Trading perpetual contracts on Phemex can be a lucrative way to speculate on cryptocurrency prices without the constraints of expiration dates. For those looking to master this trading method, Phemex offers a Learn & Earn program with quizzes designed to enhance your understanding.
This article provides the answers to the quiz on trading perpetual contracts, covering key aspects like opening positions, setting leverage, and adjusting margin. By familiarizing yourself with these concepts, you’ll be better equipped to navigate the trading platform and manage your positions effectively.
Lesson 1: How to Open a Position
Q1: Are limit, market, and conditional orders available with contract trading as they are for spot trading?
A1: Yes
Q2: A Coin-Margined contract means that you will be using USD as your margin for positions, and your profits will also be paid in USD.
A2: True
Q3: If you close a BTC-margined perpetual contract in profit, your profit will be paid in
A3: BTC
Q4: The Estimated Liquidation Price is:
A4: The estimated price at which you would lose all of the margin allocated to a position
Q5: The final confirmation pop-up window also allows you to set Take Profit and Stop Loss orders.
A5: True
Q6: Once your order fills, you can view your positions under the _ _ tab.
A6: Open Positions
Lesson 2: How to Set or Adjust Leverage
Q1: When can Leverage be set or adjusted?
A1: Both while placing an order or after a position is open.
Q2: The default leverage or margin mode is:
A2: Cross Margin
Q3: When using Isolated Margin, what are two ways you can set a leverage value?
A3: Use the Leverage slider, Edit the number above the leverage slider
Q4: Once you have opened a position with the default Cross Margin setting, you will no longer be able to adjust leverage.
A4: False
Lesson 3: How to Adjust Margin
Q1: To add margin to an isolated margin position, you must click on the figures under the column.
A1: Margin
Q2: The pop-up window that allows you to adjust margin defaults to the Add option first.
A2: True
Q3: If you add margin to an open isolated position, you can
A3: Remove the added margin from the same pop-up window
Q4: Will adding margin to your isolated position change its leverage?
A4: No
Q5: With Cross Margin mode, adding margin involves:
A5: Transferring funds into the appropriate Contract Trading Account
Conclusion
Understanding how to trade perpetual contracts on Phemex is crucial for making informed trading decisions and maximizing potential profits. By mastering the basics—such as order types, leverage settings, and margin adjustments—you can approach the market with confidence.
The quiz answers provided here are designed to reinforce your knowledge and ensure you’re well-prepared to use Phemex’s features efficiently. With this knowledge, you can take full advantage of the opportunities in the crypto market and enhance your trading strategy on Phemex.
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