Scaling out of a position via multiple separate opened orders or order modification?

[[Deleted]]

I just wanted to hear your opinion about these two options since I've read several threads discussing the superiority of the one over the other and I'm not sure which method I should use. Is there a better choice at all or is it a matter of taste?

[zzuegg]

If you enter a trade with stop orders and would like to exit the trades trough Takeprofit or Stoploss then multiple orders are the only way to do it.

[[Deleted]]

zzuegg:
If you enter a trade with stop orders and would like to exit the trades trough Takeprofit or Stoploss then multiple orders are the only way to do it.

I see... Ad if I enter with market orders?

[William Roeder]

Yojimbo:

I see... Ad if I enter with market orders?

you have to remember the initial size, and number of times you've scaled. At each level wait for the market to get there, find the new order number, close a portion, remember that scale, compute the new level.

[[Deleted]]

WHRoeder:
you have to remember the initial size, and number of times you've scaled. At each level wait for the market to get there, find the new order number, close a portion, remember that scale, compute the new level.

Okay, thx.

But what I originally wanted to know was which of the two methods is "better" in your opinion. Or does it all just depend on whether the entrance is a pending order or a market order?

[zzuegg]

For me the option with multiple orders is better because:

-you can always restore the trading logic without need of global variables or a file.

-you can control each position with a separate trailing stop, stoploss or takeprofit

-from my point of view more logical way of doing it.

-some brokers have limited MaxLot's