Take Profit or keep the position open? (Bitmex)

[stomachgrowls]

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 

This is something that you should have thought before making your trade, but the answer will depend on what type of trader you want to be and what are your preferences, if you are looking to make trades every day then you could set your charts for a very short timeframe and as soon as you see a strong drop in the price you could sell and then enter again in the market when it is appropriate but if you want to hold your trades for weeks or even months it could be appropriate to keep holding your coins for more time.

Keeping for some time and let it open might be a good options for people who understand and believe this market, there's still lots of possibilities that the market will continue to grow, you have to be more precise with your assessment, it's really hard to decide each time positive movements still ongoing.

Judge according to your own observations just use opinions as your basis before concluding anything.

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This should be always the thing on our mind when we do trade or do make decisions. Concluding basing on our analysis and observations.Taking some advice isnt bad but
not fully relying on it but it can also be a good preference for you to add it up with your analysis.

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[botprofits]

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 

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.

[Dilladupak]

obviously I myself will also benefit by seeing that the market price is now getting healthier, because for me now it is also good that we can trade, because now the market price rises every day at a better price.

[N0sferatu]

Well I took profits and usually I don't use my whole balance on one position / entry point.

Last evening was insane.. Watched the market jump to 5180$ while being long with x25 leverage on a small balance. Took profit again and reopened with x10 leverage. Placed a limit order to buy more at around 4800$ - thank God I did this; didn't get liquidated but was 6% up as I woke up.

Some very intense days for me...

Current balance: 0.065 0.075

Nice work in playing your balance. Good short term investment for you. Are you just taking profit then after a small dump, you'll regain a position? Is that what you're doing?

Currently i'm trying to ride the waves. I have plenty of spare time so i'm watching the Bitmex chart & oderbook frequently. Since i don't want to go short at anytime, i'm waiting for upward movements. I don't have an actual strategy on this one (don't hate me!  ) since i just want to play around. But yes, i am always looking for good re-entry points.

My balance decreased a bit: 0.071

Oh and just to be clear guys: I'm not looking for any advice, i will always place positions based on my own decisions. I am just curious how others are managing their Bitmex accounts.

Another question popped up:

I opened a position last night at x9 leverage. When i woke up, it was at x13. I knew it varies a bit from time to time, but this is quite a big spread. Where does this come from? Can i affect this by myself?

[GreatArkansas]

was wondering if you guys take profit at such spikes like today? Or do you just leave the position open and forget about it?

It depends on my target before I entering the trade, I am already making my risk:reward ration, so even if that kind of spike, I still take profit and nothing about that since your target reached.

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).

That $3500 is near, if the flash dump will happen, don't be comfortable. If you already happy in your profits, then you can take it and enjoy the day, but if you are still greedy or want more, it's okay. Just set your take profits/stop loss.

[Kemarit]

This is what we call a trading dilemma. It's a tough decision, that's why we need to have both entry and exit strategy. At least if this is place, you don't have to questions yourself whether to get out or not. Don't worry about missing the hype train, it will come again, at least this is already instant profit right in your face. And we all know that we don't know if this hype will continue or not, nobody can tell, unless you can see the future. At least with this strategy, (hitting your exit plan), you won't have regrets or disappointments.

[anthon.stephens]

You can't earn all the money. Play inside the week. Come on rollbacks. If the exchange is now paying a percentage for being in a position, you can sit. It will start to pick up, this is a bad signal, many will start closing long. High probability of being in the flat for a long time. $ 4200-5200. Leverage commissions can eat profits.

[iv4n]

This is what we call a trading dilemma. It's a tough decision, that's why we need to have both entry and exit strategy. At least if this is place, you don't have to questions yourself whether to get out or not. Don't worry about missing the hype train, it will come again, at least this is already instant profit right in your face. And we all know that we don't know if this hype will continue or not, nobody can tell, unless you can see the future. At least with this strategy, (hitting your exit plan), you won't have regrets or disappointments.

It`s a dilemma that we face with almost everyday. It`s not smart to listen others, always have some plan. In recent days price went 20% up, some people got out on 10%, some waited more and they missed a good exit point.
I agree with you that people shouldn`t worry, train will come again. People should learn how to spot good in and out entries, from there everything is easier.

[jonhn772]

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 

According to my trading experience I would like to take profits. Cause anytime price may drops a lot and I know that somethings is better than nothing. So try to book your litte profits and be happy.

[Kevin77]

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).

That $3500 is near, if the flash dump will happen, don't be comfortable. If you already happy in your profits, then you can take it and enjoy the day, but if you are still greedy or want more, it's okay. Just set your take profits/stop loss.

$3500 is a long long way gone, so it was not really a bad decision but certainly not a great decision neither.

