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


GinoForex913

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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!

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  • 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.

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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.

 

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