there are many different ways to make money in cryptocurrency one of the major ways people make a career out of crypto is through trading and i’ll be honest with you trading bitcoin and crypto over the next several months is gonna be like shooting fish in a barrel almost anyone can make money as long as they use proper risk management one of the highest level trading strategies is leverage or margin trading after my last video we talked about this type of trading i asked the community and they spoke and said they wanted a tutorial on exactly how to use buy bit so let’s jump right in as i show you everything you need to know all right guys so here i am at buy bit first thing you’re gonna have to do is register so head on over to buybit.bitboy.live and register there it’s going to take you to the registration page i do want to point out on the home page though they do have an app you can get the app by scanning the qr code right there and download that that’s what i use a lot i also use desktop but when you go to the registration page you’re going to maybe hit an issue and i’m going to show you about that so i made up an email address put it in and you can sign up that way once again by bit.bitboy.live but some of you guys when you register you’re going to get this right here it’s going to say ip address is not supported it says your ip address is not within by bit service zone so to get within that service zone all you got to do is use a vpn it’s not hard at all i actually use vpn unlimited i’ve used this on my phone forever one of the reasons why i like vpn unlimited over other virtual private network providers is the transition between my app for the phone and then for my desktop is seamless so i really like that you can put it on multiple devices at one time and things like that so what is this doing well it’s making your ip address from a country or a territory that is in bybits service zone so to use solidvpn after you sign up for it visit vpn.bitboy.live to go ahead and get to this page but then all you got to do is just click on the icon at the top show vpn unlimited and you guys can see right here it’s showing my ip address as amigsville i have no idea what that is that’s my real ip address but my vpn is providing me with an ip address from germany so that’s how you know you guys can trade if you’re not in one of the territories that they support uh to select a place all you do is come down here after you sign up click this and it’ll give you a list you just have to pick a country that you know is on by bits list so very easy to do i’m connected right now one thing you’re going to have to do once you sign up you’re going to want to head on over to the rewards hub so you can get there by going up to the top and going to promotions and then rewards hub so once you sign up they’ve got all kinds of deposit bonuses and things like that you can get five dollars very easy for doing a lot of different tasks you can also get a deposit bonus on your first time deposit up to 50 dollars and if you have a promo code if we do different promotions here on the channel we’re getting ready to do a a by bit trading competition here in a few weeks when we do that we’ll probably have a promo code just come in here type in the promo code code and hit redeem and you’ll be able to get whatever promotion that is so that’s really big i know a lot of you guys want deposit bonuses and things like that uh another thing guys you got to think about where we’re at in the bull run right now the price of bitcoin is very high much higher than we even anticipated at this point and because of that you’re gonna have a lot of people asking you about different things maybe you have some friends that are traders uh not like benedict arnold that’s with a d uh so they’re traders maybe on traditional markets and they are forex and they want to come over to crypto and they understand leverage or margin trading in that case you can sign up to be an affiliate for by bit it’s very easy to do all you got to do is go to sub dot bitboy.live all these links are done down in the description and you can actually sign up to be an affiliate uh right here so once you’ve done that what if you want to do that or not you’re ready to trade after you register so at that point you’re going to head over to the buybit trading launchpad and what we’re going to be going over here is what the dashboard is we’re going to be talking about how to set an order what kind of margin to use setting your price we’re also going to talk about stop losses and take profit uh and then we’re going to talk about tracking your trade and closing your trade so from start to finish owning a trade and closing a trade here on by bit we’re going to show you how to do that okay so

