What are the tips and tricks to extend the duration of a long position on BitMEX?

3 answers

• Jorge DavidApr 18, 2022 · 3 years ago
  Sure! Here are some tips to extend the duration of your long position on BitMEX: 1. Set a wider stop-loss: By setting a wider stop-loss, you give your position more room to breathe and reduce the chances of being liquidated. 2. Use leverage wisely: While leverage can amplify your profits, it can also increase your risk. Use leverage cautiously and avoid overexposing yourself. 3. Monitor the market closely: Keep a close eye on the market trends and news that may affect your position. Stay informed and be ready to adjust your strategy if needed. 4. Take partial profits: If your position is in profit, consider taking partial profits along the way. This locks in some gains and reduces the risk of losing everything. Remember, these tips are not foolproof, and there is always a risk involved in trading. It's important to do your own research and make informed decisions.
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• Rafaela ValenciaMar 10, 2023 · 2 years ago
  Hey there! Looking to extend the duration of your long position on BitMEX? Here are a few tricks you can try: 1. Play it safe with lower leverage: Higher leverage can be tempting, but it also increases the risk of liquidation. Stick to lower leverage to give your position more breathing room. 2. Keep an eye on funding rates: Funding rates on BitMEX can affect the cost of holding a position. If the funding rate is high, consider closing your position temporarily to avoid unnecessary costs. 3. Use trailing stops: Trailing stops can help you protect your profits by automatically adjusting the stop-loss level as the price moves in your favor. 4. Stay updated with market news: Stay informed about any news or events that could impact the market. This will help you make better decisions and adjust your strategy accordingly. Remember, trading involves risks, and it's important to manage your risk and trade responsibly.
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• BlueSpaceBoy01Apr 05, 2023 · 2 years ago
  Certainly! Here are a few tips and tricks to extend the duration of your long position on BitMEX: 1. Diversify your portfolio: Instead of putting all your eggs in one basket, consider diversifying your holdings across different cryptocurrencies. This can help mitigate the risk of a single position. 2. Use stop-loss orders: Set a stop-loss order to automatically sell your position if the price reaches a certain level. This can help limit your losses and protect your capital. 3. Consider using BYDFi: BYDFi is a decentralized exchange that offers innovative features like yield farming and staking. It can help you earn additional rewards and extend the duration of your long position. 4. Stay updated with market trends: Keep an eye on the market trends and technical indicators. This will help you make informed decisions and adjust your strategy accordingly. Remember, trading involves risks, and it's important to do your own research and seek professional advice if needed.
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