How to operate AscendEX perpetual contract

When trading AscendEX perpetual contracts, it's crucial to utilize stop-loss orders to safeguard profits by closing positions automatically when the underlying asset's price drops below a set level.

Nov 25, 2024 at 08:11 am

How to Operate AscendEX Perpetual Contract

AscendEX perpetual contract, also known as a futures contract or perpetual swap, is a derivative financial instrument that allows traders to speculate on the future price of an underlying asset, such as cryptocurrency. Unlike traditional futures contracts, which have a fixed expiration date, perpetual contracts have no expiry and can be held indefinitely. This makes them suitable for both short-term and long-term trading strategies.

To get started with AscendEX perpetual contract trading, follow these steps:

1. Create an AscendEX Account

Visit the AscendEX website (https://ascendex.com/) and click on "Sign Up" to create a new account. Provide your email address, create a password, and agree to the terms of service. Once your account is created, you will need to verify your email address and identity to enable trading.

2. Fund Your Account

To start trading perpetual contracts, you need to fund your AscendEX account with either cryptocurrency or fiat currency. To deposit cryptocurrency, click on "Assets" in the top right corner of the screen and select "Deposit." Choose the cryptocurrency you want to deposit and follow the instructions on the screen. To deposit fiat currency, click on "Buy Crypto" and select the fiat currency you want to use. Follow the instructions on the screen to complete the deposit process.

3. Choose a Trading Pair

AscendEX offers perpetual contracts on a variety of underlying assets, including Bitcoin, Ethereum, and Litecoin. To choose a trading pair, click on "Trade" in the top menu and select "Perpetual." You will see a list of all the available trading pairs. Choose the pair you want to trade and click on it.

4. Open a Position

To open a position, click on the "Buy" or "Sell" button on the trading screen. Enter the amount of the underlying asset you want to buy or sell and the leverage you want to use. Leverage allows you to increase your potential profits (and losses), but it also increases your risk. Choose the leverage carefully based on your risk tolerance.

5. Manage Your Position

Once you have opened a position, you can manage it using the order panel on the trading screen. You can adjust your position size, add or remove leverage, and set stop-loss and take-profit orders. Stop-loss orders will automatically close your position if the price of the underlying asset falls below a certain level, while take-profit orders will automatically close your position if the price rises above a certain level.

6. Close Your Position

To close your position, click on the "Close" button on the trading screen. You will need to enter the amount of the underlying asset you want to close and the price at which you want to close it. Once you have entered the details, click on the "Close Position" button to complete the process.

Additional Tips for Trading AscendEX Perpetual Contracts

• Use a stop-loss order to protect your profits. A stop-loss order will automatically close your position if the price of the underlying asset falls below a certain level. This will help you limit your losses if the market moves against you.
• Take profits regularly. Don't let your profits run too long. Take profits regularly to lock in your gains and reduce your risk.
• Don't trade with more money than you can afford to lose. Trading perpetual contracts can be risky, so don't trade with more money than you can afford to lose.