Binance Exchange states, we encourage responsible trading. Binance Futures recently introduced the ‘Cooling-off Period’ – an optional function that allows you to disable trading on your account for a set period of time.
In our continuous effort to encourage responsible trading, Binance has launched the Cooling-off Period function for you to disable Futures trading temporarily to prevent compulsive trading behavior.
They have published on the method to activate the Cooling-off Period function?
“Once the Cooling-Off Period function is enabled, you will not be able to trade USDⓈ-M and COIN-M Futures, Grid trading, Options, and Futures Battle via Binance website, App, Desktop, and API.
You can select various durations for the cooling-off period from one day, one week, and one month. All of which are referenced based on your local time. By default, the one-day option is selected. In this case, the cooling period will start when the feature is enabled until 23:59:59 (local time) on the same day. For the one-week duration, the cooling-off period will be effective when the feature is enabled until 23:59:59 (local time) on D+7. For the one-month duration, the cooling-off period will be effective when the feature is enabled until 23:59:59 (local time) on M+1.
Please do not enable this feature when you have open positions or pending orders.
Once the cooling-off period is enabled, it cannot be lifted. All trading features and confirmation buttons will be disabled. Please wait until the cooling-off period ends.”
Binance Blog points investors to: The Wyckoff method stating it aims to anticipate accumulation and distribution periods to predict which way the market will move next.
Some users were like: Damn even an exchange is trying to fool newcomers. Remember the exchanges are a part of the trend. Reverse psychology at its best.
Others were like: In my perspective, this is a terrific update. I think you should put a lot of money into smart chain ideas. Your account will substantially benefit from this update. It’s fantastic that both parties benefit.
When so many have been lured in with the “Wyckoff accumulation” the market will do the opposite. Hence some big shorts, everyone is expecting this HUGE bounce to the upside. Bitcoin will sit sideways and wait for EIP 1559, I bet. IMO. The DeFi next renaissance will wake BTC up.
Again Binance is like: It’s not about the money you make. It’s about the money you keep. Here’s how Binance Futures traders can practice responsible and safe trading.