If you would like to close a position so that you realise a profit or a loss, you must place an order in the opposite direction of your current trade. If you are in a long position, you must sell contracts, or if you are in a short position, you must buy contracts.
In the Positions widget on the trading dashboard, you will see the net amount of contracts you are long or short for each instrument you have traded. The column “Size” displays this information. In this example, it is an XBTUSD long position of 500 contracts. To close this position, you would need to sell 500 XBTUSD contracts.
You can close your positions directly from the Positions widget. Clicking the red “Market” button will submit a market close order for the open position. You can also submit a limit close order by first entering your desired price on the left and then clicking the blue “Close” button. In this example, clicking “Close” would submit a limit sell order for the whole position at $50,000.
You can also similarly close your positions using the Place Order widget on the left-hand side of the trading dashboard. Submitting a sell order of 500 contracts would bring the position to zero and fully close your position.
In the previous example of being in an XBTUSD long of 500 contracts, if you sell more than 500 contracts, the open long position will be closed, and a new short position will be opened. E.g. If you sell 501 contracts, you will end up with a short position of 1 contract.
To avoid this happening, you can use the “Reduce-Only” toggle. The Reduce-Only toggle will ensure that your position is reduced and no new positions are opened.
However, note that if you submit an order that would increase your position and have this toggled on, your order will be cancelled. E.g. submitting a sell order of 501 contracts with the Reduce-Only toggle to close your open position will result in the order being cancelled.