How to open a contract cooling-off period on CoinEx

By activating the contract cooling-off period on CoinEx, traders can pause their trading activities for a specified duration, allowing them to reconsider decisions and manage risk responsibly.

Nov 25, 2024 at 02:27 am

How to Open a Contract Cooling-Off Period on CoinEx

Introduction

Contract trading is a complex and potentially risky endeavor that requires careful consideration and risk management. To mitigate potential losses and provide traders with an opportunity to reconsider their trading decisions, CoinEx offers a contract cooling-off period feature that allows users to pause their contract trading activities for a specified period of time.

Step-by-Step Guide to Opening a Contract Cooling-Off Period on CoinEx

1. Access the Contract Cooling-Off Period Option

• Log in to your CoinEx account and navigate to the "Contracts" page.
• Click on the "Settings" icon in the top right corner.
• From the drop-down menu, select "Cooling-Off Period."

2. Set the Cooling-Off Period Duration

• The cooling-off period duration can be set for 1 hour, 1 day, or 7 days.
• Choose the desired duration from the available options.
• Note that once the cooling-off period is activated, all contract trading activities will be suspended for the specified duration.

3. Confirm the Cooling-Off Period Activation

• After selecting the cooling-off period duration, click on the "Confirm" button.
• A pop-up window will appear, asking for confirmation.
• Click on the "Activate" button to activate the cooling-off period.

4. Wait for the Cooling-Off Period to Expire

• Once the cooling-off period is activated, it will count down to 0.
• During this time, you will not be able to place any new contract orders or close existing positions.
• Monitor the countdown timer in the "Settings" section of the "Contracts" page.

5. Reactivate Trading After the Cooling-Off Period

• After the cooling-off period expires, your contract trading activities will be automatically reactivated.
• You can resume trading as usual.
• If you wish to extend the cooling-off period, you will need to repeat the above steps.

Benefits of Using the Contract Cooling-Off Period

• Prevents Emotional Trading: Emotions can sometimes cloud judgment and lead to impulsive trading decisions. The cooling-off period provides a buffer to prevent traders from taking hasty actions during periods of emotional distress.
• Encourages Reconsideration: The cooling-off period gives traders time to calmly assess their trading decisions, consider alternative strategies, and adjust their risk tolerance.
• Avoids FOMO and FUD: Fear of missing out (FOMO) and fear, uncertainty, and doubt (FUD) can drive short-term trading decisions. The cooling-off period allows traders to distance themselves from these emotions and make more rational trading choices.
• Enhances Self-Discipline: Activating the cooling-off period demonstrates a commitment to self-discipline and responsible trading practices. It encourages traders to pause and reflect on their strategies before making further trading moves.
• Reduces Financial Risks: The suspension of trading during the cooling-off period helps to mitigate financial risks by preventing traders from making impulsive or emotionally driven decisions that could lead to losses.