Hi all,
One thing I would like to see is the ability to set stops and limits for open positions where you trade trade just a portion of the position. Right now, if I want to close half the position once my first profit objective is reached, I have to set a manual closing order or watch the market constantly.

I would like to be able to tell VTrader how much of the position to close at certain prices, both for or against me. A competitor has this tool and I find it extrememly useful for risk mgt.

Thanks,

Jonathan

Yup, would agree with you on this (and just posted similar request on another thread!). When you change a limit order VT presumes you want to close the whole position, rather than allowing half to be closed and let the remainder (hopefully) continue with the trend.

Hello,

Thank you for the suggestion. I will pass it along for further consideration.

MrMilesIL: Please check your email. I've contacted you privately. Thank you.

Regards,
Chris

I agree Jonathon!

Good money management always includes selling/covering part at first target, then trailing from break even.

Great suggestion.

Steve

sorry if this has been answered elsewhere - I did a search but didn't find my answer.

If I open a trade with 10 lots, can I set a limit which will close only 5 lots and not the entire position? Can I set a 2nd limit for the remaining lots? Can I assume whatever answer you give also applies to how stops work?

thank you.

Mindy

Hello,

If you use the functionality to attach conditional stops and limits to an open position then what you require is not possible. However, you can use EntryLimit Sell and EntryStop Sell orders to accomplish what you request. Let's look at an example...

You open a BUY trade on EURUSD at 1.2000 for 10 lots using account '12345'. Instead of placing an attached limit order on the open position, you create an EntryLimit Sell pending order at your desired profit target of 1.2050 (BID sell price has to penetrate this level and pass back down through it) for 5 lots using account '12345'. You then place a second EntryLimit Sell order at 1.2100 for the remaining 5 lots using account '12345'. You could also create an EntryStop Sell for 10 lots using account '12345' at 1.1950 to serve as the stoploss for the position.

The drawback to using this methodology is that because the orders are not conditional attached orders of the original position that each order is executed in the order it's triggered and they will not affect the other pending orders. For example, continueing with the above logic, let's assume that your first "profit level" is achieved and 5 lots are closed out... you still have a 5 lot Buy position open. If price were to now retrace and trigger your pending EntryStop Sell order acting as your stoploss, your remaining 5 lots would be closed out, BUT you would then be 5 lots short at that price in a new Sell position since the pending EntryStop Sell order was for 10 lots.

Regards,
Chris

Hello,

Given your response I know it can't be done with the current versions of VT but could it be updated to allow a trader to make an order for entering a trade with several pre set limits that would allow for automatic scaling out of position and automatic trailing of the stop (minimum three settings for each)? ?

E.g. Similar to your EntryStop Buy and EntryLimit Sell function when you right click on the chart. However, in the function I’m describing you have the option in presetting several target limits where at each reached limit a portion of your position would be automatically closed as predefined in the order/open position window and the stop would be automatically moved up.

I created an example of what the function window would look like, using your EntryStop Buy and EntryLimit Sell function windows as a working example. In this example a trade is placed with 3 lots and an automated scaling out (profit taking) and trailing stop is automated when each limit is reached:

Entry Rate: (E.g. 1.3000)
Amount: (E.g. 3)
Trader’s Range: (E.g. 0)
Duration: (e.g. GTC)
Account

Set 1st Stop
Rate: (E.g. 1.2975)
Pip P/L: (E.g. –75)
Currency P/L: (E.g. –750)
Trader’s Range: (E.g. 0)

Set 1st Limit
Rate: (e.g. 1.3148)
Exit Amount: (e.g. 1)
pip P/L: (E.g. 48)
Currency P/L: (e.g. 480)

Set 2nd Stop
Rate: (E.g. 1.3000)
Pip P/L: (E.g. 0)
Currency P/L: (E.g. 0)
Trader’s Range: (E.g. 0)

Set 2nd Limit
Rate: (e.g. 1.3198)
Exit Amount: (e.g. 1)
pip P/L: (E.g. 98)
Currency P/L: (e.g. 980)

Set 3rd Stop
Rate: (E.g. 1.3145)
Pip P/L: (E.g. 45)
Currency P/L: (E.g. 450)
Trader’s Range: (E.g. 0)

Set 3rd Limit
Rate: (e.g. 1.3248)
Exit Amount: (e.g. 1)
pip P/L: (E.g. 148)
Currency P/L: (e.g. 1480)



This is the exit strategy that I’m utilizing to lock in profits and I’m confident that many other traders share similar approach. Therefore, if such function does not exist which it seems it does not, can it be requested that your VT be updated to have this option available as soon as possible so to automate the scaling out of position and trailing stops?

It would be very beneficial to trading and many traders if this function was available when setting trade orders as well as having the ability to manipulate your trade once it’s already open from the open positions window just like you do with manually adjusting stops and limits. I’m not sure how much effort this would entitle but since you already have a basis for this (EntryStop Buy and EntryLimit Sell Options) I would think it wouldn’t require a lot of time nor would it be a complicated programming, especially since the VT can already automatically stop out or exit once a limit is reached and it should be a matter of additional programming.

Please respond at your earliest ability. It would be very appreciated if this were made possible and available to all your traders.

Sincerely,

Kris Karpinski
CMS- 38561

Hello,

Thank you for your comments. I will pass them along for further consideration.

Regards,
Chris

It would be nice to have an If then + OCO with the possibility to attach several limits, to be able to take profit at several price targets instead of one.

Cheers.

Thank you for the suggestion.

Regards,
Chris