford to be as patient as swing traders, and making use of trading platforms like BitiCodes might be beneficial.

Position Trading

This is the exact opposite of swing trading; it takes a longer time for the price to reach the profit target. 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 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 patient traders.

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 crypto assets almost immediately.

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.

Swing Trading

This trading strategy requires a lot of patience and determination. 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 trading strategies are useful.

Signup for BitiCodes and customize your trading strategy together with your partnered broker 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: First, you need to fill out the registration form with your name, email address, and phone number and agree to and accept both the Privacy Policy and Terms & Conditions.

Next, you will receive a confirmation email to verify your identity. Click on the link provided to be connected with your broker’s website, and you’ll be redirected to the platform.

Step 2

Step 2: Once your BitiCodes account is up and running, you need to fund it with a minimum deposit of $250. You are now ready to start trading using that initial deposit, but before you dive right in, there are a couple of things you need to do.

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 just starting out, make sure to learn as much as you can about the market, analyze the information provided by the platform, and research trends and fluctuations. By doing so, you’ll be in a better position to devise a trading strategy that suits your goal - such as grid trading styles, trends & trend reversals, price action, as well as the use of indicators like EMA.

Another crucial step is to utilize the various features provided by BitiCodes. You can use the “Demo” account to practice your skills and test your strategy before you move on to live trades. And more importantly, you need to share your parameters and limitations with your broker, so they may advise you when trading options arise that meet your criteria.

Step 4

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

You can now start trading, but keep on learning, analyzing, monitoring the market, and testing your skills. To dive into live trades, you can choose from numerous Bitcoin trading pairs across multiple crypto exchange platforms. Just don’t forget to start slowly and responsibly, and never invest more than you can possibly afford to lose.

Sign up with BitiCodes to enjoy your trading journey!

How Does Bitcoin Trading Work?

Bitcoin trading involves speculation of Bitcoin price movements; just like in the traditional trading markets. It provides an opportunity for traders to maximize Bitcoin’s volatility by monitoring the market and analyzing fluctuations as they happen.

You are probably 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 sound Bitcoin trading plan:

Decide on 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 the 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 the price hits the invalidation level of trade. For instance, setting a stop loss order at 5% below your entry level for a long Bitcoin position will limit the loss to 5% if market sentiment changes and the 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.

Establish the direction of the trend

Like every speculative asset, Bitcoin's price can be in an uptrend or 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 might help you prepare your trades.

Monitor your trade

Monitoring your open Bitcoin trades is just as important as determining the direction of the trend and setting a stop loss. Monitoring your open trades will help you spot trend reversals quickly, so you might be able to cut your losses if the trade is not successful. 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, which makes it possible for traders to either make a profit or lose money.
  • With leverage, traders can buy or sell Bitcoin with a fraction of its price as a 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 and start your trading journey with a user-friendly platform.

FAQs

WHAT IS A BITCOIN TRADING PLATFORM?

A Bitcoin trading platform is a tool that facilitates the Bitcoin trading process by helping you monitor all the necessary market data in one place.

CAN YOU 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 with a platform like BitiCodes or with any other. Please note that Bitcoin trading is extremely unpredictable, and while it might hopefully provide some opportunities for profit, it also involves a significant level of risk.

WHAT OPERATING SYSTEMS CAN YOU RUN BitiCodes ON?

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

WHAT STRATEGIES CAN YOU 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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