I hear so often around here and on tutorials that its good to have goals of 30,40 and 50 pips per trade but its safe to try and take off some of the position at 20 pips. My platform is metatrader 4 and I can see how to close some position manually at market rate and I can see how to set a ‘take profit’ point which is done automatically but that only takes off the whole position. When going for a high amount of pips like 30-50 its not really practical, nor recommended, to watch it the entire time since it may be several hours. So surely its necessary to have it done automatically but I can’t find for the life of me how to do it.
- Right-click on the trade you want to partially close;
- choose ‘Close Order’ (as if you wanted to close the whole position);
- near the top of the window now popping open you’ll see the position size (same as with opening a new trade);
- choose the size you want to close (e.g. if your whole position is 1.0, choose 0.5);
- click ‘Close’.
That’s it; half of your trade will be closed, the other half will remain open.
Cheers,
O.
1 Like
Yes, like I said, I know how to manually close it. The key word here is ‘automatically’. I want it to take off some of the position while I’m out of the room basically. When it hits 20 pips or whatever it takes some off but leaves a bit on in case the trade runs any further.
In this case, you’d either use an EA (check the MQL4 Community for one, it’s a simple operation to code), or open two half-sized positions with different stop-loss points instead of one larger one.
O.
1 Like
So it really isn’t a standard feature? Well that’s really weird. I checked around the MLQ4 community but the nearest I found were people asking how to do it but it seems really you need to at least know some programming yourself to actually implement it as an EA. I’m surprised no one else has posted here to comment how they do it since everyone is always preaching that its good practice to do that. That is unless most people in fact don’t use Metatrader.
Hmmm, ok … I’ve had a close look at the MQL4 forum, and the coding guys all seem to agree that this is extremely hard to do with an EA, since you’d need to combine two commands. They all advised to open two smaller positions and set different stop-losses for them, instead of trying to partially close one larger position when it reaches a certain level.
On the other hand, an EA by IBFX was mentioned which seems to be able to do it; maybe you can check with them.
I think they let their customers have it.
And I know for a fact that ‘[I]4xPartner[/I]’, a professional EA/Indicator combination, can do it.
But that is not for free.
O.
Granted opening up two positions with pre-set stop losses may be irritating but given that the other option is to tinker with the codes, you may want to opt for the former. Checked out online but so far, yet to come across that can enable you to do this, sorry…
Its extremely disappointing from Metaquotes to be honest. You can take profit automatically no problem and you manually close off any percentage of the position…surely its only 2 minutes work for the original coders to combine the two into one such feature. A feature that really, traders can’t live without.
Opening two positions is a possible workaround but far from ideal. Getting a good entry is not easy as it is so putting on two at once is gonna be tough, with slippage and all.
I’ll have a look at 4xPartner, thanks for the help.
Hi ! I just managed to come to this forum and decided to reply u, lets say u having a Buy position Lot 1, auto close at a later timing, u need to create new order, change to pending order, ““Buy stop”” at a position 0.5 ( If you intend to take your TP 1 ) For your final target TP 2, as u only left 0.5 , u know what how to close it. Just set your orignal take TP at price ****. It will close all the remaining order.
Hope u find this helpful =)
Hopefully since he posted this question 9 months ago he will have found a way around his original issue…
Aww…i am facing this issue in 2018 
Did anyone manage to find a solution??
Just saw this thread and I remembered that my broker offers an EA that has this function. It’s called Trade Terminal and I think it’s developed by Metaquotes but just for my broker as I don’t think I have seen it with other brokers. Basically one of the options of this EA allows you to choose an automated close of an open position and you can create a custom rule by setting certain parameters like close some percent of the order or set a break-even stop when it reaches 10,20 or 30 pips (depending on the goal). Of course it can be saved as a template (as everything in MT4 and MT5, templates everywhere :D)I haven’t used it that much because I still prefer to watch my orders and modify or close them manually but this function could be useful if you keep your orders opened for a longer time and don’t have the opportunity to monitor them.