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 your returns and minimizing your losses. In this article, we will show you how to close an open position on Binance using its Python API (Python 3.x).

Order Status Explanation

When you place an order using the create_order function from the Binance Python API, the status is automatically assigned to NEW. This means that your open position is currently in the process of being executed, but no trade has been confirmed yet.

Closing Open Positions

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

binance.client import Client





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

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

Check if there is an active order with a new status for that position
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',
amount=1.0,
feePerUnit=None,
CommissionRate=None
)

Explanation

In this code snippet:

• First, we initialize the Binance client with your API credentials.

• Then we retrieve the current order details for the open position using get_open_orders.

• We check if there is an active order with the new status. 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 closed: To be considered a closed position, the trade must be filled.

• Check the status regularly: You can monitor the real-time status of your open positions using the Binance API or other tools.

• Close all open positions at profit/loss: To avoid losing money due to overnight arbitrage, it is essential to close all open positions when they reach their maximum limit.

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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