How to Buy/Go Long on Futures
BTCC Supporta year ago
1. What Does It Mean to ‘Buy/Go Long’
When you expect the price of a product to rise, you may tap ‘Buy/Go Long’ to open a position. When the price of the product you are trading goes up, you may close the position to earn profits.
2. How Can I Buy/Go Long?
1. Select the futures contract you would like to trade.
Tap on the name of the contract to select from a list of futures available. BTCUSDT Quarterly will be chosen as an example here.
2. Tap ‘Buy/Long’.
3. Select your order type.
Market Order, Limit Order, and SL/TP Order are available on BTCC. We will select Market Order as an example here.
4. Choose your preferred leverage level.
Please tap the leverage level and select from the ones available on the list. We will choose 100x as an example here.
Leverage levels of 10x, 20x, 50x, 100x, and 150x are available on BTCC, and 150x leverage is only available in daily futures. Please note that different product offers different leverage levels.
5. Enter the lot size.
In futures trading, a unit of trading is called a ‘lot’. One lot is also called a standard lot, and a 0.01 lot is called a mini lot.
The lot size range is different for each product, which is shown on the platform. We will set the lot size to 0.01 in this example.
6. Set Stop Loss/Take Profit (SL/TP).
Setting Take Profit can help lock in profits, and setting Stop Loss can help limit losses and prevent liquidation.
Tap SL/TP settings to set up the parameters. You will see the SL/TP range listed there when you set up the SL/TP prices.
7. Tap Buy/Long to open a position.
After setting up all the parameters, tap Buy/Long. Then please check all the information and tap Confirm to open the position.
3. Long Orders FAQs
Q1: How can I sell my long orders?
The term for placing an order in futures trading is ‘open a position’, which refers to the action of buying (when you are bullish) or selling (when you are bearish) a futures contract.
On the contrary, the action of closing an order is called ‘close a position’. You may sell your long orders by tapping Close here.
Q2: Is there a quick way to close my positions?
Scroll to the bottom of the Futures page and tap Positions. Tap Products to sort your positions by product and order direction. From there, you can close all positions that have the same order direction by tapping the button Close All Positions.
Q3: Why can’t I open a new position?
If you see the message ‘Insufficient margin, please make a deposit.’, it means that you are unable to open a position due to insufficient margin in your account.
Please ensure sufficient funds are available in your account before placing an order. You can also check the margin required when you open a position (circled in red below).
Q4: I placed a wrong order. Can I cancel it?
Please note that open positions cannot be cancelled, but they can be closed immediately after the order is placed.
Please note that trading fees and small profits/losses will still be incurred. Closing a wrongly placed order immediately can help limit your potential losses.
Q5: If I want to trade BTCUSDT Quarterly but I selected BTCUSDT Daily, can I modify my order?
Please note that the product type cannot be changed once the position is opened. However, you can close the position immediately, and there will only be trading fees and small profits/losses incurred.