How to close a trade on eToro
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On eToro, you can use limit and stop orders to automatically close out a trade or press the close button to manually exit your position. This page explains all of the ways you can close a trade on eToro and has step-by-step instructions to help you.
How can I close a trade on eToro?
When you have an open position and want to close it there are a couple of different methods you can use. On eToro, it is possible to close a trade manually and close a trade automatically. Manually closing a trade requires you to click a few buttons and exit your position, while automatically closing a trade can be achieved by setting a limit or stop order before opening.
How to close a trade on eToro – A step-by-step guide
As mentioned above, there are two ways you can close a trade on eToro and in this section, we’ll provide you with a guide for both methods.
How to manually close a trade
- Log into your eToro account.
- Click ‘portfolio’ on the left toolbar.
- Select the instrument you want to close by clicking on it.
- Click ‘close’ on the right side of the screen.
- Confirm the detail on the pop-up and click ‘close trade’.
How to automatically close a trade
You can automatically close your position by using a stop loss and take profit order. These are instructions from you to eToro to close your trade if a prespecified price level is reached. A stop loss will automatically close your trade for a loss, while a take profit will automatically close your trade for a gain. Here are the steps you can follow to use both types of orders.
- Log into your eToro account.
- Use the search bar to find the asset you want to trade and click on it to launch its home page. Click on the ‘invest’ button to open an order ticket
- Enter the amount you want to trade, choose your leverage, enter your stop loss, and take profit levels.
- Click on open trade.
- Your trade will now be live and will automatically close if the asset price hits your stop loss or take profit level.
How can I close a position on the eToro mobile app?
The eToro mobile app has the same features as its web-based platform and can be used on both iOS and Android. You can open, close, and manage your positions using the app and below, you can find a guide on how to close a position on the eToro mobile app.
- Open and log in to the eToro app on your mobile device
- Scroll to the bottom of the screen and tap ‘portfolio’. This will open up a page showing all of the positions you currently have open
- Tap on the trade you want to close. You can also swipe left on it and click the X
- Finally, click on ‘close trade’ at the bottom and your position will be closed
Can I close part of my position on eToro?
Yes, you can partially close positions on eToro, although it is only possible if both the part being closed and the part remaining open meet the minimum trade size requirements.
You can follow the instructions below to learn how to partially close a trade on eToro.
- Log into your eToro account. From the web version, click the portfolio button in the left sidebar. From the mobile app, tap the portfolio button at the bottom of the screen. This will open up a screen showing all of your open positions
- Next, click on the trade you wish to partially close.
- Now click on the red X, and check the box that says ‘close only part of the trade’.
- Select the amount you wish to close – you can choose between a USD or unit amount.
- Press ‘Close trade’.
When you partially close a trade, the rest of your position will remain open and can be accessed via the portfolio tab. The stop loss and take profit levels of the remaining part of your trade will automatically adjust to reflect the new trade size.
Is closing a position the same as selling?
No, the two are not the same. Closing a position means you are exiting your investment or trade. Selling is synonymous with ‘short selling’ when you bet an asset will decline in value. Technically, you can close a position by selling it, but you will have first needed to buy it. On eToro, it is easy to distinguish between selling and closing.
What is the best way to close a trade on eToro?
There is no best way to close a position, rather it will depend on your own trading style. Market conditions can also play a role in the most optimal way to close a trade. If you do not want to spend time sitting in front of a price chart, you can use the stop loss and take profit features, to automatically close your trades at prespecified levels.
If you are an active trader, it may be a better option to manually close out a trade, as you’ll have more control and insight into how a specific market is moving at any given time. You can also opt to use a trailing stop loss to close your positions, which is a good choice in strong trending markets.
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