How to Open and Close a Position on the Platform
The ability to trade instantaneously from real time, streaming quotes is the centerpiece of our platform based on the MT4 (MetaTrader) trading technology. By offering instantaneous execution from live prices, clients are always certain that the available prices are "at the market". Dealing from live quotes offers FX traders the advantage of anonymity and faster execution. Normal execution times are sub-one second, currently the fastest execution available from any forex platform.
IMPORTANT: In this example, you will see the opening and closing of a currency position without using a "Stop Loss" or "Take Profit" after the position is opened. Even though there are traders who don't use "Take Profit" levels to realize a profit, the use of a "Stop Loss" order to minimize trading losses is an essential part of risk control – so we recommend that all traders use it when trading currencies.
Step 1: In the MT4 "Market Watch" window, Double Click on the "Symbol" of the currency pair you want to trade. The "Market Watch" window is a table with all the currency pairs available to trade and the current live Buy (Ask) /Sell (Bid) prices. This window also shows CFD's (contracts for differences) and other instruments clients can trade (like spot metals, i.e., gold, silver, etc., stocks, like Facebook, Google, IBM, etc., and others). When you double click on any symbol, the MetaTrader order entry window opens. For example, if we click on EURUSD (the Euro versus the US Dollar), on the Market Watch window below, the order entry window in Step 2 appears (also below).
Step 2: Select the number of lots you want to trade and Click the "Buy" or "Sell" buttons. On the "Volume" drop down box in the order entry window, you can either select the pre-configured sizes on the list or type any desired quantity you want to trade (as small as 0.01 lot, which is a "micro" lot or 1,000 units of the first or "base" currency). In the current example, the base currency is the Euro (EUR). You can either Click on the red "Sell" button to sell (or bet against the Euro and in favor of the USD) or the blue "Buy" button (to bet in favor of EUR and against the US Dollar). In this example, we Click on the "Buy" button first to buy or open a "long" EURUSD position.
Step 3: Trade Confirmation. After the "Buy" button is pressed, the order entry window changes to confirm the execution of the trade. The new window includes a confirmation number and the price the order was executed at or filled. In the current example, the confirmation number is 1991241 and the message "buy 1.00 EURUSD at 1.3580 successful", indicates that 1.00 lots of EURUSD were purchased at 1.3580. When you Click on the "OK" button, you return to main system screen.
Step 4: Closing an Open Position on the Trading Platform. On the main trading system window (Screenshot 1 below), when you Click on the "Trade" tab of the "Terminal" section, you will see if you have any positions open and any "pending orders" (limit or stop orders that have been placed, but haven't been executed yet). To close any open position, simply double click on it. In the current example, doing so brings up the window shown in "Screenshot 2" below. When the yellow button is pressed to close the open position, the information on the window changes to display the confirmation of the closing of the position (Screenshot 3). This message also includes a confirmation number and the closing price (1.3659). The open position also disappears from the "Trade" tab and the details of the opening and closing of the position appear under the "Account History" tab (see Screenshot 4 below).
Visit the this section for more information on the account setup process.