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easyMarkets launched a new feature called dealCancellation on its platform. This feature allows clients to cancel or back out of a losing trade within an hour after opening the position and have their original investment refunded instead of taking in the actual paper losses.

This may allow you to feel more secure about keeping your potential losses at a minimum in the worst case scenario and gives more leeway for volatility. Not only does feature this limit your loss to the dealCancellation fee, but may also help reduce trading fears and is handy for trading big events. Here are a few examples coming up for January:

  1. Trump’s Inauguration

The US elections may already be over but the drama sure isn’t! Even though the votes signaled that Donald Trump is the president-elect and is set to be sworn in on January 20, there are still a lot of doubts on his legitimacy as the new leader of the free world due to whispers of Russian interference during the polls.

According to the CIA and the FBI, Russia interfered with the November 8 elections in an effort to help Trump win the presidency. This has led many to question the legitimacy of the elections and even encourage some of the members of the electoral college to refrain from giving their vote to Trump. Now the electoral college is usually seen as a mere formality but the uncertainty surrounding the outcome of the elections may spark more controversy during the actual event.

If you’ve watched price action during the 2016 US elections, you’d probably remember that markets had an initial risk-off reaction as the odds of a Trump presidency grew before asset prices sharply reversed and extended its rallies. Now if you’ve gotten caught up in the wrong side of the trade at that point, dealCancellation may sound like a good card to play then.

Traders are likely to keep close tabs on Trump’s speech during this event and any brash remarks or indications that his presidency may be littered with uncertainty which might inspire a fresh wave of risk aversion at the start of the year, with the possibility of triggering sharp moves in either direction.

  1. US NFP Release

There is often high volatility during the US non-farm payrolls release, as these jobs figures usually provide the first glimpse into how the economy might fare in the coming weeks and how the Fed’s monetary policy bias might change. The FOMC already hiked interest rates back in December but hinted of three more rate hikes for 2017 so the NFP release may contain some clues on when the next tightening move might happen.

Market watchers usually may have a strong reaction to whether or not the headline figure comes in above or below expectations and if it showed a faster pace of jobs growth compared to the earlier release. Later on, revisions to previous reports factor in the dollar’s movement so there’s a chance for sharp reversals, especially if underlying figures such as average hourly earnings or the labor force participation rate reflect weaknesses.

But while the NFP does offer good opportunities to catch short-term profits, it may do quite a number on dollar pairs and traders need a strong gut to play this event. But with the dealCancellation feature in place, fears of incurring a large loss on whipsaws may be reduced as you can back out of the position if it’s not working in your favor. Many dealCancellation users feel that the small fee incurred to cancel losing trades within 60 minutes is worth their while.

  1. Central Bank Statements

Right around the middle of the month is the ECB rate decision, which may shed some light on whether or not policymakers are already seeing signs of improvement in the euro zone. In their December announcement, officials extended the QE program to December 2017 while tapering the size of asset purchases for the extension period.

The shared currency tossed and turned during this announcement, as the taper was initially interpreted as a hawkish move but the extension of the easing end-date made it clear that the ECB isn’t done printing money yet. This led to a sharp decline for the euro and those caught up in a long position without any dealCancellation feature in place or unable to cut their losses quickly likely ended up with a sizeable dent on their account.

Since the ECB already made its move back in December, no actual changes to their QE program is expected in January. Still, market watchers would likely scrutinize Draghi’s remarks to see if they can spot clues on the central bank’s next moves. Apart from that, traders are also eager to find out how the Italian banking troubles and the looming French and German elections may factor in the ECB’s bias.

The Bank of Canada is also scheduled to announce their monetary policy decision in the same week and no changes in interest rates is eyed. However, any changes to the tone of their statement, particularly when it comes to their assessment of the oil market or Canada’s energy sector, may lead to big moves for Loonie pairs.

If you’re planning on trading either of these top-tier central bank statements, having dealCancellation activated could serve as your safety stop that may help you trim losses (for an hour) in case price doesn’t move in the way you expect. Or if you’re not used to trading news events, practicing with dealCancellation can allow you to get some skin in the game with these high-profile announcements while ensuring that your losses are limited to the feature’s fee. These catalysts can often be heart-pounding and nerve-wracking for most traders so having some sort of option to change your mind may come in handy.

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