Bitcoin Forum

Just when I thought I was understanding it looks like I've had a horror!...

I wanted to make a short trade using a limit order on the BTC/USDT pair - to trigger when BTC went up from 31,600 to 31,900...

In the below box I selected Cross > Limit > Borrow > Typed "31900" as the price > and selected 100% as the amount....

https://postimg.cc/NKdKnKZy

I thought this would only start the short trade when BTC got up to 31,900 but the trade seemed to trigger immediately!

What's concerning me even more is that the 'Positions' tab makes it look like I've made a long trade instead of a short trade. See below:

https://postimg.cc/VrK0bDck

The BTC position looks more like a long trade than a short trade to me but I could be wrong.... When the 'Index Price (USDT)' goes up the 'To Liquidation Price" percentage seems to go up as well! If I am in a short trade shouldn't I be getting closer to Liquidation when the index price goes up?

Help please...

This trade should be making profit now but none of the numbers on the below screen are changing!....

https://postimg.cc/zH3RrMc1

I have no idea if I'm in a short trade, a long trade or no trade at all! Can someone plz advise

It turned out the trade went exactly as I'd planned but it did not appear on my "Open Orders" until I refreshed the page!... very frustrating!

A word of advice, Please use small test amounts to first open positions until you are familiar with how everything works if it's your first time, especially during these times when the market is very volatile. I say this because I am, I had a bad experience in 2020. I lost my whole position to liquidation within  a couple of seconds of opening it  ;D

Good to hear this. Base on the screenshot, You are using margin trade since you are borrowing BTC to short it. Binance always have delay on margin orders especially if there's a huge volatility happening in there exchange. You should refresh or check your balance if you have a position if your open order is not available on the tab. The margin balance is accurate and it shows if you have active position or none.

Short trade means your prediction for the price is gonna dump, while long trade is when your prediction for the price is gonna pump. So whatever trade you make, if what's gonna happen will contradict your Trade, yes, you'll be liquidated depending on your what margin did you use, how big of the amount of you enter, the leverage you put. Everything will be seen when you successfully enter a trade in the lower section of the app of the exchanger you're using.

That should always be the first thing to consider, as you will mostly lose than win from trading especially if you are still a newbie on it. So start with a small amount first as you are still like exploring the whole trading market, and when you are making profit already, you can adjust the amount after that. However, whatever you want, long term or short term trading, the result will always be the reflection of how well you know trading from the start.

Trading without stop loss is a big risk whether on a small account or large type it depends on the volatility at the time of trade which can go anyway either for profit or loss. The uncertainty in trading is what to be considered so you may have safed yourself of the loss if you used stop loss. I have also been that unlucky with that too many times and got my self regretting.

To this I will add that it is also a bad idea to use leverage when you are beginning to learn to use a trading platform as this increase the chances that you will suffer a margin call if you do things in the wrong way. Fortunately it seems things turned alright for @loll_l ,but things could  have gone awfully wrong especially when we consider the period of volatility that we are experiencing in the whole market of cryptocurrencies.

It wasn't possible to set up stop loss in time. The market was so volatile and bybit at that time did not have an option to set up stop loss when one was opening a position. So one would first have to open a position and then set up a stop loss and take profit later.

The mark price had dramatically deviated from the market price and as soon as I shorted, my liquidation price was already way past the mark price so I got liquidated In an instant without warning.

Upon checking your screenshots, you are definitely in a long position. If you check the liquidation price, it's $14414 and you can only get liquidated if the price goes so low. So that's correct that you have made a long position instead of a short position.

That's good that you have managed the right position. I know a lot of people who got burned towards what the market is doing now.

In general, I try to go long as little as possible now. Alas, but it seems to me that now the market is clearly not set up for this.