Best Methodology for “Close Position Partially”

Hi all,

Would like to get feedback on what is regarded as the best methodology for this principle?

Thanks in advance.

Kind Regards
Steve

Hi Steve…

-Create variable and call it something like “part_close” assign value of 0.
-Create logic for where you would like part close to happen ie. Profit is 7 times ATR, then have it close part position and assign a value of 1 to “part_close” variable
-Add assign variable “part_close” to 0 to be included with your entry order.

Hope this helps.

nolube thanks for the technical solution, it will help. I assume if you running the same EA over many currency pairs the variable keeps the context of the value per currency pair. i.e. won’t get cross wired…

I was trying to find out the theory behind this, as in what is regarded as best principles of closing positions partially by other traders, like what ATR value to use and are there costs involved in doing so etc etc

Thanks in advance

Hi Steve, your magic numbers should isolate every ‘chart’ regardless of currency pair or timeframe.. for example you could run the same strategy on EURUSD m5, EURUSD, m15 and GBPUSD H1 and as long as each strategy has its own magic number they will not get their wires crossed.

Thanks nolube