When your broker’s maximum allowable leverage is reduced from 500:1 to 50:1, it’s being divided by 10. This means that the required margin on each of your open positions (regardless of when it was opened) will be multiplied by 10.
[B]You should be able to find your current, total USED MARGIN directly from your trading platform. Just multiply that figure by 10, and you will have the total margin that will be required after the reduction in leverage.[/B]
That’s the direct answer to your question.
Here are the answers to the questions you didn’t ask.
Should you add funds to your account to cover the higher required margins? — NO.
Should you hedge your open positions, in an attempt to survive a [I]black swan[/I] event? — NO.
Should you hold your open positions during the “Brexit” referendum period? — NO.
My advice: close all of your open positions no later than 48 hours prior to the scheduled hike in required margin. A major increase in required margin will drive many traders out of the market in that final 48-hour period, and you have no way of predicting what that might do to prices. Unless you’re a blind-faith gambler, you have no reason to be in the currency market before, during, or shortly after the “Brexit” vote.
Nobody can predict the effect of this vote on prices. It might be a non-event, as far as the currency market is concerned. Or it might be something on the order of the [I]SNB black swan[/I] in January 2015. Most likely, it will be somewhere between those extremes. Why expose yourself to a risk you can’t possibly evaluate?
Finally, the fact that you don’t want to close out positions which are currently in drawdown, is your admission that [I]you can’t stand to be wrong.[/I] You want the market to come to its senses, and vindicate your judgement. That way lies disappointment and loss.
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