How To Raise Orders On FTX
I thought it was a good time to show you all how to raise orders on FTX for a “Bitcoin Breakout” and “Crypto Cradle” trade. To go short you simply flip the orders.
It is a platform myself, and many of our members are happy with, so for those that might be sitting on the fence, needing to know exactly what to do here is the video for you.
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Don’t forget you will also need the strategies which you can find here: https://tradercobb.com/bundles/
Download FTX cheat sheet here
Good day guys, I thought I’d take you through now and just show you exactly how to raise an order on the FTX platform for a couple of different strategies that we run and use here to tradercobb.com.
Now what I’ve got here I wanted to do it live, I want to show it to you in an actual order as opposed to just finding something rubbish. What we’ve actually got here is I’ll just double cross here first to my trading recharges, I’ve got a bullish candle in that cradle zone, it’s pulled back in looking quite nicely if you look at the two day, we’ve also got it in that cradle zone as well.
So if I was really be looking to raise an order on this particular market here is exactly what I do. First things first, as a member, you’ve actually got in the members area, I’ll show you exactly where it is. Obviously all your courses and whatnot through here, but you can actually click here on the trade calculator series for Matt. Now you need to watch it in one part one, two, and three.
The part one will show you how to manage your risk there for those of you that are already members, for those of you that are not members, let me bring it in here and and show it to you. Let’s look at, I’ll just change the figure I’ll raise a trade based on a $50,000 account.
So what it does is it it already calculates the risk for me and I can choose whether its margin or exchange and with this being FTX, it is a margin account. Now what I need to do is I need to go over here and hold the mouse cursor over this candle because my entry and stop would be defined by that particular candle given the particular trade that it is and the strategy which is the crypto cradle.
So on coming into FTX for is you know, my thing what don’t I just take my levels from here because I’m always going to take it from the exchange which I’m trading for just in case they are slightly off.
So the interest so the important levels here is the high and the low of that candle. Now with a high Bang 10,062.75 My entry is going to be 10,063. So I’ve written that down a piece of paper, always have a notebook with you.
And the low there you can say well I’m just looking up here in the key, the lowest 9641 so I’m going to go 9,640.5 now I’ve got my entry and my stop loss I’m going to come across here and I’m looking at the exact size of the position 10,063 that’s a long I got to put in long there.
I’m not going to log the whole trade I’m just doing the risk management side of it and the stock was 964.5. So now it tells me that to the position size needs to be 10,477 and my quad sorry quantity is 1.0 for Bitcoin to risk $500 on this particular trade.
So now that I had this information in place 1.04 now of course you know if you’re trading 100,000 account, a million account or 10,000 account or 2000 account, you just need to change the figure into here and it will obviously communicate all that to you as well. It will also tell you where to put your your entries in sorry your first target’s in an whatnot.
But for the purpose of this we’ll keep it nice and simple. So the type of order we need to open is a stop limit. So you got all these different options down here, the one we want to work with is stop limit. Now the trigger price is a price for entry. So 10,063. The limit price that will buy up to that point, so I’m just gonna go 10,065.
So it’s a $2 mark there. Now the whoops, I just rolled the scroll, don’t roll the scroll bar on your mouse, then of course, the amount we said 1.04. Now that matches 10,467 very close to what this is here. 10,477 pounds off by $10. It’s very, very fine.
So that is what I need to do there to raise. Now I’m not going to click reduce only. I’ll tell you what to do with reduce only in just a moment, not going to move this bar at all because all it does is increase the size of the position not interested in that. We want to have it at 1.04 because we dictate how we manage our trade 1.04.
Now what I’m going to do is this hit buy yes place that. So double check the numbers hit place that and what you’ll see down here is you’ll you’ll see very easily.
I’ve got a stop in here for Ethereum Perpetual. I’ve been in for quite some time and you can see my order in there for the Bitcoin cradle order. Okay, now I’ve got to go and put my stop loss in now what I’m gonna do is I’m going to flip this, so I hit this little one here. So now to buy BTC PERP now I click that sell BTC PERP.
