How to close position of MEXC contract

How to Close Position of MEXC Contract

Contracting on MEXC is a potent technique for profiting from price fluctuations in the digital currency market. Nevertheless, it's critical to understand how to shut positions effectively to secure benefits and control risk. This thorough tutorial will guide you through the procedures of closing a MEXC contract position, ensuring a seamless and profitable trading experience.

Step 1: Visit the MEXC Contract Trading Platform

1. Navigate to the MEXC website and log into your account.
2. Hover over the "Contracts" tab and select your preferred trading pair, such as BTC/USDT Perpetual.
3. The contract trading interface will appear, providing an overview of the market.

Step 2: Locate the Position You Wish to Close

1. In the "Positions" section on the right side of the interface, identify the position you want to close.
2. This section displays all open positions, including their entry price, leverage, and profit or loss status.

Step 3: Choose a Closing Strategy

1. There are two main strategies for closing a contract position:

   • Market Close: This option allows you to close the position at the current market price, which is typically the quickest and most straightforward method.
   • Limit Close: This option allows you to specify a specific price at which you want to close the position. This is useful if you want to lock in profits or limit losses at a desired price level.

Step 4: Place a Closing Order

1. To close the position using the Market Close option, simply click the "Close All" button in the "Positions" section.
2. To use the Limit Close option, click the "Close" button next to the position you want to close and select "Limit" in the order form.
3. Enter the desired closing price in the "Price" field and adjust the other order parameters as needed.

Step 5: Confirm the Position Closure

1. Review the order details and confirm that everything is correct.
2. Click the "Close Position" button to execute the order.
3. The position will be closed, and the profit or loss will be credited to your MEXC account.

Additional Considerations:

• Fees: Closing a position on MEXC incurs a small fee, which may vary depending on the trading pair and the order type.
• Risk Management: It's crucial to manage your risk effectively while trading contracts. Use appropriate leverage, monitor your positions regularly, and close positions promptly to minimize potential losses.
• Market Volatility: Remember that the cryptocurrency market is volatile, and prices can fluctuate rapidly. Consider the potential impact of market volatility when determining your closing strategy.