Can ProBit Global margin trading be cancelled?

ProBit Global margin trades can be cancelled either partially, to adjust position size or risk, or completely, to close the entire position and finalize profits or losses.

Nov 27, 2024 at 10:37 am

Can ProBit Global Margin Trading Be Cancelled?

ProBit Global, a renowned cryptocurrency exchange, offers margin trading services to enable traders to amplify their potential profits. However, understanding the intricacies of margin trading and its associated risks is paramount. One critical aspect is the ability to cancel open margin trades effectively to manage risk and optimize trading strategies.

Understanding Margin Trading on ProBit Global

1. Margin Trading Basics: Margin trading involves borrowing funds from the exchange to increase the trading capital and leverage positions. This amplifies potential profits but also magnifies potential losses if the market moves against the trader's prediction.
2. Margin Levels and Liquidation: Margin trading is subject to maintenance margin levels set by the exchange. If the account's equity falls below this level due to adverse market movements, the exchange may liquidate open positions to cover potential losses.
3. Margin Calls: When the account equity approaches the maintenance margin level, the exchange issues a margin call. This serves as a warning to the trader to deposit additional funds or close positions to maintain the required margin level.

Cancelling Margin Trades on ProBit Global

1. Partial Order Cancellation: Partial order cancellation allows traders to close a portion of their open margin position while maintaining the remaining portion. This is useful for adjusting the position size or managing risk.

   • Navigate to the "Margin" tab in your trading account.
   • Select the open position you wish to modify.
   • Enter the desired quantity to be cancelled.
   • Confirm the cancellation order.

2. Complete Order Cancellation: Complete order cancellation closes the entire open margin position, returning the borrowed funds to the exchange and settling any outstanding profits or losses.

   • Navigate to the "Margin" tab in your trading account.
   • Select the open position you wish to cancel.
   • Click the "Cancel" button.
   • Confirm the cancellation order.

Additional Considerations

• Market Volatility: Margin trading is highly susceptible to market volatility. Rapid price fluctuations can quickly erode account equity, leading to margin calls and potential liquidations.
• Risk Management: Effective risk management is crucial in margin trading. Traders should establish clear stop-loss orders, limit orders, and position sizing strategies to mitigate potential losses.
• Leverage: The higher the leverage used, the greater the potential for both profits and losses. Traders should use leverage cautiously and only to an extent that aligns with their risk tolerance.
• Fees: ProBit Global charges trading fees for margin trading, which vary depending on the traded asset. Traders should consider these fees when calculating their potential returns.