How to make money from AscendEX contract trading

Contract trading on AscendEX provides access to a robust trading platform with a diverse selection of perpetual and quarterly futures contracts, allowing traders to speculate on future price movements of digital assets without owning them.

Nov 23, 2024 at 11:29 pm

Step 1: Understand AscendEX and Its Contract Trading Platform

• AscendEX is a prominent cryptocurrency exchange that has gained recognition for its robust trading platform and a wide range of digital assets.
• Contract trading, often referred to as futures trading, enables traders to speculate on the future price movements of an underlying asset without actually owning the asset.
• AscendEX offers perpetual and quarterly futures contracts, providing traders with flexibility in tailoring their trading strategies.

Step 2: Open a Trading Account on AscendEX

• Register on the AscendEX website to create a trading account.
• Provide personal information, including name, contact details, and identification verification, as required by regulatory compliance measures.
• Fund your account with cryptocurrency to start trading.

Step 3: Choose the Right Contract

• AscendEX offers a variety of perpetual and quarterly futures contracts across multiple cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
• Perpetual contracts have no expiration date, allowing traders to maintain their positions indefinitely.
• Quarterly contracts expire on a specific date, typically every three months, and represent a commitment to buy or sell the underlying asset at that future date.

Step 4: Analyze Market Trends and Formulate a Trading Strategy

• Utilize technical analysis indicators, such as moving averages, Bollinger Bands, and Relative Strength Index (RSI), to identify trading opportunities.
• Consider market sentiment, news events, and economic indicators that may influence the price direction of the underlying asset.
• Develop a trading plan that outlines your entry and exit points, risk management parameters, and profit targets.

Step 5: Place Your Trade

• Access the AscendEX contract trading platform and select the desired contract to trade.
• Choose between long (buy) and short (sell) positions based on your market analysis and trading strategy.
• Determine the number of contracts to trade, set leverage (the ratio of your own funds to borrowed funds), and input the target price and stop-loss levels.

Step 6: Monitor Your Trades and Manage Risk

• Regularly track the performance of your trades through the AscendEX trading interface.
• Monitor price movements, adjust leverage and stop-loss levels as needed, and take appropriate action to manage risk and maximize potential profits.
• Keep abreast of market news and events that may impact the underlying asset's price.

Step 7: Close Your Trades and Realize Profits

• When your profit target is reached or your stop-loss level is triggered, close your trades to realize your profits or minimize losses.
• Choose between the "Market" or "Limit" order types to exit your positions.
• Withdraw your profits from the AscendEX trading platform to your personal cryptocurrency wallet.