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Mary Joseph made post

Should I close open positions or leave it to the broker? Guess he will close it anyways.

Answer
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Maniish Lofar answered.
2 years ago


There are a few things to remember here. The responsibility of closing the position is still on you. Your broker only helps you by compulsorily closing your positions around 3.15 pm to avoid any delivery payments for you. But if the broker forgets then the accountability of the position is still on you. That is mentioned in the broking agreement. You may not have read the fine print but it is there nevertheless. So take the responsibility to close the position before 3.15 ideally. So don’t wait till the last minute and close when you see the best opportunity.
One thing for you to remember! You need to be in full control of your intraday trading positions. That includes losses and profits. You need to take them. The broker will not worry at 3.15 whether your position is in profit or in the loss. They run the risk management system (RMS), which cuts all open intraday positions without adequate margins. The RMS is an automated system and does not worry about anything other than risk management. Always take control and take responsibility for your intraday trades. That is the best way to do it.