Orders to close an open position or a deal

Usually a pair of orders, Stop and Limit, is placed to close an open position (or a deal, if you trade in the Advanced style). The TradeRoom Classic trading style allows closing the position with any order the amount of which is opposite to the open position size. In the Advanced trading style, the order must be necessarily tied to the position or deal to be closed. A bonus of the tied orders is that their amount automatically changes to match the new size of the open position at the position change, and they are automatically canceled at the position close. That is why it is advisable to use the tied orders when you also trade in the TradeRoom Classic style.

TradeRoom system offers you to place the closing orders after you execute a trade if the Offer order operations option is enabled in your trading preferences.

However, you can do this in the closing orders window any time you want. Just click on the row with the open position of your interest and select the Orders context menu item.

The window provides access to both Stop and Limit closing orders, and allows placing the orders, editing their rates or canceling the orders you do not need.

The order type is in the first column, Type.

The order rate is specified in the Rate field. At the order placement, a default value according to your preferences is offered; you can edit it at your discretion. You can set the rate as an increment as well.

There is a trailing option for the Stop order. The default state of this option is configured in the trading preferences. The trailing distance is selected automatically according to the distance between the order rate and the current one.

The option in the Operation selection column allows placing or canceling the orders selectively. If you unmark the option at a new order, there will be no order. If you unmark the option at the existing order, it will be canceled. A hint near the option tells which operation will be performed to the order.

Note: You can also cancel the needless tied order by clicking on the table cell with the order rate. The context menu for the Stop and Limit table columns is different from that of the rest of the table cells, and it contains a command to delete the order.

This menu also has the commands:

• Order rates displays the closing orders window where you can change the order rates, enable or disable trailing, or cancel a needless order.
• Edit order displays the order editing form for the selected order to change its advanced parameters.