How to close positions in AscendEX contracts

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.