Let’s start by looking at the bityard contract operation dashboard globally, as far as the scope of the publication is concerned and understanding each of the fields, don’t worry about the cut, each one will be treated in isolation with the respective images:
1. List based on the respective assets.
2. Graph with volatility over time.
3. Leverage rule.
4. Global Settings.
5. Initialization and individual order configuration.
6. Rules and details of the respective contract.
7. List of open positions with their individual settings.
Remember in contracts you do not acquire the asset itself, but the representation of it, so you will not be able to withdraw, only the conversion of what is not in leverage at market value.
In the list it is possible to see tabs with the descriptions of “Optional”, “Main Area” and “Innovative Area”, we will focus on “Main Area” which are consolidated assets in contracts according to the platform’s understanding and offer less risk, while “Optional ”Are selected as favorites.
Throughout the content, it will be treated exclusively in transactions in BTC / USDT contracts, by far the best known, and those that will be described in text for this article do not change for the other pairs of assets.
The chart is the same old and well-known TradingView with standard line configuration, which can be modified at the user’s discretion, as the user feels more comfortable or familiar to obtain their execution conclusions.
The settings for the chart are somewhat limited, but sufficient for the day trade, the main preferences are visually on the screen and the settings can be found in the lower right corner of the chart. In the day trade, unlike swing and other methods of operations, the chart is merely a point of observation and does not require that you have much detail, which can even hinder decision making.
The leverage rule or configuration is one of the most important parts or the most important part of margin operations, it will determine the risk you will have in each position created, the greater, the greater the risk, the greater the attention required and usually the faster executions closing costs will be required.
As you increase your leverage, your settlement margin is reduced, as well as the number of contracts you can open a position will also be reduced. This is due to allow a minimum working space, using part of your funds to be entitled to that respective leverage. Take care with the leverage you choose, avoid unnecessary risk, do not “all in” in a single position.
As noted in the previous publication, bityard, due to its methodology in contracts, reduces the user’s risk, but at the same time imposes some limitations, precisely so as not to be harmed while removing the user’s excess risk.
This setting will be the default for all new position executions you make if you do not perform a special configuration at the time of creation.
a)The TP Ratio parameter represents the Take Profit percentage that you will be able to obtain from a single position, in other words you will have configured to close the position to obtain a profit, automatically, between 300% to 500%. Mandatory condition at your discretion.
b) The SL Radio parameter represents the percentage of Stop Loss that you can obtain from a single position, in other words you will have configured to close the position to avoid losses, automatically, between 10% to 90%. Mandatory condition at your discretion.
c) Overnight has a question mark on the right side that explains, but for information, when it is selected, the positions will not be closed at the opening turn specified for the market, however it will execute a specific fee collection, if it is not marked the positions will be automatically closed before. You will need to analyze your situation in the positions to decide on this.
d) Open Order Confirm is just the situation to ask for confirmation every time you open a position
e) Close Order Confirm is just the situation of asking for confirmation every time you close a position.
Right at the top it is possible to see the Market and Limit buttons, with the Market active, just enter the desired quantity, within the available limit and the contract will be acquired Long (buy) or Short (sale) position immediately at the price that is running , with Limit, you will be able to establish where you will have your added contract position to be acquired, be it Long (buy) or Short (sale), that is, your order will wait for the value defined in the respective price to run.
The big difference here, in relation to the traditional spot, and taking into account what was described before, that you do not acquire the asset itself, is that by taking a short position you will profit from the fall and if you take a position purchase, you will profit from the valuation.
Below, TP and SL have the same purpose presented in the global configurations, as well as overnight, however it is oriented to the order to be executed.
Below you can see the rules for the operation in the contract market, what is available for the market, and after calculating the fees of the operations in the market, including overnight, it is for you to stay connected.
There is still general information and some links about the asset you are working on.
Right at the top there are tabs that show the sequence of activities and executions that have elapsed, let’s focus on the open positions. The DEMO and LIVE version are exactly the same, with the only difference that DEMO does not use real financial value, there is no loss, but there is also no gain, it is a training tool.
It is possible to see that at the top there is a button that closes at once, and we must remember that at bityard we have the advantage that we do not work with CROSS or ISOLATED, but with INDIVIDUAL, where each execution is a new position.
Focusing on the details of the positions we see:
a) Margin: Obtained through the chosen leverage and will bring you the respective profit in relation to the volume operated in relation to the portion of your used fund to which it refers
b) Open: The value of the execution of opening the position, where the calculation starts, is the entry value in the purchase or sale.
c) TP: The automatic take profit configured for the specific position, as defined by the general or specific opening settings.
d) SL: The automatic stop loss configured for the specific position, as defined by the general or specific opening settings.
e) P&L: Represents the Profit or Loss in the base value of the pair for the position, calculated from the leverage with an impact on the opening value.
f) P&L%: Represents the Profit or Loss in percentage of the pair for the position, calculated from the leverage with an impact on the opening value.
The close button on the position line performs the position closing individually.
The Settings button in the open position opens the configuration for setting the automatic execution change to Take Profit and Stop Loss of the position, in this situation it can be defined in amount or price, and can never exceed the existing limitations.
The Plus (+) button is so that it is possible to add a larger working margin to the position, you can never remove the margin, it serves to provide you with more space in some circumstances, but be careful with that, because you can be misused if drowning while you think you are saving yourself, in addition to all this will reduce your leverage.
I’m staying here, I hope I helped. Thanks.
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