There are multiple ways you can go about closing your position, but in essence, what you'll need to do is place an order for the same amount in the opposite direction. So, if you have an open short position for -500 contracts, you need to place a buy order for +500 contracts to close it out.
How do I know whether I'm long or short?
You can quickly identify your position type by checking the "Size" display in the Positions widget:
- Long Position: The amount will be displayed in green and as a positive number.
- Short Position: The amount will be displayed in red and as a negative number.
Where can I see how many contracts I have open right now?
The "Size" field within the Positions widget also indicates the total number of contracts you currently have open.
Closing position through the Positions widget
The most straightforward way to close your position is by utilizing the Close Position column in the Positions widget. This method simplifies the process, as the system automatically handles contract selection, order direction, and order size.
Using the Limit Button
- Adjust the pre-filled value next to the button to set your desired Limit Price.
- Click the Limit button to place a limit order.
Using the Market Button
- Click the Market button to close your position immediately at the current Market Price.
Closing position through the Place Order widget
Alternatively, you can close your position through the Place Order widget located on the left-hand side of the Trade page. This method provides access to a wider range of order parameters. For a detailed explanation of this widget, please refer to the Understanding the Place Order widget article.
Steps
- Ensure that the correct contract is selected in the widget.
- Enter the exact number of contracts equal to your current Position Size in the "Size" field.
- Click Buy if you have a short position, or Sell if you have a long position (refer to the How do I know whether I'm long or short? section above if you're unsure).
- Consider using the Reduce-Only or Close on Trigger options to prevent accidental position increases or the need for additional Order Margin.