Market Cap: $2.7965T 0.480%
Volume(24h): $121.5102B -17.520%
Fear & Greed Index:

20 - Extreme Fear

  • Market Cap: $2.7965T 0.480%
  • Volume(24h): $121.5102B -17.520%
  • Fear & Greed Index:
  • Market Cap: $2.7965T 0.480%
Cryptos
Topics
Cryptospedia
News
CryptosTopics
Videos
Top Cryptospedia

Select Language

Select Language

Select Currency

Cryptos
Topics
Cryptospedia
News
CryptosTopics
Videos

How to close a Poloniex contract

Understanding contract types is crucial before closing them on Poloniex, as futures expire while perpetuals have no end date.

Nov 24, 2024 at 05:23 pm

How to Close a Poloniex Contract

Closing a Poloniex contract involves several steps that ensure a smooth and efficient process. This guide will provide a comprehensive walkthrough of the steps involved, addressing potential questions and offering detailed explanations.

Step 1: Understanding Contract Types

Poloniex offers two types of contracts: futures and perpetuals.

  • Futures contracts expire on a specified date and have a fixed settlement price. They are typically used for hedging or speculating on price movements.
  • Perpetual contracts do not have an expiration date and settle at the current market price. They are often used for trading strategies that benefit from leverage and market volatility.

Step 2: Identifying the Contract to Close

Before closing a contract, you must identify the specific contract you wish to close. This can be done by navigating to the "Contracts" section of the Poloniex trading platform and selecting the appropriate contract type.

  • Futures contracts can be found under the "Futures" tab, while perpetual contracts can be found under the "Perpetuals" tab.
  • Once you have identified the contract, click on it to view its details.

Step 3: Determining the Close Position

To close a contract, you need to determine the close position. This refers to the opposite position you will take to offset the existing contract and exit the market.

  • If you have an open long position, you need to place a short position of the same size.
  • If you have an open short position, you need to place a long position of the same size.

Step 4: Placing the Close Order

To place the close order, navigate to the "Open Orders" section of the Poloniex trading platform.

  • Select the order type. For closing a contract, you will typically use a "Market Order" to execute the trade at the current market price.
  • Enter the close position size. This should match the size of your existing contract.
  • Select the close order price. For a market order, this field will be automatically filled with the current market price.
  • Click on the "Place Order" button to submit the close order.

Step 5: Monitoring the Close Order

Once you submit the close order, it will be placed in the order book and will be executed when the market price reaches the specified price.

  • You can monitor the status of your close order in the "Open Orders" section.
  • Once the close order has been executed, it will be removed from the order book, and your contract will be closed.

Step 6: Closing a Contract with Multiple Positions

If you have multiple positions in the same contract, you can close them all simultaneously using a "Close All" order.

  • To place a close all order, navigate to the "Positions" section of the Poloniex trading platform.
  • Select the contract for which you want to close all positions.
  • Click on the "Close All" button to submit the close order.

Step 7: Finalizing the Contract Closure

Once the close order has been executed, your contract will be closed, and the profit or loss will be added to your trading account.

  • You can review your trading history in the "Trade History" section to confirm the closure of the contract.
  • Ensure that you have sufficient funds in your trading account to cover any potential losses from the contract closure.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Related knowledge

What are the risk control methods in Bitcoin contract trading?

What are the risk control methods in Bitcoin contract trading?

Feb 28,2025 at 06:07am

What are the Risk Control Methods in Bitcoin Contract Trading?Key Points:Understanding Leverage and Position Sizing: Proper leverage utilization and precise position sizing are fundamental to risk management in Bitcoin contract trading. This involves understanding your risk tolerance and capital allocation strategies.Stop-Loss Orders: Your First Line of...

How to choose leverage in Bitcoin contract trading?

How to choose leverage in Bitcoin contract trading?

Feb 28,2025 at 01:06am

How to Choose Leverage in Bitcoin Contract Trading?Key Points:Understanding Leverage and its Risks: Leverage amplifies both profits and losses. A higher leverage multiplies gains but equally magnifies potential losses, potentially leading to liquidation. This section will delve into the mechanics of leverage and its impact on your trading capital.Assess...

What does liquidity mean in Bitcoin contract trading?

What does liquidity mean in Bitcoin contract trading?

Feb 27,2025 at 08:19pm

What Does Liquidity Mean in Bitcoin Contract Trading?Key Points:Liquidity's Core Meaning: Liquidity in Bitcoin contract trading refers to the ease with which a trader can buy or sell a Bitcoin contract without significantly impacting its price. High liquidity means orders are filled quickly at the current market price, while low liquidity implies diffic...

