In this article, you will learn how to properly set up Bingx copy trading working together with us!
But first of all, if you are not registered on the Bingx Exchange – Just do it!
BINGX REGISTRATION LINK
In order for copy trading on Bingx to work stably both during strong price movements and during consolidation, we will use two trading strategies. In this article, we will take a detailed look at Bingx long-term copy trading strategy. But after setting up this strategy – also carefully learn our MEDIUM TERM TRADING STRATEGY
Bingx long-term copy trading strategy: Details
The main goal of a long-term strategy is to catch large long-term price movement waves.
- The maximum trading leverage is 10
- Margin type – isolated (This is important! If you have a Cross margin – You will not be able to copy trades!).
- The maximum amount of entry into one trading situation is 10% of the total deposit. (For example, if you have a leverage of 10 in the settings, and the amount of the deposit is $1000, then the maximum entry into one position will be:
($50010 leverage)10%= $500
Bingx long -term strategy copy trading setup
After registering on the Bingx cryptocurrency exchange, you need to find our long-term trading account:
LONG-TERM STRATEGY ACCOUNT
After clicking the “Copy trade” button, you need to enter the correct trade settings.
Entry into positions in one trading situation is carried out by three equal orders (3.3% each). This is necessary in order to partially lock in profit during the movement of the price towards the global target. That is, in the Bingx copy trading settings, in the “fixed amount” column, you need to enter an amount that will be equal to:
$500*3.3%=$16.6
After clicking the Copy Now button, you will complete the Bingx copy trading setup and automatically copy all our future trades.’
When will we increase the number of Bingx copy trading positions?
To enter the next position, you need to wait for one of three factors:
1) The price moved against our position to the next liquidity level;
2) A break-even stop is set for the position;
3) the first local take-profit by position was recorded.
Long-term trading strategy risk control
When entering a position for 10% of the entire deposit, the possibility of losing the deposit even with 10 leverage is close to zero. In this case, there is an entry on the first leverage, and the price can squeeze even $0.
If the price continues to move against our position, we buy at the next liquidity level. We do not set a stop order for this position. In the event of a price rebound and movement in our direction, we fix the profit on the second position. Depending on the situation on the market, we continue to execute transactions, keeping the first position. If we are not sure that the first position will be profitable, and the average price for two positions is profitable or unprofitable, we can close all positions.
If the price continues to move against our two positions (this is a fully gained second leverage, if you have 20th leverage set in the settings, and only the first leverage, if you have 10th leverage set in the settings), we look for an entry point for the third position.
WARNING! We trade the third position with a stop to avoid the possibility of liquidating the position. The stop trade is held until we close the second position either at a loss or at a profit.
Pros and cons of a long term copy trading strategy on Bingx
Each trading strategy has its positive sides and disadvantages. The fact is that each strategy is designed to achieve a specific goal. Therefore, for other purposes it may be ineffective or unprofitable.
In the case of Bingx long-term copy trading strategy, you can see the following advantages:
- Each profitable deal brings a tangible profit
- There are no losses, only a shortfall of the deposit is possible for some time
- In the case of trading on a trending market, the deposit can be increased several times for several trading situations
But in a place with these advantages, disadvantages are also visible:
- There are few entry points as medium term waves are traded
- In consolidations, the strategy is ineffective
- In case of an error, it will be necessary to overcome losses. This fact freezes the deposit, taking away mobility.
This trading strategy should work in tandem with the medium term copy trading strategy on Bingx. Do you have any questions? Write us!