Trading cryptocurrency can be a wild ride, with prices fluctuating rapidly and unpredictably. However, one strategy can help you profit in bullish and bearish markets: the Buy-The-Dip strategy.
And now, with the help of automated trading bots like the Bitsgap Buy-The-Dip (BTD) bot, it's easier than ever to execute this strategy with precision and speed. In this article, we will look closely at the BTD bot and how it can help you take advantage of market dips to maximize your profits.
🤔 What is the Bitsgap Buy-The-Dip bot?
The BTD bot allows traders to take advantage of market dips, or decreases in price, by automatically executing trades when certain conditions are met. This helps to buy low and sell high, maximizing your profits.
Additionally, the bot can also be set to sell at a higher price, helping traders to lock in their profits. This can be especially useful during a bear market when asset prices decrease. The BTD bot can help to minimize your losses by selling assets at the right moment.
It's also customizable to fit your preferences, risk management, and strategy, making it a versatile tool that can be used by traders of all levels and styles.
In summary, if you want to increase the amount of the base currency for a chosen pair during market dips, the BTD bot is the perfect tool for you.
🤖 How to create a BTD Bot
This section will show you how to create and run your first BTD bot. Follow these step-by-step instructions:
1. Select a bot type
To start a new BTD bot, click the [Start new bot] button located in the top menu of the Bots page.
From the list of available bots, select [Buy the dip]. This will reveal a new widget on the right corner of your screen where you can adjust the settings of your BTD bot.
2. Select an exchange and a trading pair
A menu for creating your first BTD bot will appear on the right side of your screen. Here, you can select the exchange, pair, investment, and set advanced settings if you want to customize it to your preferred strategy.
To learn more about advanced settings, check out our other article - Unlocking the full Potential of your BTD Bot: A Walkthrough of Manual Adjustments
Start by selecting an exchange and a pair. Click on the “Exchange” window to choose an exchange, then “Pair” to set the trading pair.
3. Enter the investment
Enter the total investment value you would like to operate with or use the slider to specify the percentage based on your available balance.
Next, specify the total Investment value you would like to operate with. Alternatively, use the slider to adjust the percentage based on your available balance.
The Investment field shows:
an approximate investment in your base and system currencies;
an amount of the base currency used for sell orders (BTC);
an amount of the quote currency used for buy orders (USDT).
The Available balance window displays the amount of both currencies available on your balance, already taking into account the deduction of 5%, which is reserved to cover any trading fees charged by the exchange.
Once everything is set up, click the [Continue] button.
4. Bot overview
This is the final step before launching the bot. Here you can review all the selected settings for your bot.
If you need to make any changes, you can go back by clicking on the arrow. Otherwise, create your bot by pressing the [Launch Bot] button.
📊 Monitoring your bot's results
To keep track of your bot's performance, refer to the detailed View window by clicking on the chart icon next to your bot.
This window shows your bot's live results, including accumulated profit, unrealized profit, trading time, and the number of completed transactions. It also shows the ratio of the quote and base currency in open orders and their summed-up value.