How to open a MEXC contract cooling-off period

How to Open a MEXC Contract Cooling-Off Period

For various reasons, a trader may find themselves in a situation where they need to temporarily disable their contract trading activities. MEXC Exchange offers a "Cooling-Off Period" feature that allows users to pause their contract trading activities for a specified duration. This can be useful for traders who feel they need a break from trading, want to reassess their trading strategy, or simply need some time away from the markets.

Step 1: Determine the Need for a Cooling-Off Period

Not all cases require the activation of a cooling-off period. A trader may decide to activate this feature if they experience the following:

• Emotional trading or excessive risk-taking
• Continuous losses and a significant drawdown
• Difficulty controlling trading impulses
• The need for a mental break from trading activities

Step 2: Access the MEXC Cooling-Off Period Settings

To initiate a cooling-off period, follow these steps:

1. Log in to your MEXC account and select "Contracts" from the menu.
2. Click on the "Settings" tab and locate the "Cooling-Off Period" section.
3. Adjust the sliders to set the desired suspension duration. You may choose between 7, 15, 30, or 90 days.
4. Once satisfied with the settings, click "Confirm" to activate the cooling-off period.

Step 3: Effects of the Cooling-Off Period

Once the cooling-off period is active:

• All contract trading activities, including order placement, order liquidation, and adjustments, are temporarily suspended.
• Existing open positions will be liquidated at the market price.
• Funding payments on the perpetual contracts will cease.

Step 4: Revoking the Cooling-Off Period

If after some time, a trader feels ready to resume their contract trading activities before the expiration of the cooling-off period, it can be canceled as follows:

1. Log in to your MEXC account and navigate to the "Contracts" section.
2. Click on the "Settings" tab and locate the "Cooling-Off Period" section.
3. Click on the "Cancel" button to revoke the cooling-off period.

Step 5: Resumption of Contract Trading

Upon the expiration of the cooling-off period or its cancellation, the trader can resume their contract trading activities as usual.

• All trading functionality will be restored.
• The trader can place new orders, adjust existing orders, and manage their positions.

Additional Considerations:

• A trader is only allowed to activate one cooling-off period within a 12-month period.
• While the cooling-off period is active, it is recommended to take time to reflect on the reasons behind the trading difficulties and consider seeking professional advice or educational resources if necessary.