Is there any way to change the settings so that new orders on existing positions modify the current position rather than open a new order? (mt4/5)

Beginner Questions
1

For example: If I am long 5 lots and create a sell order for 3 lots on the same pair, I will end up with one long position of 2 lots, rather than two different positions one long 5 lots and one short 2?

3

There is a term for this, but I can’t remember it! Let me search my saved threads.

4

Okay, so I was thinking about OCO orders. And I don’t think that answers your question.

One-Cancels-the-Other (OCO) Order Definition.