Scale out of position set with ATM

[honkin]

Hi

If I have entered a trade with an ATM strategy that has stops and targets, how is it possible to manually scale out of the trade? I am using NT6.5

As an example, I may take a position with 4 lots and when it hits my T1 I want to take 2 lots off the table and leave 2 running. When it hits my T2, I would then take a further lot off the table leaving the last lot to run to T3

How can I do this once I am in a trade?

cheers

honkin

[NinjaTrader_VinceB]

Hi Honkin,

Thank you for your post.

The example you describe is hard to follow as you are saying that when you hit your first target you want to take off 2 contracts. Do you mean manually? If so, how many contracts have you set up for your first target in your ATM Strategy? It would take contracts off as well when the first target is hit. You want to scale out 2 contracts manually at the same time? How many contracts would you have left if you submit the original order with 4 contracts.

So, I'm not sure if I can follow correctly. With the scenario you describe you want to scale out at the same time when your target gets hit.

It seems with the ATM you have set up, all that you want to do manually is happening automatically.

Let me know if this is clear to you.

[honkin]

Hi Vincent

I'm not sure you are understanding me correctly. My ATM strategy has a stop and target, but no number of contracts. I am wanting to be able to manually scale out of a trade should I wish.

So, if I buy 4 lots of a currency and T1 is approaching, instead of letting it limit me out of all 4, I would move my target to T2 and close out 2 lots. But how is this possible?

Then when T2 is approaching, I would slide the target to T3 and close out an additional 1 lot, leaving me 1 lot which would be limited out at T3.

Automatically, there is but 1 target and all lots are limited out at that point. I want to be able to have the option, should I so desire, to close any amount of the lots manually when I want.

cheers

[NinjaTrader_VinceB]

I'm sorry, but I can't follow you. If you save an ATM Strategy there's always a number of contracts included for the Target. The order Qty can't be changed to 0 (zero)

What you can do is to submit an order for 4 contracts that does have a Stop Loss but no Profit Target. Then when the order is submitted and you want to scale out manually at a certain price, you need to change the Order qty to the number of contracts you want to scale out. So if you want to scale out 2 contract, change this to 2. Then hit the Market button in the Sell column if you want to sell and hit the Market button in the Buy column if you want to buy back when you're short.