I just started trading forex and I have a question about an advanced stop I’d like to do. At the moment I’m only using Tradeinterceptor to trade, so I would like to know if on MetaTrader (which I’ve seen is the most popular and I am considering to start using it) is possible to do this kind of stop:
I’d like my position to be divided in two halves, both with a stop loss of say 30 pips. The first half has a take profit of say 40 pips while the second half of 60 pips. I want that if price moves in my favor for 40 pips I want the second half to automatically move the stop loss in order to lock in those 40 pips so that if price continues to move in my favor I can get the 60 pips gain and if it does not I still end up with the 40 pips profit I have locked in. Any sort of help or suggestion would be much appreciated, thanks,
Hi Claudio,
In order to do something like that in MT4 you would need a script/Expert Advisor combo because you can only set your stop to trail and/or to stop out at a target price in MT4.
I had to make my own scripts/Ea to do what you described; the scripts opens an order (buy/sell, pending) and sets the lot size, stop, target, and order magic # (to identify it later when the order is partly closed). Then my EA monitors any open orders and will close 1/2 the order at whatever pip profit target I set it to, and moves the stop to b/e and remaining half which will continue on to stop out at it’s target or b/e. So for instance I set it to close half the order at 25 pips and move the hard stop to b/e, and then the 2nd half is a free trade either way, but it will only be worth half the pip profit value.
Thank you for your reply.
That is partly what I meant. I wanted to know if it is possible, when for example the first half closes at 25 pips profit let’s say, to move the stop loss of the second half not to break-even but further than that in order to protect the profit already made, I say for example to move the stop loss 15 pips above (if it’s a buy order) the entry price so that the trade can continue to go in my favor over the 25 pips made in the first half but cannot make less than the 15 pips of profit I want to lock in. I hope now it is more clear.
However you want to slice & dice it, you can’t do it automatically in MT4. A user definable EA would be the only way to manage your orders if you are not there to manage them manually.
A user definable EA will accomodate the scenario I use as well as the one you use…x number of pips in profit moves stop to x pips in profit, and closes x portion of order, as well as x profit target.
Thank you very much for your help. I just wanted to know if it was possible on MT (whether automatically or with an EA), since the software I am using now only allow to move my stop loss to break-even after x number of pips in profit and not any further than that. Thanks again!
