Binance Futures Trading: A Guide to Responsible Trading

In the world of trading, there are many fake gurus that promise huge profits without any effort, leading beginners to lose money. But, if you want to trade in a responsible way, you need to follow a different approach. This article will guide you through the process of trading on Binance Futures in a way that helps you make money without risking everything.

Getting Started

The first step is to create an account with Binance, which offers up to $600 in bonuses for new users. To create your account, go to the Binance registration page and sign up using your phone number, email address, Google account, or Apple ID. Once inside Binance, you can redeem your welcome bonuses by going to the Task Center and then the Reward Center.

Futures Trading on Binance

To start trading, go to the Derivatives section of Binance and choose the type of futures you want to trade. USD-M and Coin-M Futures are the most common, but there are also futures trading bots and Binance options available.

The Binance Futures Overview page allows you to select your preferred trading pair. For example, BTC-USDT is currently the most popular pair, with a trading volume of over $7 billion in the last 24 hours. To start trading, transfer money to your Futures account by clicking the "Transfer" button and selecting the coin you want to use.

Free Tools for Responsible Trading

To help you trade in a responsible way, Binance offers several free tools that many people don't know about. Here are five of the most useful tools:

1. Cooling Period: This tool allows you to pause your trading activity for a certain period of time, such as one day, one week, or one month. This can be helpful for those who have lost money and need time to regroup.

2. Position Limit: This tool allows you to set a maximum position size for each trade, helping you avoid taking on too much risk.

3. Take Profit and Stop Loss: These are tools that allow you to automatically close your position when the price reaches a certain level. This helps you lock in profits and limit losses.

4. Auto Deleverage: This tool automatically reduces your position size when the market moves against you, helping you avoid liquidation.

5. Mark Price: This tool allows you to monitor the fair market value of your positions, helping you avoid unnecessary liquidation.

Pro Tips for Trading on Binance Futures

Here are three tips from personal experience that can help you trade successfully on Binance Futures:

1. Start Small: Start with a small position size and gradually increase as you gain experience and confidence.

2. Use Stop Loss Orders: Always use stop loss orders to limit your losses in case the market moves against you.

3. Stay Informed: Keep up to date with the latest news and market trends to make informed trading decisions.

Powerful Trading Strategies

Finally, here are two powerful trading strategies you can use on Binance Futures:

1. Trend Following: This strategy involves identifying trends in the market and trading in the direction of the trend. This can be done using technical analysis tools like moving averages and support and resistance levels.

2. Mean Reversion: This strategy involves identifying overbought or oversold conditions in the market and trading in the opposite direction of the trend. This can be done using technical indicators like the Relative Strength Index (RSI) or Bollinger Bands.

CONCLUSION

In conclusion, trading on Binance Futures can be a profitable venture if done responsibly. By using the free tools, following the pro tips, and using powerful trading strategies, you can trade with confidence and minimize your risks.