Hey ProfitFarmers,
We need to give you a heads up about some changes we are pushing out! We have some minor bad news and some overall good news!
First the minor bad news
We are having a little extra trouble with the Futures markets.
The reason for this is that Spot markets have much more price data and other information points that we need in order to create and maintain accurate strategies.
As mentioned work is ongoing to translate this into futures pricing, but it can be complex especially where a coin has only recently been added to the Futures Market.
We believe this can be fixed within 4-6 weeks. This is approx 2 weeks longer than we were expecting, but we will keep you posted.
The good news
In order to improve usability we are initiating a change to the Futures699 strategy (LONG/BUY) that will bring these signals back to running on the standard/Spot coin prices. These will show up as HYBRID699 on the dashboard.
You will be able to copy these signals the usual way as long as you don’t want to use leverage. This should once again mean that the vast majority of signals can be copied with a couple of clicks! These trades will happen using the Spot market, just like your trades using the LIGHTNING3 strategy.
Please note that we cannot do this for the Futures699-S strategy (SHORT/SELL) as this must use Binance Futures functionality.
But I want to use leverage and/or go short
Ok, so for those advanced users that are still keen to use leverage you need to go through a manual process.
Please first note again that Futures699/Hybrid699 and Futures699-S will create signals using Spot market prices but you can still use these for Futures Trading.
The steps to take:
- Confirm that the coin in question has Futures Prices that are closely matching the Spot version of pricing.
- If the Pricing is almost identical and the chart patterns look similar you can go ahead and create your trade manually inside Binance Futures and choose a leverage amount. You may be done here in many cases!
- If pricing is clearly different you should use the Spot chart as your reference point. Find the entry zone and targets. Once the Spot price is within your entry zone go ahead and make the trade on the Futures version of the coin at whatever is the equivalent price.
- Measure the % distance from your entry point to the stop loss and targets in the signal.
- Apply this same price distance to your futures chart so that you can pick out your futures version of the stop loss and targets. I.e if the signal stop loss is 4% lower than your entry price, then pick a stop loss value that is 4% lower than the price you are usin/g as entry for your futures trade. Do the same for the targets.
- Now you are done!
This works in almost all cases as the Futures market typically moves around the same way as the Spot market will do. I.e if Spot prices rise, so do futures.
You are most likely to run into issues with newer coins with little history. For example FILUSDT has almost a 20% difference between Spot and Futures.
FILUSDT FUTURES = $32
FILUSDT SPOT = $38
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Summary
- Look out for signals on the HYBRID699. These can be used for copy trading if you are happy to go ahead without leverage (which is normal)
- HYBRID699 and FUTRES699-S operate using SPOT trading prices and analysis for higher levels of accuracy. This also means signal performance tracking is based on the SPOT data until further notice.
- If you want to use leverage, as before, you need to trade this manually but just double check the coin price difference on SPOT vs FUTURES.
- If you see the strategy Futures 699-S this is for SHORT trades. You must trade these manually for now and take note of any coin price difference on SPOT vs FUTURES.
- We hope to resolve all of this manual trading within 2-6 weeks with a focus on finding the most reliable method for converting SPOT analytics to FUTURES pricing, especially for smaller/new coins.
Overall, this is good news for most members as you will have more signals to copy trade easily! Advanced users were already making use of manual trading functionalities so not much will change here.
