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Bitmex Trading

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  • GreatWhite214
    replied
    Havent posted in a whille sice I've been on the sidelines. The market is too unpredictable lately and trading is risky.

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  • tradingambassador
    replied
    Bitmex provides shit coins trading. Right now the traditional market has high volatility. I recommend to use Prime for trade Oil, Gas, Gold, SP500 and other assets.

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  • GreatWhite214
    replied
    Another rough day of trading but I believe the market is unpredictable for all bitmex traders right now.

    Have a short going from 7241 for about 2 hours now. Came VERY close to my stop loss at $7340 but thankfully did not hit and we are in the green currently.

    Profit Target is $7080. Need this to recoup some heavy losses over the last 4 days.

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  • GreatWhite214
    replied
    So Bitmex has been brutal to me the past 3 days. I have been trying to get an understanding of longer-term trading patterns but the market has been going the opposite way from my bets. I think for now bigger bets on shorter trades is the way to go.

    Currently working with 5-minute timeframes and working with small swings. This seems to be bringing more success.

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  • GreatWhite214
    replied
    Originally posted by linto View Post
    Dont leverage more than 10x the risk is too great.
    Yes agreed. Anything over 10x is very risky.

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  • linto
    replied
    Dont leverage more than 10x the risk is too great.

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  • GreatWhite214
    replied
    Learned some hard lessons today:

    Was doing good trading on Bitmex the last 2 days by scalping.

    Made .11 BTC in profit.

    Today saw a pattern that looked like the market was going to drop and went almost all in.

    Placed a stop only on 1/2 the order since I did multiple buys and upped my position over a few hours.

    Then at 4 est the market shot up and I got wrecked on that 1/2.

    Lesson learned, ALWAYS check your stops.

    Also I have been noticing major swings between 4pm and 8pm est. Something to watch.

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  • Kelly
    replied
    How was yesterday? Any big gains?

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  • GreatWhite214
    replied
    Yesterday for most of the day we didn't have much action so I was basically scalping which is taking small positions in short timeframes and using a lot of leverage. Then suddenly around 6pm EST bitcoin had a huge drop from $6600 to $6200.

    As mentioned above this was a key point and bitcoin needs to hold here or we risk dropping further to $5000.

    Will continue scalping for now.

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  • GreatWhite214
    replied
    Ready to start some bitmexing today. Looking at the range between 6660 and 6000 for some scalping for the next few hours. Will be scalping so using high leverage x25 with very tight stop losses.

    I am still unclear if we will start the rise to the next level which is $7800 or if we will go down to around $6200.

    The Bitcoin market is very unpredictable right now

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  • GreatWhite214
    replied
    Got stopped out at $6960 on a short and then we went down to $6540.

    That hurt.

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  • Kelly
    replied
    Looking like bitcoin will be going down since we are not breaking resistance.

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  • GreatWhite214
    replied
    Originally posted by Jshine12 View Post
    I sign up but dont understand how to tell when going up and going down. Can you explain?
    You can start by learning how to spot trends, support and resistance and which is part of technical analysis.

    This helps to use historical data to help predict which way bitcoin will go next.

    But crypto can be unpredictable.

    Right now we are sitting at a pivital point so its best to stay on the sidelines to see if we break the $6800 mark or we go back down to around $6200.

    I have a short going at $6695

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  • Jshine12
    replied
    I sign up but dont understand how to tell when going up and going down. Can you explain?

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  • GreatWhite214
    replied
    Caught a short from 6320 to 6210 earlier. Being very carefull right now.

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