How to close Kraken contract trading

How to Close Kraken Contract Trading

Step 1: Navigate to the "Trade" Tab

Once logged into your Kraken account, navigate to the "Trade" tab located on the left sidebar. This tab will provide you with various trading options, including margin trading and futures trading.

Step 2: Select "Futures"

Under the "Futures" section, you will see a list of available futures contracts. Select the contract you wish to close by clicking on its corresponding row.

Step 3: Enter Your Closing Order

On the contract's trading page, you will find the order book and order entry form. In the order entry form, enter the following details:

• Order Type: Choose "Market" to close your position at the current market price.
• Quantity: Enter the number of contracts you wish to close.
• Side: Select "Sell" to close a long position or "Buy" to close a short position.

Step 4: Review and Submit Your Order

Before submitting your order, carefully review the following:

• Order Type: Ensure that you have selected the correct order type ("Market").
• Quantity: Verify that you are closing the correct number of contracts.
• Side: Confirm that you are closing the appropriate position ("Sell" for long positions, "Buy" for short positions).

Once you are satisfied with your order details, click on the "Sell" or "Buy" button to submit it.

Step 5: Monitor Your Order Execution

After submitting your order, you can monitor its status in the "Open Orders" section located on the left sidebar. Once your order is filled, you will see a confirmation message in the "Trade History" section.

Step 6: Settle Your Position

Once your order is filled and your position is closed, you will need to settle your position. This involves transferring any remaining funds or assets to your main account.

Step 7: Calculate Your Profit or Loss

To calculate your profit or loss from the closed position, subtract the opening price of the contract from the closing price. If the closing price is higher than the opening price, you have made a profit. If the closing price is lower than the opening price, you have incurred a loss.

Step 8: Repeat the Process for Other Positions (Optional)

If you have multiple open positions, you can repeat the above steps to close each position individually. Alternatively, you can use the "Close All" button to close all open positions with a single click.