🔥 Trade with Bybit: partner.bybit.com/b/999btc ($30,800 BONUS 💰)
In this video, I'll walk you through the process of trading in short and long positions, providing a step-by-step guide on how to trade for both downward and upward movements.
To begin trading, we need to navigate to the perpetual USDT section. From there, we'll select the currency pair we want to trade. I'll choose XAI since it's a coin I've been working with for some time and has shown promising results.
Next, we need to choose a suitable timeframe. Options range from one-minute to daily charts, so pick one that suits your trading style.
Selecting the right leverage is crucial. I advise sticking to a leverage of no more than 10, especially if you're a beginner, to minimize risks. Remember, the higher the leverage, the closer our liquidation price.
After selecting leverage, we can choose how to open our position-either through a limit order or a market order. A limit order opens a position when the price reaches a specified level, while a market order instantly opens at the current market price.
To open a long position, click "open long"; for a short position, click "open short."
In a long position, we profit if the price rises above our entry point and incur losses if it falls below. However, we only realize these gains or losses once we close our order. It's essential to make a timely decision on exiting the trade.
Take profit and stop-loss orders are additional tools. Set a take profit to exit the trade when the price reaches a target level for profit, and a stop-loss to exit if the price moves against us beyond a certain point.
At the bottom, you'll find information about our position, including the calculated profit and loss (PNL).
This guide should equip you with the knowledge to trade both upward and downward movements on the Bybit exchange. For more on futures trading strategies, check out my other videos on the topic.
Keywords: Trading tutorial, Long trading, Short trading, Bybit exchange, Futures trading risks, Market order, Take profit and stop loss