I didn't hedge XMR specifically. I hedged my whole crypto portfolio in a way by selling my bitcoin when it started falling hard and putting in a stop order at the price that I sold it at. So worst case scenario, if it stops falling and going back up the exchange will automatically buy it back at the same price that I sold. No fancy contracts or anything. I cant even get on bitfinex being an american. Either way though it makes me feel so much less stressed about both the decline in bitcoin and monero.
Thanks for the precision. So if I understand correctly you simply:
1- hodl when you think it will go up
2- sell your coins and buy them back (if they return to previous level) when you think it will go down
advantage = you don't lose if the coin never recovers. You can still change your buy order if you think the coin bottomed
?
I thought you were opening short positions which is common on FOREX. I have searched for solutions but I never found a cheap/convenient way to do that with cryptocurrencies.