Read How dealCancellation Saved the Day During the Elections in 5 Minutes

Earlier this year, pioneering online broker, easyMarkets launched an industry-first with their new risk management tool, dealCancellation. This allows traders to cancel losing deals 60 minutes after opening and have their money returned.

While some were skeptical as to the effectiveness of this powerful tool, many took advantage of it during one of the most volatile days of the year – the US elections on 8-9 November.

Two clients from China saved themselves from combined losses totaling $3,300 loss trading the USD/JPY. Two other clients were on the wrong side of the trade when they invested in the S&P 500 but were able to cancel their respective losses of $9,550 and $4,200. Meanwhile one of our gold traders saved on a $5,000 loss.

This is the breakdown of how dealCancellation saved the day for one of our traders. Mr. X from China was trading the 4 contracts of the S&P 500 (SPI/USD) with a “margin to risk” of $12,750. By 03:15 GMT he realized he was on the wrong side of the trade but was already facing a whopping $9,550 loss. Thankfully he’d taken out insurance in the form of dealCancellation and due to the high volatility of the markets at the time paid $1,942 for it. He quickly cancelled his deal and got his $9,550 returned to his account balance, plus the remaining $3,200 from his initial margin, totaling $12,750.

“I knew the markets were risky at this time but I didn’t want to miss out on the action. Some of my trades went well but this one was facing a huge loss. Thankfully I didn’t feel the loss. It’s a great tool which I will use again”.

With billions lost and made in a single day of trading the markets may stay restless for some time. ‘Black swan’ events like the Brexit earlier this year and the US elections require extra risk management plans from traders.

Before you trade again, find out more about dealCancellation.

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