Orders and Positions. How to manage your trades
(For a quick and easy-to-understand video, check out our ‘How to place an Order' video tutorial on YouTube.)
There are several ways to place an order:
- From the 'Watchlist' Widget Click the 'Trade' button for the currency you wish to trade in the Watchlist widget. This will bring up the 'New Order' form where you can select the parameters of your trade.
- From the 'Chart' widgeta) In the top left corner of the Chart widget you can click the red Sell or green Buy buttons to place an order. An order form will pop up, where you can choose the side of a trade, order type, quantity and price.b) When clicking the right mouse button in the chart field, a trade selection tool will appear, giving you the choice to place a Buy or Sell order. Next, an order entry tool will appear. Trading from the chart is perfect for placing limit orders away from the market.
- From the Dashboard Widget Click the red Sell or green Buy buttons to place an order. This widget is very convenient when quick entry into the market is top priority
When placing an order with any of the methods mentioned above, a 'New Order' window will pop up:
In the 'New order' window, select your desired order parameters: - Order Type (See 'Order Types' for detailed info about order types) - Amount of the currency you wish to trade - Side of the order (Buy/Sell) - Stop Loss/Take Profit protection orders - Margin impact reflects the estimated amount of margin that will be used when executing this order
Margin Impact reflects the amount of your personal margin required to open the selected order + Unrealized P/L (based on the bid-ask spread) at the estimated moment of order execution.
After editing your order, make sure to double check your selected order parameters and Margin Impact. Click 'Send Order' to place your order.
The Orders Widget reflects all details about your active orders and allows you to manage these orders. Right-click on an order to open the drop-down menu with the following options:
- Replace - modify and change your order parameters
- Cancel order - cancel the selected order
The Positions Widget reflects all details about your open positions, such as Fill price and size, Unrealized P/L, etc.
Double-click on a position to open the Modify position window, or
right-click on it to open the drop-down menu with the following options:
- Modify position - set Stop Loss and/or Take Profit protection orders
- Close Position - close a position entirely or partially
- Close By Position - net out two opposite positions in the same instrument
To close a position partially, first, make sure that Regular trading mode is ENABLED(!), to prevent the position from being accidentally closed fully. Next,
right-click the desired position, and click Close Position in the pop-up menu:
In the 'Close position' window, type in the amount you wish to close in the 'Amount to Close' field (as shown in the screenshot below). Click the 'Close position' button to confirm partially closing the position:
If you have two opposite open positions ('Bought' and 'Sold') in the same instrument, you can net them out to one position by using the 'Close By Position' option.
To close a position with an opposite one,
right-click on the position. If there are other positions that can be used to close it, the menu option 'Close by position' will be available Choose it to open the 'Close by position' window.
Choose an opposite position to apply to the original one, from the list of positions available for the operation, as shown in the picture above. Confirm netting out the positions by clicking the 'Close by' button.
Once the operation has been confirmed, the smaller position will be closed entirely, and the larger position's size will be reduced by the size of the smaller position.
'Close by position' operation does not incur trade fees.
The Messages widget reflects logs of all recently placed, cancelled, rejected, modified or executed orders, as well as margin call and position liquidation notifications and system messages:
Information reflected in the Messages widget will remain available for several days and may be cleared during webserver restarts or resets due to regular maintenance operations.