We have been covering methods of buy low and sell high for altcoins and Bitcoin. But what about making more and more Bitcoins even when price goes to the ground? This is what i will explain today.
What is BitMEX ?
BitMEX – Bitcoin Mercantile Exchange is a cryptocurrency derivatives trading platform which speaking shortly means – its futures trading platform where you bet with leverage on future price of BTC,LTC and ETH. Of course BTC market is the most volatile and has the most traffic, so we will be speaking about that here. So what do you do there? Register, deposit funds and bet if the price will go up or down in the future. You can trade your own funds or use leverage of up to x100. This means by using 0.1BTC you can play with 10 BTCs and increase your returns.
What is BitMEX ?
While system is pretty straight forward people – containing me – may have some issues on start. So i will tell you shortly how to make trades on the exchange by going long (believing price will go up!) or by going short (thinking it will shrink).
So after deposting we will have such box:
Top (red) means short – you set SELL orders here to where you believe price will fall.
Bottom (green) means long – you set BUY orders here to where you believe price will rise.
So you either set a bet on top of those [to be first in queue] by adding 0.01 to current status or just set it alongside someone else’s bet.
After the price comes to your entry point the exchange will start counting %s of money made. I have never made more than 300% but my friend shown me screens of 400%+ trades. Even on Ethereum when it was hot.
How to Take Profit on BitMEX ?
Why am i putting in this other section? Well i had issues finding out how to do it and a lot of people who Pmed me on various forums had this problem too. There are two ways to do it.
First and easiest (but less profitable) is to go into the panel where you placed your buy/sell orders and click “close markets”. It will instantly dump to the market and take your profits.
The second method is to put opposite of your bet and wait for market fill it. So let’s say you are the top LONG guy from our image. And you got the 464.84 entrance of 23 units and you are at lets say 50% profit. Now you put sell order of ALSO 23 units [so red] for lets say 465.95 and wait for market to eat this. It may sound odd by first time but this is really simple after you try.
Reasons to Do This Type of Trading ?
This is the fastest and easiest way of trading. Just dont go YOLO (all in) unless there is hot news like:
— kingscrown (@kingscrownBTC) January 7, 2016
Other than that go for putting trades at long and short together. This way you are reducing risk a lot. Because whatever happens – one of the sides will make you money! So get 10% off trading fees on BITMEX HERE and REGISTER!
HAPPY NEW YEAR. DROP BE MONEY FOR BEER!
* BTC 197arptA1JLA3NvBz5ci2Ddm8ZhuvdEj38
* ETH 0x8f6e973241d164d725141b596287d34af6b83e15