first and foremost here we are on the dashboard you guys can see you have the market right here you have the chart of whatever asset you’re looking at to get here you go up here to trade and i always use inverse perpetual i use the usd pairs i don’t use usdt pairs it’s a little bit different of a way to trade but it doesn’t really matter which one you’re doing what i’m going to show you today works for either one but we’re going to be looking at the btc usd pair i only trade btc and ethon here i haven’t uh i did one leveraged trade on xrp back before they had a conference in 2019 it went up a little bit i made some money uh so it was much higher than it is now the price so okay under your markets under your chart here you’re gonna have your positions then right to the right of the chart you’re gonna have the order book and then over here you’re going to have where you set your trades and then your total assets just got a little bit in this account for this tutorial and then i you have your contract details down here in the bottom now you can actually click on any of these boxes these are individual boxes uh you can see i can move this you can customize this dashboard to look however you want i don’t get into that this is what it is when you sign up and this is just what i use so if you’re really picky about that you can do that so once you know where everything is on your launch pad and you get it set up how you want it now you’re going to want to come over here to where you set your orders you have two different types well three different types of orders we’ll be looking at two today you have limit and you have market you also have conditional we’re not going to really be going over conditional today maybe in a future video if you want to know more about that or do more by bit tutorials drop me a comment down below so the difference between limit and market orders is a limit order you’re going to set a price and then the market’s going to move to that price hopefully and fill your order and your trade starts market is much simpler all you do is you just go to market and you’ll see you don’t have to worry about the price it’s going to buy it whatever the market prices however i suggest only using limit orders and the reason for this is because when you use the market order even though it says you’re getting the market price you’re going to pay a hefty uh fee basically a hefty fee to be able to get it and it’s going to adjust that price so you may want it at 41 000 bitcoin and when you go to market like if you’re going long it may give it to you at like you know 40 115 or 40 120 and depending on your leverage that could really mess up your trade so i always suggest limit uh you guys over here on the box that says order price all you got to do you can set it manually like if i want to long it when it goes to 40 you know drops it down to 40 000 you just put that price in you can also come over here and just click the order book you’ll notice when i’m clicking it’s automatically changing uh what the order price is where i’m setting the order so very easy to do if you have a problem where you’re trying to catch along and the price just keeps going up like a dollar at a time you can’t seem to get it filled and you don’t want to be patient enough to do it underneath because you’re afraid the price action is going to pop way up then you can set the order a little bit higher like right here it’s at 416 91 i may want to set it at 416 94 and you see just how fast that shot up i mean bitcoin’s so volatile right now guys it is insane to watch uh so once you choose limit or market now we’re actually going to execute a trade for example purposes today with market because i’m i don’t want to have to worry about getting a price filled during the tutorial here but i only trade limit trades i don’t actually use market for my personal use some of you guys may find it easier and you’re willing to pay that uh that it may not necessarily be a fee you are getting hit with fees but you’re also just having to have a different price point so they can fill it automatically is really what’s going on but you’re paying a decent chunk on that so next you got to decide on your leverage now with my bit you go from anywhere from 1x to 100x the higher the leverage the less wiggle room you have between getting liquidated which means you would lose all the money in the trade so it’s set at 100x right now you definitely don’t want to be using 100x leverage i suggest you know if you’re newer to leverage trading definitely not using any more than got any more than 25 but you have to have a really tight stop-loss even with 25 5 to 10 x is not in my opinion like you can get liquidated and i mean if you let the trade sit there forever you probably will be but if you have stop losses 10x and less i usually feel pretty comfortable with the numbers that they’re giving me so you have to decide between cross margin and isolated margin cross margin is going to be when you have an amount

in your account on by bit like let’s say that you have ten 10 000 on here for instance it’s going to use 100 x leverage okay but it’s going to any time you you know would be getting liquidated or stopped out it’s adding more money to your trade from the rest of your account personally i don’t like that i got into a bad spot where i did something stupid one time i didn’t realize i was using the cross margin i ended up losing all the money that was in my account and i was only planning on losing the amount on that trade if i lost and it was a big problem so if you’re newer to leverage trading which please be responsible and understand that uh you know you need to know how to swing trade and do other types of trades first before you even you know think about doing this kind of trading but i would tell you you want to control as much as you can control and with the isolated i feel like i have my leverage controlled i can pick what i want and that makes it a little bit simpler of a process so i only use isolated margins so i only use limit orders and i only use isolated margin so it’s going to keep the margin for the one trade so next let’s talk about setting your order price uh which we kind of already did that but just in general uh you know what you’re going to want to do if you’re going along which means you’re betting bitcoin is going to go up then you want to set a an order price below the current target you want to get where maybe the price will wick down and you get it filled and it will bounce back up if you’re shorting the market you want to do the opposite so this is not like chart analysis we’re doing here i’m just going to show you some kind of like basic concepts of how you might want to do setting your orders so like right here you can see that the last price of bitcoin has a little bitty tiny wick right there at the top and it’s got a decent one at the bottom now if you look at where this bottom of the wick is at about forty thousand nine hundred dollars and then you come over here and you look at the top of this wick and you see forty thousand five hundred and seventy four dollars you could really set an order for uh any of those price points because if the price dips down that low chances are it might bounce back up that’s what we’re trying to do with these trades we’re trying to catch bounces one way or another so setting one anywhere in between 40.5 and 40.8 would be a decent target now you’re going to want to you know do your own analysis to come up with those prices but let’s say i wanted to do that i would come over here and i would you know just simply type it in if you know the number that you want so forty thousand five hundred next what we’re going to do is figure out how many contracts we want to buy so this is what the quantity stands for contracts one contract is equal to one dollar of bitcoin and so when you buy on leverage depending on how high the leverage you use is you’re buying more contracts than you can actually afford if that makes sense so the numbers may look a little wonky to you how i like to do it is i just like to set a percentage of my account that i want to buy on that trade so whatever’s in my account right now it’s like 600 bucks in this account i think i’m going to use 50 i would just click 50 and boom it’s going to automatically tabulate the amount of contracts that i need and it’s going to place it in there i like to use the percent feature on a lot of stuff it’s just easier if you’re doing really really really you know specific risk management you’re going to want to take that into consideration which is definitely a good way to trade so next we’re going to talk about using taking profit and stop losses this is how you automate your trades and how you keep things safe okay so you don’t lose all the money in your account so right here what i would want to do is i would click buy long with tp sl that stands for take profit or stop loss or obviously sell short now i’m only longing in a bull market i don’t short at all i shorted three times and i got wrecked all three times even though i knew i shouldn’t be doing it i was like i think it’s gonna drop and all three times i hit my stop losses it just really drove home the point the trend is your friend we’re in a bull market you want to be longing dips not selling tops because we don’t know where the top is going to end at so once you do that you’re going to be able to set your take profit and your stop loss take profit is if the price gets to your target it sells everything on a limit order and you lock in your profits and you can select you know however much of that you want which we’ll do in a second and then stop losses is the same thing so how much you’re willing to lose this is your target for how much you want to gain this is your target for what you’re willing to lose so for take profit i’ll just kind of look at the price and figure out where i want it to be i mean

