Bitmex Margin Trading
Trailingcrypto can be used to perform advanced trading operations on Bitmex like Trailing Take Profit, Conditional Buy, OCO, OSO, Trigger Based Custom OSO, etc.
Understanding Order form terminology
- Order Type: Select desired order type from dropdown. One difference here from Spot trading is Buy/Long and Sell/Short are interchangeably used.
- Market: This field represents the contract you wish to trade. Note here that XBT and ETH contracts have USD as base while remaining contracts have XBT as base.
- Quantity: Number of contracts you wish to buy/sell. In this example we are buying 5 XBT contracts. Note this can’t be in decimals. Contracts can only be a whole number. We will truncate any decimal while executing a trade.
- Price: Price of contract at which you wish to buy/sell in case of Limit Order.
- Total Cost: Total Cost = Price * Quantity.
- Leverage: Default is Cross Leverage. You can change it from the slider.
Managing Open Positions:
All open positions and recently closed positions will show up in the Trade Positions TAB.
To close an open poistion either Click on Market to close at Market price or Put a desired limit price and press close to place a limit buy/sell order for closing the position.
Note: Margin Transfer in an Open Position is currently not supported.
Understanding Open orders table:
Whenever you place an order/trade which is yet to be filled either on Trailingcrypto platform or on Bitmex such as limit order or stop order then it will appear here in Open Orders Tab. Users can cancel it at any time by clicking on cross icon in cancel column.
On Bitmex you will see only BTC/XBT in wallet balance even if you have bought XRP. Because here XRP is the Contract you bought not the Coin as opposed to spot trading on other exchanges. That’s why auto-fill percentage shortcuts are disabled in case of Bitmex.
Keep in mind while placing a Trailing Buy or Stop Buy order that Total Cost here is different than what it is generally in Spot trading.
Total Cost = Price of Contract * Quantity of Contract
Exapmple1: XBT/XRPU19 If you wish to buy 5 contracts of XRP at 0.0000279 price then Cost = 0.0000279 * 5 = 0.0001396. So if you are placing a trailing buy order to buy 5 XRP contracts then you need to specify cost = 0.0001396
Example2: XBT/USDT – If you wish to buy 5 contracts of XBTUSDT at 10015 price/contract then Cost = 5* 10015= 50112.5
For more information about different terminologies in Margin trading at Bitmex please go through their official documentation we have tried to follow the same principles.
Bitmex Official Documentation