Partial closing of order with limits

• 06/11/2021 at 8:36 AM #171600
  jd147

  Hello, (sorry if this has been previously asked but the only answers I found related to proorder.)

  I’m trading through IG on prorealtime v11

  Say I have a open position and want to partially close using limit orders as the position moves in my favor. I have ‘force open’ disabled and no attached orders to the limit order. I still get a new position opened against my original position when filled.

  If i place the order directly on IG the position is netted off correctly.

  Is it not possible to net off using limits on PRT?

  Thanks in advance,

  J

  

  jd147

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  06/11/2021 at 8:58 AM #171602
  GraHal

  jd147 wrote:

  I still get a new position opened against my original position when filled.

  I take it you are talking Manual Trading?

  Is your Sell linked to a Long Open trade by right clicking on the Long Open trade and selecting Limit Order??

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  GraHal

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  06/11/2021 at 9:02 AM #171603
  robertogozzi

  For automatic trading only.

  You normally BUY (Long example) by either placing an at market  or pending order:

  BUY 1 CONTRACT AT MARKET //order AT Market BUY 1 CONTRACT AT EntryPrice STOP //STOP order if current price is lower than EntryPrice BUY 1 CONTRACT AT EntryPrice LIMIT //LIMIT order if current price is higher than EntryPrice

  1 2 3

  BUY 1 CONTRACT AT MARKET            //order AT Market BUY 1 CONTRACT AT EntryPrice STOP   //STOP  order if current price is lower  than EntryPrice BUY 1 CONTRACT AT EntryPrice LIMIT  //LIMIT order if current price is higher than EntryPrice

  to close half position you do the same, simply replacing BUY with SELL, 1 with 0.5. and EntryPrice ith ExitPrice:

  SELL 0.5 CONTRACT AT MARKET //order AT Market SELL 0.5 CONTRACT AT ExitPrice STOP //STOP order if current price is higher than ExitPrice SELL 0.5 CONTRACT AT ExitPrice LIMIT //LIMIT order if current price is lower than ExitPrice

  1 2 3

  SELL 0.5 CONTRACT AT MARKET           //order AT Market SELL 0.5 CONTRACT AT ExitPrice STOP   //STOP  order if current price is higher than ExitPrice SELL 0.5 CONTRACT AT ExitPrice LIMIT  //LIMIT order if current price is lower  than ExitPrice

  You only have to male sure you don’t leave open less that the minimum size required by the broket for that instrument.
  FORCE OPEN has no realtion with partial positions.
  To recap, use:
  – BUY to enter a Long trade
  – SELL to exit a Long trade
  – SELLSHORT to enter a Short trade
  – EXITSHORT to exit a Short trade

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  06/11/2021 at 9:13 AM #171605
  jd147

  Sorry I should of specified, its manual trading I’m talking about.

  When I right click on the open position to set a limit, it only allows for the total size as a linked order. Unless I’m missing something?

  There’s another option to partially close but that’s exiting at market.

  Thanks

  

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  06/11/2021 at 9:22 AM #171607
  GraHal

  jd147 wrote:

  it only allows for the total size as a linked order.

  Yes now you mention it! 🙂

  So if you have a Long Open at pos size 1 and you set for example a sell limit at 0.5 (not linked) what happens then?  Double check you have Force Open disabled (not Auto or enabled)

  PS

  I just set one up on my Demo Account to compare with yours!

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  06/11/2021 at 9:34 AM #171608
  jd147

  thanks Grahal,

  In that situation it opens a short position 0.5 and leaves the long position 1 untouched. So for you does that net off the original position?

  force open is disabled and no stops are linked to the net off limit order. Also positions are above minimum size for IG

  cheers

  

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  06/11/2021 at 9:47 AM #171609
  GraHal

  Yep same for me, it opened a short at 1 and left the long at 2 untouched … how flippin stupid!?  Also that was on my CFD Platform … just for the record.

  Looks like the only way you can do a partial closure is at Market, as you said.

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  06/11/2021 at 9:53 AM #171610
  Eric

  You can use market orders using alerts

  https://www.prorealcode.com/topic/order-through-alert/

  But its not foolproof

  Try on demo first

   

   

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  Eric

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  06/11/2021 at 9:56 AM #171611
  jd147

  thanks for checking – I kept thinking it was just me.

  It’s hard to think such a basic feature wouldn’t be included on prorealtime.  especially when were on version 11.1!

  I will have to continue trading with the IG platform open and set my net off limits directly on there.

   

  All the best

  

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  06/11/2021 at 12:47 PM #171616
  GraHal

  jd147 wrote:

  I will have to continue trading with the IG platform open

  Could be that IG want us to do precisely that?? 🙂

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  06/11/2021 at 1:48 PM #171618
  jd147

  could be! They also don’t allow trailing stops on limit orders – only on market orders, which is a pain for me as I’m not always at my desk.

   

  Do you have any experience with the other brokers, IB or saxobank on prorealtime?

  I wonder if they allow partial exits with limit orders

   

  

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  06/11/2021 at 1:58 PM #171620
  GraHal

  No I’ve only ever been with IG (apart from Hargreaves for my investing) … but HL don’t even allow short selling … hence why I ended up on PRT / IG.

  

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