InvestorQ : My broker has assured me that any open positions he will close. Do I still need to worry about closing all my open intraday positions?
Riya Dwivedi made post

My broker has assured me that any open positions he will close. Do I still need to worry about closing all my open intraday positions?

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Priyanka Jain answered.
3 years ago
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Remember, your broker is not obliged to close your positions. If a position is not closed or the broker’s RMS system fails then the responsibility of the position is still yours. Your broker only tries to help you with the RMS but the accountability is still yours only. Some traders may get tempted to take delivery of their positions in case their targets are not achieved. This is not a very good sign. Keep a time-cut off. Ideally, review all your open positions by 2.30 and take the final all by 3 and execute accordingly. It is not worth taking a risk and hold on for too late in the day. This is one of the biggest errors and it is crucial to close all open positions even if traders have to book a loss. Rather book a small loss today and go with no overnight risk.
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