How to Close an Open Position in FXCM Microlot Trading Flatform?

Date

Too much of changes in FXCM Microlot trading flatform lately; brought by the FIFO ruling of the NFA. Being not updated of the changes, I’d been messing around on how I can close my AUD/JPY long open position - already gained 130 pips and I don’t want to turn real money into nothing.

Normally, FOREX traders have various options to open and close a position - you can do it in the chart, or in the “Open Position” table, or in the drop down button. But now, you can only close an open position by making an entry that is opposite to the existing open position. From FXCM email;

1) Closing Open Positions with Market Orders

The option of closing an open position via the “Open Positions” window will be removed. You can continue to close positions by placing an opposing market order. For example, to close a 20K BUY EUR/USD open position, you would place a 20K SELL EUR/USD market order. Market orders are compliant with FIFO (First In, First Out) because they close the first position opened in the specific currency pair.”

FYI.



Category Filed in: FOREX Trading
Local date: March, 2010

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