📃How to Open and Close a Position?

In the world of perpetual trading, users open and close positions to take advantage of market movements. The initial position that a user takes on an asset is an open position. This could either be a long or a short position on the asset. A long position is taken when a user buys an asset with the expectation that the price will go up, while a short position is taken when a user sells an asset with the expectation that the price will go down.

This article is intended to provide a comprehensive guide on how to open and close a position on JOJO. Whether you are a seasoned trader or just starting out, this guide will take you through the step-by-step process of opening and closing a position on this platform. By the end of this article, you will have a better understanding of how to use JOJO to place trades and manage your positions effectively. So let's get started and explore the exciting world of perpetual trading on JOJO!

Opening a position

Click on "Long" or "Short" depending on which side you would like to open a leverage position on.

  • Long position

    • Earns a profit if the token's price goes up

    • Makes a loss if the token's price goes down

  • Short position

    • Earns a profit if the token's price goes down

    • Makes a loss if the token's price goes up

Let's take the Market Order for example:

Limit Order is also supported on JOJO, if you want to place a limit order, please refer to the following article.

Once you have selected your position, enter the amount you want to invest and the leverage you want to use (JOJO can support up 10x leverage). Keep in mind that leverage trading is a high-risk activity, so make sure to do your research and only trade with funds you can afford to lose. Always use stop-loss orders to manage your risk and avoid liquidation.

Closing a position

To close a position, either partially or completely, click on the "Close" button. This will liquidate the position and any profits or losses will be realized.

Remember to regularly monitor your position and adjust your stop-loss orders accordingly. Leverage trading can provide high potential rewards, but it also comes with high potential risks. It's important to have a solid understanding of the market and the risks involved before engaging in leverage trading. Always trade responsibly and never invest more than you can afford to lose.

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