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How do i remove unwanted Favorites from the list?

Tapping on an instrument within the favorites area will give you a popup bar, which gives you the following options:

Instant (or Market)  - Open an instant or market order depending on execution type of the instrument.

Pending - Creates a pending order: Buy Limit, Sell Limit, Buy Stop, Sell Stop

Chart - Directs you to a chart window.

Move up  - Moves instrument up in the list

Move down - Moves instrument down in the list

Favorites - Removes this instrument from 'Favorites'