Hey everybody,
I was just wondering if there was a way to scale out of trades besides creating multiple orders with different lot sizes and TP’s. (Ex. Close 60% at 40 pips profit, then 20% at 60 pips, 20% at 100 pips; completely random)
Also, is it possible to scale out of trades using pending orders?
Could an EA be created for scaling out where the user can input the percentage to close and at what TP or pip gain?
Any help will be appreciated!
Regards,
Clark.
Hi, I’ve been looking for this EA as well. IBFX has an EA called “Partial Close EA.” Forex Trading Tools - Partial Close EA - Interbank FX However, it could only be used with IBFX MT4. If you’re a client of IBFX, you’re golden. If not, hopefully someone could program one.
What are the chances? I’m with IBFX haha.
Thanks Nd, I’ll take a look. 
Regards,
Clark.
Not true.
If it’s an MT4 script, you can zip it, and stick it into any other broker’s MT4 platform and it will work just fine.
EA’s will crush you, not advisable, unless you know when to start the trade, and you want the EA to just open your trade the instant you turn it on, do you drive blind folded?
EAs can do more than take bad trades…
You saying they can make good trades too? or you saying, " making bad trades is just the beginning"?
I was on the EA hunt, I even made 4-5 good ones that are ECN ready…
I just feel, when you let the EA do the work, there is risk, and we dont want Risk…
EAs don’t have to make ANY trades.
They can be sat up to CLOSE trades only.
They can be written to wake you up at 4:23 AM if your preferred setup occurs, and let YOU make the decision to enter or not.
They are used for communicating to publishers.
The variety of applications are endless.
Just because there are bad EAs around doesn’t make the entire concept a bad thing.
Case in point, before there was Vista, there was XP.
As for your last statement:
I just feel, when you let the EA do the work, there is risk, and we dont want Risk…
Are you saying that when you open a trade manually there is any LESS risk?
I don’t see how that is possible.
YEs, THere should be ZERO risk, with ANY TRADE,
Care to explain how that is possible?
Short of a time/space continuum?
One can MINIMIZE risk, but never be without it altogether.
MoneyNVRSleeps,
I do not want an EA to trade for me, but an EA to simply scale out trades, with my settings, that I have entered myself. I don’t want to stay up all night looking at the price to reach a certain level so I can manually close portions of my order, an EA should be quite capable of doing that itself.
I could never trust an EA with my money to be honest and never intend to use robots to trade on my behalf.
Regards,
Clark.
Hey ClarkFX,
I’ve been dying to try to help you on this one and spent a good deal of time yestereday looking through some of my email archives trying to find some or the other email from a company that sells some (what appears to be pretty nice) add-ons for MetaTrader 4 and I was almost sure that in one of their tools I saw something that could do exactly what you are wanting but obviously, and because I don’t use MetaTrader at all, I must have deleted the email. And EVER so coeincidentally they sent me an email just five minutes ago trying to sell me there product again!!! LOL!!!
Anyway, here is a link to their site:
Take a look see (I think you can download demo versions of their stuff). I cannot comment on the software of course given that I’ve never tried it out but take a look anyway i.e. it might be what you’re looking for (and if it is and you’re REALLY lucky you may find a pirate copy of the stuff floating around on the Internet although I would expect that they’ve gone to a lot of trouble to ensure this doesn’t happen but then again even MICROSOFT hasn’t been able to accomplish this)!!! LOL!!!
Regards,
Dale.
Hi see what you mean Clark, just alot think a robot will make them money… Sure, it might, but in the long run, nahh…
UNLESS, its really really good, and that takes good money, JMO…
I have a pretty good one tho, that I made, and its pretty simple, just as long as you know the daily outlook, but then again, thats what we all want, lol…
Good luck Clark
IBFX has some custom-written EA’s that are hardcoded to IBFX clients only. I don’t really agree with this type of business model. I would rather see IBFX hire programmers to create free and open-source EA’s. The proprietary lock-in model is old school and it doesn’t work as well. It restricts innovation and alienates users.
A more progressive approach is to invest in the ecosystem by publishing smart EA’s and indicators that people rave about. Then open-source developers from around the world (yes, even competing broker clients) will contribute as well, as their way of “giving back”. In the end, IBFX will be remembered and credited as the innovative broker who started the ball rolling.
Dude… could you please at least TRY to read what are they talking about here? Clark is not asking for a trading robot. He is asking for a tool to make his scaling easier. It has nothing to do with computer trading instead of him.
