Questions From User:
“How do you close a trade? I made bull spread trades that I now think were the wrong move and wish to cancel them or close them out to minimize losses. How do I do this?”
Note if you have a urgent platform related questions please call Nadex. Here is their contact information page: http://www.nadex.com/trading/contact-nadex.html “http://www.nadex.com/trading/contact-nadex.html”
Also feel free to watch the platform training tutorial under Tutorials, Nadex Trainings, Nadex Basics Above
Answer:
In your nadex platform simply go to the open positions tab. Find your open position. Then click on the arrow on the left next to it. It will open a ticket in the opposite direction. You can enter the price, and update the quantity to match your desired ticket and hit submit.
NOTE: This is a limit order so if your ticket is buying higher than where the spread is quoted it will get filled at current market price, if you enter a sell ticket lower than the market price then it will get filled at current market price (providing an available price and quantity is available). This is because limit means at this price or better - so if i say i want to buy at 1.32 and the market as at 1.20 then it will fill me immediately as 1.20 is much better than a 1.32 price so it is available at a price better than what i put in. For this reason you can’t have stop loss orders placed and pending as they will get filled immediately. At the same time that is a great advantage of trading nadex as the floor or ceiling is your stop loss. But you can put in both pending entries orders and then after they are filled you place a pending take profit order as well.
Also feel free to watch the platform training tutorial under Tutorials, Nadex Trainings, Nadex Basics Above