🐺Short Position

Short Position: If the price of the underlying asset rises, you incur losses. If the price of the underlying asset falls, you make a profit. To open a short position: If you are bearish, click on "Go Short."

Step 1: Access the trading page. Go to the Nova Trade page and click on the tab in the upper right corner to connect your wallet. Note: If this is your first trade, you need to approve the contract to use the desired BNB/ETH. Click on "Approve" and submit the transaction to BSC or Arbitrum.

Step 2: Choose the trading pair. Use the "Search Bar" to select the trading pair you want to trade. If you want to save it to your trading interface, bookmark it.

Step 3: Set the trading parameters. Market Order and Limit Order: Nova Trade supports both market orders and limit orders, where the former ensures immediate order execution, while the latter specifies the highest or lowest price at which you are willing to buy or sell.

Leverage: Nova Trade supports leverage ranging from 2x to 100x.

Take Profit and Stop Loss: You can set take profit and stop loss orders in advance. If the collateral loss reaches or exceeds 90%, the position will be liquidated. The maximum profit for a trade is 1000% of the collateral, so if you don't set any take profit, it will automatically set a take profit at 900% of the collateral.

Step 4: Approve the trade. After completing the trade parameter setup, click on "Agree" and approve the transaction in your MetaMask wallet.

At this point, your short position has been successfully opened.

Closing a Position: You can close your position by clicking on the "Close" button and confirming the action in your MetaMask wallet. For a short position, the profit is paid out in the form of your collateral type and automatically sent to your address. For example, if your collateral is USDT, you will receive the profit in USDT form.