easyMarkets launched a new feature called dealCancellation on its platform. This feature allows clients to cancel or back out of a losing trade within an hour after opening the position and have their original investment refunded instead of taking in the actual paper losses. Here’s why this feature is a huge game changer:
- Small fee vs. larger losses
Activating dealCancellation comes at a small cost based on current market volatility. These costs are already disclosed to the client from the get-go, before they open the deal. Which means instead of closing the trade at a loss, they may cancel it as though it was never opened in the first place.
- Handy for trading the news
Trading top-tier market events can prove to be particularly challenging since assets tend to move strongly in a particular direction after the numbers are released or when major announcements are made. When a trader is caught in the wrong direction, the losses on his position can keep growing until he decides to liquidate and take the losses. Any delay in liquidating that position can tremendously magnify those losses.
With the dealCancellation feature in place, easyMarkets clients can already limit their potential risk right from the moment the trade is opened. When faced with a losing position, they have the choice of cancelling the deal and versus taking the full loss, all they don’t get back is the small fee they paid at the start.
- Eliminate trading fears
Quite often, traders hesitate to take a setup that seems very risky, but the truth is that risk is part and parcel of trading. Instead of allowing this to cripple you or negatively affect your decision-making, activating dealCancellation can help calm your nerves and assure you that your losses may be minimized even if price makes wild swings. This way, you are able to participate in the markets knowing that you have a backstop in place.
- Give leeway for volatility
A common mistake by most beginner traders is that they set their stops too tight in order to make sure that their losses are minimised if price moves against them. However, this practice doesn’t give the position enough room to breathe or weather small pullbacks. More often than not, trades with really tight stops get closed out before price even moves in its favour.
Having the dealCancellation feature activated can give a trader enough confidence to set a wider stop without worrying that this would put a larger dent on his account. This way, the asset can have price swings without hitting stops, thereby allowing the position to be kept open even with major corrections.
- Up the stakes!
Another common factor that limits one’s profitability is the fear of taking bigger risks. This can manifest in taking very small positions that offer similarly small returns instead of taking larger deal sizes. dealCancellation gives traders the confidence to take on bigger-sized deals and if the trade doesn’t turn out in their favour, they can rest assured and cancel the entire deal with only a tiny scrape on their account.
“dealCancellation© Option is an ORE patent pending under the patent “Easy Cancellation Option” application number 62334455.”