Close Open Positions on Binance Using Binance Python API

As a trader or investor using the Binance platform, managing open positions is crucial to maximize your profits and minimize losses. In this article, we will show you how to close an open position on Binance using the Python API (Python 3.x).

Understanding Order Status

When you place an order using the Binance Python API’s “create_order” function, it is automatically assigned the NEW status. This means that your open position is currently being executed but no trade has been confirmed yet.

Close Open Positions

To close an open position on Binance, you need to update its status to CLOSED. Here’s how you can do it with Python:

from binance.client import Client

Initialize the Binance client with your API credentials
client = Client(api_key='YOUR_API_KEY', api_secret='YOUR_API_SECRET')

Get the current order details for the open position
open_position = client.get_open_orders(symbol='BTCUSDT', limit=1)[0]

Check if the position has an active order with status NEW
if open_position.status == 'NEW':

Set the new status to CLOSED and update the Trade Hash
client.close_order(
symbol='BTCUSDT',
side='market',
type='sell',
quantity=1.0,
feePerUnit=None,
commissionRate=None
)

Explanation

In this code snippet:

• We first initialize a Binance client with your API credentials.

• We then get the current order details for the open position using get_open_orders.

• We check if there is an active order with status NEW. If so, we update its status to CLOSED by calling close_order.

Important Notes

Before closing an open position:

• Make sure the trade has not yet been executed: The trade must have been executed for the position to be considered closed.

• Check position status regularly: You can use the Binance API or other tools to monitor the status of your open positions in real time.

• Close all open positions at profit/loss

  : To avoid losing funds due to overnight settlements, it is important to close all open positions when they reach their maximum limit price.

By following these steps and using the Binance Python API, you can effectively manage your open positions and maximize your trading performance.

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