How to close a position in ProBit Global contract trading

In ProBit Global's contract trading platform, closing a position involves selecting the position, specifying the close price, confirming the order, and monitoring the order history for successful execution.

Dec 02, 2024 at 11:32 am

How to Close a Position in ProBit Global Contract Trading

Contract trading, also known as futures trading, is a form of financial trading that involves speculating on the future price of an underlying asset, like cryptocurrency. It offers opportunities for potentially high returns, but it also carries significant risks. Therefore, it's crucial to understand how to manage your positions effectively, including knowing how to close them.

In this comprehensive guide, we will walk you through the step-by-step process of closing a position in ProBit Global's contract trading platform.

Step 1: Open the Contract Trading Interface

• Log in to your ProBit Global account and hover over the "Trade" menu.
• Select "Contract" from the drop-down options to access the contract trading interface.

Step 2: Locate the Open Positions

• On the contract trading page, you will see a section titled "Open Contracts."
• This section displays all your currently open positions, including their size, entry price, leverage, and potential profit/loss.

Step 3: Select the Position to Close

• Identify the position you wish to close by reviewing its details in the "Open Contracts" section.
• Click on the "Close" button associated with that particular position.

Step 4: Set the Close Price

• A confirmation window will appear, asking you to specify the close price for your position.
• You can either enter a specific price or use the market price, which is the current price of the underlying asset.

Step 5: Confirm the Close Order

• Once you have set the close price, click on the "Close" button to confirm your order.
• ProBit Global will automatically execute the close order and credit or debit your account accordingly.

Step 6: Monitor the Closed Order

• After closing your position, you can track its status in the "Order History" section.
• This section provides a detailed record of all your past trades, including closed positions.

Additional Notes:

• You can close a position partially or entirely.
• To close a position partially, enter the desired quantity in the close price confirmation window.
• Closing a position at a loss will result in a debit to your account. Make sure you have sufficient funds to cover any potential losses.
• Always consider market conditions and risk management strategies before closing a position.