Setting multiple profit targets for a single trade?

[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.

[Caseynotes]

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. 

  

 

[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.

[Kodiak]

If you trade min size its a problem

But if you trade 3 a point and min size  1

Then you open up 3 position size 1 and add limit and stops to each

[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.

[Caseynotes]

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.  

[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...

[Caseynotes]

@SoemTrader, you can still place multiple orders, so in the pic below price would have to go up through the buy 5 stop order to trigger the entry with the partial take profit sell orders resting above. This is on the leveraged web based platform. You would then just have to periodically adjust your stop loss.

[Kodiak]

Maybe i dont understand the problem?

 

 

[Caseynotes]

yeah, I think I've gone round in a circle too which made me wonder about which platform we're on.

[Guest SoemTrader]

On 10/04/2019 at 09:01, Kodiak said:

Maybe i dont understand the problem?

 

 

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.