How to close a position on BitMart contracts

How to Close a Position on BitMart Contracts

To close a position on BitMart contracts, follow these steps:

1. Log in to your BitMart account

• Navigate to BitMart's official website and click on the "Login" button in the top right corner.

• Enter your login credentials (email/phone number and password) and click on the "Log In" button.

• If you don't have a BitMart account yet, you can sign up for one by clicking on the "Sign Up" button.

2. Go to the "Contracts" page

• Once logged in, hover over the "Trade" tab on the navigation bar and select "Contracts" from the drop-down menu.

• This will take you to the "Contracts" page, where you can view all available contract markets.

3. Find the contract you want to close

• On the "Contracts" page, you can search for the specific contract you want to close by entering the contract name or symbol in the search bar.

• Alternatively, you can browse through the list of available contracts by scrolling down the page.

4. Click on the "Close Position" button

• Once you have found the contract you want to close, click on the "Close Position" button in the right column.

5. Enter the closing quantity

• In the "Close Position" dialog box, enter the quantity of the contract you want to close.

• You can either enter the quantity manually or use the "+" and "-" buttons to adjust it.

6. Select the order type

• Next, select the order type you want to use to close the position.

• BitMart supports two order types for closing positions: Market Order and Limit Order.

• A Market Order will execute immediately at the current market price.

• A Limit Order will only execute when the market price reaches the specified limit price.

7. Confirm the closing details

• Once you have entered all the closing details, click on the "Confirm" button to proceed.

• BitMart will display a confirmation dialog box summarizing the closing details.

• Review the details carefully and click on the "Confirm" button again to close the position.

8. Monitor the order status

• After you have closed the position, you can monitor the order status in the "Orders" section of the "Contracts" page.

• The order status will be updated in real-time as the order progresses.

• Once the order is completed, the closed position will be reflected in your trading history.

Additional Tips:

• Before closing a position, it is important to consider the current market conditions and the potential impact on your profit/loss.

• It is advisable to close a position in the opposite direction to the open position to maximize profit or minimize loss.

• BitMart charges a small fee for closing positions. The fee varies depending on the contract type and the trading volume.