Bitmex Tips

[Anonymous No.9376026]

I’ve had a ridiculous experience with Bitmex, both fun and depressing, but I think I’m finally getting a grip on it, so I wanted to share some things I’ve learned. For clarity, when I first started using Bitmex, I lost about 3 BTC over the course of a month because I had no idea what I was doing and I’m an idiot. Since then however, I’ve taken .06 BTC and I’m currently at 2.7 BTC from Bitmex alone in a few weeks. It has the potential to make you rich, but also super broke. Do not take it lightly.

If you've never used Bitmex before, you can read my original newbie guide on how to start using Bitmex here: https://www.reddit.com/r/CryptoCurrency/comments/84stai/bitmex_for_dummies_leveraged_trading_longshorts/

Also a reminder, you get 10% off fees if you sign up with a referral code. If you already signed up and didn’t use one, email support and ask them to apply one, it's pretty quick and definitely worth the 2 minute hassle. Would appreciate if you use mine, but just make sure you use something to get the 10% off: "http://bitmex.com/register/BCCNeF"

1. Maker vs Taker: I wasted SO much money on fees originally before I knew about this. Market buying/selling means you pay a fee and based on the last point that is very expensive. If you set limit orders and choose the "post-only" option, you will only place an order if it doesn't execute immediately. If the price hits your mark, you'll actually receive fees rather than paying them. While that seems super small, as mentioned when working with high leverages it adds up a LOT. Fees are based on leverage, so if you’re cross or 100x, you’d literally pay 7.5% just to open an order. At 100k contracts, this is nearly .01 BTC.

[Anonymous No.9376040]

2. Cross Leverage: Far left on the leverage slider. This is 100x leverage, but it uses your entire wallet balance as margin. If you have 1 BTC and you open a position worth .1 BTC, on normal 100x leverage, your liquidation would be ~$60 away from your entry price. With Cross, you have .9 BTC as margin, meaning your liquidation would be about $600 away from your entry. Nearly everybody uses this because it helps guard against those fluctuations where you have the right call, but you got liquidated right before. It does mean you can lose 300% or 700% of your money though, so be warned, use stop losses.
3. Funding: In the bottom left of Bitmex, there’s a “Funding Rate”. Every now and then, this will get ridiculously high (i.e. if everyone is longing, and no one is shorting) and play a massive part in the landscape. If the fee is positive and you have a long open, you will pay that fee every 8 hours. If you have a short open in that situation, you get paid that fee. On 100k contracts and a .2 fee, this is .02 BTC, which isn’t bad at all. More importantly beyond the fee though is the pump/dump around it. In the case of a positive .2 fee, the price on Bitmex will tank ~30 minutes before funding (because everyone is closing their longs to avoid the fee) and the second that funding goes through it will skyrocket. Often times it’s worth it to pay the fee just for the price bump afterwards, but I’d honestly recommend just having no position if there’s a massive funding fee coming up.

[Anonymous No.9376064]

This nigga be repacking others content to make you use his ref code

[Anonymous No.9376071]

>>9376026
>1. Maker vs Taker: I wasted SO much money on fees originally before I knew about this. Market buying/selling means you pay a fee and based on the last point that is very expensive. If you set limit orders and choose the "post-only" option, you will only place an order if it doesn't execute immediately. If the price hits your mark, you'll actually receive fees rather than paying them. While that seems super small, as mentioned when working with high leverages it adds up a LOT. Fees are based on leverage, so if you’re cross or 100x, you’d literally pay 7.5% just to open an order. At 100k contracts, this is nearly .01 BTC.
wtf, i didn't know that. thanks, anon.

[Anonymous No.9376072]

4. DCA and Small loss vs Big one: There’s two schools of thought to a losing trade. You can dollar cost average, meaning, if I enter long at $9500 and it goes down, I can add more at $9400 to get my entry to $9450. This sometimes works beautifully if you truly believe it goes up. However, the flipside to that is that you add at $9400 and it then goes to $9200. That’s nearly a 300% loss. Adding at stoploss at let’s say $9430 would have lost you 80% instead. But there are times where your stop loss triggers and it shoots up right after. You need to make a decision in these situations how you’re going to handle it. I’ve done days where I make .2 BTC four days in a row and feel great, but then lose 1 BTC all because of one bad trade I refused to get out of and it’s all nullified.
5. Wait for entry and pre-set orders: Bitmex swings HARD. If Bitfinex has a $100 candle, Bitmex may have a $200 candle, solely because of overloaded blocking people from new orders meaning only orders on the books before the big candle are counted. Never, ever, ever, try to catch a candle. By the time your order goes through, it’s too late and you’ll likely be stuck with a terrible entry as it’s about to retrace. Additionally, use this to your advantage. If you expect a $100 pump, put your take profit close at $170 above, or a take profit earlier and then open a short at $170 above with expectations for a retrace. Even outside these large pumps, jumping into a wave is almost always a bad idea. If you miss an entry, just be patient. Missed profit is better than losing money.
6.Signals: You should learn how to do your own TA, but there’s also lots of Twitter guys/Discord groups that provide signals. One thing you’ll find is they never agree on anything. Don’t trust any single person because every single one will brag about how much money they’re making, but they can and will be wrong. Use them as guidelines, but not gospel

