Partial Limit Orders

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  • #195904 Report
    Zac

    I can’t believe this still isn’t a function.

    If I am long 10 units of something, why can’t I set multiple limit orders to scale out in increments? Why does the Limit Order force me to close the entire position? I can close partially manually but nobody is at the chart 24/7

    I can place the same trade multiple times to have different positions open at the same time. The problem is that across multiple FX pairs this is unnecessarily confusing, time-consuming and extremely annoying.

    Any chance that this basic function can be included?

     

     

    #195941 Report

    You can only scale out with a MARKET order, not a pending one.

    Backtesting works, as PRT support that feature, but when going live IG do not!

    #195946 Report
    Zac

    Thanks

    I know I can scale out at market but that’s not helpful in the middle of the night.

    Are you suggesting this is just an IG issue because I’m  99% certain it’s the same with Interactive Brokers. I run a different strategy there but will check and confirm later.

     

    #195953 Report

    I know I can scale out at market but that’s not helpful in the middle of the night.

    You can put market orders in your Strategy Code with a price you like. It is a bit touch to explain this because it is too basic to explain ?
    On the other hand, I can imagine how you read Roberto’s text because it seems a bit off your topic. This in itself could be caused by the way you asked the question (??).

    I would not know why It would be not possible to

    Why does the Limit Order force me to close the entire position?

    do that. It is only that a Limit order normally won’t be used to “exit” (though it can). So you would be talking about a Stop order and NOT a Pending Stop order. So a Stop order (like a Limit order) can exit as many contracts (as much position) as you want.

    So it seems that you are both guessing what the other means to say ?

    If I am long 10 units of something, why can’t I set multiple limit orders to scale out in increments?

    This would be the confusing one, because here you imply that you set these orders all at the same time (like you could do it manually, although with some “aiming” second in between them. But possibly similar to your perception of a “market” order (and its possibilities) you can subsequently (!) set as many Limit orders as you want. Or Stop orders for that matter – the ones you would be using. And again  how to explain this ? it is too basic BUT it is program code that would accomplish it.

    What you seem to ask for is the Pending Stop order (Set Stop Trailing) and *that* for each position you took (additionally). Well, that is not possible. But there we go again : you can make the trailing (which is what a Pending Stop would do) yourself (search this forum and you will find numerous examples).

    Hopefully this will be helpful :
    What you actually ask for is the “set” of orders belonging to each additional position taken. Well, this set does not exist in ProRealTime. It only exists for the cumulative quantity with is calculated average price and that is killing to deal with properly.

    #195959 Report
    Zac

    Thanks for taking the time to respond. I’m not sure why this is getting so complicated.

    I simply want to split a profit-taking limit order into two different targets. So exit 50% at target #1 and 50% at target #2. That’s it and it’s not possible.

    I’ll deal with the hassle of placing each trade twice at half-size.

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