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BitFlyer contract shorting tutorial

To short a cryptocurrency on BitFlyer, traders can sell futures contracts, speculating on a price decline to profit from the underlying asset's devaluation.

Nov 14, 2024 at 07:29 pm

BitFlyer Contract Shorting Tutorial: A Comprehensive Guide

What is Contract Shorting?

Contract shorting is a trading strategy that speculates on the decrease in the price of a cryptocurrency. By selling a futures contract, traders can profit from a decline in the underlying asset's value. This tutorial provides a step-by-step guide to contract shorting on BitFlyer, one of the leading cryptocurrency exchanges.

Step 1: Open a BitFlyer Account

Visit the BitFlyer website and create a new account.
Complete the identity verification process to enable trading.
Fund your account with Japanese Yen (JPY) or cryptocurrencies.

Step 2: Choose a Trading Pair

Select the trading pair you wish to short, such as BTC/JPY or ETH/JPY.
Futures contracts on BitFlyer are settled in JPY, so you will need to convert your funds accordingly.

Step 3: Place a Short Order

Navigate to the "Futures" section of the BitFlyer platform.
Click on the "Short" tab and enter the following information:
- Quantity: The number of contracts you wish to sell.
- Order Type: Choose either "Market Order" for immediate execution or "Limit Order" to specify a desired price.
- Price (Limit Order only): Enter the price at which you want to sell the contracts.
Review your order details and click "Place Order."

Step 4: Risk Management

Stop-Loss Orders: Set stop-loss orders to limit potential losses if the market moves against your position.
Profit Targets: Determine your profit targets and exit your position accordingly.
Position Size: Trade with a position size that aligns with your risk tolerance and account balance.

Step 5: Monitor Your Position

Once your order is placed, monitor its performance in real-time.
Track the price of the underlying cryptocurrency and make adjustments to your position as needed.
Close your position when you reach your profit target or if the market conditions change.

Additional Tips for Contract Shorting

Understand the risks: Contract shorting can be a risky strategy, especially in volatile markets.
Research the market: Conduct thorough research to understand the underlying cryptocurrency's price dynamics and market trends.
Use appropriate leverage: Leverage can amplify both profits and losses, so use it cautiously.
Manage your emotions: Avoid making impulsive decisions based on fear or greed.
Learn from experienced traders: Follow reputable traders on social media or seek guidance from a financial advisor.

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！

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