How to close a position in BigONE contract trading

To close a position in BigONE contract trading, log in to your account, access the contract trading interface, identify the position, select the "Close" option, confirm the closing details, and click on the "Confirm Close" button.

Dec 01, 2024 at 10:26 am

How to Close a Position in BigONE Contract Trading

Overview

Contract trading on BigONE involves taking positions on the future price of an underlying asset, using leverage to amplify potential profits or losses. Closing a position entails exiting the trade and realizing the gains or losses incurred. This article provides a comprehensive guide on how to close a position in BigONE contract trading.

Steps to Close a Position in BigONE Contract Trading

1. Log in to Your BigONE Account

• Visit the BigONE website or mobile app and enter your credentials.
• Ensure that you have a funded contract account.

2. Access the Contract Trading Interface

• Navigate to the "Contracts" tab on the dashboard.
• Select the specific contract you wish to close.

3. Locate the "Positions" Section

• Find the "Positions" section within the contract trading interface.
• This section displays a list of your open positions.

4. Identify the Position to Close

• Locate the position you want to close.
• Check the "Position Direction" (Long or Short) and the "Contract Code" to confirm the correct trade.

5. Click on the "Close" Option

• Select the "Close" option associated with the position you wish to close.
• A confirmation dialog box will appear.

6. Confirm the Closing Details

• Review the closing details, including the closing price, fees, and potential profit or loss.
• Use the arrows to adjust the closing quantity if necessary.

7. Click on the "Confirm Close" Button

• Once you are satisfied with the closing details, click on the "Confirm Close" button to complete the transaction.
• Your position will be closed, and the realized profit or loss will be reflected in your account.

Additional Considerations

• Understanding Leverage: Remember that contract trading involves the use of leverage, which can amplify both potential profits and losses.
• Managing Risk: Implement proper risk management strategies, such as stop-loss orders and position sizing, to minimize potential losses.
• Market Volatility: Contract prices are highly volatile, so be prepared for price fluctuations and act accordingly.
• Fees: BigONE charges fees for opening and closing positions, which are typically a percentage of the transaction value.
• Customer Support: Contact BigONE customer support for assistance if you encounter any issues during the process.