I know how to read markets charts fairly well, but am a novice when it comes to making preset orders, so perhaps someone with experience of this could point me in the right direction?
I am only operating a demo account to see how I do, and am operating a risk management strategy of taking 25% of trade off the table as profit, when I reach 50% of my projected target, and moving the Stop Loss to the trade entry point. This way, I have made 11 ‘successful trades’ out of 13. If I wasn’t doing this (or the same thing but higher up into the trade), then I have only 4 out of 13 trades that have hit 100% of their target.
Deploying the above strategy, would make me a winning trader. Setting the trade and leaving until target or stop loss, would make me a losing trader, or break even trader at best, since targets are much bigger than stop loss margins.
So far, I have only found a way to sell 25% of my trade when the 50% level is hit, by manual execution.
Could someone point me towards the sort of trade option I would be looking for in order to do all this automatically, so I could truly set and forget?
You’re in demo mode, so it this doesn’t work, hopefully, no problem…
Why can’t you set a take profit at 25% of your total at the point you want to take first profit? It should automatically buy/sell 25% at that point and leave you with 75% of your original position?
Conversely, you can place an order for 25% of what you want ultimately want to buy/sell, with a take profit at that 25% profit target. Then, go back in and buy the other 75% immediately, with an open target? You’d have two positions.
Don’t forget to place stop losses on both orders!
Another option is to use a trade manager EA that is programmed to do that for you. The MQL5 website has plenty of coders who will do that for a reasonable price but you might also find something for free. Let us know if you do find it or make it.
Hey if you use MT4 you could use an EA to manage the trades and execute what you want automatically. I have an EA somewhere that does a partial close of open trades. It could easily be modified slightly to suit your needs.