(I did an extensive Google search but haven't found what I'm looking for or a free version of it)
I prefer to scale in to a trade in order to lower risk and use drawdown to my advantage. The problem is, this task is very tedious if I enter the orders in manually.
Here's an example of what I want to do (preferably the user should be able to define how they want to scale in):
1. I want to buy 10,000 units in total with a stoploss of 30pips from the original level.
2. I want to scale in the trade, so I create an order of 1,000 units at my original level with a T/P of 30pips.
3. I then create another order of 1,000 units 1 pip away from my original level, again with a stoploss of 30pips from the original level (i.e, same stoploss price as the first order).
4. Again, another order of 1,000 units, but this time 2 pips away from my original level with a stoploss of 30pips from the original level (i.e, same stoploss price as the first order).
5. Yet, another order of 1,000 units, but this time 3 pips away from my original level with a stoploss of 30pips from the original level (i.e, same stoploss price as the first order).
6. So on and so forth until my original order of 10,000 units has been scaled in.
Using this form of scaling in, my last order would be for 1,000 units and 10pips away from my original entry. All orders have the same stoploss price as the very first trade at the original level.
So instead of risking $30 (10,000 units x 30pips = $30), I end up risking $25.50 instead:
If you need me to explain further, just ask.
Thanks!
I prefer to scale in to a trade in order to lower risk and use drawdown to my advantage. The problem is, this task is very tedious if I enter the orders in manually.
Here's an example of what I want to do (preferably the user should be able to define how they want to scale in):
1. I want to buy 10,000 units in total with a stoploss of 30pips from the original level.
2. I want to scale in the trade, so I create an order of 1,000 units at my original level with a T/P of 30pips.
3. I then create another order of 1,000 units 1 pip away from my original level, again with a stoploss of 30pips from the original level (i.e, same stoploss price as the first order).
4. Again, another order of 1,000 units, but this time 2 pips away from my original level with a stoploss of 30pips from the original level (i.e, same stoploss price as the first order).
5. Yet, another order of 1,000 units, but this time 3 pips away from my original level with a stoploss of 30pips from the original level (i.e, same stoploss price as the first order).
6. So on and so forth until my original order of 10,000 units has been scaled in.
Using this form of scaling in, my last order would be for 1,000 units and 10pips away from my original entry. All orders have the same stoploss price as the very first trade at the original level.
So instead of risking $30 (10,000 units x 30pips = $30), I end up risking $25.50 instead:
.01 lot * 30pips = $3.00
.01 lot * 29pips = $2.90
.01 lot * 28pips = $2.80
.01 lot * 27pips = $2.70
.01 lot * 26pips = $2.60
.01 lot * 25pips = $2.50
.01 lot * 24pips = $2.40
.01 lot * 23pips = $2.30
.01 lot * 22pips = $2.20
.01 lot * 21pips = $2.10
......................= $25.50
If you need me to explain further, just ask.
Thanks!