Multiple take profits

[EddyC]

Hello

I am learning the demo account web software. Is there a way to

scale out of a position? I.e. if my forex long position hits level A, sell 50% of my postion off.

If it hits B, another 30% etc.

 

Thanks

[ItsAlex]

Hi Eddy, you can use Net Off orders to close partially a position.

For example

• Buy 10£ per point of US500 @ 3000
• Create a sell order for 5£ per point @ 3050 (Net off)
• Create sell order for 5£ per point @ 3060 (Net off)

This will close 50% at 3050 and the rest at 3060. However, you have to monitor the position when you have these orders setup. If your stops are hit, since these are not OCO orders, you will have to manually close them. The risk is of having two sell orders with no stop live in the market.

Or you can open two market orders with same stop loss but different take profit.

Good luck

[EddyC]

Ah cool thanks Alex.

The multiple market orders did strike my mind when I was playing around but I asked myself why it couldn't be managed within one order. MT4 has this functionality I think.

I don't mind managing it with alerts so I'll give the Net off way a go. See if it's what I'm looking for.

Thanks again

 

Edited June 13, 2020 by EddyC