๐ŸฆPositions

Where magic happens

Currently, the fee for our trading bot is set at $1 for each transaction. It is charged along with the gas fee for the transaction, paid in ETH. The $1 fee also covers our costs associated with bot interactions. This price may change in the future.

Open/Modify Position

Within this section, you have the ability to initiate a new position or make adjustments to an existing one. Upon selection, you'll first be prompted to determine the nature of your order: either a long or short position. Following this, you'll be asked to specify the desired leverage and the margin amount allocated for this position. Once these choices have been made, a transaction summary will be presented for your review. Upon confirmation, the transaction will be processed, and you'll be provided with a link to view its details. There are two ways you can open a position:

๐Ÿ“Š Market Order

Market Orders enable users to buy or sell, long/short positions instantly at the current market price. It provides a quick and efficient way to enter or exit a position, ensuring that traders can capitalize on current market conditions without any delay.

โŒ› Conditional Order

Conditional Orders allow users to place long/short positions using their desired leverage, activating at a set price. There's no need to monitor prices constantly, waiting for them to break through resistance or near support. Just set your target price, and the order will trigger on its own when that price is reached.

Examples About Open/Modify Positions

Keep in mind that you can always open positions with low leverage (e.g., 0.08x) and increase the leverage when you feel more comfortable, rather than depositing and withdrawing margin for every position from the trading pair. Additionally, you can partially close your position by opening one in the opposite direction with less leverage than your initial position. Please note, this displays the details of your position after execution, not the original order itself. You can view your positions through the "Check Positions" option.

A significant advantage of this deposit method is that it offers protection against potential losses for other trading pairs. In the unfortunate event that one of your trades is liquidated, only the margin allocated for that specific trading pair will be at risk.

We are using Synthetix, therefore, you need a minimum margin of 40 sUSD to open a position, irrespective of leverage. Positions cannot be opened if your trading pair's margin deposit is under 40 sUSD.

To give more examples, suppose you have a margin of $5,000, but you wish to open a position equivalent to $500 as a result of leverage. You're not necessarily required to withdraw $4,500 from the margin and then open a high-leverage position with a small amount of money, as many mistakenly believe. If you choose a custom leverage and open a position at 0.1x, you effectively open a position worth $500 (5000 x 0.1) due to leverage. However, this position is still opened with the total margin of $5,000. If your confidence in the open position increases, you can modify and increase the leverage.

Alternatively, let's assume you have a margin of $5,000 with 2x leverage in your position, resulting in a total position of $10,000. If you desire to adjust this leveraged position to a total of $7,500 (5000 x 1.5), effectively executing a partial close, you would open a custom 0.5x short. This is still a position opened with the $5,000 in your margin.

Close Position

To fully dissolve an active position, utilize this function. Executing this will initiate a transaction, culminating in the complete closure of your position. By opting for this, you'll be authorizing a transaction that will liquidate your position and release the associated funds back into your wallet. This is particularly useful in scenarios where you want to quickly exit a market position due to changing market conditions or to secure profits.

Check Position

Check positions provides a comprehensive overview of your current standing with the selected trading pair. Beyond just viewing, it offers options to implement stop-loss or take-profit measures, or both simultaneously. Moreover, you can view a list of these position-centric orders for a more granular insight.

When placing a partial order, ensure the order size matches the trading pair amount, not the dollar value. As shown in the image above, the total size is 0.003180.

Trade History

Gain insight into your recent trading activities with a simple click. Our intuitive "Trading History" button provides a clear and concise log of your trades, showcasing both opened and closed long positions. For a deeper dive, the "View the transaction details" link offers comprehensive data on each transaction.

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