How can I effectively manage my stop loss and profit targets on BitMEX?

3 answers

• Dec 18, 2021 · 3 years ago
  One effective strategy to manage your stop loss and profit targets on BitMEX is to set them based on your risk tolerance and trading strategy. Determine the maximum amount you are willing to lose on a trade and set your stop loss accordingly. Similarly, set your profit target based on your desired return on investment. It's important to stick to these levels and not let emotions dictate your decisions. Additionally, regularly review and adjust your stop loss and profit targets as market conditions change.
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• Dec 18, 2021 · 3 years ago
  Managing stop loss and profit targets on BitMEX requires discipline and a clear trading plan. Before entering a trade, determine your stop loss level based on technical analysis or other indicators. This will help you limit your potential losses. Similarly, set a profit target based on your desired risk-reward ratio. It's important to stick to your plan and not get swayed by short-term market movements. Regularly review and adjust your stop loss and profit targets as the trade progresses.
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• Dec 18, 2021 · 3 years ago
  When it comes to managing stop loss and profit targets on BitMEX, one popular approach is to use trailing stops. Trailing stops automatically adjust your stop loss level as the price moves in your favor, allowing you to lock in profits while still giving your trade room to grow. This can be particularly useful in volatile markets. Some trading platforms, like BYDFi, offer built-in trailing stop features that can be easily customized to fit your trading strategy. Remember to regularly monitor and adjust your trailing stops as market conditions change.
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