WHAT IS BEAST MODE?
Beast Mode was created to enable traders with advanced strategies being hindered by safety systems built into our service to protect all users, therefore Beast Mode allows traders to disable these safety features.
Beast Mode is an option that can be enabled in the "Settings" menu when logged in to the web interface.
Whoa! Not so fast! While the name "Beast Mode" sounds super cool, it is extremely important to understand what it does before you enable it!
What does Beast Mode do?
Beast Mode enables you to open two or more deals on the same Futures instrument you wish to trade. These deals can be Bots, Grid Bots, Smart Trades or a mixture of all the trading tools.
Beast Mode cannot open multiple Positions on the same instrument!
What does this mean? In essence, Futures exchanges (like FTX, Bybit, Bitmex and Binance Futures) do not allow traders to create 2 separate Long positions or a Long and a Short position on the same asset or chart!
As this is an Exchange limitation, we cannot do anything but abide by this.
Beast Mode cannot open two independent positions on the same asset.
Beast Mode will affect all trading on any connected Futures exchange(s) you have linked!
So what is Beast Mode useful for then?
Imagine you are trading Futures with a long bot and your strategy opened a great position and it was in a nice amount of profit. You might want to add to this position or take a partial piece of profit from the open deal.
Or, maybe you want to create a reversal strategy that flips direction by placing a single order for twice the original position size.
Trade Idea: How to implement a Beast Mode "Flip"
With Beast Mode you don’t close positions, you’d flip them by opening a deal in the opposite direction with double the order size, so short-to-long and vice versa.
- Create 2 bots, a long bot and a short bot for the Futures chart you wish to trade.
- You’d create the first long/short bot with a $100 base order (for example), and start a deal.
- Next, you create a bot for the opposite direction on the same chart with a base order size of $200.
- You’d then edit the first bot that currently has a position open to increase the base order to $200.
- When you want to "Flip" or reverse the trade direction, you would start a trade on the bot that currently has no open position, and once the trade begins, cancel the trade on the first bot.
Advantages of a Beast Mode "Flip" - positions can be opened and closed with a Limit Order, which may mean you pay no fees to open your positions.
Disadvantages of a "Flip" - if there are any errors with the trade, you may end up with a position open but no Bot or Smart Trade open to manage it and may be liquidated.
It is important you frequently check the connected exchange account to ensure positions are opened and filled correctly when the bots try to "Flip" (you can be alerted to this if you enable Telegram bot notification settings).
Also, you will not have any accurate bot statistics and will have to manually account for account growth (possibly using the "My Exchanges" page and viewing the account balance for the exchange account your bots are trading on).