Close half a position - newbie question

New comment
 

I tried asking this once already, and the admin moved the post to the programming forum. Its not a programming question, it is simply a question on how to use MetaTrader. Is there a better forum for simple MetaTrader usage questions? It should be an easy question, but I can't figure it out.

Say I have position open and I just want to close part of it, and leave part of it open. Surely this is easy to do with MetaTrader. Yet I don't see any such option. If I right-click on a position, it has things like close or modify. And modify allows me to change stop and limit. But, I don't see it having an option to change the number of lots I have.

So, I figured maybe if I put in a reverse order, like put in a sell order if I was going long or vise-versa. What I got in that case was two open positions, one long and one short for the same pair!

I'm at FXDD if that makes any difference. Thanks.

 

if you chose Close.

In the closing window you have one field where there is the lot size

 

ِAssume you open 1 Lot size trade (Figure 1).

When you close change the lot size to 0.5, then you close the half of the lot in this case (Figure 2).

Files:
fig1.jpg  43 kb
fig2.jpg  47 kb
 

Ah, I'm an idiot. That's exactly what I wanted. I can't believe I couldn't figure that out myself. I just thought that in its terms, "close" meant the entire position, and therefore thought that I was really doing was a "modify". But "modify" doesn't let you modify the size of your position. That's where my mental block came from.

Thanks for the help. I'm embarrased...

 

code guru please cek your PM

 

Limit order partial close

Also handy to know can be how to close part of an order with a limit order.

In that case you simply place a (pending) limit order in the oposite direction of your open trade. When this limit is triggered and becomes an open position you have for half of your initial order a futile trade. (an open hedge buy and sell at the same time). Than you right click on the half position (that you last opened with the limit order) and click like usual "close order". But now in the type field you select "close with" and than you click the long yellow close button. After that, a new window will pop up with a list of open trades. You chose the trade from which you want to close half the position and click ok.

Now the futile combination will be closed. This is the last limit order and the half of the initial order.

Also important is that once the (half) limit order is open, you have a futile trade and you must not be nervous to continu the close procedure asap. Because the hedge limit order that you opened, freezes the pair in a fixed P/L , till you close them.

 

Simple Question on lots

In Metatrader, if I sold 1.0 lots, to close half the trade do I have to close .5 of a lot on the same order line, or can I just open a new buy order for .5 lot size at the price. I'm afraid if I try to have a reverse with a new Buy order will they both be in play and the loss on one will negate the profit on the other?

 

You want to close .5 lots from the open position. Opening another .5 position in the opposite direction would be hedging half your initial position and both positions would be in play.

 

Thanks for the help.

 

Have a look at this thread

There was a thread a while back on this subject.

https://www.mql5.com/en/forum/general

 

newbie Q

im using metatrader 4 for demo account..

i know how to position the ST and TP for buy..

but no for sell and pending order..

i tried many times but computer said "please verify operation parameters"

please someone...

New comment
Reason: