Miscalculations can happen to anyone. You analyse the chart, open the position and realise, you should not have done it. There is good news for you. Olymp Trade provides the possibility of selling an option immediately, without the need to wait until it expires. It will result in blocking your profit or limiting the losses.
How to sell an option
There are two ways of selling an option. You can hover the mouse over the offer on the chart so the window with the selling price will appear. Whenever it is acceptable, click on a button with the price. The second option is to press the “Sell now” button visible on the right side of the platform where your trades and orders are displayed.
When to sell an option
When you entered the trade and everything seems to go in the desired direction, then selling an option does not make much sense. However, if you realise at some point that the market is going in the opposite direction and you are facing losing the money, then you can use the possibility to sell a trade.
Be rational. Sometimes it is better to wait a bit before deciding on selling an option. Look at the example below. The trader opened up a position for 100 demo currency and at the displayed moment he can sell it for only 16.00. There are over 4 minutes left and maybe it is better to wait and see how the situation on the market will develop.
In some cases though, it is better to sell the trade even for a small amount. It is always better to lose less than more. So to minimise loss you can use the sell option.
Note, that the sell button will disappear when less than 1/6 of expiration time left. After that time the only thing you can do is sit and watch.
Remember, there is a free demo account where you can practice trading without the risk of losing real money. You can also check there how selling an option works. So go ahead and open it now.
We wish you always profitable trading!
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