If I scale into a position with different entry points, if I start scaling out of the trade the average price doesnt change, which is confusing because the new average price should be dependant on which of your orders was closed.
For example:
I buy a market 1 lot each at price:
90
100
110
The average price for the 3 lots will be 100, lets say the market is currently trading at 105 so my overall profit is 5 points for the 3 lots.
Now lets say I start scaling out of the trade, I sell one lot at 105. The profit or loss I take on that order will be dependant on which of the 3 buy orders was closed. I don't know of an easy way, or if its even possible to control which of those 3 orders gets closed. Lets say the buy order at 110 gets closed, so you would actually take a 5 point loss on that order. Now your NEW average price should be 95 since the remaining 2 buy orders were at 90 and 100, so the overall profit on the remaining 2 lots is actually now 10 points instead of 5.
The problem I am having is that the DOM doesnt accurately change the new average price when you scale out of trades. If I scale out of that trade and take a 5 point loss on that one lot, I am much more likely to close the rest of that position if I think that my average price is still sitting at 100, and price starts ticking down towards 100, when in fact my average price is now at 95 and I have a 10 point profit instead of 5.
I am finding that I have to mentally keep track of of my positions, exactly which orders get closed and calculate what my new current average price is on my own.
It would be a lot easier if I could control each of my individual orders, be able to see the profit/loss on each of them seperately and be able to close them seperately rather than have them just shown as an averaged price.
Is this some kind of issue with individual order tracking?
For example:
I buy a market 1 lot each at price:
90
100
110
The average price for the 3 lots will be 100, lets say the market is currently trading at 105 so my overall profit is 5 points for the 3 lots.
Now lets say I start scaling out of the trade, I sell one lot at 105. The profit or loss I take on that order will be dependant on which of the 3 buy orders was closed. I don't know of an easy way, or if its even possible to control which of those 3 orders gets closed. Lets say the buy order at 110 gets closed, so you would actually take a 5 point loss on that order. Now your NEW average price should be 95 since the remaining 2 buy orders were at 90 and 100, so the overall profit on the remaining 2 lots is actually now 10 points instead of 5.
The problem I am having is that the DOM doesnt accurately change the new average price when you scale out of trades. If I scale out of that trade and take a 5 point loss on that one lot, I am much more likely to close the rest of that position if I think that my average price is still sitting at 100, and price starts ticking down towards 100, when in fact my average price is now at 95 and I have a 10 point profit instead of 5.
I am finding that I have to mentally keep track of of my positions, exactly which orders get closed and calculate what my new current average price is on my own.
It would be a lot easier if I could control each of my individual orders, be able to see the profit/loss on each of them seperately and be able to close them seperately rather than have them just shown as an averaged price.
Is this some kind of issue with individual order tracking?
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