Hi,
I wonder if someone can tell me the best way to execute partial closes for say TP1 and TP2 for example.
One way I suppose is to place a limit order, but that doesn't update the original order.
For example, say I execute a EUR.USD sell order for 300K with a 20 pip stop and 50 pip target.
I the place a limit order for 100K, say 20 pips out to capture some profit on a 1/3 of my position.
I can see in the open position that the 1st order executed with -300K Quantity.
After my limit order executes, I can see that the open position is updated to -250K, all good so far...
However, the original stop and target are still set to 300K, which would result in a buy order for 50K if my target is hit.
One answer is to manually adjust all the orders or place independent OCO stop/target limit pairs etc which seems like a long way around.
In my MT5 platform currently I press-the-button to close 50% and voila... all done.
So, my question: Is there another way to place orders that will auto adjust the open order quantity without have to do it manually?
I wonder if someone can tell me the best way to execute partial closes for say TP1 and TP2 for example.
One way I suppose is to place a limit order, but that doesn't update the original order.
For example, say I execute a EUR.USD sell order for 300K with a 20 pip stop and 50 pip target.
I the place a limit order for 100K, say 20 pips out to capture some profit on a 1/3 of my position.
I can see in the open position that the 1st order executed with -300K Quantity.
After my limit order executes, I can see that the open position is updated to -250K, all good so far...
However, the original stop and target are still set to 300K, which would result in a buy order for 50K if my target is hit.
One answer is to manually adjust all the orders or place independent OCO stop/target limit pairs etc which seems like a long way around.
In my MT5 platform currently I press-the-button to close 50% and voila... all done.
So, my question: Is there another way to place orders that will auto adjust the open order quantity without have to do it manually?