What it does, is it tells me that so I just just reverses the amount 1.0 for Bitcoin. Now, I’m looking to my left, because here’s what I’ve been using one of the members or one of my mentors, sorry, apprentices has put together this cheat sheet which will be available for members as well.
It’s very good because you know, there are different platforms do have different names for the order for some reason, I’m not quite sure why would they do. Now you can see here, very straightforward. Step three is to put in your target. I’m actually going to put my stop loss in first.
So my stop loss is going to be a stop market. So just move this out of the way. And don’t do that. So not a stop limit, we’re going to go stop market right here and my stop loss was 9,640.5.
Now I am going to keep retry on this because it will just continue to put that order in until I get fill, which is what I want. I don’t want to be sitting there without a position without a stop loss. And I want to make it reduce only.
So what that means is if the market was to say, let’s say go away to work now, for example, and the market was to fall and break the law, that level I wouldn’t be filled in a short position, it would in fact, cancel that order.
So I do need to monitor that a little bit and then come back and cancel the other order for the buy position. But if I hit sell here, you’ll see as well. There is now my stop order. Okay, so you can see Bitcoin stop market 9640.5, which is my stop loss.
Only on an entry at 10,063 up to 10,065. That is how I put my entry and stopping I go with stop first I put entry in second. Now when it comes to actually taking your profit, well that’s what step three is just to, I’ve just jumped ahead and put the stop in just simply because I’m doing this a bit slower.
You can see here it’s a take profit order and it’s just the reduce only. So the risk on my trade right here. Actually, let me just go down to the trade calculator here. You can see here where are we?
$10,566 now that also equates for some the cost of the trade as well. So $10,566 over there in $10,566 that’s fine with me, and it’s gonna be 0.52.
So that’s half of my position scaling out at one to one. So the Order Type is just it’s pretty straightforward. This one is just take profit. So what I’m going to do here is put in my take profit price 10,000 was it 566 it’s again, a reduce only and I’m going to put in .052. Okay, so I hit sell here, boom.
Yep. And you can see that the order has now gone into here. So you can see now for Bitcoin Perpetual, I’ve got my entry, which is my stop limit at 10,065. My stop loss which is at 9460.
Sorry 9640.5 and my first target there is 10,566. Now, of course, here’s the flip side of that. If I have a stop loss hit means if I’ve been entered into the trade have been taken out fine, don’t have to do anything.
If I have my stop loss be breached first ie, it breaks down through my stop loss price before it puts me into the trade, well then I just cancel all the rest of the orders. Okay?
If I have this go and go wacked to first target pretty quickly, the first thing I would do is then go and amend my stop loss or come down here to my stop market and then I would simply go to this, I would change the size so it will be 0.52, which will be the other remaining half of the trade.
And then I click tick and it will amend that order for me. Now, this particular cycle of orders the the way that I’ve done it with the stop market for our stop loss, with the stop limit for the entry, and with the take profit being the way it is, this is for a long trade.
Now it’s very straightforward, the same orders. You just change the buy or sell side if you’re going short. But also what’s important to note is that it’s very, very straightforward. It just comes with repetition. Do I still use this?
Absolutely, yes I do because it just means that you don’t make any mistakes. I’ve got a checklist for everything so I don’t you know, I don’t mess with it and I keep it very. You know, I’m very serious about how I do that.
The other thing I want to say is that is exactly the same process of orders if you are to trade a Bitcoin Breakout trade, okay, but whether it be long or short, they are the same orders as you can see on this little cheat sheet here. This is for a Cradle and Bitcoin Breakout strategy.
It is slightly different for the Booster, and I’ll do that one next time I get a booster trade. So guys, that’s how we use the risk calculator. That’s how we use the position sizing.
That’s also how we raise orders on FTX. So enjoy the service and take a 10% discount and I’ll speak to you again very soon. Hope this was helpful. Thanks, guys. Bye for now.
The TraderCobb crypto show talking business in blockchain