Support Board
Date/Time: Tue, 26 Nov 2024 00:44:21 +0000
Taking partial profit in a single contract trade, how do I do this please?
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| [2024-01-19 22:26:32] |
| User137421 - Posts: 7 |
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Hi, I’m trying to hold onto my winning trades for longer as such I would like to take a percentage off the trade at a certain level, currently I hit the flatten button and the full trade is closed, can you tell how I partially take profit and leave the remainder running to my final TP level please. Previously I have tried to bring the stop loss past the entry point of my trade to lock in profits but this reversed the trade and i lost money, any advise graciously received. Many thanks Pete |
| [2024-01-19 22:34:11] |
| John - SC Support - Posts: 36286 |
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You can not do this in a single contract trade. Trading is a "quantized" process, meaning that there is a smallest unit you can trade in, and that it is the quantity or number of contracts. If you have a single contract, you only sell that 1 contract. If you have more than one contract, then you can liquidate part of your position, which would mean putting in an opposing order for the amount that you want to close out. For instance, if you have an open long position with a quantity of 2, and you want to close out one of the contracts, then you would need to put in an Sell order for a quantity of 1. If you have separate Stop orders setup, then you could move the Stop Order above/below the position to have it turn into a market order at the current price. Just keep in mind, if you have a single stop, then it will be for the full quantity and close out your entire position. You state that when you move your stop, it reverses your position. This would imply that you had a Stop with a quantity greater than what the position had in it. For example, if you had a position with quantity of 2 and the Stop had a quantity of 3, then you are reversing your position with a quantity of 1. You just have to be careful about what you are doing, and be aware that putting in a separate order may not adjust your attached orders unless you use the "Scale Out" option. Refer to the following: Attached Orders: Scaling Out For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing Date Time Of Last Edit: 2024-01-19 22:41:05
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