SaxoTrader Quick Start 3: Enter, Modify and Exit a Trade

Learn how to enter Forex and CFD trades with the SaxoTrader trading platform, modify orders, place related Limit and Stop orders and close your positions.Transcript:Welcome to the introduction video for our trading platform. These episodes will introduce you to the trading platform providing an explanation of all its features.In this episode we will be looking into how you can:Enter a tradeClose a positionPlace an orderModify an orderPlace related orders1 Entering the tradeThe trading platform offers several ways to place a trade.To enable trading, click the ‘Enable Trading’ button in the top.From the Prices and Trade module locate the instrument you wish to trade, verify the desired amount, and click either the sell or buy button to enter the market long or short.Alternatively you can use the Trade module. Try opening the Forex menu and select Forex Trade.From the Trade module you can select which account you wish to place the trade from, which instrument you wish to trade, the value date, the amount and whether you wish to place related orders.After verifying the trade details you can click either the buy or sell button to enter the market long or short.After placing a trade you will then be able to see your new position in the open positions module.2 closing a positionTo close a position, locate the position you wish to close in the open positions module.Expand the position details by clicking the ‘+’ sign.Click the blue ‘X’ to open the ‘close position dialogue’.Click the close position button to close the position.3 Placing an orderIn some cases you may want to place an order to buy or sell an instrument.To open the Order module you can either select it from the drop down menus, or you can right click any instrument and select the Orders option.After verifying the details you can click ‘Place Order’ to place the order.You will now be able to see your new order in the open orders module.4 Modifying ordersAny time after placing the order you will be able to change it, unless the order has already been executed.Simply locate the order you wish to change in the open orders module — select it — and click change order.Click ‘place order’ to confirm the change.5 Placing related ordersRelated orders can be an important tool to minimize risk and to ensure potential profit.Related orders can be added to open orders, open positions as well as added when making a trade or placing a new order.To add related orders to a Forex trade, open the Forex Trade module, and prior to executing the trade, tick the checkbox “Open ‘related orders’ dialog after trade”.This will now display the Related orders dialog where you will have the option to place both a limit and a stop order.Click ‘Place Orders’ to continue.It will be confirmed by a popup — and the new orders will be visible in the open orders module.You can also add related orders to open positions.In the open positions module, simply locate the position you wish to add related orders to and click the ‘+’ sign to expand the detailsClick either the stop or limit icon.This will launch the related orders dialog for the specific position.Verify the parameters and click Place Orders to continue.This concludes this session. (Exit text)