What are some effective strategies to minimize losses on BitMEX?

3 answers

• May 23, 2022 · 3 years ago
  One effective strategy to minimize losses on BitMEX is to set stop-loss orders. By setting a stop-loss order, you can automatically sell your position if the price reaches a certain level, limiting your potential losses. It's important to set the stop-loss order at a level that allows for some price fluctuation but also protects you from significant losses. Make sure to regularly review and adjust your stop-loss orders as the market conditions change.
  455

  228
• May 23, 2022 · 3 years ago
  Another strategy is to diversify your portfolio. By spreading your investments across different cryptocurrencies and trading pairs, you can reduce the impact of any single loss. Diversification helps to mitigate the risk associated with a specific coin or market. However, it's important to conduct thorough research and analysis before investing in any cryptocurrency to ensure you are making informed decisions.
  413

  138
• May 23, 2022 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, recommends using a trailing stop order as an effective strategy to minimize losses on BitMEX. A trailing stop order allows you to set a stop price that follows the market price at a certain percentage or dollar amount. This way, if the price increases, the stop price will also increase, protecting your profits. However, if the price starts to decline, the stop price will remain at the highest level reached, allowing you to secure your gains and minimize potential losses.
  517

  130