Greetings to all in our new video about the cryptocurrency exchange BitMEX. I will talk about how to trade on this service, trading strategies on BitMEX, and what the bots you can use for Bitmex. Here you can successfully trade manually and automatically through robots for BitMEX. What is that? Let’s start.
How to trade on BitMEX – bots or yourself?
This exchange has a large number of tools for the sale and buys of cryptocurrency and market analysis. To start trading on BitMEX, you need to enter the amount of crypto in the order placement form, then you need to click the “Sale” or “Buy” button. Also available short sales: you can sell contracts that you do not have.
Trading on the BitMEX exchange is using contracts, the price of which corresponds to $ 1 for 1 BTC. For example, with a Bitcoin exchange rate of $ 10,000, 0.01 BTC is enough for buying 100 contracts. The site has a multifunctional calculator for calculating the number of contracts and makes a profit forecast when specifying the entry point into the deal, the target, and the liquidation price.
You can earn money regardless of market movements. There are two types of contracts for this:
BitMEX Up (profit on growth). The trader buys the contract and gets the right to the difference between the completed price, established at the end of the contract, and the strike. In the case of a loss, payment is not made.
BitMEX Down (profit on falling). The buyer receives a margin when the target cryptocurrency falls. Buying a contract gives you the right to receive the difference between the started price and the rate at the moment complete of the contract. In case of the loss, payment is not made.
The Leverage. BitMEX provides traders the ability to use leverage for all products with excluding only the Up and Down contracts. The value of leverage is determined by the ratio level the started and the supported margin. These levels determine the minimum capital required to open and further supporting the trading positions.
The limits of the minimum and supporting margins for exchange-traded products are presented in the appropriate section. BitMEX leverage limits vary by product. The largest leverage (1: 100) is available when opening daily BTCJPY futures and open-ended BTC / USD contracts.
Strategies for BitMEX
When the market falls, you need to go short, sell some a number of contracts, and set a closing order below the market price. For example, if to put a long $ 9500 at $ 10,000, so delta earnings will be $ 500. In order not to sell all your Bitcoins when trading for a falling market, you should at the same time open two mirror positions for Short and Long.
With the growth of the Bitcoin exchange rate, it is necessary to set the Long and Short at the price level that you think is good. Regardless of how safe you see your strategy, you cannot use all the money amount on your deposit in the order. This is especially true of trade with high leverage.
The high volatility of the cryptocurrency market implies large fluctuations in the rate with an overall stable growth/falling of the market. The money will be easily lost due to the closure of limit orders when a liquidation limit or a stop is reached. Therefore, a reserve of some money on your deposit is always necessary to continue trading.
Bots for BitMEX
It will be difficult for beginner traders to understand how to work BitMEX and start trading here. In addition, the leverage provided by the service brings not only great profits but also possibly makes you lost full your deposit. And professional traders do not always want to spend day and night behind the monitor, destroying their health.
Fortunately, for this cryptocurrency exchange, there are tools for automated trading – these are trading bots or robots. The site botcryptotrade.com offers two software products for trading bots on BitMEX. This is a 3commas trading bot. What is this robot, how can it be used for this service, and what is the possible profit? All about this, I explain in my other videos, so you should subscribe to my channel and watch. Here I will just talk shortly.
3commas is a service for manual and automated cryptocurrency trading. It offers tools for both manual trading and robots, like Simple Bot and Simple Short Bot, also Composite Bot and Composite Short Bot. Supports at the same time trading on the grow up and fall down of the market (Long and Short). 3commmas supports all the main features and capabilities, so the bots of this service can be successfully used for trading BitMEX. You can create bots yourself or copy robots of other professional traders.
Our video about trading, strategies, and bots for BitMEX has finished. You have learned the main points for work and earn money on this cryptocurrency exchange.
