Partial Closing Trades

[QJTrader]

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?

 

[firbfs]

I'm a little confused what you are asking but think you may want to check out bracket orders.

 

[QJTrader]

I'm a little confused what you are asking but think you may want to check out bracket orders.

Let me clarify.

I want to initiate a position and then scale out of that position while the remaining quantity reduces by the scaled out quantity automatically - is that possible on MotiveWave or is this a manual process to update the close out orders?

For example: When I sell 300k of EUR.USD and close 100k, I want the remaining stop the target orders to reduce to 200K (remaining qty). Currently it remains at 300K and requires manual adjustment.

The only way around this that I can see is to sell 300k and enter 3 separate stop/take profits orders of 100k each for example to avoid closing out more that what qty was remaining.

My question was: is there was another way to automatically accomplish this?

If not, I discovered that the OFA Algo allows you to close a % of the open trade and adjust everything automatically, so that suits my purpose, but wondered if there is any order management process natively supported by MotiveWave.

 

[Donovan2580]

Have you played around with the exit strategy screen?

If you are just looking to scale out at different locations (with the initial stop remaining the same) you can just use a normal exit strategy bracket order.

If you are trying to get "Tricky" with minimizing your initial risk once your first profit target is hit you can do a lot of things with this screen. You have the ability to adjust the "Break Even" with an offset so there is a lot of flexability there. You can also change the Stop Order to a Trailing order so it would seem like you should be able to accomplish what you are looking for with this?

Side note: This will actually split the orders into 3 different bracket orders with the same stop, different profit targets. If you want to adjust all 3 stop orders at the same time, hold down the CTRL key and drag the order on the DOM

 

[QJTrader]

Have you played around with the exit strategy screen?

If you are just looking to scale out at different locations (with the initial stop remaining the same) you can just use a normal exit strategy bracket order.

If you are trying to get "Tricky" with minimizing your initial risk once your first profit target is hit you can do a lot of things with this screen. You have the ability to adjust the "Break Even" with an offset so there is a lot of flexability there. You can also change the Stop Order to a Trailing order so it would seem like you should be able to accomplish what you are looking for with this?

Side note: This will actually split the orders into 3 different bracket orders with the same stop, different profit targets. If you want to adjust all 3 stop orders at the same time, hold down the CTRL key and drag the order on the DOM

View attachment 1469

OK thanks. I play around with that.

 

[Kbs123]

is there any hotkey option to take partial profit without having bracket or dragging anything on chart? i scalp too fast to even have time to do that.