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Adjusting Open Position Size Using Binance API Without Closing a Position

As a Python developer working with the Binance API, you are probably familiar with the concept of managing open positions in your trading bots. In this article, we will explore how to adjust open position size using Binance API without closing a position.

Understanding Position Sizes

Before we dive into adjusting position sizes, let’s understand how they work:

• Position Size refers to the amount of cryptocurrency (e.g., Ether or Bitcoin) that you are willing to risk in a trade.

• Trade Size is the actual amount of cryptocurrency exchanged in a trade.

• Position Size to Trade Size Ratio determines the proportion of trade size that goes towards position size.

For example, if your initial position size is 100 ETH and the trade size ratio is 1:10, you risk 10 ETH on each trade with a total trade size of 100 ETH.

Adjusting the size of an open position using the Binance API

To adjust the size of an open position without closing it, we can use the « positions.update() » method to modify the existing position. Here is an example Python code snippet that shows how to do this:

import binance





Initialize the Binance API client
api = binance.client.create_api()

Replace with your API credentials and secret key
client_id = "YOUR_CLIENT_ID"
client_secret = "YOUR_CLIENT_SECRET"

Set the position size as a float between 0 and
position_size = 20.0

Get the current open positions
open_positions = api.get_open_positions()

Iterate over each open position
for position open_positions:

Check if the position is active (i.e. not closed)
if position.status == "ACTIVE":

Update the position size using the Binance API
client_id = "YOUR_CLIENT_ID"
client_secret = "YOUR_CLIENT_SECRET"
apipositions.update(position.id, {"position_size": round(position_size *100)});

Print a success message to confirm the updated positions
print ("Open positions successfully updated!")

In this code snippet:

• We initialize the Binance API client using your credentials and secret key.

• We set the initial position size as a float between 0 and 100.

• We get the current open positions using the « get_open_positions() » method.

• We iterate over each open position, checking if it is active (i.e. not closed).

• If an active position is found, we update its position size by calling the “update()” method with the new value of the specified “position_size” parameter.

Tips and Variations

• To avoid closing positions without updating their sizes, be sure to check your active positions before making any changes.

• You can also use the positions.update() method with additional parameters such as limit_price, stop_loss_price or take_profit_price, depending on your trading strategy.

• Note that an open position should only be updated if it is still active and not closed. If the position is closed, updating its size will not affect it.

By following this article and adapting the code snippet to your specific requirements, you will be able to effectively adjust the size of an open position using the Binance API without closing positions. Happy trading!

MINIMIZING CRYPTO TAXES STRATEGIES