Topic: Bitmex for noobs - Leveraged Trading. Longs and Shorts! - page 10. (Read 2732 times)
Got close to 6500, but looks like it's back down for now. I'm in a quick long from 6050, but tight SL. Think its dump at 6150.
Was VERY wrong about up. Use stop losses! Thinking 6500 is now resistance, longing to that.
Lots of sideways lately. Thinking up after a 6550ish.
That short definitely did not go well, but luckily I was able to average it up and just got out at breakeven 6600. Probably longing 6500 now, think 7k will be hit at this point.
Reshorting around 6500. May long 6350 if it continues to hold.
Targeting 6700-6800 for a new short here.
Stopped out again 
Definitely think sub 6k is confirmed, not messing with longs anymore. Looking for a 6.6k short.
Definitely think sub 6k is confirmed, not messing with longs anymore. Looking for a 6.6k short.
Sir Margin trading is not a place for newbie like us
. We will always hit margin call and lose huge amount of money because of the x100 leverage. I've been there and i will not repeat that again. Do not use leveraged trading until we are consistently making good trades.
Do not learn your lessons in a hard way. good luck.
Stopped out again
Definitely think sub 6k is confirmed, not messing with longs anymore. Looking for a 6.6k short.
Definitely think sub 6k is confirmed, not messing with longs anymore. Looking for a 6.6k short.
Wowzers. Got stopped out luckily, but nutty drop. Longing 6850 here.
I thought for sure we'd punch through the 7800 area by now, but I'm thinking if we don't get through tomorrow I'm gonna short down to 7100 again and open another long with stop loss of 6850... This market is very hard to deal with, especially on the mex. I'm having more trouble than I ever have trading right now, but with the bear market squeeze I keep playing in the dumb zone. Lets just get down to 6000 already find a huge wick, and get this show on the road... tired of the stagnant market.. tired of the algo bots creating bart candles.. sick of the low volume.. lets get moving!
Sideways ALL day today. Very strange. Longing 7500 if it gets hit.
No trade right now for me. Waiting for 7300 or 7800
Long worked out great. Lots of money to be made in these areas since it's bouncing back and forth constantly.
Longing from 7300!
Welp, very wrong on Sub 7, that's what stop losses are for! Waiting for 7650 and shorting there today.
Thinking sub 7 is coming soon. Shorting with tight SLs today.
Note, you do get 10% off fees if you sign up through a referral link. Feel free to use mine: http://bitmex.com/register/BCCNeF , but even if you don't use mine, use someone's because it's 10% off fees, which adds up. You're literally throwing away 10% on every trade if you don't use a referral.
I kept seeing the Bitmex wrecked twitter thing and seeing mentions of leverage all over 4chan, but had absolutely no idea what it all meant. It also looked too complicated for me so I've always ignored it. Got bored today and it's actually much simpler than it seems. There's a ton of guides that go super in-depth and those made absolutely no sense to me, so I'm going to explain it from an idiot's perspective.
First of all, the draw of Bitmex is you can do what's called Leveraged trading. In the simplest terms possible, it means you multiply your percentage gains/losses. If you go 10x leverage long on bitcoin and bitcoin gains 1%, you gain 10% more money. This is super cool for impatient people like me because it allows you to trade more actively without getting wrecked by fees, and it's ridiculously exciting.
Bitmex doesn't allow US users, but supposedly, all you need to do is register under a VPN and you're good to go. I used ExpressVPN. It is a paid VPN, but they have a 30 day money back guarantee. You can register on Bitmex with it, then cancel. Or keep it because it's actually a super nice program.
Once you're registered, deposit some BTC into your Bitmex wallet. When you first open the trade screen it's going to look super complicated. It's not.
Buying Long on a coin means you expect it to go up. Buying short on a coin means you expect it to go down. Playing those buys works like any other Exchange (i.e. Binance). You can set a limit price to buy in at and an amount. to buy.
