Friday, July 19, 2024

dealCancellation by easyMarkets Provides Traders Security at Times of Unease

Trading online during times of uncertainty could be a real challenge, even for experienced traders and what online brokerage companies can do is to provide tools and features to make their clients feel secure. The markets could be wild and volatile for extended periods, which increases the risk of someone losing money, even with a proven successful strategy. With the risk of their accounts taking a downward path, traders need not just the traditional risk management tools (negative balance protection, stop loss, or take profit) but some additional tools specially designed to meet the demand of 2020 market conditions. easyMarkets had answered the question and just recently had announced a major upgrade for dealCancellation, one its most popular tools, that once activated, can undo losing trades.

What is dealCancellation and how can traders use it?

dealCancellation is a unique and innovative risk management tool that allows traders an unprecedented level of control by undoing
losing trades to recover some of their lost funds in exchange for a fee, according
to the terms & conditions. Already activated for more than 30,000 trades,
the feature had raised the traders’ interest since it unlocks a completely new
way to trade during these volatile times.

One of the best ways dealCancellation can be used ifs for hedging purposes. The market valuations are very volatile around
macroeconomic events and the ability to anticipate what could happen is
limited. Traders can neutralize or reduce the risk by opening an order covering
the other side of the market, with dealCancellation activated before the trade
is even opened. After the news had been
released and the market had digested it, one of the trades will be successful
and the other won’t.

Since dealCancellation had been activated, the ability to undo the
loss limits the downside, since traders had to pay the fee associated and
recover the rest of the loss. Testing a new strategy or undoing a trade opened
by mistake are other two great ways to use this tool.

Major upgrade takes dealCancellation to the next level

According to a recent press release issued by easyMarkets,
dealCancellation had been upgraded and now the duration had been extended to 3
and 6 hours. Alex St. Louis, Chief Information Officer at easyMarkets, talked
about it and mentioned the decision had been motivated by the current uncertain
market conditions:

In the face of the current worldwide crisis, we
enhanced our remote access infrastructure to ensure that easyMarkets could
continue to operate at full capacity, maintaining its excellent standards of
client services and daily operations. This combined with our already established
development practices and collaboration tools enabled us to deliver major
projects such as extending the duration of dealCancellation to 3 and 6 hours,
with more to come in the next few months.”

The decision to improve dealCancellation comes in a period when the
company is already offering other proprietary risk management tools like Freeze
Rate. These can all provide an enhancement of risk control and help traders
navigate one of the most challenging market periods.

Claire James
Claire James
Claire is an accounts manager at Fire Digital UK, an online publishing and content marketing company based in the North West.

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