Traders have been hitting the panic button a lot lately, as the global markets roller-coaster continues to ride along the path of uncertainty. That’s one of the reasons easyMarkets has launched dealCancellation, a groundbreaking new feature that allows traders to bail on a position if it turns out horribly wrong.
The dealCancellation feature allows you to bail on pretty much any losing position you want – just as long as you do it within 60 minutes. For news traders and volatility seekers, a fraction of that time is usually all that’s required to determine whether you’re on the winning or losing side of a position.
dealCancellation does come with a small fee based on recent volatility but it may be insignificant to what you might save if you need to cancel your deal and save your margin. Do keep in mind that rate fluctuations may mean that your margin, once converted back to your account’s base currency may be different when the deal is cancelled or closed. However, that is standard across any trading you do.
The dealCancellation feature is remarkably easy to use. The option appears to the right of the Buy/Sell options on your trading ticket.
Let’s have a look at trading the GBP/USD for example. When you select the pair, you’ll see two drop-down boxes – amount to trade and amount to risk. To the right of those boxes is the dealCancellation feature, which can literally be clicked on and off. In your ‘open trades’ section, you’ll see a special icon next to all of your trades with dealCancellation. Basically, this allows you to see all the trades you’ve protected.
Finally, by navigating over to the Cancel Deal pane, you see how much time you have to apply dealCancellation. The message will appear like this (in our example): Your deal is currently protected by dealCancellation. Please note: You have 48 minutes to cancel this deal. dealCancellation will save you GBP 679.44.
By cancelling the deal, the “amount to risk” is returned to your trading account. The amount to risk is essentially your margin on that position.
With a tool like dealCancellation, traders who are nervous about entering the market during volatile trading hours may more confidently take the leap to trade. In an age where so much emphasis is placed on trading psychology, dealCancellation is a potentially groundbreaking tool that can help traders nip fear in the butt and just trade based on the technical and fundamental indicators they’ve spent so much time learning about.
With dealCancellation, you may finally trade nonfarm payrolls, the European Central Bank – in fact any event that may move the markets sharply! But it’s critical you monitor the economic calendar closely to ensure you lock in your trade at the right time. With dealCancellation, you may actually want to trade volatile markets because that’s where the opportunity is.
Let’s not forget, trading is risky and during market volatility you can lose the amount your risk on your one trade in the flash of an eye. And that’s when dealCancellation comes into its own.
DealCancellation is a great complement to any investing portfolio. If you’re trading forex, commodities or indexes, your goal should be incremental progress over time. dealCancellation should not change that, but it should give you the flexibility to be a little more aggressive around high-profile events without having to worry about bombing your account. For that reason, the easyMarkets dealCancellation feature is a real advantage for both new and experienced traders.
Terms and conditions
“dealCancellation© Option is an ORE patent pending under the patent “Easy Cancellation Option” application number 62334455.”
Risk warning: Forward Rate Agreements, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you understand fully the risks involved and do not invest money you cannot afford to lose.
Our group of companies through its subsidiaries is licensed by the Cyprus Securities & Exchange Commission (Easy Forex Trading Ltd- CySEC, License Number 079/07), which has been passported in the European Union through the MiFID Directive and in Australia by ASIC (Easy Markets Pty Ltd -AFS license No. 246566).
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