How to play Poloniex perpetual contract

How to Play Poloniex Perpetual Contract

Perpetual contracts are a type of derivative that allows traders to speculate on the future price of an asset without having to own the underlying asset. They are similar to futures contracts, but there are some key differences, in specifics perpetual contracts do not have an expiry date which makes them more flexible than futures contracts.

Poloniex is a cryptocurrency exchange that offers perpetual contracts on a variety of assets, including Bitcoin, Ethereum, and Litecoin. In this guide, we will show you how to play Poloniex perpetual contract.

Step 1: Open a Poloniex Account

The first step is to open a Poloniex account. You can do this by visiting the Poloniex website and clicking on the "Sign Up" button.

Once you have created an account, you will need to deposit funds into your account. You can do this by clicking on the "Deposit" button and selecting the cryptocurrency that you want to deposit.

Step 2: Find the Perpetual Contract Market

Once you have funded your account, you can find the perpetual contract market by clicking on the "Markets" tab and then selecting the "Perpetual" tab.

You can sort the perpetual contract markets by clicking on the "Sort" button and selecting the sorting criteria that you want to use.

Step 3: Choose a Perpetual Contract

Once you have found the perpetual contract market that you want to trade, you need to choose a perpetual contract.

You can choose a perpetual contract by clicking on the "Contract" button and selecting the contract that you want to trade.

Step 4: Place an Order

Once you have chosen a perpetual contract and create a position, you need to place an order to enter a position.

You can place an order by clicking on the "Buy" or "Sell" button and entering the quantity of the perpetual contract that you want to buy or sell.

You can also place a limit order or a market order. A limit order is an order to buy or sell a perpetual contract at a specific price. A market order is an order to buy or sell a perpetual contract at the current market price.

Step 5: Monitor Your Position

Once you have placed an order, you can monitor your position by clicking on the "Positions" tab.

The Positions tab will show you the status of your open positions, including the entry price, the current price, and the profit or loss.

Step 6: Close Your Position

When you are ready to close your position, you can do so by clicking on the "Close" button.

You can close your position by placing a counter-order to your original order. For example, if you bought 1 BTC perpetual contract, you can close it by placing a sell order for 1 BTC perpetual contract.

You can also close your position by clicking on the "Liquidate" button. The Liquidate button will close your position at the current market price.

Step 7: Withdraw Your Funds

Once you have closed your position, you can withdraw your funds by clicking on the "Withdraw" button.

You can withdraw your funds by selecting the cryptocurrency that you want to withdraw and entering the amount that you want to withdraw.

Tips for Playing Poloniex Perpetual Contract

Here are a few tips for playing Poloniex perpetual contract:

• Start with a small amount of money. Perpetual contracts can be risky, so it is important to start with a small amount of money that you can afford to lose.
• Do your research. Before you start trading perpetual contracts, it is important to do your research and understand how they work.
• Use a stop-loss order. A stop-loss order is an order to sell a perpetual contract if the price drops below a certain level. This can help you to limit your losses.
• Don't trade with money that you can't afford to lose. Perpetual contracts can be risky, so it is important to only trade with money that you can afford to lose.