How to play perpetual contracts in Dubai OKX

To open a perpetual contract trading account in Dubai OKX, individuals must register, verify their identity, fund their account, and familiarize themselves with the platform.

Oct 22, 2024 at 03:48 pm

How to Play Perpetual Contracts in Dubai OKX

Step 1: Open an OKX Account

Visit the official OKX website and click "Register."
Choose "Create Account" and provide the necessary details (email, password).
Verify your email address and complete the identity verification process.

Step 2: Fund Your Account

Click "Deposit" on the OKX dashboard.
Select your preferred deposit method (fiat, cryptocurrency, etc.).
Follow the instructions to complete the deposit process.

Step 3: Familiarize Yourself with Perpetual Contracts

Perpetual contracts are derivatives that track the underlying asset's price without an expiry date.
They allow traders to speculate on price movements in both directions.
Margin is required to trade perpetual contracts, which means using borrowed funds to increase leverage.

Step 4: Choose a Perpetual Contract

Go to "Trade" and select "Perpetual" in the asset type tab.
Choose the asset and contract you're interested in trading.
For example, to trade Bitcoin perpetual contracts, select BTC-USD.

Step 5: Set Your Order Parameters

Determine your entry price, stop-loss, and take-profit levels.
Select the order type (limit, market, etc.) and enter the order quantity.
Click "Buy/Long" or "Sell/Short" depending on your position.

Step 6: Manage Your Position

Monitor your open position's performance.
Adjust your stop-loss or take-profit levels as needed.
Close your position by placing an opposite order.

Tips for Trading Perpetual Contracts in Dubai OKX

Practice on a demo account before trading with real funds.
Manage your risk effectively by setting appropriate leverage levels.
Utilize technical analysis and market research to make informed trading decisions.
Have a clear trading strategy and stick to it.
Avoid emotional trading and stay disciplined.

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