Checking Your Forex Account
Below is a screen-shot of a typical 'My Position' report:
My Position Report - Easy Forex Australia Day Trading
With online platforms, traders have 24x7 access in order to monitor open positions, to close positions, or change parameters (definitions) in the deal.
ID: The reference number of the deal, as recorded in the platform.
Open date: The day the deal was opened by the trader.
Buy: The volume of the currency 'bought'.
Sell: The volume of the currency 'sold'.
Rolling until: The last day to which the deal will be automatically renewed.
Rate: The exchange rate of the currency pair in the deal.
Stop-Loss rate: The rate defined for automatic 'stop-loss' of the deal. The deal will close if this rate occurs in the market during the time the deal is active.
Take-Profit rate: (Not defined in this example). The rate at which the deal will close automatically assuming the market moves in the direction forecast by the trader. When defined, this rate allows a trader to take profit automatically when a set rate is achieved, thus allowing the trader to focus on other tasks rather than watching the market closely.
Margin: The amount invested by the trader for the deal. This is the maximum amount the trader can lose.
Last rate: The last known rate (it is the current rate at the time the trader is viewing the screen).
Current Profit/Loss: The status of the trader's position. This will be the profit (or the loss) from this deal, if it was closed at this very second.
Check closing value: Pressing this key will calculate and present the status of all of the trader's open Day-Trading deals (total profit or loss). This is the place for the trader to manually close a position, before it reaches Stop-Loss or Take-Profit.
Change Stop-Loss: The trader is allowed to change his Stop-Loss, at any time while the deal is still active. As previously mentioned, doing so would affect the amount of margin needed for the deal. If the trader changes the Stop-Loss downward (in a case where the position is losing, and is now near the automatic closing), then additional funds will be required for margin. If the trader changes the Stop-Loss upward (in a case where the deal will already see a profit, and the trader wishes to define a higher Stop-Loss to decrease the original risk), then the difference will be credited.
Change Take-Profit: Similarly, the trader is allowed to define, or change, a Take-Profit rate. Note that unlike a Stop-Loss rate, the trader does not have to define any Take-Profit rate; it simply allows the trader to focus on tasks other than rate-watching.
Scenario: The trader can key in various hypothetical exchange rates to see their impact on their overall position (amount of profit or loss), if and when such rates occur in the market.
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