If you were not forced to pick up your profit since it is far far away from 3500 you could have continued a bit more, not to wait until 20 thousand or something of course but to at least see how the market is reacting, maybe it could have gone even further up.

Anyway kudos to you because you hold off and finally it paid off, it has been a long time since we all saw someone profiting so obviously because market has been horrible for over a year now, it makes me feel hopeful once again about crypto in general and specially bitcoin to see these kinds of profits yet again, we have all missed these days and hopefully we will have many more days like this soon.

[jony35490]

Bitmex always risky for traders. If you can get profits then just try to closs your position. Otherwise you may get loss very quickly.   

[N0sferatu]

Wow, this weekend was a pure rollercoaster!  

I even shorted twice for the first time on saturday; the candlestick patterns were quite obvious. I only used a small balance and high leverage at that point.
Went long again at x8.5 with 50% of my balance yesterday - have not been disappointed.



Regarding our "dilemma" of taking profits or not:

Has anyone wondered to open a 2nd Bitmex account?
I am thinking of doing so to run a long position at low leverage and keep it open until moon / lambo.

Edit:
I took profits today and currently am in a long position; x15 leverage with 15% of my balance. Looking for quick profits near 5300$ again.

[Malsetid]

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).

That $3500 is near, if the flash dump will happen, don't be comfortable. If you already happy in your profits, then you can take it and enjoy the day, but if you are still greedy or want more, it's okay. Just set your take profits/stop loss.

$3500 is a long long way gone, so it was not really a bad decision but certainly not a great decision neither.

If you were not forced to pick up your profit since it is far far away from 3500 you could have continued a bit more, not to wait until 20 thousand or something of course but to at least see how the market is reacting, maybe it could have gone even further up.

Anyway kudos to you because you hold off and finally it paid off, it has been a long time since we all saw someone profiting so obviously because market has been horrible for over a year now, it makes me feel hopeful once again about crypto in general and specially bitcoin to see these kinds of profits yet again, we have all missed these days and hopefully we will have many more days like this soon.

As long as you don't end up in a loss then that's ok. Though i might have done it differently but that' just me lol. Yeah hopefully we sustain this momentum. People are really optimistic about the situation and are already talking about bull runs and all time highs 😁

[iv4n]

Bitmex always risky for traders. If you can get profits then just try to closs your position. Otherwise you may get loss very quickly.   

I am agree with you.
What necessary to do to not out from games of trades quick is to make real targets for your founds there. If you set like +50% you may wait for long and skip the opportunity of fast and constant profit. But, normally, it is going to be small.
Easy targets and cool heads are the factors that lead us to trading success.

[Vispilio]

If there is a sustained rally & market sentiment is very positive, the interest paid for holding leveraged long positions might get very high,

so in such a scenario if you still want to keep your long position, you are better served doing it via futures instead of the perpetual swap...

[GreatArkansas]

Went long again at x8.5 with 50% of my balance yesterday - have not been disappointed.

Wow. That move is quite risky, 50% of your balance is too big for opening a position in Bitmex, you didn't disappoint but if you will do that in your future trades it's super risky and not advisable. Do get too comfortable in your profits, since you already on profits and you can do the 50% trade from your balance.

Has anyone wondered to open a 2nd Bitmex account?

I have tried this since you can't do two positions in one pair at the time in Bitmex. You can use the referral link from your main account to create your 2nd account to gain a small commission.

[N0sferatu]

Went long again at x8.5 with 50% of my balance yesterday - have not been disappointed.

Wow. That move is quite risky, 50% of your balance is too big for opening a position in Bitmex, you didn't disappoint but if you will do that in your future trades it's super risky and not advisable. Do get too comfortable in your profits, since you already on profits and you can do the 50% trade from your balance.

Yeah you are right with that, it really is not advisable. I only did it because i was pretty sure about my liquidation price and my whole balance is "considered lost" from the start.  
I don't expect any profits from this journey at all - I figured out it helps to overcome emotional descisions.

Has anyone wondered to open a 2nd Bitmex account?

I have tried this since you can't do two positions in one pair at the time in Bitmex. You can use the referral link from your main account to create your 2nd account to gain a small commission.

Thanks for clarifying this! Nice, i am going to try this.

Update:

Currently i am long at x13. Entry price was around 5250$ (yeah i was a bit optimistic after the sudden rise to 5470$ some days ago   ) so i need to be patient again.
Balance hasn't really moved since last time.

[Ucy]

I would take profits if I were op  then buy again if the price goes down.  The odd of price going up further in this current market is low. Many traders would even sell at that range.
Your liquidation price is quite safe at that level... Not a guarantee though

[N0sferatu]

Thread closed but will be continued here: My Bitmex trading diary https://bitcointalk.org/index.php?topic=5140545.0