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Adjusting position size - MetaTrader 4?

  • #1
  • First Post: Jan 13, 2018 7:12pm Jan 13, 2018 7:12pm
Is it possible to adjust the position size of an open trade, e.g closing the trade by 50% while in profit ect?
Thanks
  • #2
  • Jan 13, 2018 8:45pm Jan 13, 2018 8:45pm
Quoting oliverfxldn
Is it possible to adjust the position size of an open trade, e.g closing the trade by 50% while in profit ect? Thanks
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  • #3
  • Jan 13, 2018 8:50pm Jan 13, 2018 8:50pm
Quoting oliverfxldn
Is it possible to adjust the position size of an open trade, e.g closing the trade by 50% while in profit ect? Thanks
Short answer: YES

There is a Help within Metatrader, I strongly suggest that you read it thoroughly from start to finish

And test each of the order types in DEMO until you understand them

Hope that helps

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  • #4
  • Jan 14, 2018 3:14am Jan 14, 2018 3:14am
Using the Erabus pic, all you have to do now is reduce the volume to what size you want to close.
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  • #5
  • Jan 14, 2018 11:34am Jan 14, 2018 11:34am
also there are EAs that do that.
  • #6
  • Jan 15, 2018 1:26pm Jan 15, 2018 1:26pm
Thanks to those who replied that was a lot of help!
  • #7
  • Jan 15, 2018 2:54pm Jan 15, 2018 2:54pm
All good examples but is there a way for broker to prevent messing up my order comment by tagging reference to the previous #ticket? I find this to be very annoying and messing up my EA which looks for certain criteria against open orders. Any solution or alternatives? I believe all mt4 brokers do this with partial close orders :-(
Staying in my lane...
  • #8
  • Jan 15, 2018 3:39pm Jan 15, 2018 3:39pm
There's actually a clever (no-cost) way you can scale out with limit orders which is more profitable (for obvious reasons). Full details in this post.
  • #9
  • Jan 15, 2018 4:02pm Jan 15, 2018 4:02pm
Quoting VEEFX
All good examples but is there a way for broker to prevent messing up my order comment by tagging reference to the previous #ticket? I find this to be very annoying and messing up my EA which looks for certain criteria against open orders. Any solution or alternatives? I believe all mt4 brokers do this with partial close orders :-(
Partial closing of positions is a bad idea in MT4. It's always messy.
If you want to scale out of positions, the best way is to plan this in advance when you open the position.

For example, if you trade 1 Lot you can open a block of 3 orders 0.33 lots each. The trades will retain the indexing order even if you modify SL/TP. And you can close any of the trades at any time.

At least that's how I do it :/
  • #10
  • Jan 15, 2018 4:04pm Jan 15, 2018 4:04pm
Quoting Nicholishen
There's actually a clever (no-cost) way you can scale out with limit orders which is more profitable (for obvious reasons). Full details in this post.
Read your post... this technique will still mess up ordercomment right?
Staying in my lane...
  • #11
  • Jan 15, 2018 4:35pm Jan 15, 2018 4:35pm
Quoting alphaomega
{quote} Partial closing of positions is a bad idea in MT4. It's always messy. If you want to scale out of positions, the best way is to plan this in advance when you open the position. For example, if you trade 1 Lot you can open a block of 3 orders 0.33 lots each. The trades will retain the indexing order even if you modify SL/TP. And you can close any of the trades at any time. At least that's how I do it :/
Thanks man. I never partial close or scale out by design. I only scale in via stacking if price moves in my favor or if I get another signal on the same pair but different timeframe (or scale or setup).

The only reason for me to partial close is part of my DrawDown Manager function. If maxDD% is reached, I am forced to reduce exposure (per my trading plan) via closing MINLOT of the highest losing position in my portfolio until drawdown returns back to under the required % level. Any creative ideas how to circumvent this? Partial close instead of close-all attempts to give the portfolio a fighting chance of recovery as it allows me to take new positions on other pairs due to free'ing of used margin (if you get the drift :-)
Staying in my lane...
  • #12
  • Jan 15, 2018 7:44pm Jan 15, 2018 7:44pm
Quoting VEEFX
{quote} Thanks man. I never partial close or scale out by design. I only scale in via stacking if price moves in my favor or if I get another signal on the same pair but different timeframe (or scale or setup). The only reason for me to partial close is part of my DrawDown Manager function. If maxDD% is reached, I am forced to reduce exposure (per my trading plan) via closing MINLOT of the highest losing position in my portfolio until drawdown returns back to under the required % level. Any creative ideas how to circumvent this? Partial close instead...
If you're talking about your EA, it's simple (to describe anyway) you calculate your max drawdown levels and take set partial stop orders as price moves against your position. Use OrderCloseBy and you won't get charged extra fees.
  • #13
  • Last Post: Jan 15, 2018 10:48pm Jan 15, 2018 10:48pm
Quoting Nicholishen
{quote} If you're talking about your EA, it's simple (to describe anyway) you calculate your max drawdown levels and take set partial stop orders as price moves against your position. Use OrderCloseBy and you won't get charged extra fees.
Thanks Nicholishen for brainstorming this idea. It's actually based on alternating close of highest in $profit and close of highest in $losing position when max DD % is reached and it is all done in real time on a tick by tick basis. If I place a partial stop order at n%equity drawdown that's exposing my strategy hence I prefer to do everything in real time. Plus I have stired clear of hedging in order to make it universally acceptable to all markets.
Staying in my lane...
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