Closing a position is a fundamental part of trading, allowing you to realise profits or cut losses. At EXANTE, we provide several ways to close positions efficiently. However, it's essential to understand the process and potential challenges to ensure smooth execution.
How to Close a Position from the 'Portfolio' Module
1. Navigate to the 'Portfolio' Module. Access the 'Portfolio' module from the left-side toolbar that includes the list of all modules of the desktop trading platform, or navigate to the top toolbar, click "Reports" → "Portfolio".
2. Locate the Open Position: In the "Open Positions" section, find the position you wish to close.
Portfolio → Close position
3. Click the "Close Position” button: Select the icon depicting a portfolio sign with a cross next to it. This will trigger a market order to close the position at the current market price.
The “Close position” will be inactive if:
The instrument does not support market orders.
You attempt to close positions outside of Market hours.
If you've disabled trading for your account.
Closing All Positions
To close all open positions and active orders simultaneously, select the "Cancel and Close All" button at the top of the Portfolio module.
Portfolio → Cancel and Close All
Please note that this method will work for each subaccount separately.
How to close a position using the 'Order' Module
If you want to close a position using the 'Order' module, select the Order type and Duration of your order → specify the number of shares you want to sell → click 'Sell' or 'Buy' depending on your existing position.
If you have more than one subaccount, please also select the subaccount from which you want the trade to be executed.
If you hold a long position in a particular instrument in your account (i.e., the quantity of the position is positive), you need to sell the securities.
If you hold a short position in a particular instrument in your account (i.e., the quantity of the position is negative), you need to perform a buy trade.
Trading platform → Order module
Why can't I close my position?
Pending Sell Order: If you already have a pending order to close the position, the close button might be temporarily disabled. You can view your pending orders in the 'Orders' module.
Trading Session: The instrument being traded may not be available outside of its designated trading hours.
Order Types: Certain order types, such as Market, Stop, and Stop Limit, are only available during the main trading session.
Trading Disabled: If the “Trading Enabled/Disabled” switch is set to “Disabled,” orders cannot be created.
Exchange Conditions: Different exchanges have unique rules, conditions, and restrictions that can impact order execution.
Example: TMX (Toronto Stock Exchange) enforces a 100-share minimum lot size rule for many of its instruments, including U/U.TMX. This means orders must be in multiples of 100 shares, like 100, 200, or 300 shares.
If a client holds less than 100 shares of a TMX-listed instrument (for example, 26 stocks), they must request manual execution through the Trade Desk by emailing [email protected]. The email should include details such as the account ID, instrument name, order size, type, and other specifics as outlined in the manual execution guidelines.
For a holding of, for example, 726 shares, the client could sell 700 shares using standard methods, while the remaining 26 shares would require a manual closure email request.
ASK/BID Prices: Limit BUY orders are executed at the ASK price or lower, while Limit SELL orders are executed at the BID price or higher.
No Account Selected: The correct subaccount must be selected for the trade.
No Direct Market Access: Some instruments require a manual order request to be submitted to [email protected].
The following instruments can only be traded by submitting a request to [email protected]:
Bonds in OTC folder;
*.OTCMKTS (Over-the-Counter instruments);
OEFs (Open-End-Funds);
*.LSEAIM (London Stock Exchange Alternative Investment Market);
*.FWB (Frankfurt Stock Exchange);
Instruments transferred from brokers with no DMA execution available;
*TMX (Sell orders with a quantity less than 100 shares);
*WSE (Instruments with “BETA” or “ETF” in their ISINs, eg, ETFBS80TR.WSE, BETAM40TR.WSE), only orders for the position closure;
PTP (Publicly traded partnerships stocks) - only orders for the position closure;
You can find detailed instructions on how to submit orders for manual execution in the article Manual Order Execution at Exante: Everything You Need to Know.
If you still cannot place an order, please check the article related to the reasons why your order might not be executed.