AscendEX Contract Beginner Tutorial

AscendEX Contract Beginner Tutorial: A Comprehensive Guide

IntroductionAscendEX Contract is a robust and intuitive platform designed for traders seeking leveraged exposure to the digital asset market. This beginner tutorial will guide you through the basics of AscendEX Contract trading, from understanding the core concepts to executing your first trades.

Step 1: Understanding Futures and Perpetual Contracts

• Futures Contract: A standardized legal agreement to buy or sell a specific amount of an asset (e.g., Bitcoin) at a predetermined price on a future date.
• Perpetual Contract: A futures contract without a fixed expiration date, allowing traders to maintain their positions indefinitely.

Step 2: Opening an AscendEX Account

• Create an account at AscendEX by providing your email address and a strong password.
• Complete the necessary KYC (Know Your Customer) verification steps.

Step 3: Funding Your Account

• Transfer funds to your AscendEX wallet from an external cryptocurrency wallet or via credit/debit card.
• Ensure you have sufficient balance to cover your intended trading activities.

Step 4: Selecting a Trading Pair

• Choose a trading pair that represents the asset you plan to trade against a base currency (e.g., BTC/USDT).
• Consider factors such as liquidity, volatility, and trading fees.

Step 5: Understanding Order Types

• Limit Order: An order placed at a specific price that will only execute when the market price reaches that level.
• Market Order: An order that executes immediately at the prevailing market price.
• Stop Order: A conditional order that triggers a market or limit order once the market price reaches a certain threshold.

Step 6: Placing Your First Trade

• In the AscendEX Contract interface, navigate to the 'Trade' section and select your desired trading pair.
• Select the order type, enter the desired quantity and price (for limit orders), and click 'Buy' or 'Sell' to execute the trade.

Step 7: Monitoring Your Positions and Adjusting Leverage

• Track your open positions in the 'Positions' tab.
• Adjust your leverage ratio carefully to optimize potential gains while managing risk. Higher leverage increases both potential profit and loss.

Step 8: Closing Your Positions

• To liquidate your position, place an order in the opposite direction of your original order (e.g., if you bought BTC, place a sell order).
• Alternatively, you can use the 'Close All' option to liquidate all open positions for a particular trading pair.

Additional Tips for Beginners

• Set realistic profit targets and stop-loss levels: Avoid overleveraging and chasing unrealistic gains. Implement a disciplined risk management strategy.
• Control your emotions: Trading can be stressful. Stay calm and disciplined, and avoid making impulsive decisions based on fear or greed.
• Conduct thorough research: Stay informed about market trends, economic news, and technical indicators to make informed trading decisions.
• Practice on a demo account: Many exchanges offer demo accounts for traders to practice trading without risking real funds. Take advantage of these platforms before transitioning to live trading.
• Seek guidance from experienced traders or educational resources: Leverage the wealth of knowledge available online, in books, or through trading communities to enhance your skills.