How to close a position in Deepcoin contract trading

To close a contract trading position on Deepcoin, log into your account, navigate to the Contract Trading page, select the position to close, specify the close type (market or limit), enter the close price (if limit), and click "Close" to execute the order.

Dec 03, 2024 at 04:19 pm

How to Close a Position in Deepcoin Contract Trading

Introduction

Deepcoin is a leading cryptocurrency exchange that offers a variety of trading options, including contract trading. Contract trading allows traders to speculate on the future price of an asset without having to own the underlying asset. However, it is important to understand how to close a position in a contract trading account in order to manage risk and maximize profits. This comprehensive guide will provide a detailed explanation of the steps involved in closing a position in Deepcoin contract trading.

Steps to Close a Position

1. Log in to Your Deepcoin Account

To close a position, you must first log in to your Deepcoin account. Enter your username and password and click the "Log In" button.

2. Navigate to the Contract Trading Page

Once you have logged in, click on the "Contract Trading" tab at the top of the page. This will take you to the contract trading page, where you can view your open positions.

3. Select the Position You Wish to Close

On the contract trading page, you will see a list of your open positions. To close a position, click on the "Close" button next to the position you want to close.

4. Select the Close Type

A pop-up window will appear, asking you to select the close type. There are two close types available:

a. Market Close: This option will close your position at the current market price. It is the fastest and easiest way to close a position, but it may not be the most profitable.
b. Limit Close: This option allows you to specify a specific price at which you want to close your position. If the market price reaches your specified price, your position will be closed automatically. This option gives you more control over the closing price, but it may take longer to close your position.

5. Enter the Close Price

If you have selected the "Limit Close" option, you must now enter the close price. This is the price at which you want your position to be closed.

6. Click the "Close" Button

Once you have selected the close type and entered the close price, click on the "Close" button to close your position.

7. Your Position is Now Closed

Once you have clicked on the "Close" button, your position will be closed. You can now view your closed positions in the "Closed Positions" tab on the contract trading page.

Additional Considerations

• When closing a position, it is important to consider the current market price and your profit or loss.
• If you are closing a position with a profit, you may be subject to capital gains tax.
• If you are closing a position with a loss, you may be able to deduct the loss on your taxes.
• It is important to research and understand contract trading before you start trading.
• Deepcoin provides a variety of resources to help you learn about contract trading, including articles, videos, and webinars.
• If you have any questions, you can always contact Deepcoin customer support for assistance.

Conclusion

Closing a position in Deepcoin contract trading is a relatively simple process that can be completed in a few steps. By following the steps outlined in this guide, you can close your positions quickly and efficiently.