How to close half a trade | Forex Factory

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How to close half a trade

  • #1
  • First Post: Nov 3, 2006 8:33pm Nov 3, 2006 8:33pm
So how does one close half a trade in metatrader? I have looked and can't figure it out. Right now I would just open two trades, but it sure would be nice to know that I could close half a trade at a time and save having to put in two half orders for everything. I use interbankFX demo account right now.
  • #2
  • Nov 3, 2006 9:26pm Nov 3, 2006 9:26pm
Do a search of the User Guide for "Close by Opposite Positions" Basically you open a position of 1 lot, then open a position for .5 lot in the opposite direction when you want to close the partial trade. You then combine the new position to net .5 lot
  • #3
  • Nov 3, 2006 9:45pm Nov 3, 2006 9:45pm
Open a long position at 2 lots. And then open a new short position at 1 lot. Then you net 1 lot long. That's how I do it on Oanda. Should be the same thing on MT4 unless hedging is allowed or something.
  • #4
  • Nov 4, 2006 6:59am Nov 4, 2006 6:59am
OK I think I got it. Thanks guys.
  • #5
  • Nov 4, 2006 11:45am Nov 4, 2006 11:45am
That's not correct in MetaTrader. MetaTrader supports hedging. So, all this would do is to open an additional position, not close any of the others.

In MT4, right click your open order and select "Close Order", or something like it. When the close order dialog opens, notice that you can change the number of lots. If this is a 2 lot order, the default will be 2. Change that to 1 and then click the close order button.

Quoting nitman
Open a long position at 2 lots. And then open a new short position at 1 lot. Then you net 1 lot long. That's how I do it on Oanda. Should be the same thing on MT4 unless hedging is allowed or something.
  • #6
  • Nov 5, 2006 8:25am Nov 5, 2006 8:25am
Thanks Stockwet! I am holding a position over the weekend so I clicked on close order as you said and sure enough you can change the number of lots to close. I would assume you are correct in that the remaining lots would still stay in the trade.

Now is there a way to set multiple take profit levels within a single trade, or whould I still need to take two trades in that case if I am not there to manually close the trade?

Thanks all.
  • #7
  • Nov 5, 2006 8:43am Nov 5, 2006 8:43am
Quoting Matthew
Thanks Stockwet! I am holding a position over the weekend so I clicked on close order as you said and sure enough you can change the number of lots to close. I would assume you are correct in that the remaining lots would still stay in the trade.

Now is there a way to set multiple take profit levels within a single trade, or whould I still need to take two trades in that case if I am not there to manually close the trade?

Thanks all.
StockWet's got it right! I asked IBFX staff if there is a way to set partial levels at take offs and they said it wasn't possible.

I downloaded Stockwets Take Profit EA and it works like a clock for me.
I've been using it for a while.

I hope he doesn't mind if I leave a copy here!

Hope this helps!

regards
HeavyJ
Attached File(s)
File Type: mq4 ManageTakeProfit.mq4   8 KB | 1,234 downloads
HeavyJ -"Posterboy for Spellchecker!" "Will work for pips!"
  • #8
  • Nov 5, 2006 1:46pm Nov 5, 2006 1:46pm
It's best to use the latest Take Profit expert found here: http://www.forexfactory.com/forexfor...ead.php?t=9553. I've found some bugs in the old versions and try to keep things up to date on this thread.

This is the best way I know of to take partial profit out of single-order position at various intervals.
  • #9
  • Last Post: Nov 15, 2006 8:21pm Nov 15, 2006 8:21pm
Quoting stockwet
That's not correct in MetaTrader. MetaTrader supports hedging. So, all this would do is to open an additional position, not close any of the others.

In MT4, right click your open order and select "Close Order", or something like it. When the close order dialog opens, notice that you can change the number of lots. If this is a 2 lot order, the default will be 2. Change that to 1 and then click the close order button.
:surprised

I feel stupid. I too asked this and was told it was impossible. This just made my life much, much easier.

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