How to close half of my position in metatrader?

[flover]

Hi
Suppose for example that I have entered a trade with 0.5 lot and in the middle of the trade when it hits my first target I want to exit half of my position (0.25 lot) and let the other half continue until the second target. Please tell me how can I do this in metatrader?

[MusicMan]

>>close half position

You don't, at least in MT4.

You could open 2 orders at a smaller size instead. That would let you take profits off the table while still playing the 2nd order for max pips.

Or, you could just modify the single order to set your stop loss at the place where you want to lock in those profits. If you keep adjusting the SL up behind the order, you can lock in more and more profits without having to pay the spread twice.

I go either way -- I'll place multiple orders, but I'll still follow up the winners with an SL, or even modify the TP to stay ahead of the price if there is momentum.

Your mileage may vary...

MM

[Egwig]

Originally Posted by flover

Hi
Suppose for example that I have entered a trade with 0.5 lot and in the middle of the trade when it hits my first target I want to exit half of my position (0.25 lot) and let the other half continue until the second target. Please tell me how can I do this in metatrader?

Hi Flover.

If you are trading manually and closing trades in the normal way -

viz: Right click in terminal trades tag>left click on 'close order'

A window opens with a yellow bar that says, 'Close', (with the number of the relevant trade order)

At the top of that window is a small box with the number of lots that you traded. It says,'Volume', with a drop-down.

To close a smaller number of lots and to leave some lots still riding on the trade, just alter the number in the box.
Then click, 'Close'.

Simples

Egwig

[MusicMan]

Geez... I must have been having a moment of premature senility!!! How embarrassing.

Thanks

I should change my handle to Sir Gaffe.

[Egwig]

Originally Posted by MusicMan

Geez... I must have been having a moment of premature senility!!! How embarrassing.

Thanks

I should change my handle to Sir Gaffe.

Sir Gaffe,

We've all been there, me old flower

Egwig

[flover]

thank you both
you are amazing, and Eggwig that was really helpful

[blackberrygod]

Originally Posted by flover

Hi
Suppose for example that I have entered a trade with 0.5 lot and in the middle of the trade when it hits my first target I want to exit half of my position (0.25 lot) and let the other half continue until the second target. Please tell me how can I do this in metatrader?

I might be a noob......But I have experienced a difference when closing 1/2 position at mkt.......or closing 1/2 position limit.
Closing 1/2 position right then and there is not hard......how about closing 1/2 position when the 1st target point is reached?

blackberrygod