IML Forex, or iMarketsLive Forex, is a trading platform that offers its users a variety of tools and resources to help them trade forex and other financial instruments. One of the most important aspects of trading on any platform is knowing how to close a trade. In this article, we will take an in-depth look at how to close a trade on IML Forex.
First, it is important to understand what a trade is on IML Forex. A trade is the buying or selling of a financial instrument, such as a currency pair or a commodity. When you open a trade, you are essentially making a bet on the direction that the price of the financial instrument will move. If you think the price will go up, you will buy the instrument. If you think the price will go down, you will sell the instrument.
Once you have entered a trade on IML Forex, you will need to monitor it closely to determine when to close it. There are several reasons why you may want to close a trade, including:
– You have achieved your desired profit target
– The trade is losing money and you want to limit your losses
– You have changed your mind about the direction of the market and want to exit the trade
To close a trade on IML Forex, you will need to follow a few simple steps:
Step 1: Go to the Trade tab
The first step in closing a trade on IML Forex is to go to the Trade tab. This is where all of your open trades will be displayed.
Step 2: Select the trade you want to close
Once you are on the Trade tab, you will need to select the trade that you want to close. This can be done by clicking on the trade in the list of open trades.
Step 3: Click on the Close button
After you have selected the trade that you want to close, you will need to click on the Close button. This will bring up a window that will allow you to confirm that you want to close the trade.
Step 4: Confirm the trade closure
In the window that appears, you will need to confirm that you want to close the trade. You will also need to specify whether you want to close the trade at the current market price or at a specific price.
Step 5: Submit the trade closure
Once you have confirmed the trade closure, you will need to submit the trade closure. This will close the trade and any profit or loss will be realized.
It is important to note that closing a trade on IML Forex does not guarantee that you will make a profit or avoid a loss. The forex market can be highly volatile and unpredictable, and there is always a risk of losing money when trading. It is important to have a solid understanding of the market and to use risk management strategies to minimize your losses.
In conclusion, closing a trade on IML Forex is a simple process that involves going to the Trade tab, selecting the trade you want to close, clicking on the Close button, confirming the trade closure, and submitting the closure. However, it is important to remember that closing a trade does not guarantee a profit or prevent a loss, and that trading forex is always risky. With a solid understanding of the market and proper risk management strategies, traders can increase their chances of success on IML Forex.
