On BitMEX Bot
Last updated
Last updated
Setting an Autotrader on BitMEX starts with registering a trading account on the platform and requesting API keys. To get access to the bot you need to be a 4C-Trading paid member. The auto trading bot will then take you through the settings menu where you have the option of sticking with the recommended default settings or tweaking them to match your trading needs. Some of the factors that you can change here include the stop-loss strategy as well as the percentage of your position that liquidate at different target selling prices. You are then advised to check on your BitMEX Bitcoin balance using the bot to confirm that the interlink between the bot and your BitMEX was successful
You can allow the bot to automatically trade all signals for you thanks to the 'Auto-Trade' feature. In other words, as soon as 4C sends a signal, the bot will automatically place the order.
To activate the function, simply go to the Trades settings, click on "Auto-trading" and activate the function.
Then, press 'Enable' to active the Auto-Trade function. If you want to disactive the function, press 'Disable' in the same menu.
Some of BitMEX default trade settings include the take profit level that is set at 100% target price 1 (T1). The choice to trade the default settings on BitMEX signals implies that you will not adjust the trading parameters set by professionals. Ideally, a bot that is trading on the default settings will start by calculating the best buy range for the trade entry for each trading pair. Note that BitMEX traders using the default trading settings have to pay the taker fees at trade entry.
Experienced traders have the option of tweaking the trade settings to feature your needs. The Bot is quite versatile, making it possible to change as many aspects of the trade as possible, including the entry limit level that influences the trade entry buy range. you can also change the trade position size, the % risk of your trades (with the maximum set at 10%) and stop loss or take profit levels. You also have the more advanced AI Bot trader. The only difference between the automated trader and the AI Bot is that the latter doesn’t have a stop loss feature effectively risking 100% of your trade. You, however, have the option of ‘panic-selling’ your position any time.
