To trade perpetual contracts on BITFLEX, here are a few things that you will need to navigate through:
- Positions Tab
- Assets Tab
- Order Book Tab
- Recent Trades Tab
- Trading Chart
- Order Zone
Positions Tab
The positions tab contains a record of all your contracts. It shows real-time information like:
- Trading pair you are currently holding
- The quantity of your position
- The value of your position in USDT
- The Entry Price of your position
- The Mark Price of your open position
- The Liquidation Price of your open position
Keeping a close eye on the liquidation price is essential. The liquidation price tab shows the price at which his position will be liquidated.
- The Position Margin of your open position
Your position margin is the collateral used to open a position. Position margin is inversely proportional to your liquidation price. So, if you think that you position might be in danger, you can add position margin to decrease your liquidation price by clicking the pen button as highlight in the image below.
- Your Unrealized PnL
Unrealized PnL is the estimated profit or loss you have made from a trade. It is not the final profit or loss as it doesn't include any trading or funding fee that you have to pay when holding and closing a position.
- Your Realized PnL
Realized PnL shows the total profit or loss that you have made from a trade. It is the sum that you will be left with after deducting all the trading and funding fee for the contract.
- Your Take Profit and Stop Loss zone
Take Profit and Stop Loss are two essential features of any trade. You can set a TP/SL for a trade after you have entered a position through the positions tab.
You can access the positions tab by scrolling down the trade page.
Assets Tab
The assets tab contains information such as your Total Equity, Total Balance, and Risk Limit. You can also use this tab to transfer funds to your Derivatives wallet by clicking the Transfer button.
The assets tab is located on the right side right below the place order tab.
Order Book Tab
You can use the order book tab to see the bid and ask price in real-time from 2 decimal points to up to 5 decimal points.
The order book tab is located right next to the trading chart.
For more information on the order book, please refer to “What is an Order Book?”
Recent Trades Tab
The recent trades tab contains a record of trades that took place recently. It contains information like the price at which someone bought and sold an asset, the quantity of assets bought and sold and the time at which the positions were opened and closed.
The recent trades tab is located below the order book tab. You can click on the top left button on this tab to expand the view.
Trading Chart
The trading chart shows vital information about a specific contract in form of candlesticks. You can use the trading chart to determine an asset's real-time and historical view by sorting through different time frames.
You can also use the trading chart to draw the support and resistance zone of an asset and use different indicators for advanced trading.
Place Order Zone
Order Zone is the most important tab on the trade page. This tab contains functions to open a long or short position on your selected asset. Traders can select the price at which they want to buy or sell an asset, set the leverage, enter the buy or sell amount, and execute a trade.
Once an order has been placed through this tab, it will show in the positions tab where you can further monitor your positions.
Placing an Order
To place an order, please follow these steps.
- On the home page, click on the Trade tab.
- Select the correct trading pair by choosing it from the top left corner.
- Go to the Order Zone on the right side of the trade page.
- Select the order type (Limit, Market, Conditional), select the price (if case of Limit and Conditional order), select order by cost or quantity and enter the amount or quantity, adjust the leverage, select from Post Only or Time in Force Selection Order (GTC, FOK, or IOC).
- After you have selected your order details, click on the open long if you want to place a long/buy order or on the open short button if you want to place a short/sell order.
- You have successfully placed an order on BITFLEX.
Setting Take Profit (TP) and Stop Loss (SL)
To set your TP/SL on a order, please follow these steps:
- On the home page, click on the Trade tab.
- Refer to this guide to learn how to place an order.
- Navigate over to the positions tab and find the position on which you want to set a Stop Loss or Take Profit. Press the edit button to open SL/TP settings.
- A pop-up window will open containing the details of your position. Set the Take profit and Stop Loss level on this page, while also selecting if you want to take TP/SL in Index Price or Last Traded Price. Once you're done, press the submit button.
- You have successfully set a TP/SL for your order.
Closing a Position
To close a position, please follow these steps:
- On the home page, click on the Trade tab.
- Navigate over to the positions tab and find the position you want to close. On the extreme right of your open order, you will find an option to close your position by limit order or market order.
- Select the close by option you want to choose (Limit or Market).
- Once you select the option, a window will appear. You can select the size of the position you want to close.
- If you choose the market option, your position will be closed immediately.
- If you choose the limit option, your position will be close to your chosen price.
- Once you have determined the closing price and the closing quantity, press the submit button. An order to close you position will be created.
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