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Multiple TP in MT4

  • #1
  • First Post: Mar 14, 2010 3:49pm Mar 14, 2010 3:49pm
Hey guys i'm struggling with getting multiple target profit orders in MT4. I've browsed the web a bit and it seems "experts" suggest the following example:

Buy 10 lots EURUSD at 1.5000 for example.

 

  1. To get your first target profit you put a sell limit at 1.5030 for 0.5 lots for example
  2. For your second target profit you put a sell limit at 1.5060 for 0.4 lots
  3. And the final 0.1 lot a sell limit at 1.5100 let's say

This indeed makes sense but when i create those sell limit orders and price touches them, MT4 opens a new order altogether without closing the predefined number of lots that i want.

What this means is that i am stuck with my initial buy at 1.5000 of 10 lots and the rest of my sell limit orders::: new order of 0.5 at 1.5030, new order at 0.4 at 1.5060 and 0.1 at 1.5100. Instead of selling the lots back i get a fresh basket of positions which is very disturbing as my equity management at the moment permits me to open 0.2 lots for my orders and it's impossible for me to close the final 0.1 lots unless i am not glued to the lcd monitor and manually close the position.

Anybody know how this can be tackled?

Cheers

  • #2
  • Mar 14, 2010 4:26pm Mar 14, 2010 4:26pm
Can you post a screenshot of
how you make the setup in your MT terminal?
This will make things clearer how you do it all.
  • #3
  • Mar 14, 2010 5:06pm Mar 14, 2010 5:06pm
There are 2 ways to do this.

1. Initially create multiple orders with different lot sizes and different TP.

2. Create only one order but use a Trade management EA such as MTP or Multi-purpose Trade Manager to execute the close order for each location and lot size

You can use a script to create the multiple orders to make it easier.
  • #4
  • Mar 15, 2010 2:03am Mar 15, 2010 2:03am
Thanks for the advice flyer.


The issue with 1 is that i would have to cover the spread for each of the order right? (2-3 pips for one order might not seem much if you make 60, but compounded weekly or monthly adds up to quite a bit)

And for 2 i have been looking into it for a while. I think you can only have one EA on one pair on one account at a time isn't that right? I might be wrong, i do not know much about EAs but i do look at a lot of charts, i don't just trade one currency and i don't see the flexibility in an EA.

If i want to trade eurusd and gbpjpy, can i have 2 EAs, one that is set in order to correspond with the order flow of eurusd and another to correspond with gbpjpy or is there only one EA for everything you do?

Surely there must be something to solve this like on an ordinary platform (like dealbook or saxotrader etc)
  • #5
  • Mar 15, 2010 6:23am Mar 15, 2010 6:23am
Quoting skorpyo
Thanks for the advice flyer.


The issue with 1 is that i would have to cover the spread for each of the order right? (2-3 pips for one order might not seem much if you make 60, but compounded weekly or monthly adds up to quite a bit)

And for 2 i have been looking into it for a while. I think you can only have one EA on one pair on one account at a time isn't that right? I might be wrong, i do not know much about EAs but i do look at a lot of charts, i don't just trade one currency and i don't see the flexibility in an EA.

If i want to...
On your first point it is immaterial...If you open a 1 standard lot trade and the spread is 2 pips then it will cost you $20 (assuming a USd based pair for ease). If you open two 0.5 lot trades then each will cost you 2 pips which will equate to $10 each for a total of $20. So same thing. Too many people think in pips when they need to look at return and money.

On your second point, you can have as many EAs running as you want. You can have them monitor all pairs, only one pair, only one trade (via Comment or MagicNumber) etc. So I suggest that you have a look at Steve Hopwoods EA as i believe that it will do exactly what you want.
  • #6
  • Mar 20, 2010 8:40pm Mar 20, 2010 8:40pm
I prefer multiple SL instead, by this you don't have to lose any of your lot to maximize you profit. Though you'll gain much less if the price drops back too early.
However this depends on the broker you're using since some of them poses quite a large amount of pip to set s/l therefore the price may need to rise much higher to secure the position, which is quite a risk.
  • #7
  • Jul 21, 2022 1:56am Jul 21, 2022 1:56am
Quoting skorpyo
Hey guys i'm struggling with getting multiple target profit orders in MT4. I've browsed the web a bit and it seems "experts" suggest the following example: Buy 10 lots EURUSD at 1.5000 for example. To get your first target profit you put a sell limit at 1.5030 for 0.5 lots for example For your second target profit you put a sell limit at 1.5060 for 0.4 lots And the final 0.1 lot a sell limit at 1.5100 let's say This indeed makes sense but when i create those sell limit orders and price touches them, MT4 opens a new order altogether without closing...

Hi, I am new to trading and to this forum. As a newbie, I do not have much to offer as of now to the FF. But still looking for some expert help from the FF experts.

I have been facing the same issue as quoted above. I have tried to find the solution in this entire forum and all over internet but much to the failure. Even, in this thread, I have not found any solution (maybe because this a very old thread).

To iterate the my issue, I am facing problems in managing the trade. For example -

I want to short EURUSD in MT5 -

As a part of my plan, I have my SL, Targets (including partials) and entry point already figured out. Now, this is how i am managing it until now -
Entry - By market execution or pending order (if i am not available).
Stop Loss - To have a single SL which easily done by dragging the order line above the entry point or sell stop order.

Target(s) -
1. In case of single target - pending order or market execution can work.
2. But in case if i want to take partials at different levels and that too with both in market execution and pending order mode, what could be the solution?

P.S. - I am asking this question in this old thread because as a newbie, I cannot open a new thread and this thread is the most appropriate thread for this question!

Thanks in advance!
  • #8
  • Last Post: Jul 22, 2022 4:35am Jul 22, 2022 4:35am
MetaTrader 5 supports two order accounting modes. With the netting system, the trader will be able to have only one open position of a financial instrument at a time. The volume of that position can be increased or reduced through any further operation on the same symbol. With the hedging system, any new deal on a financial instrument opens a new position.

By default most brokers set your account to hedge mode. In this mode every time you buy or sell a new position will be opened. If you bought 1 lot of eurusd at 1.5000, then bought another 1 lot at 1.5010, then you sell 2 lots at 1.5020. In total you will have 3 positions opened in your account.
Some brokers can switch your account to netting mode by request. In netting mode you can only have one open position of a financial instrument at a time. If you bought 1 lot of eurusd at 1.5000, then bought another 1 lot at 1.5010 - you will see only one position open but with 2 lots at a price 1.5005. If you sell 1 lot now at 1.5020 you will see that you have 1 lot open at 1.5005. If you sell 1 more lot, your position will be closed.

Quote
Buy 10 lots EURUSD at 1.5000 for example.

To get your first target profit you put a sell limit at 1.5030 for 0.5 lots for example
For your second target profit you put a sell limit at 1.5060 for 0.4 lots
And the final 0.1 lot a sell limit at 1.5100 let's say

In order this to work your trading account must be in netting mode.

Quote
Target(s) -
1. In case of single target - pending order or market execution can work.
2. But in case if i want to take partials at different levels and that too with both in market execution and pending order mode, what could be the solution?

If you want to take partials with pending orders:
1. Initially create multiple orders with different lot sizes and different TP.
2. Switch your account to netting mode, but not everyone is comfortable to trade in this mode.
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