Hi ! This is CryptoPancakes and today I will show you how to use BitMEX. After your registration on BitMEX, your landing page should look like this. And let’s start from it’s customisation. Let’s choose the dark theme, choose advanced dashboard take off the animations. Take off the instruments and recent trades. After that I will move all the windows you can see in a way it is on my Twitch Stream There are different Bitcoin options that you can trade on BitMEX Main ones are perpetual and XBT futures.
All the possible options you want trade you can see on the top of the page.To not
make it overly complicated let’s just dive deeper In to Perpetual XBT contracts.
Perpetual contracts have two types of fees. Taker a fee and a maker fee. When you
are placing in a limit order you going to pay a maker fee since you’re
creating liquidity on the Order books When executing a market order, you will be charged a taker fee. A taker fee can be additionally reduced if you would register following our referral link In that case the taker fee would be 0.0675%. The funding fee on BitMEX has to be paid every eight hours. You pay or
receive the funding only if you have open position and the times is up. If we
would click on the more details we would see the logs will receive 0.0397% and
shorts will pay that amount. So in this funding period shorts will pay longs.
Since we did the overview of different order fees let’s dive deeper to the order execution.
Even though there are more than two different order options
all of them are divided to the two groups – market orders and limit orders.
Let’s start from the limit orders. To place a limit order you input quantity
so how many contracts you want to buy and you input the price at which you want to sell or buy that amount. For limit i order execution you will pay a maker fee. If you want to change the price of
existing order you can simply drag it up or down. If you will drag your buy
order above the price it will execute a market order for which you will pay a
taker fee. If you want to close your position immediately you can do so by
executing a market order or simply pressing a market close. In case you have
a couple different buy or sell orders placed at different price levels, if all
orders will be executed your entry will be the average of all the
orders. A post only option makes that all your order would never market execute even if
you try to move your post on the limit the order above the price it will only
get cancelled. If you have an open position and want to close it in such way that you wouldn’t open a new position to the opposite direction, you
should use reduce only. In case you will close the open position with other type
of order, reduce only order will disappear as well. This type of order can
only be used when you have an active open position As it was mentioned before, the market
order is the fastest way to open a position when executing a market order
the engine will fill your order at the best price at the time of order
execution. When using a market order you will always be charged at a Taker fee, so
try using market orders only on rare occasions. Stop market order who will
activate the market order when a trigger price is reached. Most common use of stop
market order is a for the stop loss. If you want to use it as a stop loss, you can
additionally check the Close on trigger option, so it will work the same
way as it reduce only option on the limit order. One more use case for the
stop market order is for entering a position on the breakout, so in that case
you would place a stop market order above the resistance or below the
suppor. A stop limit order consists of two parts a trigger price and order price when the xbt price will reach a stop price which is a trigger price in
this case a limit order will be placed in the books at the limit price. Trailing
stop is a market stop order which follows the market price. If you have a
long position and you put a trailing stop order a trailing stop order will
rise together with the market price but staying behind by the trail amount. If the
marker starts to go down a trailing stop you stay at the same position.
Unrealized PNL shows you the amount you would gain or lose if you would close
your position now. Realized PNL shows you the amount you have already gained
or lost. It is calculated based on the current funding price. On BitMEX you
can use the leverage up to 100 times. So in case your balance is 1 BTC you
could place an order up to 100 when using isolate margin you can select
the amount of money in your wallet that you want to use for the position of
the placing the order whereas the cross-margin will consider all the money in your account being up for leverage so we’re really cautious with this one.
When using isolated margin you can conveniently adjust your leverage with
leverage slider. The rule of thumb would be to never opt for leverage higher than 25x. For instance, a 50x position will be liquidated after the two
percentage move against you. So unless you want lose all your money straight
away never use 100X ! To sum it up I’ll choose two trade examples. In the first one, I’ll open a short position at 6351 after that I’ll place a take profit
at 6315 and a stop loss 6381. In this case I’ll be covered in any direction that a
price may move Since I have an open position profit taking order and a stop loss A second one, let’s imitate the breakout.
If I believe that a price may breakout to the downside, but I want to enter a
trade only after the support was broken I’ll place a stop market order at 6349
and a profit take at 6310 and a stop loss at 6381. No matter your entry point, always use a
stop loss order, this one is a must! I hope you guys have enjoyed this short
tutorial about the BitMEX. In case you will have any questions feel free to
leave a comment below or join me in my livestream and I’ll try to answer any
questions you may have PEACE!