Hi there,
I am on Oanda but I guess this would apply to any broker. As far as I can tell there are 2 ways to close half an open position. I can either open 2 orders knowing I will close one if I hit my target and let the other run. Or, I can put it all in one order and open another order in the opposite direction for half the amount at my target price. So to close half an open buy I initiate a sell for half the amount and visa versa. Is that correct?
Is there any advantage/disadvantage doing it either way or is it just a personal preference?
I have read some people say that opening 2 orders is the right way to do it but I cannot figure out why one would be better than the other.
I am on Oanda but I guess this would apply to any broker. As far as I can tell there are 2 ways to close half an open position. I can either open 2 orders knowing I will close one if I hit my target and let the other run. Or, I can put it all in one order and open another order in the opposite direction for half the amount at my target price. So to close half an open buy I initiate a sell for half the amount and visa versa. Is that correct?
Is there any advantage/disadvantage doing it either way or is it just a personal preference?
I have read some people say that opening 2 orders is the right way to do it but I cannot figure out why one would be better than the other.