hi
i was
reading pick of the day. how does one set up more
than one profit take on a particular order on
metatrader 4? or do they mean make a new order after the last
profit take?
can anyone help?
Generally, when a strategy involves multiple Target Profit levels, it means that you would buy/sell more than one lot and sell one or more at certain levels until you’ve maxed out.
For example, you could buy 3 lots of GBP/USD. Say your ultimate TP is 50 pips. You could sell 1 lot at 20 pips profit, 1 lot at 30 pips profit, and the last lot at 50 pips profit.
This strategy locks in profits and still allows you to continue as far as you can. Some people don’t even set a TP for the final lot, they just let it go until it starts to reverse. It all depends on what you’re comfortable with.
In MT4, you have to close these lots manually, unless you have an EA for your strategy that is designed to do that.
thanks
however if one cannot afford to buy a ‘lot’.
if one’s balance was 200 or less.
then would i place one order and pt1 to close it, then open a new a new order while price was still dropping then pt2 to close it and so on?
That’s not usually the way it’s done, as it can lead to losses if the trend suddenly reverses when you’re opening a new position.
I don’t know if your broker offers micro lots but, if so, you can always buy a mini (or as large as you can) and sell portions of it (the micro part) to take advantage of this technique.
For example, if you buy a mini (0.1 lots), then sell 0.03, 0.03, 0.04 as you progress for a total of 0.1 lots.