Closing Open Positions on Binance Using the Binance Python API
As a trader or investor using the Binance platform, managing your open positions is key to maximizing profits and minimizing losses. In this article, we will show you how to close an open position on Binance using the Python API (Python 3.x).
Interpreting Order Status
When you place an order using the Binance Python API create_order function, it is automatically assigned a NEW status. This means that your open position is currently being executed, but the trade has not yet been confirmed.
Closing Open Positions
To close an open position on Binance, you need to update its status to CLOSED. Using Python you can do it like this:
`python
from: binance.client import Client
Initialize Binance client with API credentials
client = Client(api_key='YOUR_API_KEY', api_secret='YOUR_API_SECRET')
Get current order information for open position
open_position = client.get_open_orders(symbol='BTCUSDT', limit=1)[0]
Check if position has active order with status NEW
if open_position.status == 'NEW':
Set new status to CLOSED and update trade hash
client.close_order(
symbol='BTCUSDT',
side='market',
type='sell',
amount=1.0,
feePerUnit=None,
commissionRate = None
)
`
Explanation
In this code snippet:
- First, we initialize a Binance client with its API credentials.
- Then we get the current order data for the open position using “get_open_orders”.
*We check if there are any active orders with status NEW. If so, we update their status to CLOSED by callingclose_order`.
Important Notes
Before closing an open position:
- Make sure the trade has not been executed yet – the trade must be completed for the position to be considered closed.
- Check the status of your position periodically – you can monitor the status of your open positions in real-time using the Binance API or other tools.
- Close all open positions in case of profit/loss
: To avoid losing money due to intraday liquidations, it is essential to close all open positions when the maximum limit price is reached.
By following the steps below and using the Binance Python API, you will be able to effectively manage your open positions and maximize your trading performance.
