Do you often wish to cancel trades when losing so your casualties don't accumulate further? easyMarkets has DealCancellation as the perfect solution.

Traders typically lose money due to lack of proper risk management, although other factors like inexperience and unexpected market turns can also contribute to their losses. Most successful traders would agree that risk management is actually one of the most crucial components in a trading plan.

When it comes to risk management, some of the common tools to use are stop loss and take profit, which can be found in most brokers these days. However, if you don't have the time to manage stop loss, easyMarkets offers a solution that allows you to cancel your losing trades without having to worry about getting slippage. The feature is called DealCancellation.

How to cancel losing trades in easyMarkets

 

DealCancellation at a Glance

DealCancellation is one of the industry's most innovative tools provided by easyMarkets. It basically gives traders the right to cancel their trades after a certain period of time, allowing them to save their invested amount and limit their losses. DealCancellation is applicable on almost every instrument in easyMarkets unless otherwise specified.

Just simply check the dealCancellation icon on your trading ticket to see all of the available instruments. However, please note that this feature can only be used on the easyMarkets proprietary platform.

🌐 Website
easymarkets.com
Leverage
1:400
💼 Regulation
💲 Min Deposit
$25
Year Established
2001

Bonuses
PAMM
Personal manager
Trading contests
Segregated accounts
MAM
Free education
Trading by phone
WebMoney
Skrill
Wire transfer
Neteller
FasaPay

Since 2001, easyMarkets have been writing their stories in financial markets. Simple, Honest, and Transparent, become three values that are carried on easyMarkets. The company has tried to make the process of trading as simple as possible.

They rebranded from easy-forex to easyMarkets in 2016. Over the years, easyMarkets expanded their CFD offerings to include global indices, options, metals, forex, commodities, and cryptocurrencies. The company is licensed by CySEC and ASIC.

Another privilege when trading in easyMarkets is its own platform. easyMarkets platform is simple and versatile. Based on reviews from traders, it's friendly to new clients and hosts a lot of features for experienced traders. Clients also receive free guaranteed stop loss, no slippage, fixed spreads, and no funding or withdrawal fees from easyMarkets.

There are three uniques features in the platform. Firstly, dealCancellation gives traders the ability to "undo" their trade. easyMarkets is the only broker that offers a way to close trade before it reaches 60 minutes duration only with a small fee.

Furthermore, traders can enjoy the Inside Viewer. This tool gives traders a deeper understanding of market sentiment by showing them percentage of buying and selling executed in the platform. The third unique feature is Freeze Rate. traders can pause a rate and place their trade at the "frozen" rate using this tool.

easyMarkets also includes financial calendar, market news, trading charts, and trading signals as the platform's perks. They also offer the technology on the mobile interface via iOS and Android devices. Traders can access markets anywhere and at any time.

MetaTrader 4 is also provided by easyMarkets. When using this popular trading platform, traders will get negative balance protection and fixed spreads. Besides that, Vanilla Options is available in this broker.

Because of those innovations, easyMarkets is an award-winning broker, receiving Forex Broker 2019 by The Forex Expo-Dubai, Most Innovative Broker 2018 by World Finance Markets Awards, Best APAC Region Broker 2018 by ADVFN International Financial Awards, Most Transparent Broker 2017 by Forex-Awards, Best Forex Service Provider 2017 by FXWord China, and many more over the years.

Moreover, easyMarkets offers three account types, such as VIP Accounts, Premium Accounts, and Standard Accounts. All of them can be accessed by the Web/App and MT4 platform. easyMarkets provide maximum leverage at 1:200 when using easyMarkets Web/App platform, and maximum leverage of 1:400 when using MT4.

Fixed spreads start from 1.0 pips in forex trading. Traders can become easyMarkets VIP clients with some benefits, such as trading via telephone, access to the tightest fixed spreads, personal analyst, and real-time market updates via SMS.