How to set up stop-profit and stop-loss for Bitcoin contracts?

How to set up stop-profit and stop-loss for Bitcoin contracts?

Feb 28,2025 at 02:49am

How to Set Up Stop-Profit and Stop-Loss for Bitcoin Contracts?Key Points:Understanding Leverage and Risk: Bitcoin contracts utilize leverage, magnifying both profits and losses. Stop-loss and stop-profit orders are crucial for risk management in this high-volatility market. Incorrectly setting these orders can lead to significant financial losses. Under...

Is Bitcoin contract suitable for beginners?

Is Bitcoin contract suitable for beginners?

Feb 28,2025 at 04:25am

Is Bitcoin Contract Suitable for Beginners?Key Points:Understanding Bitcoin Contracts: Bitcoin contracts, primarily referring to Bitcoin futures and options, are complex financial instruments that involve significant risk. Beginners lack the necessary experience to accurately assess and manage this risk.Leverage and Risk: The high leverage offered by Bi...

What is the forced liquidation mechanism of Bitcoin contracts?

What is the forced liquidation mechanism of Bitcoin contracts?

Feb 28,2025 at 03:43am

What is the Forced Liquidation Mechanism of Bitcoin Contracts?Key Points:Understanding the concept of margin trading and leverage in the context of Bitcoin contracts.Detailing how liquidation prices are calculated based on position size, leverage, and the current market price.Exploring the different types of liquidation mechanisms employed by various cr...

What are the risk control methods in Bitcoin contract trading?

What are the risk control methods in Bitcoin contract trading?

Feb 28,2025 at 06:07am

What are the Risk Control Methods in Bitcoin Contract Trading?Key Points:Understanding Leverage and Position Sizing: Proper leverage utilization and precise position sizing are fundamental to risk management in Bitcoin contract trading. This involves understanding your risk tolerance and capital allocation strategies.Stop-Loss Orders: Your First Line of...

How to choose leverage in Bitcoin contract trading?

How to choose leverage in Bitcoin contract trading?

Feb 28,2025 at 01:06am

How to Choose Leverage in Bitcoin Contract Trading?Key Points:Understanding Leverage and its Risks: Leverage amplifies both profits and losses. A higher leverage multiplies gains but equally magnifies potential losses, potentially leading to liquidation. This section will delve into the mechanics of leverage and its impact on your trading capital.Assess...

What does liquidity mean in Bitcoin contract trading?

What does liquidity mean in Bitcoin contract trading?

Feb 27,2025 at 08:19pm

What Does Liquidity Mean in Bitcoin Contract Trading?Key Points:Liquidity's Core Meaning: Liquidity in Bitcoin contract trading refers to the ease with which a trader can buy or sell a Bitcoin contract without significantly impacting its price. High liquidity means orders are filled quickly at the current market price, while low liquidity implies diffic...

How to set up stop-profit and stop-loss for Bitcoin contracts?

How to set up stop-profit and stop-loss for Bitcoin contracts?

Feb 28,2025 at 02:49am

How to Set Up Stop-Profit and Stop-Loss for Bitcoin Contracts?Key Points:Understanding Leverage and Risk: Bitcoin contracts utilize leverage, magnifying both profits and losses. Stop-loss and stop-profit orders are crucial for risk management in this high-volatility market. Incorrectly setting these orders can lead to significant financial losses. Under...

Is Bitcoin contract suitable for beginners?

Is Bitcoin contract suitable for beginners?

Feb 28,2025 at 04:25am

Is Bitcoin Contract Suitable for Beginners?Key Points:Understanding Bitcoin Contracts: Bitcoin contracts, primarily referring to Bitcoin futures and options, are complex financial instruments that involve significant risk. Beginners lack the necessary experience to accurately assess and manage this risk.Leverage and Risk: The high leverage offered by Bi...

What is the forced liquidation mechanism of Bitcoin contracts?

What is the forced liquidation mechanism of Bitcoin contracts?

Feb 28,2025 at 03:43am

What is the Forced Liquidation Mechanism of Bitcoin Contracts?Key Points:Understanding the concept of margin trading and leverage in the context of Bitcoin contracts.Detailing how liquidation prices are calculated based on position size, leverage, and the current market price.Exploring the different types of liquidation mechanisms employed by various cr...

See all articles

User not found or password invalid

Your input is correct