How to open buy(long) or sell(short) order?
A comprehensive step-by-step guide for trading futures on Ninjapay, which also includes transferring USDT from the cash wallet to the futures wallet and setting leverage:
Log In to Your Account: If you haven't already, log in to your Ninjapay account.
Enable Futures Mode: Navigate to your profile settings and look for the 'Enter Futures' option. Toggle this option to turn on Futures mode.
Navigate to the Trade Section: Once you're in Futures mode, go to the 'Trade' section of your account.
Transfer USDT to Your Futures Wallet:
Once you're on the trade page, look for the 'Transfer' button next to Available balance.
Click on the 'Transfer' button to start the process of moving funds from your Cash wallet to your Futures wallet.
Specify the amount of USDT that you wish to transfer.
Confirm the transfer. Your USDT will now be available in your futures wallet for trading.
Select Leverage: Before placing your order, you'll need to select your desired leverage. Leverage allows you to trade larger amounts than your initial investment by borrowing funds. Be aware that while leverage can amplify profits, it can also amplify losses.
Place a Limit Buy Order:
Choose 'Buy': In the 'Advanced Trade' screen, select 'Buy'.
Adjust Price and Quantity: Specify the details of your order. Set the price at which you want to buy the asset and the quantity that you want to buy.
Place the Buy Order: After setting your desired price and quantity, tap on 'Buy(Long)'. This action will place a limit buy order at the specified price.
Place a Limit Sell Order:
Choose 'Sell': In the 'Advanced Trade' screen, select 'Sell'.
Adjust Price and Quantity: Specify the details of your order. Set the price at which you want to sell the asset and the quantity that you want to sell.
Place the Sell Order: After setting your desired price and quantity, tap on 'Sell(Short)'. This action will place a limit sell order at the specified price.
Futures Trading and Positions
Futures trading allows you to speculate on the price of an asset at a future date. When you place a futures order, you're entering a contract to buy or sell an asset at a specified future date and price. This allows you to potentially profit from price movements in both directions - if you expect the price to rise, you can take a long position (buy), and if you expect the price to fall, you can take a short position (sell).
Your positions in futures trading will be either 'open' or 'closed':
An 'open' position means that the trade is currently active. You have an obligation to buy (long position) or sell (short position) the asset at the predetermined price.
A 'closed' position means that the trade has been completed, either because it reached the predetermined price or because you manually closed the trade.
It's important to monitor your open positions regularly, as the futures market can be highly volatile. Always be aware of the risks associated with futures trading, especially when using leverage, as it can lead to substantial losses.
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