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?
I want to scale out my position and maybe move SL to break even - yes you can modify the position's SL via EA or manually. , can this be done using a pending order - nope you have to modify existing position, , essentially automating the process as I might not be there to watch the price do its thing or can it only be done manually? - both ways are possible either EA or manually.
To partially close an existing trade, please follow these steps: • go to the ‘Trade’ tab in the Terminal window • right click on the trade you want > Modify order. • A pop-up will appear, with details about the trade. Under “ Type” , select “market execution” • In the ‘Volume’ box, enter the lot size that you want to close • Click on the yellow button ‘Close (order details) by Market’. You have now partially closed your order.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.