Closing A Position

You can close open trades through MG’s Deal Desk. Regardless of the method one uses to close open trades, positions will be closed according to the FIFO rule, First In First Out. All positions opened within a particular currency pair must be liquidated in the order in which they were originally opened. If you opened two BUY JPY positions at 2:00 PM, another two at 4:00 PM, and three more a day later, the liquidation of these positions must follow the same order. The ones opened at 2:00 PM would be liquidated first, and so on and so forth. If you close three positions, the two positions opened at 2:00 PM and one of the positions opened at 4:00 PM would be liquidated, leaving you the remainder as open trades. Opening a position in the opposite direction from an existing trade will liquidate that trade before a new position can be established.

You can liquidate existing open trades by completing a trade in the opposite direction. For example, if you have two BUY JPY open trades, you can liquidate the whole of your position or part of it with an ordinary sell JPY trade. The trade can be executed using a Market, Stop, Limit or OCO order.

One can initiate the liquidation of an open trade by clicking on the close “price” in the window labeled “Open Trades”.



If you use this technique, the box designated for units of the pop up “Open Order” window will default to the total number of units you have in open positions in that particular currency. This number needs to be lowered if you do not want to close your entire position in that currency.