How to play DigiFinex perpetual contract

By depositing funds, creating an account, and selecting a trading pair, traders can partake in perpetual contracts on DigiFinex to speculate on future asset prices without delivery.

Nov 23, 2024 at 04:23 am

How to Play DigiFinex Perpetual Contract

Introduction

DigiFinex perpetual contract is a type of futures contract that allows traders to speculate on the future price of an underlying asset without having to take delivery of the underlying asset. Perpetual contracts are similar to traditional futures contracts, but they do not have a fixed expiration date. This means that traders can hold their positions indefinitely, or until they decide to close them out.

Perpetual contracts are traded on a margin basis, which means that traders only need to deposit a small amount of capital to open a position. This makes perpetual contracts a more accessible way to trade futures for retail traders.

How to Play DigiFinex Perpetual Contract

To play DigiFinex perpetual contract, you will need to first create an account on the DigiFinex exchange. Once you have created an account, you can deposit funds into your account and start trading.

The following is a step-by-step guide on how to play DigiFinex perpetual contract:

1. Create an account on the DigiFinex exchange.

To create an account on the DigiFinex exchange, you will need to provide your email address, create a password, and agree to the terms of service. Once you have created an account, you will need to verify your email address and identity.

2. Deposit funds into your account.

You can deposit funds into your DigiFinex account using a variety of methods, including wire transfer, credit card, and debit card. Once you have deposited funds into your account, you can start trading.

3. Choose a trading pair.

The first step in trading perpetual contracts is to choose a trading pair. A trading pair is a pair of two assets that are traded against each other. For example, the BTC/USDT trading pair is a pair of Bitcoin and Tether.

4. Place an order.

Once you have chosen a trading pair, you can place an order. There are two types of orders that you can place: a market order and a limit order. A market order is an order to buy or sell an asset at the current market price. A limit order is an order to buy or sell an asset at a specific price.

5. Monitor your position.

Once you have placed an order, you can monitor your position in the "Positions" tab. The Positions tab shows you the current status of your positions, including the profit or loss, the margin used, and the liquidation price.

6. Close your position.

You can close your position at any time by clicking the "Close Position" button. When you close your position, you will realize your profit or loss.

Tips for Trading DigiFinex Perpetual Contract

• Use a stop-loss order. A stop-loss order is an order to sell an asset if it reaches a certain price. This can help you to limit your losses if the market moves against you.
• Don't over-trade. Over-trading is one of the most common mistakes that traders make. When you over-trade, you are taking on more risk than you can afford.
• Manage your risk. Risk management is essential to successful trading. You should always know how much risk you are willing to take before you enter a trade.
• Educate yourself. The best way to become a successful trader is to educate yourself about the market. There are a number of resources available online that can help you to learn about trading.