How to open, increase, reduce and close a position?
Last updated
Last updated
The first thing every NEXDEX trader needs to know is that all positions are opened and increased exclusively through the trading terminal:
And they are closed and reduced only through the SL/TP window within the position itself:
First, you need to go to the trading terminal and select a contract, for example, ETH-USDT. Then, follow these steps:
Choose your trading direction (Long/Short). Remember that in NEXDEX, all positions are opened in Hedging mode, which means you can simultaneously hold both Long and Short positions within a single contract.
Set the margin type (Cross or Isolated).
Set the leverage size. The maximum order size will depend on the selected leverage. These limitations are established based on the risk management concept developed for each market.
Select the order type (Market, Limit, Stop).
Set the order price and size.
If needed, activate the SL/TP checkbox to set Stop Loss and Take Profit in advance. These orders will be Stop-Market type.
Before placing the order, review the preliminary values, such as fee, liquidation price, margin, and the maximum order size. Keep in mind that these values are preliminary and may be adjusted based on market fluctuations during order execution.
Click "Open Long" or "Open Short" to execute your trade.
We recommend setting the Slippage Tolerance in Terminal Settings in advance to limit price slippage during order execution. It's advisable not to set the value higher than 0.5 - 2% to ensure a more accurate match between the execution price and the price set at the time of placement:
All Open and Pending positions are located right below the chart in the terminal. The entire position history (Open, Pending, Closed, Cancelled, Liquidated) can be found in the Portfolio -> Overview section:
To increase your position, go to the terminal and follow the same steps as when opening a position to place a new order to increase your position. For example, if you already have an open Long position in the ETH-USDT contract, go to the terminal and place another Long (Buy) order for the desired amount.
If you already have an open Long position, placing a Short order will not reduce your position. Instead, it will open a new position in the opposite direction according to the rules of the Hedging mode.
To reduce an already open position by any amount at the market price, simply press the SL/TP button on the selected position and go to the "Reduce" tab. In this tab, enter the size you want to reduce in coins or as a percentage (digit 1). Then click "Place" (digit 2) to execute a Market order:
By entering 100% in the Size field, you will simply close the entire position with a market order. You can do the same even faster by clicking the "Market" button within the position itself:
In this case, we recommend activating the full position closure confirmation feature in the Terminal Settings to prevent accidental market order execution:
Click the SL/TP button in the position and set Take Profit and Stop Loss orders in the window that appears:
The "Used" indicator shows how much of your position is already engaged in Stop Loss or Take Profit orders. The Used value is different for the Stop Loss and Take Profit tabs. You won't be able to place new orders if the Used indicator is at 100%. In such cases, you should cancel the existing orders before placing new ones.
In the Stop Loss tab, you can set only 2 types of orders:
Stop Market. Click on the "+" icon next to Stop. By default, the Order Price field will be set to Market. Simply set the Size and Stop Price. TIF: FOK.
Stop Limit. Click on the "+" icon next to Stop. In the Order Price field, change the type from Market to Limit. Set the Size, Stop Price, and the Limit Order Price. By default, TIF is set to GTC, but you can change it.
In the Take Profit tab, you can set 3 types of orders:
Limit. Click on the "+" icon next to Limit. Simply set the Size and Limit Price. Please note that when setting a Limit order, the Post Only feature is automatically activated, meaning you won't be able to place an order at a price that would instantly execute it. By default, TIF is set to GTC, but you can change it.
Stop Market. Click on the "+" icon next to Stop. By default, the Order Price field will be set to Market. Simply set the Size and Stop Price. TIF: FOK.
Stop Limit. Click on the "+" icon next to Stop. In the Order Price field, change the type from Market to Limit. Set the Size, Stop Price, and the Limit Order Price. By default, TIF is set to GTC, but you can change it.