The use of options and Options Notion understanding is inevitable for thorough understanding of this article. Reviewing the article “Forex special vocabulary” is strongly advised.

Since you bought an option, you have only two ways of getting profit from it and avoiding losses: you have to sell it in the right moment or keep it till the expiration date.

A position closing is a means of returning of the basic transaction for closing the deal. If you bought a call option, you have to sell a call option with the same strike price and the expiration date. Is you bought a put option, you have to sell the put for the same strike call and the expiration date.
There are special trading systems enabling you to sell exactly similar option with no special efforts. To do it all you have to do is press several buttons and do one mouse click.

Expiration date. If the option does no contain the value the moment of its expiration date and it had not been closed, it looses its cost and you don’t have to take any additional actions. If the price of your execution option is more attractive than the current price of the founding instrument the option is based on at the expiration date moment, it means that the price of the base currency is higher than the strike price of the call option or lower than the base rate for the put option. In this case, your account will automatically buy a new currency instrument. It will reflect in opening a new, profitable position that you may momentarily close in case you don’t want to keep it open.