at 40 500 if it dropped down there and we got the order filled i think it’s pretty safe to say 41.53 would be a good target that’s 25 percent profit uh 50 bitcoin would be hitting an all-time high which it has a good chance to do i tend to keep my take profit a little bit smaller and more realistic like a number that it’s at least gotten to before for stop losses i’ll use anywhere between five and fifteen percent and then i’ll look here and it’ll show you the roi and how much you’re losing and then you can play with it from there so like right now at fifteen percent with these numbers uh my stop-loss would be at thirty nine thousand nine hundred at five percent it’d be forty thousand two hundred uh ninety nine what i like to do is kind of edit it in between the five and fifteen percent number for something that kind of makes sense right like if it goes down to forty thousand chances are it could bounce off that as well but usually when it does it’ll wick slightly below so i might set this at you know 39 985 something like that and then it’ll show you that’s a 12 percent loss i said i feel like that’s a little bit too strong if i said it 99 still a 12 percent loss so 12 is about probably what i’m going to be willing to lose on this trade here uh so once you do this you’re going to click buy long and your order is going to be set so i told you guys for the example purposes i’m going to be using a market order uh i’m going to set the take profit to 25 i’m going to put this in between 5 and 15. so 41 7 29 none of these numbers are important i’m only doing this for uh example sake so i’m gonna put it at 15 percent i’m going to hit by long because i want to show you guys what an active order looks you’re going to have to confirm it make sure to check and make sure everything is correct so do don’t click do not prompt confirmation you want to be able to check before you click confirm so there’s confirm and now you will see my trade showing up in my positions down here and from here you just watch it and see what happens it’s going to show your unrealized profit and loss percentage right here your daily realized profit and loss as well when it’s in the green you’re up when it’s in the red you’re down now if you hover over this you see it’s a different number because this doesn’t take fees into consideration i’m up three bucks well with the fees i’m still down two dollars and thirty cents so you wanna make sure before you close trades as winners that you hover over this and make sure that with the fees you still came out uh top like you know ahead of the trade and you made money if you need to adjust your stop loss you just click the pencil here okay you can adjust your take profit if it looks really bullish or you get a really bullish indicator you may want to raise that maybe you think it’s going to 46 000 or 45 000 you can set those specific targets i want to close it at 45 000 i love this for when i’m sleeping especially because i don’t monitor when i’m sleeping makes sense your stop loss this is where uh you can use trailing stop losses but for me personally when i’m watching the trade i just like to move it up manually like right now the price is at 41 980 i may want to move this uh up to 41 900 uh that’s still a loss so it must be down from where the order price was this is what you use when you’re ahead in a trade okay so let’s say that i’m in profit on the trade pretty good like let’s say i’m up 10 well what i can do at that point is move my stop loss up so i figure out whatever the stop loss point is where i still make let’s say seven percent then if it drops to seven percent profit i win and i’m out of the trade and you figure out what level you think that’ll happen at i’m not i’m guaranteeing a win it’s house money at that point you don’t want to get in a situation where you’re up 50 percent and then it wicks down and you end up losing money on the trade when you’re up so much lock in your profits that is a key to trading on every level and everything so make sure that you are locking in profits you basically just confirm your changes here if that’s what you did and if you want to manually close the trade you just come over here to close by and i usually just do limit um for the same reason market’s gonna be a lot more expensive you click limit uh and then you figure out you know where you want to close it at when you’re doing it manually like this is a long so i may want to close it a little bit under the current price right now it’s 41.99 or 988 i might just close it at you know 41 000 uh 900 and be done with it so there you go that is how you do it well that’s way too low hold let me actually move that up that would be like 41 950 is where i want to close it at hit confirm and boom it’s going to fill that as soon as it hits that level and it’s filling it right now

you see it popping up at the bottom of the screen and i’m out of the trade and that is start to finish how you sign up for buy bit get your vpn make a trade understand your dashboard let me know down below in the comments if you want more tutorials and what you want me to cover uh would love some suggestions we’re going to be doing some more tutorials in the future so make sure to drop those comments down below that’s all i got be blessed you

You Want To Have Your Favorite Car?

We have a big list of modern & classic cars in both used and new categories.