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Open open positions on binance with the binance python api

As a dealer or investor who uses the binance platform, managing open positions is or crucial importance to maximize your returns and minimize the losses. In this article we will use his python api (python 3.x) to close an open position on binance.

Understand Order status

If you place an order with the „create_order” function from the binance python -Api, it automatically assigns a status to be again. This mean that your open position is currently being carried out, but no trade has yet leg confirmed.

Complete open positions

To close an open position on binance, you must update its status to closed. So you can do it with python:

`Python



from binance.client import client



Initialize the Binance Client with Your Api Registration Information

Client = client (API_Key = 'your_api_key', API_Secret = 'your_api_secret'))



You Will Receive The Current Order Details For The Open Position

Open_Position = client.get_open_orders (symbol = 'btcusdt', limit = 1) [0]



Check Whether the Position Has An Active Order With A Status of Again

if open_position.status == 'new':



Place the New Status On Closed and Update the Handelshash

    Client.close_order (

        symbol = 'btcusdt',

        Page = 'market',

        Type = 'Sell',

        Quantity = 1.0,

        Feprunit = none,

        Commission rate = none

    )))

Explanation

In this code -Nippet:

We first initialize a binance client with your api registration information.

We then Receive the Current Order Details for the Open Position with „get_open_orders”.

We check Whether there is an active order with a new status. In this case, we update the status by calling „close_order”.

Important Notes

Before Closing An Open Position:

make sure that the trade has not yet leg carried out : the trade must have filled so that the position was consulted closed.

Record the status of the position Regularly : You can use the binance api or other tools to monitor the status of your open positions in real time.

Complete all open positions with a profit/loss : to avoid that you lose money due to overnight settlements, it is important to close all open positions when you have reached your maximum border price.

If you follow thesis steps and use the binance python -Api, you can effective manage your open positions and maximize your trading output.