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.
TradingThere are several simple strategies you can use to protect yourself from downside risk.
TradingUsing the right strategy can lower the risk of failure and protect your profits.
TradingThis system identifies the intraday price movements that indicates entry points for your buy or sell orders.
TradingIf holding on to losing trades is human nature, this tool will help protect you from yourself.