Jump to content
  • 0

Setting multiple profit targets for a single trade?


Guest SomeTrader

Question

Guest SomeTrader

Is it possible to set up multiple profit targets for a single trade on this platform? I only see the ability to fully close a trade, which is disappointing. It is frequently nice to only partially close a position. I realise that with a position can be manually partially closed (via net off), but this doesn't help with the set-and-forget traders.

Link to comment

10 answers to this question

Recommended Posts

  • 0
14 hours ago, Guest SomeTrader said:

Is it possible to set up multiple profit targets for a single trade on this platform? I only see the ability to fully close a trade, which is disappointing. It is frequently nice to only partially close a position. I realise that with a position can be manually partially closed (via net off), but this doesn't help with the set-and-forget traders.

Hi, you can also achieve this by placing an opposite buy/sell order at the level and for the amount you want to close so long as the net off is selected and there is no stop loss or take profit on the counter order.

So in the top pic there is a open long position for 5 and a sell order for 2  placed at 11965, when price hits the sell order the overall position is reduce to 3. 

image.thumb.png.8da743b5e0a7ef61ac749a3907e39f13.png

net1.thumb.PNG.a85dad647c7e1126d673b495e972d737.PNG  

 

Link to comment
  • 0
Guest DanielaIG

Hi, If you have an open position you are able to split the position into multiple new and independent positions, which you could then attach different stop and limit levels to. To do this, you would need to call in to the helpdesk and we would split the position for you.

Link to comment
  • 0
Guest SoemTrader

(I'm the original poster, by the way.)

Thanks for all of the replies everyone. As I mentioned in my first post, I realise that it is possible to partially close a position from *an already open trade* (via net off with orders in the opposite direction). My issue with this is that I only have the ability to do set-and-forget trades (since I work a full-time job alongside trading). This means I am really looking for a way to set up a trade of resting orders only, where I can set an entry, stop loss, and then reduce-only orders as profit targets. I'm gathering that this isn't possible with the current web interface, so either I'll have to write my own interface using their trading API, or I'll look for another broker.

Link to comment
  • 0

Ok, a pending order that's not a pending order, I doubt you'll find any broker does that simply because no exchange does that. The obvious get round is to add a subsequent pending order once you've been alerted the initial order has been filled, it only takes 10 seconds. But if you don't have the time I'm presuming your strategy is trying to catch the explosive crypto pump and dumps. Good luck with the API.  

Link to comment
  • 0
Guest SoemTrader

I have no interest in the crypto pump and dumps. And it may only take 10 seconds to set up profit targets, but it's whether it is at a convenient time for me. I am very busy throughout the day, where I have to frequently attend meetings. I can't just start managing trades in the middle of my meetings...

Link to comment
  • 0
Guest SoemTrader
On 10/04/2019 at 09:01, Kodiak said:

Maybe i dont understand the problem?

 

 

FTSE.png

Yes, this is a good workaround to the problem: break the trade into multiple smaller orders, and then set up different profit targets for those separate orders. I guess I'll just stick with this solution for now. Thanks for the replies everyone.

Link to comment

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
      21,249
    • Total Posts
      90,855
    • Total Members
      41,352
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Aliashiq
    Joined 03/02/23 17:38
  • Posts

    • Hi @Mark12 If you are trading shares, you will have the option to place a limit order to sell your existing position. When the market opens, please check if your order level is close to where the market is trading. All the best, OfentseIG
    • We have to wait until Friday to find out if the UK economy skirted a recession.   Richard Snow, foreign exchange analyst at Daily FX, tells IGTV’s Jeremy Naylor that after the third quarter contraction of 0.3%, there is a risk around the incoming data for the fourth quarter. Here he discusses GBP/USD as a trade to go short. But what if GDP comes in slightly higher? Richard says that is likely to be largely academic and that he believes the short trade will prevail. Jeremy Naylor | Writer, London | Publication date: Friday 03 February 2023
    • Breaking News - US NFPs Surge to 517k vs 185k Expectations, Unemployment Rate Falls to 3.4% Feb 3, 2023 | DailyFX Nick Cawley, Senior Strategist Source: Bloomberg   US DOLLAR (DXY) PRICE AND CHART ANALYSIS US NFPs smash expectations in January. US dollar picks up a bid. Total nonfarm payroll employment increased by 517k in January, and the unemployment rate fell to 3.4% according to the US Bureau of Labor Statistics. Hourly earnings also beat expectations. Last month’s NFP figure was also revised higher from 223k to 260k. ‘ Job growth was widespread in January, led by gains in leisure and hospitality, professional and business services, and health care. Employment also increased in government, partially reflecting the return of workers from a strike.’     The Federal Reserve hiked interest rates by 25 basis points at this Wednesday's FOMC meeting, a move fully expected, and priced in by the market. Fed chair Powell, while continuing to stress that further rises are data dependent, added a new word to his FOMC vocabulary, disinflation, sending the US dollar lower and risk markets sharply higher. Powell said that it is a ‘good thing that disinflation so far has not come at expense of labor market’, adding that ‘this disinflationary period is in early stages’. While chair Powell will still keep tightening monetary policy to break the back of inflation, financial markets are now pricing in just one more 25bp rate hike at the March meeting before a pause in Q2 and Q3, while rate cuts are now seen in Q4. FOMC Hikes Rates 25 bps as Expected, Leaves Open Further Hike Expectations The US dollar (DXY) picked up a bid post-release rising around 60 cents to 101.90 US DOLLAR (DXY) DAILY PRICE CHART – FEBRUARY 3, 2023     What is your view on the US Dollar – bullish or bearish?
×
×
  • Create New...