Sorry but they tried to explain this three times and you still seem to not understand :X
hey Clark,
I understand your frustration here, efficient scaling seems to be a cornerstone of ICT’s trading methods. I decided on going through with the “primitive” method you mentioned in red. I like opening trades with 3 separate orders, and setting T/P’s on those individual trades, so I can scale out in up to 3 steps.
so if you can’t find the EA you’re looking for, I can tell you that it DOES work, just a few seconds extra work 
edit:
sometimes I’ll just set a pending order to scale out if I didn’t get a chance to scale in with multiple lots. I’ll put a small stop loss on that order (3-5pips) just in case my S/L gets hit and that pending order turns into an entry order instead of a exit order : S
it’s kind of a waste of 3-5pips but better than an unprotected position being opened, and there’s always the possibility that you’ll open the trade at a top/bottom and make some unexpected pips, haha (not likely eh)
Hi dusktrader.
An interesting concept for sure. If I’m not mistaken was this not the Linux model or the model used for the VLC media player (and there’s probably a LONG list of open-source software)??? While the ‘propietary lock-in model’ may (or may not i.e. I’ve not quite thought about this at the time writing) be ‘old school’ I don’t really think there’s an alternative. Not if you’re trying to make money that is. ‘In a perfect world’ your concept would work well but as we know: we don’t live in such a world. In my experience (and in my writing software over the years and, of course, more to the point, indicator packages): if people can get something for nothing they will take it no matter how much money it may be instrumental in making them. And in the case of open-source EA’s, as but one example, nobody will remember nore care that IBFX ‘started the ball rolling’.
Case in point: as you may or may not know I now run my own forums (MAINLY because nobody wanted to hear my equities and commodities vs FOREX trading argument anymore over here but also, given that only I can sensor the forums, and that they do not rely on advertising income for their existence, I’m of course at liberty to discuss and promote Deltastock ad infinitum and, ‘without beating about the bush’, of course the overall goal is to solicit clients for Deltastock especially seeing as Deltastock will soon have a branch office and training centre here in South Africa for which I’m going to be responsible). Yes: my forums are also designed to detail how I trade and what I trade and what I’ve proven to FINALLY be profitable ME (mostly Wilder’s stuff again of course).
On my forums I’ve provided download links to .PDF versions of books (material) that I myself have bought (I didn’t scan them myself nor did I upload them to the Internet i.e. all I’ve done is provide a virus-free and anti-spam type environment for traders to download the very same material that can be found anywhere on the Internet nowadays). Obviously: I’ve made it quite clear that some of the material is still subject to copyright and that I feel strongly that whoever downloads the material actually does go out and buy the material so that they can own a legitimate copy of the material not for any other reason than that it’s just ‘the right thing to do’ and in all cases the trading systems detailed are worth FAR more in profits than the actual cost of the material. In addition to this: I’ve spent the better part of two years coding and re-coding and checking and re-checking indicators that I’ve written for the systems detailed in the material.
Sorry but I had to give you some background before explaining that I’m not entirely sure that there IS any other way of doing things other than using the ‘proprietary lock-in model’ (in other words I’m telling you all of this NOT to simply promote my own forums because as we all know this is a FOREX site and although I’m attempting to address FOREX trading on my forums they are, of course, ‘geared’ for the trading of equities and commodities).
And here’s the problem that I’m ALREADY facing with only a FEW members:
Given that (obviously) I can see the stats of the downloads from the forums and the actual site where the downloads are located: I can tell you right now that I’d be surprised if but 1% of the members of my forums actually buy the material or open an account with Deltastock. Yes, and at the moment, with the indicator package (all my indicators) I’ve provided a thirty day demo version of them because I can tell you that if I just made them open-source I’ll bet my bottom dollar that the same thing is going to happen as happens with a LOT of other software and indicator packages i.e. Deltastock will end up with thousands of demo accounts, traders will use those indicators (assuming of course they’re happy with the demo results that they achieve with them), but trade with another broker (for a variety of reaons not least of which is that most FOREX traders would rather trade with MetaTrader than anything else and of course Delta Trading, the platform, is proprietary software and therefore the indicator packge will only work on Delta Trading). So the end result of using an open-source model is not going to generate anywhere near the income that it potentially could and should for both Deltastock and myself. And it ‘costs’ to run demo accounts too i.e. again and no matter ‘which way you slice it’ it’s bandwidth, server time, support having to be provided, when at the end of the day the trader quite possibly already has a live trading account with another broker and THAT broker is the one that’s making the money.
