> ## Documentation Index > Fetch the complete documentation index at: https://docs.intention.xyz/llms.txt > Use this file to discover all available pages before exploring further. # Close a position > How to close fully or partially, why reduce-only matters, and the difference between closing and hedging. Closing a position means trading the opposite side of what you hold. A long is closed by selling; a short is closed by buying. ## Close it Bottom of the trading screen. Each row shows size, entry price, mark price, unrealized P\&L, and liquidation price. Closing the whole position flattens you. Closing part of it leaves the rest open with the same entry price — realizing some P\&L without giving up the position. Market closes now at whatever the book offers. Limit closes only at your price, and may not fill at all. The trade-off is sharpest here. A limit close protects you from slippage but leaves you exposed if the market runs away. If you are closing because the position has gone wrong, market is usually the right answer. The position disappears from Positions, and the fills appear in Trade History with their fees. ## Closing from the order ticket You can also close by placing an ordinary order in the opposite direction. If you do, **tick Reduce Only**. Without it, an oversized closing order does not stop at flat — it closes your position and opens a new one on the other side. You intended to exit and are now short. Reduce-only makes that impossible: the order can shrink a position and nothing else. See [Reduce-only](/trading/reduce-only). This is the most common expensive mistake on any perpetual exchange. Reduce-only costs nothing and removes the failure mode entirely. Use it on every closing order. ## Closing automatically You do not have to be watching. **[Take-profit and stop-loss](/trading/tp-sl)** close the position when the mark price reaches a level you set. Attach them when you open, from the `TP & SL` checkbox in the ticket, or add them to an open position afterwards. **A stop-loss is not the same as liquidation.** A stop-loss is your order, at your price, and it leaves your remaining collateral intact. [Liquidation](/trading/liquidations) is the protocol closing you at the point your margin no longer covers the position — much worse, and it carries a penalty. A stop-loss set sensibly is what stops you finding out where your liquidation price was. ## What "closed" means for your money **Unrealized P\&L becomes realized.** The number that was moving with the mark price is now a fixed change to your balance. **Fees are charged on the close.** Opening and closing are two trades, and both pay. See [Fees](/programs/fees). **Funding stops.** No position, no funding — and any funding already paid or received stays where it is. It is not reversed when you close. **Margin is released.** The collateral backing the position returns to available balance, and can be withdrawn or used for another trade. ## Closing is not hedging Opening an opposite position is not the same as closing. In `One-Way` mode, an opposite order nets against what you hold — it reduces or flips you. In the hedged alternative, long and short exist side by side, each with its own margin, and you are paying funding on both while your net exposure is zero. If your intent is to be flat, close. Holding both sides costs money to achieve nothing. ## Where to go next Taking collateral off the exchange. Closing automatically at a price you set. What happens if you do not close in time. Finding the fills and fees from the close.