Futures Trading for Beginners on Bonix: A Step-by-Step Guide to Success

What’s up, beautiful people! Today, I’m sharing my personal recipe for success when it comes to futures trading on Bonix, one of the crypto exchanges I use. If you’re new to Bonix or futures trading, don’t worry—I’ll walk you through everything, from beginner basics to more advanced strategies. And hey, if you want to copy my trades and strategies, I’ve left a link down below to sign up for Bonix!

Step 1: Setting Up Your Bonix Account

The first step is to create your account on Bonix. Follow all their recommendations—verify your email and complete the basic setup. Once your account is ready, log in, and you’ll see several features at the top of your screen:

• Spot Trading: This is for buying and holding crypto for the long term.
• Copy Trading: A feature that lets you replicate other traders’ strategies.
• Futures Markets: This is what we’ll focus on in today’s guide.

Click on Futures Markets, and you’ll need to select the cryptocurrency trading pair you want. For this guide, I’ll show you how to trade XRP, though I also trade Hedera (HBAR) frequently because I’m familiar with how these cryptocurrencies behave under different market conditions.

Step 2: Opening a Trade

Once you’ve selected your trading pair, it’s time to open a trade. Here’s how:

1. Choose the Trade Type: You can select either a Market Order (trading at the current market price) or a Limit Order (trading at a specific price). If you want to buy XRP at its current price (let’s say $0.319), select “Market.”
2. Select the Percentage of Your Portfolio: Decide how much of your portfolio to use—10%, 25%, 50%, or 100%. Personally, I never risk more than 25% of my portfolio on a single leveraged trade.
3. Set Your Leverage: Higher leverage means higher risk. For example, at 5x leverage, you have more time to react to market swings compared to 10x leverage, where it’s twice as easy to get liquidated. I never trade above 5x leverage to minimize risks.

💡 Pro Tip: If you don’t know what liquidation means, it’s when you lose all the money you’ve invested in a trade. Be cautious with leverage—it’s a double-edged sword!

Step 3: Using Trigger Orders

Another helpful feature is Trigger Orders, which let you set a specific price to enter a trade automatically.

For example, if you identify a strong support level at $0.30456 for XRP, you can set a trigger order to buy just above that level. Generally, when an asset hits a support level, it bounces back up.

Here’s how to set a trigger order:

• Enter the trigger price (e.g., $0.30456).
• Choose your leverage (e.g., 5x isolated long).
• Specify the amount of your portfolio to use (e.g., 25%).
• Click “Open Long.”

Once set, you can view your trigger orders under the Open Orders section at the bottom of the screen.

Step 4: Identifying Good Entry and Exit Points

Timing is everything in trading. To find the best entry and exit points, I use two main tools:

1. Stochastic RSI

The Stochastic RSI is an indicator that tells you when an asset is overbought (high risk) or oversold (good buying opportunity).

• When the Stochastic RSI is below the median line, it’s usually a good time to buy.
• When it’s above the median line, it’s a good time to sell.
• During a bull run, assets might stay overbought for longer, but I still focus on buying during oversold conditions or big red days.

2. Fibonacci Bollinger Bands

This tool helps identify support and resistance levels:

• Green Line: Strong support—look for buying opportunities here.
• Red Line: Strong resistance—look for selling opportunities here.

To use Fibonacci Bollinger Bands:

1. Go to tradingview.com.
2. Add the Fibonacci Bollinger Bands indicator and set your chart to a 15-minute timeframe.

💡 Pro Tip: When XRP touches the green line, it usually bounces back up. When it hits the red line, there’s often a correction.

Step 5: Combining Indicators for Better Decisions

To maximize your chances of success:

• Use the Stochastic RSI to determine if the market is oversold or overbought.
• Combine this with the Fibonacci Bollinger Bands to identify strong support and resistance levels.
• Focus on buying during big red days (market dips) and selling after big green days (price surges).

Final Thoughts

Futures trading on Bonix can be incredibly rewarding if you follow the right strategies. Stick to the basics, use the tools I’ve shared, and always manage your risks carefully.