Hi,
I am new to forex and have read about taking partial profits on a trade, but I don`t know how exactly to do that?
I am currently demoing on fxdd mt4 demo account and let`s say I have open a long trade on eur/usd and after some time it is +50 pips and if I want to take 25 pips profit from it how can I do that?
Till now if I want to take out profit I just close the trade.
Any help?
Hi trip
either enter trade with multiple lots and close one or more for profit. alternatively If you only trade single lot, move your S/L to lock in profit
If I move the SL to lock in profits, won`t that close the whole trade when it reaches the SL?
I think I am confused about the whole taking partial profits thing.
Because till now what I had in my mind is that without closing the trade I can just take out some profit and leave the trade open. Can this be done?
Yes trade will close when S/l hit but if you have moved to eg. +25 then you are in profit
to take partial profit you would need to enter with multiple lots which you can close separately
On MT4 right click on the trade and select Close Order then in the window that pops up enter the amount you wish to close out in the Volume: section. Or you can do as kockneerebel suggest.
@ kockneerebel & cadarkitek
thank you