I'm wondering if someone can ELI5 Bytemaster's recommendations for going short/long at the same time. Let's assume I have 10,000 BTSX in my account.
I saw this from jernau in the other thread linked above and I understand what he's saying:
Just to be crystal clear, before I do something I regret:
1. I use the 'Short BitUSD' option to purchase x BitUSD at a price that is higher than the 'current highest bid' (that is listed immediately below the 'price' box.
2. I use the 'Buy BitUSD' option (this is the going long option) to purchase x BitUSD at a price that is higher than the the 'Median Price' (that is listed below the BitUSD : BTSX in the top right of the GUI)
This way, I am effectively borrowing from myself so that I am my own broker
Are the steps jernau suggests the practical real world steps one has to perform in the market in order to go short/long at the same time, i.e. as Bytemaster suggests? If so then I simply split my 10,000 BTSX between the above two options?
I think the only thing I'm perhaps missing is that it's not as simple as splitting 10,000 BTSX stake between the two? Do I need to leave some BTSX in my account as collateral for the short too? If so how does that work.