[Anonymous No.9376100]

>>9376072
How the fuck can you lose 300% of something? Are you retarded?

[Anonymous No.9376112]

>>9376064
It's my original content buddyyyy

[Anonymous No.9376131]

>>9376100
He learned from the school of hard knocks hopefully.

[Anonymous No.9376142]

>>9376131
Kek.
>"you can lose 300% to 700% of your money"

[Anonymous No.9376152]

>>9376100
That's the point of cross leverage. It pulls from your balance, not your order, meaning you can lose more money than you put in.

[Anonymous No.9376156]

>>9376026
>down 10% from initial investment in 2 months
>giving advice

[Anonymous No.9376171]

>>9376142
It happens all the time you retard. You don't understand what you are saying.

[Anonymous No.9376191]

>>9376152
>>9376171
>losing 300% of your money
>300%
>losing more than your money
Kill yourself, brainlets. That's not the correct way to describe what's actually happening. Christ, this board has gone to shit

[Anonymous No.9376220]

>>9376100
Cross-margin. If you have 0.1 BTC as as margin and 1 BTC as funds on your account, and your long goes underwater by 3%, you’re down 0.3 BTC. That’s 300% of your margin.

Brainlet.

[Anonymous No.9376228]

>>9376191
It's ironic that you are posting brain let pics that are probably just selfies of your dumb ass.

[Anonymous No.9376231]

>>9376191
Okay bud, let me add in the six words "that you spent on that order" so that you can sleep easier at night knowing you won.

[Anonymous No.9376238]

>>9376220
Right, 300% of your margin. Not 300% of your money, which is the 1 BTC of funds in the account. How stupid are you?

[Anonymous No.9376263]

>>9376228
im not going to argue with a retard

>>9376231
thanks this puts me at ease

[Anonymous No.9376283]

>>9376238
Imagine trying this hard to save face

[Anonymous No.9376285]

Guy is on the loosing streak and we are supposed to take his advice? This guy is an idiot.

[Anonymous No.9376307]

>>9376283
Imagine telling someone who trades professionally that you lost 300% of your money. Whatever, please stay in the market. I'm glad there are low iq people to profit from

[Anonymous No.9376325]

>>9376263
You seriously don't deserve to post here.

[Anonymous No.9376396]

>>9376026
>>9376040
Your intro sucks, at first I wanted to call you a faggot.

But the tips are pretty good. Thanks.

[Anonymous No.9376523]

>>9376396
The intro was just to explain that if you don't go into this fully prepared and knowledgeable you'll get fucked. I'm just trying to save you some of the dumb shit I did

[Anonymous No.9376594]

TRXC is unstoppable

[Anonymous No.9376698]

>>9376026
Looks like bitmex shills are back.

[Anonymous No.9376751]

>>9376026
Lost everything because of you asshats.
Get rekt and burn
Ban anyone who talks about this shit

[Anonymous No.9376993]

>>9376026
thanks anon for the tips, the first one was new to me, I'm definitely gonna use it. Btw your second reddit post got removed, would you mind posting that content again? thanks a lot

[Anonymous No.9378059]

>>9376993
No I can't, they banned me for referral spam even though it's like 1 line in a sea of a bunch of lines.

It was basically an earlier version of this post. These tips are better.

[Anonymous No.9378080]

>>9378059
go back to your scam-site, brainlet

[Anonymous No.9378132]

I made 17 btc trading futures from dec 2016 - may 2017. Easy money has already been made because you could bet a lot larger in btc back then since each was only 800 bucks in dec. I knew when to walk away and only trade mex with a small allocation to feed my autistic desire to trade the market, while holding the majority of my stash offline in trezor

[Anonymous No.9378145]

>>9378132
GET OUT YOU SCAM SHIT