Has anybody used dealCancellation?

[Avasiliev]

Hi,
I am new to trading and I am exploring my options. I was impressed with one tool called dealCancellation by easyMarkets. It is a risk management tool which will let me cancel a trade if it is losing in one hour! The thing is I am generally new to trading so I'd like to ask if anybody has used this tool or can advise me on it.
I hope I am posting this question in the right place.
Thank you friends

 

[alextrader79]

Mmm and isn't it easier to set stop loss orders?

 

[Avasiliev]

Thanks

Mmm and isn't it easier to set stop loss orders?

Thanks for the reply Yes i can set a stop loss too.
I guess with this tool I can open the trade with stop loss but still if i see i lost a lot of money then I can just cancel my loss!!! have you tried it before?

 

[alextrader79]

Thanks for the reply Yes i can set a stop loss too.
I guess with this tool I can open the trade with stop loss but still if i see i lost a lot of money then I can just cancel my loss!!! have you tried it before?

No, I haven't.
I've just made my risk management so not to lose much money, I always use SL and sleep well. If I understand right, deal cancellation waits for an hour before cancelling a losing position, but the final loss can be even more than a SL level, doesn't it?

 

[Avasiliev]

No, I haven't.
I've just made my risk management so not to lose much money, I always use SL and sleep well. If I understand right, deal cancellation waits for an hour before cancelling a losing position, but the final loss can be even more than a SL level, doesn't it?

Well you can choose to cancel your position within 60 minutes, But there is a fixed fee, and whether you end up keeping the position open and making a profit or not you pay the fee. I don't think it has anything to do with stop loss.. I am testing I will report back once I have tried it.

 

[Chartsy]

It's clever marketing for what is pretty much a call or put option - you pay quite a premium in times of volatility and vice versa in quiet periods

 

[gerryg]

Well you can choose to cancel your position within 60 minutes, But there is a fixed fee, and whether you end up keeping the position open and making a profit or not you pay the fee. I don't think it has anything to do with stop loss.. I am testing I will report back once I have tried it.

Commonplace feature of Binary options. I wonder what is your skin in advertising this scam stuff on forums?

 

[Quantt]

This sounds very fishy to me, I would not touch it...

 

[gerryg]

dealCancellation ?? The new term of Stop Loss?? What is new in this tool??

Another way to lure you to play their financial casino where they will easily steal your money.

Remember that brokers will never protect you from trading risk if the premium you pay for that exceeds the fair price. In the end you will be on the losing side anyway.