#BinanceFutures joined the XAUT contract trading competition, competing for a prize pool of 90 XAUT! https://www.bsmkweb.cc/activity/trading-competition/futures-xaut-challenge-n?ref=1172159829
Gold contract competition, log in
Note ⚠️ Orders placed are subject to transaction fees.
Recently, I received two heavy slaps: one was for trading gold recklessly, trying to do some arbitrage there; I had a large position, then got greedy, and as a result, the direction reversed, leading to some losses.
The second heavy slap was for opening a grid on BTC.
BTC had been stable for two days, and I thought it would continue to be stable, but now it’s clear that it’s not; it has dropped a lot. However, at that time, I thought it was stable, so I opened a grid. With grid trading, it's about buying more as the price drops, and in a trending market, this grid loses money very quickly, and it soon hit my grid's lower limit.
Then I just stopped everything. If I hadn't stopped, I would have faced a liquidation.
2. Standard Operating Procedures (Follow Fixed Steps) Only brush during sideways market or when fluctuations are very small Use limit orders throughout, no market orders, no chasing orders A complete cycle of brushing volume: Position is empty → Place a limit buy order to open a long After transaction → Place a limit sell order to close the long Close long transaction → Place a limit sell order to open a short After transaction → Place a limit buy order to close the short Repeat the above steps
Use USDC currency for grid trading. Since all are limit orders and maker orders, providing liquidity to the market, the transaction fees are much lower, which is particularly important for dense grids‼️
This order is still short of a transaction volume of 3000 dollars due to the era bonus. Because of this event, I also researched how to arbitrage in low liquidity situations. 0 wear is awesome~ By the way, I earned a few bucks from $ERA