How to close a contract on OKX

Closing a contract on OKX involves navigating to the Contracts Trading Interface, selecting and confirming the position to close, entering closing parameters, executing the closing order, monitoring the closed contract, and reviewing the trading history.

Nov 18, 2024 at 09:04 pm

How to Close a Contract on OKX

Closing a contract on OKX involves the following steps:

1. Navigate to the Contracts Trading Interface

Log in to your OKX account and click on "Contracts" from the top menu.
Select your preferred contract type (e.g., perpetual, futures, options).
Choose the specific contract you want to close, such as BTCUSDT perpetual.

2. Find Your Open Contract Positions

Once on the contract trading page, locate the "Positions" tab.
This tab displays all your open contract positions, including their entry price, quantity, and unrealized profit/loss (P/L).

3. Select the Position to Close

Identify the contract position you want to close.
Hover over the position and click on the "Close" button.
Alternatively, you can click on the "All" checkbox to select all open positions for simultaneous closing.

4. Enter Closing Parameters

A confirmation window will appear with the following parameters:
- Close Price: The market price at which you want to close the contract.
- Quantity: Enter the amount of the contract you want to close (can be less than the full position size).
Review the details and ensure they are correct.

5. Confirm and Close the Contract

Click on the "Confirm" button to initiate the closing process.
OKX will execute the closing order at the specified price, reducing your exposure to the underlying asset.
Your closed contract position will now disappear from the "Positions" tab.

6. Monitor Your Closed Contract

After closing the contract, you can track its performance in the "Closed Orders" section.
This section provides information such as the closing price, realized P/L, and order fees.

7. Review Your Trading History

You can access your complete trading history by clicking on the "History" tab in the contract trading interface.
This allows you to analyze your past trades, including closed contracts, to identify trends and improve your trading strategy.

Additional Considerations:

When closing a contract, always consider the market conditions and the potential impact of your decision.
Monitor your open contract positions regularly to manage risk and make timely adjustments.
Keep in mind that contract trading involves high risk and requires careful understanding and execution.
Seek professional advice if necessary to ensure responsible and informed trading practices.

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