Welcome, this is a tutorial on bitmex’s main
functions, how to set orders, stop losses, switch between contracts, leverage and fees. Once you’ve created an account using a referral
link to get a 10% fee discount your starting screen should look like this. The layout is customisable which i will do
just now. Change the color theme, I remove the depth
chart and recent trades and increase the size of the chart. To get a cleaner chart I remove the grid lines
and watermark, also remove the index price. There are different types of bitcoin derivatives
that you can trade. Main one being the XBTUSD. At the very top or right above the chart you
can switch between bitcoin perpetual or futures contracts. On perpetual contracts, the XBTUSD there’s
a funding fee that occurs every 8 hours. You will only pay or receive funding if you
hold an open position at one of these times. You can check more information about funding
rates by clicking more details at the bottom left. So today it says that longs will pay 0.01%
and shorts will receive 0.01% at the specified time. Sometimes longs pay shorts and sometimes shorts
pay longs. If you place a limit order you are creating
liquidity on the order book and when your position is filled you receive 0.025% rebate,
but if you are market executing an order you are removing liquidity from the order book
for which you pay 0.075% or 0.675% if you registered through a referral link. The total amount of bitcoin in the account
is shown at the top right. Available balance shows how much bitcoin you
can still use to place an order because each active order reserves a part of your balance. To place an order you either use Limit, Market,
Stop-Market or Stop-Limits order. The most commonly used function to buy or
sell an asset are limit orders. To place one you type in the quantity of your
position in USD value, and set a price where you want your order to be placed. If you place it below the current market price
it will appear in the order book and on the chart like this. When price comes down to your entry you will
enter a long position. For that you will receive makers fee of 0.025%. So if you place the same Buy-Limit order above
the current market price it will market execute on first available price, for that you will
pay 0.075% or 0.0675% fee if you registered through a referral link. You can also move your limit order on the
chart, if you drag it above the current price it will be market executed for which you will
pay a makers fee. If you have an open position and add more
at a different price level, your entry will be the average of both price levels that were
entered. If you tick “post-only box” your limit
order will never market execute, for example if you place it above the current price it
will be cancelled, if you move it above the current price after it is placed on the chart
it will also be cancelled. That way you avoid paying the takers fee or
entering market on accident. When you enter a position at some point you
want take profit or cut loss, to do that you have to counter your open position. Reduce-Only order will only reduce your position,
not increase it, always use it when you want to close an open position that way you will
avoid entering a position you didn’t intend to. Reduce-Only order can be placed only if you
have an open position, if your position is closed before reaching this order, all active
Reduce-Only orders are removed automatically. A Market order is the fastest way to open
a position it will execute at the best price in the book at the time of execution, but
you will always pay the takers fee. Stop-Market will activate a market order when
Stop price is reached. This type of order is mostly used for a stop
loss or for entering a position on a break-out. “Close on trigger” works the same way as “Reduce-Only”
on a Limit order which is very useful when placing a stop-loss. Stop-Limit is just a little bit more complex. When Stop-price has been reached a Limit order
will be placed at the Limit-price. Trailing stop is like stop market order that
is attached by “trailing” amount. As the price rises, the stop rises by the
trail amount, but if the price falls, the stop loss price doesn’t change. Unrealized PNL shows how much bitcoin you
will profit or lose if you close the position at the current price. Realized PNL shows how much you already profited
or lost on your current position. On Bitmex you can use up to 100x leverage,
meaning you have an option to trade with more than what you have. If you open a position with 10 times leverage,
your liquidation will be placed 10% below your entry, if you didn’t open the position
with 100% of your account balance you can use your available balance to increase margin
and further your liquidation price. Liquidation price is where the system will
automatically liquidate your position to pay back the amount that you’ve borrowed. Cross Margin is a margin method that utilizes
the full amount of funds in the Available Balance to avoid liquidations and you can
use it to leverage up to 100x, it always uses your whole balance as collateral. Now i’ll give an example of how to place a
setup with a stop-loss and automatic take profit in palce. Let’s say i want to short 3000 contracts at
7621. I will place a standard Limit sell order. My stop loss would be at 7727 so i will use
Stop-Market with “Close on trigger” selected and will make it 6000 contracts it is so just
in case i want to add more to my short position i won’t need to readjust the Stop-loss. “Close on trigger” can only close a position
so it wont open an opposite position no matter how large the stop is. Now i want to set take profit at 7540 for
that im using Stop-limit with “Close on trigger” selected, set the stop price 50 cents above
my short because this type of order can only be placed if you have an open position and
set limit price at 7540. So now when pr ice goes up it will trigger
the short then trigger the conditional limit order. Now my setup has a position open, take profit
and stop loss in place. I know i have went through everything pretty
fast so re-watch and pause the video if you need to before joining the platform ant trading
real money. Trading profitably is very hard, so be cautious
and understand the risks involved. If you still have any questions join my live
trade stream and i hope i will be able to help.