Here's a little insider trick for leverage trading.
And I've learned this.
Never run without a stop loss.
Even if you take your stop loss,
and let's just say we were to uncheck it here,
and we're going to click stop loss again,
even if you set it $1 above your liquidation price--
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Okay, guys, so this is Phemex.
Now, as I mentioned, head on over to bitboycrypto.com/deals,
scroll down to the Phemex deals section.
It should be right at the top of the page.
Sign up for the link.
And then you're going to be able to get an account.
Now, you probably won't have any of the funky IP issues that many people have with Bybit.
It's a little bit easier to sign up.
But what you're going to want to do is you're definitely going to want to go to the rewards bonus page.
So right when you click that link, it's going to take you to a page
where you're going to be able to get up to a $100 deposit bonus just for signing up for Phemex.
So here we are on the Phemex page.
You can look at your assets over here.
I've got about $2700 in this account
I'm going to show you guys how to trade with.
You'll have your email address there.
And then, of course, you will have your assets page here-- or your assets here as well.
Got some cookies at the bottom of the page.
You can come on down here, and you can see some different promos.
Right here, you can get, once again, access to the $100 deposit bonus.
They've got some other, you know, kind of promo stuff as well.
You know, this is something for the Bitcoin pizza guy.
This was celebrating Bitcoin Pizza Day.
So anyways, the point is they've got a lot of promotions just like any other page you're going to see.
So to actually get to where you want to get,
if you want to buy crypto, you can come right up here.
You can buy crypto with a credit card or with a bank transfer.
It's going to take you to this page where you're going to sign up.
You're going to put your amount in and of course put your visa information in
if you want to do this.
So this is a little bit different than Bybit.
Well, I don't know. Maybe you can use a credit card with Bybit.
I've never done it.
But it's much easier to do here on Phemex is the point.
You can buy Ethereum, Bitcoin or even Chainlink through the credit card access page on Phemex.
You know, then, of course, you can come here to the products page.
This products page is going to show you
to do spot trading, contract trading, simulated trading.
If you guys want to learn how to leverage trade without actually risking your money,
this is a great place to do it, simulated trading.
So if you've never done it before, I would definitely suggest giving it a try.
It's like a testnet. You don't have to lose any money.
Then, of course, over here, they have the different programs.
You get back to the welcome bonus.
If you want to, you know, become a referrer, you can do that as well.
You can earn crypto with up to 200%, you know, APY-- or, well,
that's not actually true--
APY earnings 200% higher than the average market rates.
So, okay, let's go where you want to go to.
This is where I go when I go into Phemex.
You just click Markets.
When you go here to Markets,
you can choose wherever-- whatever you want to do here.
So let's go to Contract here.
Let's go to Buy/Sell.
This should take us to the page where we can do our trading.
So we're going to trade Bitcoin here.
I'm just going to show you guys how to trade Bitcoin through Phemex.
Now, you'll notice, it's kind of similar to Bybit.
It's a little bit different. The layout is a little bit different,
but you still have your order page up here.
Now, if you've never seen our Bybit tutorial,
I will put our full Bybit tutorial up above in a link
so you guys can go there if you want to watch that tutorial
because the fact is
a lot of this stuff is similar.
It's slightly different logistically layout-wise,
but leverage trading at heart is leverage trading.
So your limits, your market orders, your conditional orders,
they're all going to be the exact same thing.
Sliding your leverage, it's going to be the exact same thing.
This is going to show your assets down here.
This is just your chart.
Obviously, you can use some TradingView type tools here.
If you want to measure something, you just click here and measure it.
If you want to draw something, you can do that, too.
It's a little bit thinner of a line.
As you can see, this is me.
I'm really happy because I've got, you know, a Bitcoin right here.
Okay, this-- I just had too much fun with this, guys.
I had way too much fun with that.
But anyways, the point is
you've got your recent trades, order book.
You got your--
or you got your order book here on the left side.
You got your recent trades here.
So, okay, let's say we wanted to make a trade here, what would we do?
Well, we'd come up here.
Now, you have a limit, market and conditional.
I don't really mess with conditional very much,
but a conditional order is activated only when the trigger price is reached.
You can use conditional orders for take profit, stop loss and breakout trading purposes.
I don't really mess with that.
You also have market.
Now, you can do this by clicking up here or of course--
well, there was an option before I clicked that.
You could have just clicked market right there.
But if you go to the tab, you click Market.
A market order basically means that it's going to be filled
at the exact price of it at the time that you put the order in. Okay?
So right now, the price of Bitcoins $56,970.
That's the market price.
I do not ever suggest using market orders. Why?
Well, market orders are going to have much higher fees than limit orders
because you're paying for the convenience of getting them filled.
So I suggest using a limit order.
This is where you set your own price.
Now, the interesting thing is, if I actually were to set my limit price at $56,970,
which it was at just a moment ago,
it's the same as the market order.
I'm setting it at the current price.
However, I'm not getting charged that hefty fee.
So if that's what we want to do-- it's really hard for me to take this seriously
considering I have a giant--
I have a giant stick figure over here.
So let me remove the drawings.
