You have now bought 1 lot of EUR/USD at 1.2918, and you will see this position in the “Trade” tab of the Terminal window. This is also where you will see your account Balance and Margin information:
You can manage this Open position by right-clicking on it and selecting from the menu:
Note that you can close this position at the market by selecting “Close Order.” You can add or change Stop or Limit orders by selecting “Modify or Delete Order,” or you can add Trailing Stop orders to the selected position.
Note that if you place a New Order in the same product in the opposite direction, your original position will not be closed, but will be “Hedged.” “Hedge” means to open the same position, but in the opposite direction, so in this case sell EUR/USD, without closing the original position.
You therefore eliminate market risk while leaving your position open. You can only close a position by selecting “Close Order,” or if the associated Stop or Limit orders are executed.
Now, let’s assume that at the end of the day, or possibly even a few minutes later, the EUR/USD rate has risen to 1.2928 Bid / 1.2929 ask. You close that EUR/USD position by selecting “Close Order” from the above menu. This effectively sells back the EUR/USD position at the current Bid price, achieving a gain of 10 pips (1.2928 – 1.2918).
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