Below is a screen-shot of a typical ‘My Position’ report:
With online platforms, traders have 24×7 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.
Buy: The volume of the currency ‘bought’.
Sell: The volume of the currency ‘sold’.
Open 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: 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.
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.
Modify: The trader is allowed to change his Stop-Loss or Take Profit, 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. 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.