How to close positions in AscendEX contracts

To close positions in AscendEX contracts, select the contract and specific position to close, determine the closing price, enter the closing order, confirm the details, and monitor the order's status until it is filled, marking the completion of the position closure.

Nov 23, 2024 at 11:41 pm

How to Close Positions in AscendEX Contracts

AscendEX, a popular cryptocurrency exchange, allows users to trade a variety of perpetual and futures contracts. Closing positions in these contracts is an essential skill for traders to manage their risk and maximize their profits. This article provides a step-by-step guide on how to close positions in AscendEX contracts.

1. Choose the Contract to Close

• Log in to your AscendEX account and navigate to the "Contracts" tab.
• Select the contract you wish to close from the list of available contracts.
• Click on the "Positions" button to view your current positions in that contract.

2. Select the Position to Close

• The Positions page displays all your open positions in the selected contract.
• Choose the specific position you want to close by clicking on it.

3. Determine the Closing Price

• The closing price is the price at which you will sell or buy back your contract.
• You can use the current market price or set a limit price for your closing order.
• If you choose to use a limit price, your order will only be executed when the market price reaches that price.

4. Enter the Closing Order

• Enter the number of contracts you want to close in the "Quantity" field.
• For a perpetual contract, you can enter a positive value to close a long position or a negative value to close a short position.
• For a futures contract, the value must be the same as the size of your open position.
• Choose whether to close your position at the current market price or set a limit price.
• Click on the "Close" button to place your closing order.

5. Confirm the Closing Order

• A confirmation window will appear, displaying the details of your closing order.
• Review the order details to ensure everything is correct.
• Click on the "Confirm" button to submit your order.

6. Monitor the Closing Order

• Your closing order will be displayed in the "Orders" tab.
• You can monitor its status and wait for it to be filled.
• Once your order is filled, your position will be closed, and the funds will be credited or debited to your account accordingly.

Additional Notes:

• You can also close your positions by using the "Close All" button on the Positions page.
• When closing a position, it's important to consider the potential market volatility and slippage.
• Always manage your risk and use stop-loss and take-profit orders to protect your capital.