Hey i want to start trade on bitmex but donot understand what is stop loss.I was starting demo trade but lost my xbtc so anyone please tell me how to get profit and which youtube channnel or site usefull for me ..thanks
I am a trader too but I seldom use stop loss definitely because I am not familiar with it. I do not say you copy me but I am trading without that. I just have to be a little bit vigilant because I might lose more for not using that stop loss. See the difference?
Topic: How to get profit from bitmex trade (Read 259 times)
Hey i want to start trade on bitmex but donot understand what is stop loss.I was starting demo trade but lost my xbtc so anyone please tell me how to get profit and which youtube channnel or site usefull for me ..thanks
I am a trader too but I seldom use stop loss definitely because I am not familiar with it. I do not say you copy me but I am trading without that. I just have to be a little bit vigilant because I might lose more for not using that stop loss. See the difference?
Although you can exchange many different cryptocurrencies on BitMEX, they only accept Bitcoin, so it is the only currency that can be used by the platform (even if you want long or short Ethereum). Bitmex is a favorite cryptocurrency exchange that enables its users to trade with up to 100: 1 leverage, giving traders the opportunity to increase their profits and potential losses.
In my opinion is not god idea to jump in to margin trading now because alot of altcoin in the bottomed already and some of them already spike more than 100% so we have more chance to make bigger profit with less risk from spot market. If you want to try it, for the better use leverage 1 to 3 times only and dont be greedy by use higher leverage.
Hey i want to start trade on bitmex but donot understand what is stop loss.I was starting demo trade but lost my xbtc so anyone please tell me how to get profit and which youtube channnel or site usefull for me ..thanks
I suggest to start practising on bitmex testnet then if you get the right trading strategy go on actual trading on Bitmex platform in this case you know now how to use leverage how to use contract and many more, being a margin trader is so risky in a single wrong move your capital can be lose be careful toyour move.
I would avoid bitmex if you're a beginner, it can be harsh and that 200x margin will destroy you ;-) I would advice you to find some good project you like and think will succeed, and put some money into them - while you read up on margin trading and some techniqies and method. But some money into a bitfinex account to play around with.
My suggestion is you don't have to start on bitmex if you don't know about stop-loss, you can try with Binance or other exchanges which will easy to understand. Besides that, you need to read more information, and if necessary, you can watch a video from Youtube.
If you use Binance, you can use BNB coin as your trading fee which will cheap than btc, and you can found so many coins to trade which will give you more chance to make a profit.
I dont know bitstamp because i do not have an account there. But i see they charge a fee of 0.25% per order.
If you can stay away from sliding the leverage bar and obky use 1x limit orders, than bitmex can be a lot cheaper to trade on because of the taker fees. Bitmex has a lot less choice in coins to trade, which for a beginner i think is good because it prevents from overtrading on a large choice in different altcoins.
Whats your view on that?
If you can stay away from sliding the leverage bar and obky use 1x limit orders, than bitmex can be a lot cheaper to trade on because of the taker fees. Bitmex has a lot less choice in coins to trade, which for a beginner i think is good because it prevents from overtrading on a large choice in different altcoins.
Whats your view on that?
If you use Binance, you can use BNB coin as your trading fee which will cheap than btc, and you can found so many coins to trade which will give you more chance to make a profit.
I think for beginner trader is avoid margin trading because alot of altcoin already in the bottomed and that all has potential to offer bigger profit with less risk than margin trading. I tried margin trading on Bitmex but the price reached stop loss 3 times and since that i decide to more focus on spot trading. And if you want to do that, for the better dont use all trading balance for margin trading.
I personally use this handy little position calculator (click for link, some extra stuff on the site but just use the calculator) to prevent getting liquidated on Bitmex- it still obviously does happen, but this calculator helps you set up things correctly so risks are lower and you hopefully get stopped out more often than you get liquidated. This Medium post (click for link) provides a bit of a guide as to how to use this tool. Leverage is still pretty difficult to use in the end and if you're new to leveraged trading, I would not suggest putting a lot of money into Bitmex.
Bitmex is only offer margin trading and this is will be more risky than spot trading because use of leverage, if you want to try it use low level of leverage and avoid greedy. For beginner trader should be looking for tutorial on the google how to trade there because way to trade is more complicated than on exchange spot trading, because the number of contract that we can buy will be according to also with level of leverage.
He still looks like a beginner trader and from his question you could tell that he is going in for another big loss, sorry to say, someone who is prepared for trading in real life should have at least know much about basic things through theory such as stop loss and other tools used in trading which are basis of trading and not the complicated ones. He still has lots of things to really learn and not just jump into trading, not even demo, theory stage is need here before the practical sets in.
Bitmex is only offer margin trading and this is will be more risky than spot trading because use of leverage, if you want to try it use low level of leverage and avoid greedy. For beginner trader should be looking for tutorial on the google how to trade there because way to trade is more complicated than on exchange spot trading, because the number of contract that we can buy will be according to also with level of leverage.
Trading on the bitmex exchange for beginners is not a good option. First learn how to trade without leverage and on a normal exchange and then try your hand at trading with leverage. Without experience, even putting stop-loss you very quickly lose all your money.
Just watch the video on YouTube and start trading is not enough.
Just watch the video on YouTube and start trading is not enough.
If u are asking this type of questions in a public forum, I would advise u not to start trading bitcoin, especially with leverage. You should remember that the futures market was created for people to hedge and not for speculators. Speculators are the suckers who take the risk from the hedgers. Speculators dont know how markets work and think technical analysis are the magic think that is gonna make u money, dont be like them, thats my advice for u buddy. Gl!!
