Having Steem listed on Futures Trading, what you should know about Futures Trading?

Having STEEM listed on future trading is a good way to make the world know about Steem coin and our dear Steemit platform. If you are using an exchange like MEXC or Bybit you can begin trading Steem just as you have been trading other cryptocurrencies on future trade.

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What future trading means.

Future trading is all about entering a contractual agreement. It is a contract that has to do with buying and selling which obligates the seller or the buyers to buy or sell a cryptocurrency at a predetermined price ahead.

screenshot gotten from Mexc wallet

In the crypto market, a future trading contract is what stands for the value of crypto at a fixed time. It is an agreement that is set between traders to either buy or sell a certain cryptocurrency like Steem which was listed on MEXC and Bybit future few days ago at a predetermined price on a specific date in the future. In this case, as a trader, you may gain or lose at whatever position that you open based on the leverage that is used.

In future trading, you can either take a short position or a long position depending on how you have analyzed the market. Long position stands for BUY and as a trader when you are sure that the cryptocurrency which you want to trade will increase in price, you can then go ahead and take a long position after you have set your stop loss, take profit, and leverage.

However, if your prediction goes against you, you will lose some part of your funds which is based on the leverage that is used. You can take a short position which stands for SELL in some exchanges when you are sure that the cryptocurrency that you want to trade will fall in price.

For instance, if STEEM, the current market price is ($0.32), you may go long (buy) or short (sell) a futures contract in anticipation of a price increase of STEEM or decree of STEEM for profits.

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How to make your first trade on MEXC Future

For you to make your first trade on Mexc Future as Steem is now listed on Mexc, you will first transfer USDT to Mexc Future which you have to choose between [USDⓈ-M] and [COIN-M] Futures Contracts after you have made your transfer of USDT to future wallet.

screenshot gotten from Mexc wallet

Navigate to the future trade tab, and select the Future contract (STEEM-USDT) you would like to trade from the top left-hand side.

screenshot gotten from Mexc wallet

Make use of the price chart to identify your entry and exit price based on the available technical indicators.

Select the margin mode, choose between Isolated and Cross, and confirm your selection.

screenshot gotten from Mexc wallet

Now, after you have selected your margin mode, you can then adjust your Leverage and click on Confirm.

Note: Your leverage is what determines your risk rewards ratio, which means using high leverage comes with high profit and high risk.

screenshot gotten from Mexc wallet

Now select the Type of Order, Price, Size, and toggle the SL/TP features to set your Stop-loss and Take-Profit Orders and select between LONG (BUY) or Short (SELL) position based on your prediction.

Now, you have come to know how to trade Steem on Mexc Future which is the same procedure in other exchanges.

Disclaimer

_{Future trade is a good way to make money, but also a faster way to lose money, this post is not in any way telling you to begin future trade when you have not fully mastered the system. It is also advisable you do your research before investing in cryptos which this post is just an educational post.}