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Take Profit Levels

  • Post #1
  • Quote
  • First Post: May 14, 2006 3:58am May 14, 2006 3:58am
Ok, here is a question I have. I am wondering how I can set more than one take profit level for an open position. I am trading with Oanda right now and am a little confused. I open a position. I can put in a stop loss and a take profit. Now if I make a trade with 3,000 units, and I want to take off 1,000 units at a certain price and let the other 2,000 go, how do I do that? It seems like a person can only set one take profit and when it gets hit, the whole position in closed. Now, if I have a postion open with 3,000 units, and I have no take profit and I just put in a couple limit orders say one for 1,000 and the second for another 1,000 and the third for the last 1,000. If I do that, am I not going to get charged the spread for each of those? I am a bit confused. If that is the case that I will be charged each time, taking 3 differant profit levels, I will be charged the spread 4 times, one at the time I open the position and 3 more times at where I want to take my profits. Any comments are much appreciated.
JOHN 3:16
Hi rens,

I'm also using Oanda for my demo account and in regards to your question regarding setting multiple TP levels on one order - nope, it's not possible.
In my experience, I do have to open 3 orders.
I really am not sure if Oanda has the functionality of taking partial positions, but up to now, I know of nothin that makes it possible. So in your example, I open three 1,000 units if I want to enter a total of 3,000.

As for the spread, it will still be the same even if you open multiple or single orders. Since what will be happening is like this:

3000 units * 3 pip spread = (3 * 1000 units) * 3 pip spread

I can't illustrate it properly so I hope you get it above..
Spread is also paid only once. Which is when you buy the currency either to enter or to exit.
Thanks east.

You have cleared it up for me. I guess it was just a brain fart on my part. I am gonna send an email to oanda also asking them if there is a way but, I have looked over their whole website and do not see anything saying it is possible.
JOHN 3:16
Quoting renasdad
Thanks east.

You have cleared it up for me. I guess it was just a brain fart on my part. I am gonna send an email to oanda also asking them if there is a way but, I have looked over their whole website and do not see anything saying it is possible.

What happens at their platform, if you sell eur/usd but already got a long
position in your account?

On some platforms, they do close / reduce your open position than. By this
way, you maybe could close open positions partily by openin' (smaller onces!)
at a certain time in the opposite direction.

Try with demo account first.
AFAIK because oanda does not support hedging, you can make this:
buy for example 3 lots [email protected], place 3 limit orders to sell 1 lot [email protected], 1 lot @1.300 and 1 lot @1.3050.

every time one of the limit orders is filled your position decreases by 1 lot and you take profit for 1 lot at the limit price.
I'm not insane; my mother had me tested.
When I put in a limit order for 1 lot and do that 3 times, will I get charged the spread since I had bought 3 lots EUR$ @1.2900 and then when the first limit order gets filled, then I would sell 1 lot @ 1.2950. it seems to me that when I bought 3 lots, I got charged the spread and then when I sell again, I would get charged the spread. Sorry guys. The more I think about it, the more I am getting confused.
JOHN 3:16
Hi Renasdad

The way to do this is to sell a 3rd of your buy order. For instance if I have a Long/Buy position of 3000 Units. I sell 1000 to close 1/3rd.

Quoting renasdad
Ok, here is a question I have. I am wondering how I can set more than one take profit level for an open position. I am trading with Oanda right now and am a little confused. I open a position. I can put in a stop loss and a take profit. Now if I make a trade with 3,000 units, and I want to take off 1,000 units at a certain price and let the other 2,000 go, how do I do that? It seems like a person can only set one take profit and when it gets hit, the whole position in closed. Now, if I have a postion open with 3,000 units, and I have no take profit and I just put in a couple limit orders say one for 1,000 and the second for another 1,000 and the third for the last 1,000. If I do that, am I not going to get charged the spread for each of those? I am a bit confused. If that is the case that I will be charged each time, taking 3 differant profit levels, I will be charged the spread 4 times, one at the time I open the position and 3 more times at where I want to take my profits. Any comments are much appreciated.
In trading, there is no bullshit. You either make money or you don't.
Quoting renasdad
When I put in a limit order for 1 lot and do that 3 times, will I get charged the spread since I had bought 3 lots EUR$ @1.2900 and then when the first limit order gets filled, then I would sell 1 lot @ 1.2950. it seems to me that when I bought 3 lots, I got charged the spread and then when I sell again, I would get charged the spread. Sorry guys. The more I think about it, the more I am getting confused.
do not thik about spread as about some kind of comission. It is just the difference between bid and ask.

if you buy 3 lots, then you buy at ask price (for example on EURUSD ask is 1.2900), when you sell then 1 lot, you sell it for bid price (1.2898), at that point you have closed 1 lot and the broker earned 1 lot x 2 pips. This works only if you are not hedging, instead you are closing part of your position. If you were hedging, you yould have two different possitions in oposite directions and if you would have to close both of them, then you would pay the spread on both possitions.
I'm not insane; my mother had me tested.
Robik,

You have cleared that up. I now understand. Confusion sucks. Now I will get off spreads. Thanks guys
JOHN 3:16
  • Post #10
  • Quote
  • Last Post: May 14, 2006 11:05am May 14, 2006 11:05am
Ok,

Now I feel really stupid I got away from the computer for a couple hours and was thinking of my question. And... DUH. It is so obvious the answer isn't it? Oh well. I think I need a vacation for a week and have this computer taken away for a while so I can get back to realitly. Forex has sucked me right in and I love it.
JOHN 3:16
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