Are there any tips or tricks for setting a stop limit short order on BitMEX?

3 answers

• Dec 30, 2021 · 3 years ago
  Sure, here are a few tips for setting a stop limit short order on BitMEX: 1. Determine your stop price: Before placing a stop limit short order, decide at what price you want to trigger the order. This should be the price at which you want to sell your position. 2. Set your limit price: Once you've determined your stop price, set your limit price. This is the price at which you want to sell your position if the stop price is reached. Make sure the limit price is realistic and achievable. 3. Consider the market conditions: Take into account the current market conditions and volatility. If the market is highly volatile, you may want to set a wider gap between your stop price and limit price to avoid premature triggering of the order. 4. Monitor your position: Keep an eye on your position and adjust your stop price and limit price accordingly. If the market conditions change, you may need to update your order to ensure it is still effective. Remember, setting a stop limit short order involves risk, so it's important to do your research and make informed decisions.
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• Dec 30, 2021 · 3 years ago
  When setting a stop limit short order on BitMEX, it's important to consider your risk tolerance and trading strategy. Here are a few tips to help you: 1. Define your risk: Determine how much you are willing to lose on the trade. This will help you set your stop price. 2. Set a realistic stop price: Your stop price should be set at a level where you believe the market will reverse and move against your position. Avoid setting it too close to your entry price, as it may get triggered by normal market fluctuations. 3. Use appropriate leverage: BitMEX offers different leverage options. Make sure to choose the right leverage for your trading strategy and risk tolerance. 4. Test your strategy: Before placing a stop limit short order with real funds, consider testing your strategy on a demo account. This will help you evaluate its effectiveness and make any necessary adjustments. Remember, trading involves risk, and it's important to have a clear plan and risk management strategy in place.
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• Dec 30, 2021 · 3 years ago
  Setting a stop limit short order on BitMEX can be a useful tool for managing risk and protecting your profits. Here are some tips to help you: 1. Use the BYDFi platform: BYDFi is a user-friendly platform that offers advanced trading features, including the ability to set stop limit short orders. It provides a seamless trading experience and allows you to easily manage your orders. 2. Determine your risk-reward ratio: Before setting a stop limit short order, consider your risk-reward ratio. This will help you determine the appropriate stop price and limit price for your order. 3. Consider market liquidity: Take into account the liquidity of the market you're trading in. If the market is illiquid, setting a stop limit short order may not be effective as there may not be enough buyers to fill your order. 4. Stay informed: Keep up-to-date with market news and developments. This will help you make informed decisions and adjust your stop limit short order if necessary. Remember, trading involves risk, and it's important to have a solid understanding of the market and your trading strategy before placing any orders.
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