One of the recurring problems that most traders have is that they find phantom positions in their services, or errors that they never knew were there. The trader's responsibilities are not only to generate profits, in this series of articles we are trying to make it clear and another of the things that a trader must do in addition to generating a link with his followers is to manage his service and verify that nothing out of the ordinary happens.
💡 In this article we will show you several tips on how to take care that certain problems do not happen to you, although they are very rare, they are possible.
In this Article
It is possible that if the position has a problem or one of the orders is below the limits, we will receive an "Unsold" error, this type of error indicates ghost positions and is the easiest and quickest way to identify them.
We can see many "Unopen" errors but this only means that the position could not be opened, we should only act when we see an "Unsold" error.
In some of the cases, you will realize about any of these issues because of the notifications of a position. But remember if you don't have to enable the notifications, as a trader, we will strongly recommend you to have them enabled.
All services have a management tab, and there we have two variants, depending on if it is a Futures or Spot service.
In the case of Futures, we will have 3 tabs, "Positions", "Orders" and "Contracts". If at any time we see in the "Contracts" tab a contract with an empty Position ID field, it means that this contract is not linked to any position and therefore it is also a phantom position.
For Spot services, it is a little more difficult to identify them, since the "Coins" tab (the one that replaces the "Contracts" tab) does not allow us to see any Position ID. Here we must do a manual check, and see if we have any purchased coins that do not have any position ID.
If I have 3 open positions, one of BTCUSDT, one of ETHUSDT, and one of ADAUSDT. In my "Coins" tab I should only have BTC, ETH, ADA, and USDT which is the main coin.
If for some reason I have bought some additional coins, it could be a phantom position.
We call "Phantom Positions" when a position no longer appears on our dashboard but the contract (In the case of Futures) or the coins (In the case of Spot) continue in the service.
This can happen for multiple reasons, from an error in the position, a failure in the APIs connection, or even a problem with the position limits. It is something that has an easy solution, but the first thing is to identify when it happens. We have two ways to verify it.
What to do when we detect a phantom position:
Fortunately, this is something that happens very sporadically and you may not come across any of these cases, or even see one every few months using the platform. However, it is advisable to do a quick check every day on our services, just to make sure we don't have anything out of the ordinary.
In case we find a phantom position we need to contact support immediately, one of the agents will be able to verify that you do indeed have a phantom position and most of the time the same agent can recover it. Only in some specific cases, we will need to refer it to the tech team.
Once we recover the position, you will see it again in the Dashboard as normal and you will be able to edit, manage or close it normally.
How orders work in Zignaly:
Now that we have given you some tips on how to prevent phantom positions, we would also like to emphasize another of the frequently asked questions we receive from traders.
We have found that there is a lot of confusion about how DCAs and SLs work, especially when they are placed on the exchange or remain in "Pending Status" (gray color).
DCAs are placed one at a time, and only the first one is placed directly on the exchange with a limit order, the rest remain in "Pending Status" with a gray color until the previous DCA has been completed correctly or until it has received some error (Either insufficient balance or other). Only, in that case, the next DCA is placed in the Exchange.
In addition, we must take into account that if one of our TP is reached, all the DCA not completed, either in "Pending Status" or already placed in the exchange, will be automatically canceled. This is because when one of the TP is completed, the position is reduced in size and all the DCAs must be recalculated.
Depending on whether we are using a Spot account or a Futures account the SL works slightly differently. For Spot accounts, the SL is always virtual and is never placed on the Exchanges. They are called "virtual" because Zignaly monitors the price and when it detects that our level has been exceeded, only then Zignaly send a market order to the exchange to close the entire position.
On the other hand, in the case of Futures, it is possible to place a specific order for a Stop Loss, which allows us to send it long before the price we have set is reached and only be executed if it is exceeded.
In either case, the DCAs must be completed or have received an error for the SLs to be monitored (in the case of Spot) or placed on the exchange (in the case of Futures).
As long as a DCA remains pending the SL will not be taken into account.