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Bitfinex perpetual contract stop profit and stop loss tutorial
Placing stop-loss and stop-profit orders on Bitfinex's perpetual contract market enables traders to manage risk by automatically executing trades at predetermined prices.
Nov 08, 2024 at 10:34 pm
Bitfinex Perpetual Contract Stop Profit and Stop Loss Tutorial
Perpetual contracts, also known as perpetual futures or inverse swaps, are a type of derivative financial instrument that allow traders to speculate on the future price of an underlying asset, such as Bitcoin or Ethereum, without having to take ownership of the asset itself.
One of the key features of perpetual contracts is that they offer leverage, which allows traders to increase their potential profits (and losses) by borrowing capital from the exchange. However, using leverage also increases the risk of liquidation, which occurs when the trader's losses exceed their account balance.
To manage risk, traders can use stop-loss and stop-profit orders. A stop-loss order is an order to sell (or buy) an asset at a specified price when the market price reaches that level. A stop-profit order is an order to sell (or buy) an asset at a specified price when the market price reaches that level.
In this tutorial, we will show you how to place a stop-loss and stop-profit order on Bitfinex, one of the world's leading cryptocurrency exchanges.
Step 1: Open a Bitfinex Account
If you don't already have a Bitfinex account, you will need to create one. To do this, visit the Bitfinex website and click on the "Sign Up" button.
Step 2: Fund Your Account
Once you have created an account, you will need to fund it with cryptocurrency. To do this, click on the "Deposits" tab and select the cryptocurrency you want to deposit.
Step 3: Find the Perpetual Contract Market
Once your account is funded, you can find the perpetual contract market by clicking on the "Trading" tab and selecting "Perpetuals."
Step 4: Choose the Underlying Asset
Once you are in the perpetual contract market, you will need to choose the underlying asset that you want to trade. To do this, click on the "Underlying" dropdown menu and select the asset you want to trade.
Step 5: Place a Stop-Loss Order
To place a stop-loss order, click on the "Stop" tab and select "Stop Loss." Then, enter the price at which you want to sell the asset and the amount of the asset you want to sell.
Step 6: Place a Stop-Profit Order
To place a stop-profit order, click on the "Stop" tab and select "Stop Profit." Then, enter the price at which you want to sell the asset and the amount of the asset you want to sell.
Step 7: Monitor Your Orders
Once you have placed your stop-loss and stop-profit orders, you can monitor them by clicking on the "Orders" tab.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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