GMX STEP-BY-STEP TRADING GUIDE | TRADE BTC, ETH, AVAX, and more with 50X LEVERAGE 📈

what's going on guys welcome back to the outcome Chief where we talk about crypto and blockchain if you haven't already make sure you click the Subscribe button so you don't miss any videos on the channel so today I want to show you a quick guide on how to use GMX dot IO gmx.io is a decentralized Perpetual exchange that allows you to trade Bitcoin ethereum avex and more with up to 50x Leverage totally decentralized you keep your keys on your wallet so there is no counterparty risk similar to centralized exchanges which if they do go under if something happens to them you lose your money with Solutions like GMX which are decentralized you own your keys which is very important in crypto the very first thing you should do is you should use my referral link which is in the description of this video because that will give you 15 of trading fees on GMX so if you want to save some money on fees go ahead and click that link that will take you to the GMX website where you'll be able to trade assuming you have your metamask wallet connected so if you want to trade this will ask you to launch the GMX app you can click the don't show this message again for 30 days if you do agree with terms and conditions this will take you to the trading platform on GMX on the top right corner of the page you'll be able to connect your wallet go ahead and connect for the purpose of this video we're using metamask go ahead and click metamask and this will ask you to put the metamask password in so go ahead and put that in and there you go we're connected if your wallet is not connected to arbitrum if there will be a pop-up on the bottom right which will ask you to switch to arbitrum and once you click that you can easily switch the network and as you can see we're on arbitrary Network right now if you want to create a position a leverage position on GMX it's very easy very intuitive so you have the pairs available on the left side you have ethereum Bitcoin chain link in uni for the purpose of this video we'll be creating a position on ethereum if you want to go long or short the way in which you do so is same so for the purpose of this video we're going to be showing you how to create a short position so you can create a limit order a limit order is basically going to allow you to input a price at which you want the position to take place so if we were to create a very simple position which is going to be a short position and we want the price to be around one one one five um this means that if the price goes to 1115 the trade is gonna go ahead and underneath the price you're able to create the Leverage you want for that particular trade you can trade with as little as 0.1 leverage all the way up to 50x judging on your risk appetite I would say for the purpose of this video we're going to be doing 15x at this price and if you're happy with all the details that we've input here again everything is very transparent the fees are displayed right there um the breakdown of the fees is there as well because this is a decentralized platform so go ahead and click enable order and this will give you a rundown on how exactly this is occurring if you want to go ahead and accept enable orders a metamask window will open up where you'll be able to confirm the transaction and orders have been sent as you can see the transaction completed and orders are enabled so this will allow you to create orders right now as you can see the price have jumped has jumped over our initial so let's change that to 1117 create a limit order create order metamask window opens and allows you to confirm that order so we have just placed a limit order on ethereum to go short with 15x leverage and right here on the left side of the panel you'll be able to see your orders once this order fails so once the price goes to 117 and takes that trade this order will disappear and will pop up in the open positions right now we have no open positions because that order has not hit just yet so you're able to edit your order so for the purpose of this video let's go ahead and change this order to one one two zero if you go ahead and update the order metamask window pops up again where you're able to confirm your choice and that price should change once the transaction goes through as you can see it has changed so you're also able to cancel that transaction very easily if you if you cancel again same metamask window up opens and you can go ahead and confirm that will cancel your limit order so what you can also do is create a market order this means that whatever the price is at right now your order will go through at that particular price so let's go ahead and do 0.28 with a leverage of 20x for the purpose of this video and we will create a market order for that particular short position so enable Leverage short eth boom let's go ahead and short Ethan the order has been submitted and as you can see open positions this is our position you're able to close position at market price so wherever the price is at if you hit close you can hit Max and close that position every at every moment whatever you decide and this will also give you a breakdown on the entry price the market price which is the price out right now and the size of your position pnl which which is um profit and loss so right now we're at 16 loss and it will also give you a breakdown on the fees and what you will receive is if you close that particular position um you can also choose to receive other assets you don't have to end your position and receive if you can receive usdc or wherever you decide so if we were to close that position hit close again metamask window opens you're able to confirm your transaction but we're not going to close that position just yet we're gonna let it run so during this video we covered how to create a limit a market order for short positions you can also do exactly the same thing when it comes to longs um the way in which you do so is exactly the same you input the amounts what you want to use as a as a collateral for this trade uh what you want to trade which asset you want to trade the amount you can create a price when it comes to limit orders exactly the same and you also have the leverage slider in the exactly same fashion so Longs and shorts are created in exactly the same way but also GMX allows you to swap between assets eth and usdc for example they have pretty thick books so you can create those orders without much slippage um so for the purpose of this video Let's create a simple swap let's create eth to usdc we're going to swap 0.1 if that should give us around 111 usdc let's go market and let's create a swap and that swap is going to cost us 0.3 sent in these which equals to around 33 cents right now uh confirm let's go ahead and confirm as you can see the swap stats and everything behind that swap is clearly displayed because it is a decentralized protocol fully transparent go ahead and confirm and that has created a swap which should come up right now as you can see um we've completed a swap so that's another simple thing but sometimes is useful you don't have to go to uniswap you don't have to go to other decentralized exchanges to create simple swaps simple swaps uh on GMX as well because sometimes you don't want the need of holding ethereum for example you wanna go ahead and swap to usdc you can do that in a very easy fashion and same way of going back you can input how much usdc you want to change for how much eth go ahead and swap very easy and very transparent as we said and again if you want to have 15 off these fees that are going to be charged when trading use the link in the description so to finish off the video I want to show you something also very interesting and that is useful links on the bottom right of the site and leaderboards so leaderboards will take you to um a place where there are training contests on GMX which you can go ahead and get involved with um and top Roi and top profit people will get a very very healthy rewards so as you can see everything is on chain so there is no cheating going on or of any sorts you can see exactly what positions people have so this can benefit your Trading as you can see wind loss sizes realize profits everything is shown on the platform and you can go ahead if you were to copy some trades of people you can go ahead and do that you can because this is a decentralized platform everything is transparent so you can go ahead and click on people's addresses and this will take you to their exact trades very transparent there's nothing to hide if someone is profitable and he's proven to be profitable over consecutive traits you can just go ahead and copy their trades something that I'm gonna try and follow and maybe give you guys an update in the video or a couple of videos on how that's going but I think following people's trade on GMX is an interesting type of content that people could see and with the growth of the platform I think there's going to be many great Traders that you can just go ahead and copy or just see how they do and if you go to dashboard on top left this will give you some stats on the entire trading platform these stats are something that centralized exchanges have on the back end and they're able to see what position people are taking they're able to see the ratio between Longs and shorts and the Ware cases where centralized exchanges traded against their users but with decentralized options like GMX everything is transparent you as a user have a overview of exactly what's going on on the platform as you can see the volume is right there around 500 million volume you can see that long positions are tiny compared to short positions right now uh this is very interesting because sometimes this could be an indicator of where the price could be going because if there are long positions severely smaller than shorts you can see that everyone is betting that the price is going to go down and in many cases the price does totally opposite but as you can see this also fees generated um on the platform since 16th November which is around five days you can see that around two million dollars is generated in less than a week which is very healthy when it comes to decentralized platforms and you can also see other things like tokens in the indexes that are on GMX but that's something for a later video so let me know how you find GMX is it a trading platform that you're gonna use in the future if so make sure you use the referral Link in the description because fifteen percent of fees is on the table this is it for today I will see you in the next one