I'm interested in creating a setup where I can divide my standard 2% risk factor into three separate "positions" each of which have a unique take profit level. The idea is to take profit gradually based on 3 different levels. Please tell me if this will work.
On Long Entry:
Take the lot size given by the Babypips position size tool and divide it by 3. Create 3 different take profit levels by:
Opening 3 separate Sell Limit orders, each of which have 1/3 of the original position size. Set one at +15 pips plus spread, another at +20 pips plus spread, and the third at +25 pips plus spread.
Would this work? As each T/P position is reached would MT4 simply reduce the amount of the initial Long position by 1/3 until all are stopped out?