Show Posts
Hey folks,
i recently started playing around with Bitmex and was wondering if you guys take profit at such spikes like today? Or do you just leave the position open and forget about it?
I thought about leaving it open, since my estimated liquidation price is around 3500$ and i am pretty sure we're not going to see this low anymore (just my opinion).
It would probably be wise to take profits and re-buy at a lower point, but i'm afraid to miss out the hype train.
Please share your opinions
i recently started playing around with Bitmex and was wondering if you guys take profit at such spikes like today? Or do you just leave the position open and forget about it?
I thought about leaving it open, since my estimated liquidation price is around 3500$ and i am pretty sure we're not going to see this low anymore (just my opinion).
It would probably be wise to take profits and re-buy at a lower point, but i'm afraid to miss out the hype train.
Please share your opinions
This reminds me of that old quote "If you fail to plan, you plan to fail"
Like with any exchange, you need to have a solid trading plan. Don't just leave it open and hope for the best. Have preset guidelines for yourself on when and how you are going to take profit.
Here are a few questions to get you started:
What was your risk reward when you entered the trade?
Do you have indicators for taking profit like RSI for example?
Do you exit at support or resistance?
Do you use fibonacci retracements?
What percentage of the position do you exit at each level?
Or maybe you just use a trailing stop.