Now you want to pick your leverage. In the menu below that, there's a slider. Again, each multiplier of leverage means every 1% = your leverage multiplier. 1% gain with a 25x leverage means 25% gain. I would start with 2x/3x leverage until you get a good handle on things.
The Cost number below the buy long/buy short number is the big one here. With leverage, you're essentially putting loaned money toward a coin. With 10x leverage, you can buy 1 BTC even if you only have .1 BTC (this is why the percentage gains are so drastic). However, this means you can lose it as well.
Let's say you bought 1 BTC at $10000, Long at 10x leverage (So you put in $1000). If BTC dropped 10% to $9000, you would lose all $1000 you put in. If it went to $11000, you would gain $1000 and double your money. Bitmex will auto "liquidate you" if you drop too far and don't have any more money to cover (10x leverage means if it drops more than 10% you lose all the money you put in. 25x leverage means if it drops more than 4% you lose all your money).
You can change orders on the fly and constantly adjust. Let's say BTC raised to $10100 (1%). You could then sell your long order and you will have gained 10% and now you can invest your $1100.
Like I said, there's a ton of guides out there that go into the more fancy TA and ways you can adjust orders, but this should provide a quick overview to get you started. They have a testnet site where you can practice with fake money first as well.
Part 2 with more advanced tips here: https://bitcointalksearch.org/topic/--3559891
[mod note: removed ref spam]
I kept seeing the Bitmex wrecked twitter thing and seeing mentions of leverage all over 4chan, but had absolutely no idea what it all meant. It also looked too complicated for me so I've always ignored it. Got bored today and it's actually much simpler than it seems. There's a ton of guides that go super in-depth and those made absolutely no sense to me, so I'm going to explain it from an idiot's perspective.
First of all, the draw of Bitmex is you can do what's called Leveraged trading. In the simplest terms possible, it means you multiply your percentage gains/losses. If you go 10x leverage long on bitcoin and bitcoin gains 1%, you gain 10% more money. This is super cool for impatient people like me because it allows you to trade more actively without getting wrecked by fees, and it's ridiculously exciting.
Bitmex doesn't allow US users, but supposedly, all you need to do is register under a VPN and you're good to go. I used ExpressVPN. It is a paid VPN, but they have a 30 day money back guarantee. You can register on Bitmex with it, then cancel. Or keep it because it's actually a super nice program.
Once you're registered, deposit some BTC into your Bitmex wallet. When you first open the trade screen it's going to look super complicated. It's not.
Buying Long on a coin means you expect it to go up. Buying short on a coin means you expect it to go down. Playing those buys works like any other Exchange (i.e. Binance). You can set a limit price to buy in at and an amount. to buy.
Now you want to pick your leverage. In the menu below that, there's a slider. Again, each multiplier of leverage means every 1% = your leverage multiplier. 1% gain with a 25x leverage means 25% gain. I would start with 2x/3x leverage until you get a good handle on things.
The Cost number below the buy long/buy short number is the big one here. With leverage, you're essentially putting loaned money toward a coin. With 10x leverage, you can buy 1 BTC even if you only have .1 BTC (this is why the percentage gains are so drastic). However, this means you can lose it as well.
Let's say you bought 1 BTC at $10000, Long at 10x leverage (So you put in $1000). If BTC dropped 10% to $9000, you would lose all $1000 you put in. If it went to $11000, you would gain $1000 and double your money. Bitmex will auto "liquidate you" if you drop too far and don't have any more money to cover (10x leverage means if it drops more than 10% you lose all the money you put in. 25x leverage means if it drops more than 4% you lose all your money).
You can change orders on the fly and constantly adjust. Let's say BTC raised to $10100 (1%). You could then sell your long order and you will have gained 10% and now you can invest your $1100.
Like I said, there's a ton of guides out there that go into the more fancy TA and ways you can adjust orders, but this should provide a quick overview to get you started. They have a testnet site where you can practice with fake money first as well.
Part 2 with more advanced tips here: https://bitcointalksearch.org/topic/--3559891
[mod note: removed ref spam]
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