How to close positions on Poloniex leverage

Begin by accessing the official Poloniex website and signing in to your account to initiate margin trading and manage your open positions.

Nov 26, 2024 at 01:36 am

Step 1: Navigate to the Poloniex Exchange

• Begin by accessing the official Poloniex website at www.poloniex.com.
• Sign in to your Poloniex account using your registered email address and password.

Step 2: Enter the Margin Trading Interface

• Once logged in, hover over the "Markets" tab in the top menu bar.
• Select "Margin Trading" from the dropdown menu.
• You will be redirected to the margin trading dashboard.

Step 3: Identify Open Positions

• On the margin trading dashboard, locate the "Open Positions" section.
• This section displays a list of all your currently open leverage positions.
• Each position includes information such as the asset, direction (long or short), quantity, entry price, and current market price.

Step 4: Choose a Position to Close

• Identify the position you want to close from the list of open positions.
• Note the asset, direction, and quantity of the position.

Step 5: Enter the Closing Details

• Under the open position you selected, click on the "Close" button.
• A dialogue box will appear where you can enter the closing details.

Step 6: Select Closing Type

• In the dialogue box, choose a closing type:

  • Market: Closes the position immediately at the current market price.
  • Limit: Sets a specific price at which you want to close the position. The position will close only when the market price reaches that level.

Step 7: Specify Quantity and Price (Limit Orders Only)

• If you choose the Limit closing type, you must specify the quantity you want to close and the limit price at which the order will trigger.

Step 8: Confirm Closing Order

• Once you have entered the necessary details, review the order summary to ensure it is correct.
• Click on the "Close Position" button to confirm the order.

Step 9: Monitor Order Status

• The closing order will now be sent to the exchange for execution.
• You can monitor the status of the order on the margin trading dashboard under the "Order History" section.
• Once the order is filled, the position will be closed.

Additional Notes:

• You can close partial positions by entering a quantity that is less than the total quantity of the open position.
• When closing a long position, you are selling the asset to close your position.
• When closing a short position, you are buying back the asset to close your position.
• Leverage trading involves risk, so it is important to carefully consider your risk appetite and only trade with funds you can afford to lose.