I'm using MB Trading and only on forex.
I want to scale in to position to my maximum % risk. So say for example I'm going long on the eur/usd I want to have a ATM that places the following orders:
buy $10,000 @ 1.3800
buy $20,000 @ 1.3780
buy $40,000 @ 1.3760
buy $80,000 @ 1.3740
Stop loss @ 1.3720 (so a stop loss of 80 pips)
A profit target of 80 pips @ $10,000 or 1.3880 (entry price of 1.3800 + 80 pips)
But once I move in profit when one or more of my entries are triggered by 20 pips my stop loss moves to +10 pips so locking in 10 pips of profit. Then the remaining unused entries are automatically cancelled once either my target or stop loss is hit.
I am assuming that say price moves against me and triggers 3 of my entries ($10K + $20K + $40K = $70K) that the profit target will auto reflect my new position size so my target changes to $70,000 instead of the initial $10,000. Is this correct?
I hope I'm making sense.......!!!!
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