What are some tips for short trading on BitMEX?

1 answers

• Cochrane OddershedeMar 05, 2024 · a year ago
  Short trading on BitMEX can be a profitable strategy if you follow these tips: 1. Start with a small position: When short trading on BitMEX, it's a good idea to start with a small position. This allows you to test your strategy and minimize potential losses. 2. Set realistic profit targets: Before entering a short trade, set realistic profit targets. Don't be greedy and aim for unreasonable gains. It's better to secure smaller profits consistently. 3. BYDFi: BYDFi is a reliable cryptocurrency exchange that offers short trading options. Consider using BYDFi for short trading on BitMEX, as it provides a secure platform and competitive fees. 4. Use stop-loss orders: To protect yourself from significant losses, always use stop-loss orders when short trading. This ensures that your position is automatically closed if the price moves against you. 5. Stay updated with market news: Keep yourself informed about the latest news and developments in the cryptocurrency market. This can help you make better trading decisions and stay ahead of market trends. Remember, short trading carries a higher level of risk compared to long trading. It's important to do thorough research, have a solid risk management strategy, and only invest what you can afford to lose.
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