How to close positions in AscendEX contract trading

How to Close Positions in AscendEX Contract Trading

AscendEX, a leading cryptocurrency exchange, offers a comprehensive contract trading platform that allows users to trade perpetual futures and options contracts. Closing positions in AscendEX contract trading is a straightforward process that can be completed in a few simple steps.

Prerequisites

Before closing positions in AscendEX contract trading, ensure you have the following:

• An active AscendEX account
• Sufficient funds in your account to cover any potential losses
• A clear understanding of the contract you are trading

Steps to Close Positions in AscendEX Contract Trading

1. Log in to Your AscendEX Account:

   Navigate to the AscendEX website and log in using your registered email address and password.

2. Navigate to the Contract Trading Platform:

   Once logged in, hover over the "Trade" tab in the top menu bar and select "Futures" or "Options," depending on the type of contract you are trading.

3. Locate Your Open Positions:

   On the contract trading platform, locate the "Positions" section. This section will display all your open positions.

4. Select the Position You Want to Close:

   Click on the contract you want to close. A pop-up window will appear displaying the details of the position.

5. Determine the Position's Price and Size:

   In the pop-up window, you will see the current price of the contract, the quantity of contracts you have open, and the total value of the position.

6. Choose the Close Type:

   Select the close type, which can be either "Limit Order" or "Market Order." A limit order allows you to specify the price at which you want to close the position, while a market order closes the position at the current market price.

7. Enter the Order Details:

   If you selected "Limit Order," enter the desired closing price. If you selected "Market Order," you do not need to enter any additional information.

8. Confirm the Order:

   Click on the "Confirm" button to place the closing order. AscendEX will automatically close the position once the specified conditions are met.

9. Monitor the Order Execution:

   Once the closing order is placed, it will be processed by AscendEX. You can track the progress of the order in the "Order History" tab.

Additional Notes

• When closing a position, you can choose to close only a portion of your open position or the entire position.
• AscendEX charges a trading fee for closing positions. The fee amount will vary depending on the contract you are trading.
• It is important to remember that contract trading involves risk and can result in significant losses. Always carefully consider your risk tolerance before closing positions.