Put orders to partially close positions? | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

EA "Close all positions at profit target" closed all positions at loss ? 9 replies

Close all pending orders and open orders once they reach profit target 3 replies

EA (Trade Manager) To Close Position Partially At Intervals 2 replies

script to "close open orders" and "open opposite orders" 3 replies

Metatrader4 - How to partially close position? 1 reply

Put orders to partially close positions?

  • #1
  • First Post: Jan 14, 2019 1:16pm Jan 14, 2019 1:16pm
Can I put orders (in metatrader 4) to close parcially a position with profits? I would like to test closing 40 %of the position at a level which is equal as 1 x risk, then close 30% more when I get to 2 x risk and then the final 30 % reaching 3 x risk.
Off course I cannot apply this strategy without an EA of being able to put orders. I cannot be watching the screen day and night.
Anybody have a solution? I do not use EA s.
  • #2
  • Jan 14, 2019 1:33pm Jan 14, 2019 1:33pm
Quoting felipe6
Can I put orders (in metatrader 4) to close parcially a position with profits? I would like to test closing 40 %of the position at a level which is equal as 1 x risk, then close 30% more when I get to 2 x risk and then the final 30 % reaching 3 x risk. Off course I cannot apply this strategy without an EA of being able to put orders. I cannot be watching the screen day and night. Anybody have a solution? I do not use EA s.
You can set a pending order in the opposite direction. For example, if you had a 1 lot buy position and you wanted to take 50% profit then you'd set a 0.5 lot sell limit at the desired level. When the price hits that level it will activate the limit order and the platform will *show* that you have an offsetting hedge. You will need to reconcile the transaction as closed by using the closeby/multiple-closeby command any time before roll-over (to avoid swap charges). Using closeby will reconcile the offsetting orders as a single round-trip transaction so you will not be changed double commissions and spreads.
  • #3
  • Last Post: Jan 14, 2019 3:29pm Jan 14, 2019 3:29pm
Quoting Nicholishen
{quote} You can set a pending order in the opposite direction. For example, if you had a 1 lot buy position and you wanted to take 50% profit then you'd set a 0.5 lot sell limit at the desired level. When the price hits that level it will activate the limit order and the platform will *show* that you have an offsetting hedge. You will need to reconcile the transaction as closed by using the closeby/multiple-closeby command any time before...
Thank you very much for Nicholishen. I had no idea of that option. So if I close with using that option during the same day they should not charge me double spread nor double swap.
I want to do some backtesting taking 40 % profit at 1 x risk, take 30 % more at 2 x risk and the final 30 % at 3 x risk. When I have closed the 2 x risk, the run for looking at the final 30 % will be putten in break even. But I did not want to spend hours on testing without being sure there was a way to put orders. Thanks
0 traders viewing now