Jump to content

How to set multiple take profit/stop loss points in MT4 so winning trades can "run"??


Recommended Posts

Greetings IG traders!

The main teacher I've learned my trade management strategy from (NNFX) suggests the following: take two "half" trades based on your desired risk, both with the same stop loss, one with the first take profit the value of the ATR away from price, the other trade with no set take profit. When the first TP is hit, you move your SL to break even and let your trade run until your system tells you the trend is finished.

I have tried to set up this management system in MT4 but both trades are automatically given the same TP, so letting the other trade run doesn't really seem like an option... 

I have learned you can close out half of your lots to take profit, but my issue with this is that you have to physically be on the charts to do this.

Does anyone know a method that US traders can use on IG's MT4 platform where you can effectively set two trades on a pair where one closes automatically at a set TP and the other can run? Or if this isn't an option are there alternative methods that can achieve the same result?

Thanks and happy trading!

Link to comment
  • 2 months later...

Hi Gino, 

I am a follow VP Follower who has listened to all his videos and podcasts since the very beginning. so I've been trading for about 2- 3 years now, He is 100% worth listening too especially with patience.

to answer your question with mt4 ill use a scenario:

so you want to go long on the EURUSD, you want to put 1.00 on each trade 

trade A = stop loss 15 pips, TP 10 pip

trade B = stop loss 15 pip , do not set a TP (this should be completely empty)

then when trade A disappears then move stop loss to price you bought at.

 

Now for the real advice! dont use MT4 as your broker, use the IG account this provides good trailing stop access, and other benefits such as a total stop loss (say you may have 5 trades on one you can set all stop losses using one button. 

i still use the MT4 for my indicators though, i cant remember which episode of the podcast but VP does the exact same, MT4 is fantasic for indicators but not the best for open trades.

Link to comment
On 04/10/2021 at 02:23, GinoForex913 said:

Appreciate it Chris! Happy trading!

 

18 hours ago, cedricworth358 said:

Oh, thanks for sharing! I have the same situation.

This can be set up easily on MT4. The key is to have the platform switched to non-hedging mode (non-hedging box ticked).

If you download the IG mt4 apps pack and install the Trade Terminal EA you get the option to switch non-hedging on or off.

image.png.210599e89b4904bdaa05be9bfaf7191f.png

 

With non-hedging ticked you can have an open a 3 lot trade and have 3 close pending orders of 1 lot each set different levels so after the 3rd order is executed there is no open position left.

 

In hedging mode (non-hedge box unticked) means that you can have 2 equal sized trades running in opposite directions and not cancel out, the PnL will remain stationary.

 

  • Sad 1
Link to comment
  • 1 year later...

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      21,281
    • Total Posts
      90,910
    • Total Members
      41,398
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Mapiknot
    Joined 06/02/23 21:35
  • Posts

    • Stock Market Investing S&P/ASX 200 Elliott Wave Technical  Analysis Content ASX200, CBA, IRON ORE, BHP, RIO, FMG,GOLD, NCM, GDX, PLS, LTR, DXY, AUDUSD, GOV-BONDS Summary Strong USD Turns resources lower. Banks still edging higher, creating choppy ASX200 possible top... Elliott Wave ASX 200  Wave (1) top Strategy ASX200  Very choppy environment. No Strategy. Video Chapters 00:00  S&P/ASX 200 (XJO)  / USD DXY 11:36 Commonwealth Bank CBA, XXJ 13:00 BHP Group (BHP), Rio Tinto (RIO), Fortescue Metals Group (FMG) 18:32 Newcrest Mining NCM / GOLD XAUUSD GDX 27:50 Lithium Stocks,PLS 30:52 AUDUSD / US Dollar DXY 36:46 TRIAL Buy 1 Month Get 3 Months Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com  
    • Look Ahead to 07/02/23: RBA; GB Retail Sales; BP, BNPP earnings Australia’s central bank is likely to deliver a fourth consecutive quarter-point interest rate hike, after further tightening by the Fed, the ECB and the BoE. Brace for UK retail, earnings from BP (BP) and BNP Paribas (BNPP). Also, look out for US trade balance figures and Halifax house price data ahead of key UK growth data out later in the week.    Angeline Ong | Presenter, Analyst and Content Editor, London | Publication date: Monday 06 February 2023        
    • Hi, I am practicing certain strategies in demo account. I have created few screeners but when i tried to buy or short sell different stocks shortlisted based on screener conditions, i am getting different kinds of errors. Some stocks you can buy but can't short-sell and so on. I searched in the forums and i understand different restrictions such as market cap should be so and so. Are these rules defined somewhere?  for e.g. one forum reply says market cap should be above 10 billion otherwise you will get second message in below list. However even i try to short sell a stock that has £30 billion market cap, i get the same error.  1. IG is not accepting opening trades on this market, you may only place an order to close. 2. Market you have requested is not longer available online Any suggestions on the above will be greatly appreciated. Thank you.
×
×
  • Create New...