Closing a position can be done in the same manner as opening one. Open positions will be listed in the Trade tab, simply right-click on a position to produce a pop-up menu. Select "Close Order" to produce an order window. Within that order, click "Close # ... by Market" as shown in the figure below.
|Figure 7: Click "Close Order" and then "Close # ... by Market" to close a position.|
Positions can also be closed via profit target or stop order. To create or change a profit target/stop loss level right click on the position and select "Modify or Delete Order" from the pop-up menu.
A trailing stop can also be implemented to close out a position. Right-click on an open position and hover over the "Trailing Stop" option on the pop-up. This will provide a list of potential trailing stop levels. If you wish to fine-tune the trailing stop you can click "Custom" at the bottom of the list.
|Figure 8: Right-clicking on an open position and hover over the "Trailing Stop" option on the pop-up will provide a list of potential trailing stop levels.|
How To Trade CFDs With HotForex: Conclusion
TradingCombine trailing stops with stop-loss orders to reduce risk and protect portfolio value.
InvestingTraders use stop-loss orders by setting the maximum they’re willing to lose. A trailing stop is similar.