Once a trade is open, you can see how that trade is performing using the Monitor tab. This tab shows recent activity, open positions as well as capital in use and capital available to trade with.

Figure 8. Position Summary


To close a currently open position, right-click on the position to bring up a menu of available actions. From the menu, select "Create Closing Order." Selecting this option will automatically populate an entry order, which will close out, or offset, the open position.

Figure 9. Close Position Menu

This action will take you to the Trade tab, where you can adjust the closing order. For example, if you are long 500 shares, you may wish to sell only 300. Once you are satisfied with the order, click "Confirm and Send."

You will once again receive a pop-up confirmation window. From there, you can send the order to close out the position, delete the order, edit it, or send it to the queue to be sent out later.

SEE: Sorting Out The Trend And The Entry

Next: How To Place A Trade With Thinkorswim - Trading Defaults »

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