Traders do not need to pay additional fees whethere it is for commission, account fees, or deposit withdrawal. Account currencies are available in 18 options including EUR, CAD, CZK, JPY, NZD, USD, SGD, and many more. The company offers multiple ways to deposit and withdraw funds, some of them are credit/debit cards, bank transfers, and a ion of eWallets like Neteller, Skrill, and Fasapay.

For any questions or assistance, traders can contact the company directly at one of their local offices or at their headquarters in the Marshall Islands. Besides, traders can chat with their customer service by email, Facebook, WhatsApp, Viber, and Live Chat.

Based on the review above, easyMarkets provides easy-to-use platforms with some unique tools and it can be accessed by traders anytime and anywhere. Besides, traders do not need to pay extra fees for trading commission and deposit/withdrawal fees. Traders who register in easyMarkets can enjoy low spreads in EUR/USD pairs from 0.9 in the MT4 platform.

The DealCancellation allows traders to cancel their orders after a specific period. There are three options that you can choose from:

  • 1 hour
  • 3 hours
  • 6 hours

Once the DealCancellation is activated and you successfully canceled the deal, the amount of funds you risked will be returned to your account. Your fees will still be deducted, but you may incur less loss than you would get at a regular stop-out trade. Keep in mind that the amount of risk returned may not be exactly the same as when the deal is closed due to the exchange rate fluctuation.

Moreover, DealCancellation is not completely free of charge. The cost of using the feature may vary depending on the security you use, the size of your position, and market conditions. The good news is that you'll be able to see the full cost before the trade is opened, so you can manage your trade and expense.

 

Why Use DealCancellation?

Generally speaking, DealCancellation can be used in any trade or situation. It's a powerful risk management tool that allows you to use various trading approaches, such as:

  • Trade during big market events: Typically, most traders avoid the market during big events or news releases due to the high volatility and extreme price swings. When this happens, prices can move really fast, which often leads to significant losses. This is why some brokers increase margins or completely disable trading during such events as a form of protection for their clients. easyMarkets on the other hand offers a tool that can help traders open positions during market events confidently.

  • Open larger position sizes: Many traders tend to hold themselves from opening large positions because of the high risk. If this is the case, DealCancellation can certainly help you minimize the risk by giving you an hour, 3 hours, or 6 hours option to cancel the order. You can easily use this when the market suddenly moves against you.

  • Control trading risks: Placing an order in the market means risking your money to gain profit from the price changes. This can be quite nerve-wracking, especially for rookies. But with DealCancellation, you can cancel a losing trade for a small fee and eliminate the anxiety of losing too much from a single trade.

  • Take advantage of volatility: Volatility can be either a blessing or a curse for traders, but mostly it's the latter. If you're not careful, it can make you lose money the second you turn your head away from the screen. However, DealCancellation can help you with that. You can secure your trade quickly even during high volatility. In other words, it gives you a bigger opportunity to generate more profit and minimize the chance of losing more than you can afford.

 

How to Activate the DealCancellation Feature

1. Log in to your secure Client Area and open a deal. When you do so, click on the shield icon to enable the DealCancellation feature. Then, set the period that you'd like to use, whether it's 1 hour, 3 hours, or 6 hours.

DealCancellation 1

 

2. On easyMarkets platform, you can see which trades have DealCancellation activated on the Trades Report. A shield icon will appear next to the protected positions.

DealCancellation 2

 

3. If you spot a losing deal, you can immediately close it within the set time limit. Click "Close Deal" to perform the action. The amount of time left to cancel will be displayed under the trade details.

DealCancellation 3

 

Summary

easyMarkets is the only brokerage firm that offers a tool to cancel losing trades to manage risks. This feature is particularly useful for forex traders who are looking for an effective way to save them from unfavorable markets. As explained in this article, DealCancellation allows you to close a losing deal in no time for a small fee. Overall, it's very easy to use and suitable for any type of trader. You can use it as a separate tool or use it alongside other risk management options like stop loss and take profit.

 


easyMarkets was founded back in 2001 when the only way to trade was through a physical trading room. Since then, the broker's purpose was to give market access to anyone that wanted it. They ended up fundamentally changing the online trading industry in several aspects with their "simply honest" basic philosophy and business model.