Help with MT4
Sep 16, 2020 at 08:34
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17 Replies
Sep 16, 2020 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
Thanks
Medlem sedan Sep 08, 2020
24 inlägg
Sep 16, 2020 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
Medlem sedan Jan 11, 2019
147 inlägg
Sep 17, 2020 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
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
Sep 17, 2020 at 07:17
Gracewilson1995 posted:0.5 is 5 times bigger than 0.1 :)
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
The way is to avoid what is strong and to strike at what is weak.
Sep 17, 2020 at 07:21
Dr_BigC posted:What you want to do sounds reasonable, but I can't confirm it becaause I don't partially close my orders.
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
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.
Medlem sedan Aug 20, 2009
266 inlägg
Sep 17, 2020 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.
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
Sep 18, 2020 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.
Thank you @compuforexpamm for the only one to read and understand my post. I'll give that a try. Thanks again.
Medlem sedan Feb 22, 2011
4862 inlägg
Sep 18, 2020 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
Medlem sedan Feb 22, 2011
4862 inlägg
Nov 24, 2020 at 07:45
Dr_BigC posted: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.
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
, 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.
Medlem sedan Mar 17, 2021
536 inlägg
Jul 04, 2021 at 09:04
MT4 is the best trading platform.
Medlem sedan Oct 16, 2020
137 inlägg
Jul 20, 2021 at 06:11
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.
• 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.
Medlem sedan Apr 25, 2020
119 inlägg
Jul 20, 2021 at 07:12
Of course, there are other platforms, but why do many recommend the MT - 4 platform because of its ease, clarity and accessibility
Medlem sedan Jun 17, 2021
46 inlägg
Jul 26, 2021 at 10:59
It can be manually done by going to the ‘close action’ on the open trade section. Then click on the contract size to make the desired changes.
Medlem sedan Jul 23, 2020
869 inlägg
Sep 03, 2021 at 16:50
Yeah, it's really helpful. I do not even know about it.
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