Close a Position*
To close an open position -click directly on the “Close” price of the ticket you wish to close.
This will bring up the “close position” box which has two parameters you can set prior to sending the close order to the trading desk.
- Select the ticket that you wish to close.
- Select the amount you wish to close. If you wish to close only a portion of your position simply scroll down the list and select the amount you wish to close.
- Select the range of rates you are willing to accept; Orders will simply be executed at the first rate the market reaches that is within the range specified. To avoid rejection scenarios one can use the “market range” feature to allow a specified amount of slippage.
At any time during the close position process, you can cancel the order by clicking on the “Cancel” button. Click the “Ok” button after all the selections have been made to close the position. Once the position is closed it will disappear from the “Open Positions” window and move into the “Closed Positions” window until the close of that days trading at 17:00 Eastern Standard Time.
Other Ways You can Close an Open Position*
Right-click on the “Close” box from the highlighted ticket and select the “Close Position” command from the pop-up menu.
Click the “Close” button at the top of the trading screen.
Left click the “Trading” option at the very top of the screen and select “Open Positions” and then “Close Position.”
Close a Position (FXCM LLC Accounts)
The NFA compliance rule 2-43(b) requires that all orders must be executed First In First Out (FIFO). That is to say that when you have multiple positions in the same currency pair, the position which was first opened will be the first to be closed. Because you are no longer able to choose which position to close first, FXCM LLC has disabled the “Close” feature in the open positions window. Traders will need to use market orders to close existing positions.
NFA compliance rule 2-43(b) also prohibits hedging. Therefore, clients can no longer hold buy and sell positions on the same currency pair at one time. Because hedging is disabled traders can now offset existing positions by placing market orders. For example, to close a 10K EURUSD buy position, you would simply place a 10K EURUSD sell order.
If you would like to close out multiple positions at once, it is best to refer to the “Summary Window” which keeps track of your net positions.