I mean on the topic of this very thread: I suggested a link (above) to some or the other tools for MetaTrader which I’ve since downloaded myself to take a look at. It’s ‘good stuff’ (for MetaTrader) and a lot of work has been done in creating those tools and indicators I’m sure. Their model is that the tools and indicators will be functional for a 30-day trial period after which the trader must either pay a subscription or open an account via them (they are obviously an IB for various brokers but I’ve not bothered to look at which brokers they’re an IB for). I’ll ‘stake my life’ on the fact that if they released those tools and indicators as open-source there would be VERY few people that would actually bother to pay them for their work EVEN IF those tools and indicators generated one million-fold the cost of the tools and indicators. I know this all sounds very cynical but I speak from experience here. And don’t get me wrong here: I’m ALSO guilty of this i.e. I’m no ‘angel’ myself. I have software installed on my PCs that I’ve not paid for (mainly related to video editing and the like). My justification for not buying the software at the time was simply that it was very expensive software and my video editing exploits were nothing more than a hobby for a few years i.e. it was not income generating (and I don’t even think that I’ve used that software since I started trading i.e. I lost interest in my video editing hobby and in most other things since I discovered this business). But no matter which way I justify it to myself: it’s still not ‘the right thing to have done’.
In addition: I don’t know if you’re aware of this but IBFX USED to distribute their indicators and EA’s WITH the source. To the best of my knowledge they’ve changed that now and they wouldn’t have done that unless they had a good reason for it (and my personal opinion is that the reason for this is exactly what I’ve noted above i.e. they’re well and professionally written indicators and EA’s and I’ll just bet that MOST of the time those indicators, once downloaded by a client i.e. you at very least had to have a demo account with them to access the indicators and EA’s, and if that client then sent them to a friend, and so on and so forth, possibly thousands of those very same indicators and EA’s are being used TODAY as I type this message with brokers OTHER than IBFX and, especially if those indicators are profitable, nobody is going to ‘give thanks’ to IBFX for them).
Sorry: I know this is one of my LONG messages again but it’s a situation that I’m currently having my own issues with so maybe my typing this is helping me to get MY OWN thoughts together (as well as, hopefully, being informational to others and, possiby, hopefully, will lead to further debate on the subject).
MARKETING on the other hand: that’s a different issue altogether though. Microsoft will never admit to this but I’ve had this discussion with many people (remember that I used to be in the IT Business for many years) and the general consensus (at least smong the prople that I’ve had this discussion with) is that Microsoft, being big enough, ALLOWED for Windows to be pirated ‘at liberty’ for MANY years (right back from the Windows 3.1 days). Only at some point, when most of the WORLD had become dependant on Windows, did they start cracking down on piracy in a BIG way (it possibly started from the Windows 2000 days and onwards which, relatively speaking, was not that long ago). Personally: I think it was brilliant (although as I say there is no way of proving that this was an ACTUAL management decision or marketing ploy) i.e. by that time the world had spent so much time and money on buying software written for Windows and had built up so much historical data (think accounting systems, fleet management systems, big databases) that they just probably could not afford the time nor the money nor the effort of totally changing their software for other software that would run on Linux (as but one example). At one stage: I was going to rewrite (revamp) my fleet management software suite and programs and GIVE it away BUT with a one, maybe even two, year trial period. The logic??? No client or business in their right mind would not pay for the software and change to another package after accumulating one or two years worth of data and statistics and start all over again with another new fleet management system. OK: I never got the project off of the ground because I started trading instead. In hindsight though: I’d probably be sitting right now collecting thousands on a monthly basis from businesses that had downloaded and had been using the ‘demo’ for one or two years now!!! But: ‘too late for tears’ now of course.
Anyway: it’s not my intention to be argumentative here. As I say: this post has probably been more beneficial to me by facilitating my putting my thoughts down on how to deal with my own current problem on the same issue.
Regards,
Dale.
Edit:
My apologies too ClarkFX i.e. I realise that my post above is WAY off-topic but I was just replying to dusktrader’s post I guess.
An interesting concept for sure. If I’m not mistaken was this not the Linux model or the model used for the VLC media player
Yep, Linux is one software that believes in the open-source model, and so is VLC media player. It is a proven model that works if the ecosystem can be nurtured properly. I’m not sure if the finance world is ready for it, based on the fact that a large percentage of softwares you can buy are scams anyway. But personally I think Metatrader is on the right track with their extensible platform (ie MQL interpreter) and this is largely responsible for their success, in my opinion. Also my opinion – IBFX is limiting innovation by restricting their products like this (ie not providing source code). It’s a very close-minded philosophy to create something without sharing and foster what could be a whole universe of rich inputs.
With that said, there are plenty of arguments on both sides of the fence. Obviously the lock-in model can work. But so can the open source model if nurtured properly. I would STRONGLY argue that when comparing products from the lock-in vs. the open-source world, that those produced with community effort and contributions will tend to be more innovative and overall a better contribution to humanity.
(I’ll get off my soapbox now LOL. I’m just an open source evangelist…)