Quote from: BitHodler on June 09, 2019, 12:26:29 AM

I can remember that I saw a thread of yours regarding trading on BitMEX. That exchange has some serious killer wicks it throws left and right from time to time. If you don't have a stop, you'll get liquidated in an instant.

You are quite right. On Bitmex, people are told to trade without a stop loss precisely because of the killer wicks this exchange has. To my mind, these wicks are clear sign of manipulation, but that's another story. So you have to have a stop if you want to avoid liquidation. You can be lucky and avoid liquidation 10 times in a row, but the 11th time may clear your account. Or, at least, you have to be very disciplined not to put at risk your whole account in a single trade.

To be fair, I have to mention that the stop loss on Bitmex is far from being perfect. Sometimes my stop loss gets triggered 50 or 100 USD after the actual value I had put in, but I guess one has to live with that.

Quote from: BitHodler on June 09, 2019, 12:26:29 AM

Noobs not knowing what happened think their account has been emptied by hackers or in some cases they even accuse BitMEX of having stolen the funds. This just shows how much people are actually gambling.

Bitmex can be used in various ways. You can use it like a casino if you like, but that usually leads to disaster. If by any chance a person is lucky and manages to earn a lot of money, they should take that money and never come back again. Or I think disaster is imminent.

Quote from: BitHodler on June 09, 2019, 12:26:29 AM

People think to make a fortune using 10-100x leverage but end up with with empty pockets. I think it's safe to say that leverage trading in general has been glorified too much on social media.

Yes, I agree. It's a dream of getting rich quickly. I have heard many sad stories, people loosing fortunes, and such, stories that you usually associate with gambling and casinos.

But, you don't have to go down that road. For example, leverage plays no role for me personally. I use Bitmex like it offered no leverage at all.

If you don't use leverage in a crazy way, it can offer some great advantages. For example, it has huge liquidity and nearly perfect user interface (for me at least). So I use it like any other exchange with advanced capabilities.

For example, on Bitmex you can go long or short, as you please. On the glorified Binance, for example, you can go long, but you cannot short! On Bitmex, you can have a "stop loss" and as many "take profit" levels as you like at the same time. On Binance you have to choose, you can either have a "stop loss" or "take profit" level. You cannot have them both at the same time.

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