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How to lock position on DigiFinex contract
Locking position on DigiFinex Contract empowers traders to automate profit-taking or loss-cutting by setting predetermined target profit or stop-loss prices for open positions.
Nov 28, 2024 at 03:13 am

How to Lock Position on DigiFinex Contract
Locking position on DigiFinex contract refers to setting a target profit or stop-loss price for an open position, allowing traders to secure profits or minimize losses while away from the platform. This guide provides a detailed explanation of the process, including the necessary steps and considerations.
Steps to Lock Position on DigiFinex Contract:
1. Understand the Concept of Lock Position:
- Lock position is an advanced trading strategy that enables traders to secure profits or prevent further losses in volatile market conditions.
- It involves pre-setting target profit or stop-loss prices, allowing traders to automate the profit-taking or loss-cutting process.
2. Identify Suitable Trading Pairs:
- DigiFinex offers lock position feature for most of its perpetual contract trading pairs.
- Choose a trading pair with strong liquidity and volume to ensure smooth execution and minimal slippage.
3. Calculate Appropriate Leverage:
- Leverage plays a crucial role in multiplying profits as well as losses.
- Determine an appropriate leverage level based on your risk tolerance and market conditions.
4. Place an Order:
- Navigate to the "Contracts" section and select the desired trading pair.
- Fill in the order form with details such as order type, order size, and target price.
5. Set Target Profit and Stop-Loss Price:
- After placing the order, navigate to the "My Orders" section.
- Select the open position and click on the "Lock Position" option.
- Specify the target profit or stop-loss price at which the position will automatically close.
6. Monitor Position and Adjust if Needed:
- Keep track of the open position in the "My Orders" section.
- Make necessary adjustments to the target profit or stop-loss price based on market conditions.
7. Closing the Position:
- The position will automatically close once the target profit or stop-loss price is reached.
- Alternatively, traders can manually close the position by clicking on the "Close Position" button.
Considerations for Locking Position on DigiFinex Contract:
- Market Volatility: Lock position is suitable for volatile market conditions, as it allows traders to secure profits or limit losses.
- Liquidity: Choose trading pairs with sufficient liquidity to ensure smooth execution and minimal slippage.
- Leverage: Leverage can magnify profits and losses, so use it prudently based on your risk tolerance.
- Slippage: Slippage can occur when the market price moves away from the target profit or stop-loss price, potentially affecting profitability.
- Withdrawal: Lock position does not restrict traders from withdrawing funds from their accounts. However, closing the position is necessary before withdrawing the funds used as margin.
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.
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