Topic: Bitmex for noobs - Leveraged Trading. Longs and Shorts! - page 5. (Read 2853 times)
I wanted to try leveraged trading but it's just like forex and extremely risky. You can get nice gains but if you get liquidated you lose it all. I know most people are making money by shorting the market, hence we are getting these market crashes all the time in 2018, this and the bitcoin futures is causing all the downside and downtrend. As soon as the prices go up again, all the shorters here just squeeze out any little profits, so small retail investors and holders now in crypto are the biggest losers. 2017 will never come back to us again that's for sure, now everyone can short Bitcoin without even owning it.
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.
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.
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.
well
thank a lot for explanation
i hate bitmex for now .
its just like gambling.
better traditional trading ,i guess
also better you going to blackjack if u want quick money or quick burned.
Weird day. Made some profit on a 7400 short but not sure here. Might just stick a short at 7520.
Reshorted at 7335
Short at 7320
Closed at 7030 since I'm going to bed. Really unpredictable next ~12 hours. Feels like 6800 and 7150 are major breakpoints.
Shorting 7060
Took profit at 7k from a 6820 long. Sitting out to see where it goes next.
Long at 6820 right now.
Took profit at 6901. Reshorting 7080 I think, may change my mind.
Average entry is now 6950. Still hoping for a solid retrace. Another day of sideways movement though and I may just get out.
Well uh oh. Average entry is 6850 so not too happy right now. will add more to short at 7150, but really hoping we're done going up for now.
Living in this small range. I think we'll see a big wick up to maybe 6825 but it is dump from there.
Hit and took profit at 6670 to switch to long.
Shorting 6750 again hopefully
noobs should just stay away from Bitmex. Hayes is a shark and makes no bones about it.
OP, what leverage are you using and how much % of your balance is usually involved in a trade?
Cross and 1% or so.
OP, what leverage are you using and how much % of your balance is usually involved in a trade?
This type of trading is risky and not for newbies. You really need to study the charts and see where the price is heading, also the news to see if there is anything good to pump the prices. Otherwise, you might as well go into the local bar and put your coins into a slot machine instead
Took profit at $6500 but still think next move is up. Hoping to get a reentry around 6400
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