Let's say you have an entry of $3870 for long at 10x leverage, from there you can find stop limit. Click that and fill the same quantity order (if your order is $100, then it should be the same), set stop loss at $3830 or lower than that to triggger it in case the market act in sideways. Always put the same leverage, too.
I know it is hard to explain without some images.
If you are still confused, just watch this tutorial :
https://m.youtube.com/watch?v=44ryMkHXDCw
It's better extend your practice in demo platform since you are not still that familiar with bitmex.
I know it is hard to explain without some images.
If you are still confused, just watch this tutorial :
https://m.youtube.com/watch?v=44ryMkHXDCw
It's better extend your practice in demo platform since you are not still that familiar with bitmex.
A piece of advice:
If you don't know what a stop loss is, Bitmex is definitely NOT the right place to be. The confusion can be enormous when you add margin trading, take profit targets, and other sophisticated nuances on top of the normal trading routine.
Much better would be to start trading on a platform that doesn't offer leverage trading but does have stop losses.
Or at the very least, stick with the Bitmex Demo platform for a while until you have learned all the ins and outs of this platform.
If you don't know what a stop loss is, Bitmex is definitely NOT the right place to be. The confusion can be enormous when you add margin trading, take profit targets, and other sophisticated nuances on top of the normal trading routine.
Much better would be to start trading on a platform that doesn't offer leverage trading but does have stop losses.
Or at the very least, stick with the Bitmex Demo platform for a while until you have learned all the ins and outs of this platform.
I agree!
Don't even think of starting your trading career at BitMEX. You can check more beginner-friendly trading platforms such as Bitstamp, Coinbase or eToro. Don't use leverage trading in the beginning.
You can read more about how to start cryptocurrency trading and how to avoid a mistake in cryptocurrency trading.
If you can stay away from sliding the leverage bar and obky use 1x limit orders, than bitmex can be a lot cheaper to trade on because of the taker fees. Bitmex has a lot less choice in coins to trade, which for a beginner i think is good because it prevents from overtrading on a large choice in different altcoins.
Whats your view on that?
A piece of advice:
If you don't know what a stop loss is, Bitmex is definitely NOT the right place to be. The confusion can be enormous when you add margin trading, take profit targets, and other sophisticated nuances on top of the normal trading routine.
Much better would be to start trading on a platform that doesn't offer leverage trading but does have stop losses.
Or at the very least, stick with the Bitmex Demo platform for a while until you have learned all the ins and outs of this platform.
If you don't know what a stop loss is, Bitmex is definitely NOT the right place to be. The confusion can be enormous when you add margin trading, take profit targets, and other sophisticated nuances on top of the normal trading routine.
Much better would be to start trading on a platform that doesn't offer leverage trading but does have stop losses.
Or at the very least, stick with the Bitmex Demo platform for a while until you have learned all the ins and outs of this platform.
I agree!
Don't even think of starting your trading career at BitMEX. You can check more beginner-friendly trading platforms such as Bitstamp, Coinbase or eToro. Don't use leverage trading in the beginning.
You can read more about how to start cryptocurrency trading and how to avoid a mistake in cryptocurrency trading.
The video made by Chase_NL helped me a lot to learn and understand the Bitmex mechanics and how the different options you can select when placing your orders works.
https://youtu.be/0Ci4DxuKKyI
https://youtu.be/0Ci4DxuKKyI
A piece of advice:
If you don't know what a stop loss is, Bitmex is definitely NOT the right place to be. The confusion can be enormous when you add margin trading, take profit targets, and other sophisticated nuances on top of the normal trading routine.
Much better would be to start trading on a platform that doesn't offer leverage trading but does have stop losses.
Or at the very least, stick with the Bitmex Demo platform for a while until you have learned all the ins and outs of this platform.
If you don't know what a stop loss is, Bitmex is definitely NOT the right place to be. The confusion can be enormous when you add margin trading, take profit targets, and other sophisticated nuances on top of the normal trading routine.
Much better would be to start trading on a platform that doesn't offer leverage trading but does have stop losses.
Or at the very least, stick with the Bitmex Demo platform for a while until you have learned all the ins and outs of this platform.
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so anyone please tell me how to get profit and which youtube channnel or site usefull for me ..thanks
As you're a newbie you need understand some basic first before you jump rght into trading with stop loss because as it has it's advantage, so are some disadvantage associate with using it. Stop loss trading are the same on most or every cryptocurrency exchange so here are some useful tutorial;
- Article: BitMEX advanced trading features tutorial
Scroll to the Stop Limit or stop loss section - Video: Bitmex Tutorial - How to use Stop Loss, Trail Stop, and Buy/Sell Stop Orders
Other useful tutorial;
- Article:How to Use Stop Losses in Bitcoin Investing
- Video: #1 PRO TIP FOR TRADING CRYPTOCURRENCY & STOP LOSSES! 📈 by Suppoman
Hey i want to start trade on bitmex but donot understand what is stop loss.I was starting demo trade but lost my xbtc so anyone please tell me how to get profit and which youtube channnel or site usefull for me ..thanks
You can find trading tutorials in a lot of place, Investopedia or Babypips is a good source to learn about TA.
Stop loss is a type of order which exist to protect you from losing lots of money when you're away from computer. In its simplest sense, stop loss is an order where you tell the exchange to: add sell order at this price when the price reach X point. Further insight, you can learn on those resources. Just spend some time reading or viewing Youtube video (a lot of good videos on Youtube, I don't really have a favourite channel).
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