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Help with MT4
Dr_BigC

Member Since Sep 05, 2020  2 posts Dr_BigC Sep 16 at 08:34
New to MT4. Does anyone know if or how to partially close a position using a pending order. For Ex. say I open a 2 lot BUY position on EUR/USD at 1.18500 with SL 1.18350 and TP 1.18850. Then when price gets to 1.18650 and I want to scale out my position and maybe move SL to break even, can this be done using a pending order, essentially automating the process as I might not be there to watch the price do its thing or can it only be done manually?

Thanks

AspiringTraders

Member Since Sep 08, 2020  24 posts Anonymous (AspiringTraders) Sep 16 at 15:49
it can be done manually by going to the close action on your open trade, click on your contract size(lot size) and edit the lot you want closed and click the close button. I am not sure if their is a way automatically but it could be possible. Hope this helps

you only produce results
Gracewilson1995

Member Since Jan 11, 2019  31 posts Gracewilson1995 Sep 17 at 07:13
To partially close the order on MT4, please follow the steps:
1)Double click on the order (or Right click > “Close”)
For example, You have a 0.1 lot trade, and want to close half position (0.5 of the 0.1 lots for profit) and let the other 0.5 lot remain.
2)Change the amount of your position in volume section.
3)Click Close


F_rex

Member Since May 05, 2010  3 posts F_rex Sep 17 at 07:17
Gracewilson1995 posted:
To partially close the order on MT4, please follow the steps:
1)Double click on the order (or Right click > “Close”)
For example, You have a 0.1 lot trade, and want to close half position (0.5 of the 0.1 lots for profit) and let the other 0.5 lot remain.
2)Change the amount of your position in volume section.
3)Click Close


0.5 is 5 times bigger than 0.1 :)

The way is to avoid what is strong and to strike at what is weak.
F_rex

Member Since May 05, 2010  3 posts F_rex Sep 17 at 07:21
Dr_BigC posted:
New to MT4. Does anyone know if or how to partially close a position using a pending order. For Ex. say I open a 2 lot BUY position on EUR/USD at 1.18500 with SL 1.18350 and TP 1.18850. Then when price gets to 1.18650 and I want to scale out my position and maybe move SL to break even, can this be done using a pending order, essentially automating the process as I might not be there to watch the price do its thing or can it only be done manually?

Thanks

What you want to do sounds reasonable, but I can't confirm it becaause I don't partially close my orders.
Anyways, there is an easy way to check (with no risk) if your idea is sound or not. Just open a demo account and try it there.
Good luck.

The way is to avoid what is strong and to strike at what is weak.
compuforexpamm

Member Since Aug 20, 2009  264 posts kennyhubbard (compuforexpamm) Sep 17 at 09:11
There is a way where you can partially achieve this.

If you have a buy that you want to scale out of, you can set a pending order for a sell ie a sell limit order at your TP.

Then you can close both the buy and the sell at your leisure when you return to your computer. I would suggest you find a broker that supports 'Order Close By' which will allow you to close the hedge with no commission or spread costs which is the same as having closed the order in the first place.

In terms of the move to break even, look for a good trade manager EA that can achieve the functions you seek. Forex Factory will probably have something like that.

Wealth Creation Through Technology
Cordardred

Member Since Aug 27, 2019  13 posts Cordardred (Cordardred) Sep 17 at 16:30
I also think that you made a good choice. I wish you to deal with all these moments as soon as possible and start working actively and profitably!

Ishndwyn

Member Since Dec 23, 2019  9 posts Ishndwyn Sep 17 at 17:33
You have made a good choice, give yourself a little time and you will understand all the functions of this terminal, which means that you will have many new opportunities!

Dr_BigC

Member Since Sep 05, 2020  2 posts Dr_BigC Sep 18 at 09:09
Thanks everyone for your advice.

Thank you @compuforexpamm for the only one to read and understand my post. I'll give that a try. Thanks again.

togr

Member Since Feb 22, 2011  4806 posts vontogr (togr) Sep 18 at 11:14
Dr_BigC posted:
New to MT4. Does anyone know if or how to partially close a position using a pending order. For Ex. say I open a 2 lot BUY position on EUR/USD at 1.18500 with SL 1.18350 and TP 1.18850. Then when price gets to 1.18650 and I want to scale out my position and maybe move SL to break even, can this be done using a pending order, essentially automating the process as I might not be there to watch the price do its thing or can it only be done manually?

Thanks


yeah that is pretty easy to achieve via mt4
I can do that for you

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