Now, can we be serious, guys?
Can we be serious?
Okay, so what I'm going to want to do over here is I'm going to want to decide
where I want to take a long at. Okay?
So right now, you saw Bitcoin went all the way up to $57,390.
You can see over here.
It dropped down to $56,300.
You can see, it went up. It wicked out.
So I probably would want to set this, let's say, somewhere between $56,500 and $56,700.
We want it to drop a little bit. See if it'll drop.
You don't want to catch something at the top, obviously.
So let's just set this order for $56,700.
Then we've got to put how much of our money in our account do we want to do that.
Well, I've got 0.033 BTC.
I like to just use this.
I like to use the slider. Okay?
So what I'm going to do is I'm going to slide-- let's say I want to put 25% of my account up for this,
I would just slide that to 25,
and then you can choose whether to long or short.
Well, I'm only going to long in a bull market. You guys know that about me.
So I'm going to hit long here.
But down here, you've got some different options.
Good till cancel is usually what I use.
So we're just going to leave that where it is.
Let's decide on our leverage here.
Now, when we move our leverage, it's probably going to change the quantity of contracts up there.
So right now, it's on 10X.
Let's say I wanted to be a little safer. I wanted to move it down to 5X.
You guys can see now, if I move this to 25%, it's only 2300 contracts.
I like to look at the contracts over here as the percentage of my account.
I don't actually look at it by the number of contracts.
It's kind of a different complicated, you know, thing
that I don't really want to get into right here what contracts actually are
because the whole point is showing you guys on how to do this.
So I always look at it in terms of the percentage of my account that I want to risk.
So I want to risk 25% of my account on this order.
Okay?
So now, I've got my leverage set at 5.
Now, you're going to want to make sure that you are using--
I like to use isolated leverage. I don't like to use cross leverage.
So right now, we're fine. We're in regular leverage here.
If you slid it all the way down here, that would be cross leverage.
I like the way they don't make the distinction how it's a slider.
If you want to use cross, go all the way to the left.
Don't use cross.
It's very dangerous.
Using cross leverage means you could basically lose your entire account on one trade
if you're not paying attention, so I would not use that.
But we're going to click Buy/Long here.
Now, you're going to have-- it's just like Bybit, guys.
Now, why-- if it's just like Bybit, why would you want an account on Phemex?
Well, Crypto Face, the master of leverage trading and the creator of the Market Cipher indicator,
which you can also get access to at bitboycrypto.com/deals,
he says you need multiple accounts.
Why? Well,
you may want to go long on one account and short on another account.
You may want to have one for shorter term trades and one for longer term trades.
And by using multiple sites,
you're kind of hedging your bets.
And the worst case scenario, there was like a flash crash on one of the exchanges,
at least it wouldn't be on both.
And so that's a good way--
having two accounts is a great way to hedge against a flash crash,
which Bybit has been really good about honoring, you know.
If there's flash crashes, they help their people out.
You know, Kraken does not.
On Kraken, they've had several flash crashes.
People get liquidated, and then nobody cares.
Bybit and Phemex, they seem to care a little bit more.
So I'm not saying this would happen,
but it's always good to have multiple accounts.
And you don't just use one exchange for anything.
So this is where we would put our order in.
This is same thing as Bybit, you put in your take profit.
Like, if it goes up, you know, to $70,875,
that would be a 100% gain, so we'll lock that in as our take profit.
And then our stop loss,
you know, I suggest using somewhere between 10% and 15% for that.
So we're going to set it at 15%.
But here's the thing.
Here's a little insider trick for leverage trading.
And I've learned this.
Never run without a stop loss.
Even if you take your stop loss,
and let's just say we were to uncheck it here,
and we're going to click stop loss again,
even if you set it $1 above your liquidation price--
so my liquidation price on this account will be-- or on this trade will be $47,447.
So, even if you just come in here and set it $1 above,
47,440-- we'll just call it $47,449 for $1.40 above,
now, we're going to save like 20-30% if it does go all the way down to our liquidation point
just because we didn't technically get liquidated.
So I'm going to go ahead and confirm that.
As you guys can see, now, it's going to show up in the active orders.
If you want to cancel it, you come over here and cancel it.
Once it fills, it will appear over here in your open positions.
And everything's pretty much the same.
You will just close your position down here on the right side
if you decide to get out of the trade.
If not, you just let your numbers run where they were on a run,
either they go down hit your stop loss or either they go up.
I think it's going to hit $70,000 before it hits $47,477,
so we're going to keep this trade open for a while and see what happens,
and maybe it can turn into a pretty good trade.
So if you guys want to sign up for Phemex, make sure to head on over to bitboycrypto.com/deals.
I want to know down below in the comments, have you used Phemex?
Do you like Phemex better than Bybit?
Or do you like Bybit better than Phemex?
I want to know what it is exactly that you love and hate about each site.
So drop those comments down below so we can read them and figure out
if you guys want more content on one or the other.
And if you want more tips on leverage trading,
jot down below in the comments what questions you have
that we can explain on a future episode.
Alright, guys. Thank you so much for watching this video.
That's all I got.
Be blessed.
BitBoy out.