Hi Pokemaughan, Just to clarify, it is possible to partially close positions with FXCM. However, your orders to open or close positions must be in blocks of 1 micro lot (AKA 1000 currency units or 0.01 MT4 lots) or more since that's the smallest trade size. That means if your position size is only 1k, then you can't partially close that, but if your position size is 2k, then you can close 1k at a time.
Oh is that so? Forgive me for being incompetent, but is that accomplished by simply entering the opposite order? i.e. buy 1 lot, sell 0.25 lots and you'll be left with 0.75 lots? I was sure that would open both a short and a long as the context menu in FXCM only shows the option to close the entire position.
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To partially close your position on FXCM's MT4 platform, simply reduce the Volume in the Order window before you click on the Close button.
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Yes, Pokemaughan Sorry, I thought you had an MT4 account, because you were referring to "0.25 lots". On Trading Station, that would be expressed as 25k. That means if you had a 100k trade open (equivalent to 1.00 standard lot on MT4), then you can partially close 25k of it by modifying the Amount in the Close Position window before hitting OK.
Ah, thanks again. Unfortunately it appears you can only partial close "At Market?" I need to set limit orders for exits due to management constraints and the "Order Type" field does not appear to allow limit orders. It seems my only option is to open my positions across multiple orders (4x 25k buy/sell) :eek:
You can set partial limit orders on Trading Station In order to do this, you must have hedging disabled on your account. If you live in the US, your account will already have hedging disabled to comply with CFTC regulations. If you outside the US, then you must click on the MyFXCM button on your Trading Station and change your hedging functionality from the webpage that loads. This change goes through immediately, so please keep this in mind if you currently have hedged trades on your account. Once you're sure that hedging is disabled on your account, then you can create Simple OCO (one cancels the other) orders that will function as partial stops and limits for your position. To do this, select Trading > Orders > Simple OCO from the menu at the top left of your platform.