How to open a contract cooling-off period on OKX

To mitigate risk and prevent impulsive trading, traders can utilize the Contract Cooling-Off Period on OKX, allowing them to cancel open positions within a specific timeframe without incurring penalties.

Nov 09, 2024 at 05:36 pm

How to Open a Contract Cooling-Off Period on OKX

Navigating the complexities of cryptocurrency trading requires a comprehensive understanding of available features and safeguards. Among these is the Contract Cooling-Off Period, an essential tool for managing risk and protecting traders from impulse trading.

Step 1: Understanding the Cooling-Off Period

The Contract Cooling-Off Period is a specific timeframe during which traders can cancel their open positions without incurring any penalties or fees. This period provides a buffer zone where traders can reconsider their market decisions and avoid potentially costly mistakes.

Step 2: Activating the Cooling-Off Period

To activate the Contract Cooling-Off Period, traders need to visit the OKX website or mobile app and log in to their account.

• Website: Navigate to the 'Derivatives' tab, select the 'Contract' section, and open the 'Position' page.
• Mobile App: Tap on the 'Markets' tab, select 'Derivatives,' and access the 'Positions' page.

Step 3: Selecting Eligible Futures Contracts

The Contract Cooling-Off Period is not available for all futures contracts. Traders need to confirm if the contract they want to trade is eligible. Eligible contracts typically have "Cooling-Off" or "C.O." indicated in their contract details.

Step 4: Initiating the Cooling-Off Period

Once the eligible contract is identified, traders can initiate the cooling-off period by clicking or tapping the "Cooling-Off" button associated with the desired position.

Step 5: Confirmation and Cooling-Off Period Details

Traders will receive a confirmation message upon successful initiation of the cooling-off period. This message will specify the duration of the cooling-off period, which usually lasts for a set number of hours.

Step 6: Canceling a Position During the Cooling-Off Period

During the cooling-off period, traders can cancel their open position at any time without incurring any penalties or fees.

• Website: Locate the position in the 'Positions' page, click on the 'Cancel' button, and confirm the cancellation.
• Mobile App: Find the position in the 'Positions' page, tap on the 'Cancel' button, and confirm the cancellation.

Step 7: Cooling-Off Period Expiration

If the trader does not cancel the position before the end of the cooling-off period, the position will remain open and subject to market fluctuations.