Scaling out multiple contracts

[raycam]

How do you do this?
I have searched the video data base and cant work it out.
Id like to enter the market with say 3 contracts- bracketed with a profit target and stop loss. Then at a certain level- pull out just one contract- retain the profit- and allow the other two to run with the PT and SL now auto adjusted down to 2.
Can someone help me please.
Thanks
ray

[NinjaTrader_Jason]

Hi Ray,

You can set this up using multiple targets, meaning each contract uses its own stop loss and profit target. For example:

1 Target:
Qty: 1
Stop loss: 7
Profit target: 5

2 Target:
Qty: 1
Stop loss: 7
Profit target: 10

3 Target:
Qty: 1
Stop loss: 7
Profit target: 15

In addition, if you would like to manually scale out one contract, click the MARKET-button in the sell column if you are long and the buy column if you are short. Make sure the "Order qty" is set to 1 upon scaling out one contract.

[raycam]

scaling out strategy

So if I have three contracts long in the actual market, and change the quantity to 1, then click on the "sell" button at the bottom of the super dome- it will cut out one of the three and also reduce the SL and PT for the remaining two?
Thanks
Ray

[NinjaTrader_Jason]

Hi Ray,

Yes, you are correct.

[is11mlo]

Sorry, I have a similar question and will do my best to explain it.

I would like to go long with 3 contracts at 100.

Set a stop loss for -20 (80).

Once I'm up 5 pts, I would close 1 contract and move my stop loss up to -10 (90) on the remaining 2 contracts.

Once I'm up another 5 pts (10 pts altogether) I would close 1 contract and move my stop up to 0 (100).

And allow the other long contract to run.

Any thoughts on how to do that?


Thanks for your help!

Marc

[is11mlo]

NinjaTrader_Jessica -

I received an email alert that you replied to my message I can't see your reply. Anyway....

=========================================
I'm trying to open a three contract long position with a 20 pts initial stop loss. If the stock price moves up I will close 1 contract at +5 and move my stop loss from 20 pts down to 10 pts down (from the initial entry) for the remaining two contracts.

If the stock price continues to move up I will close 1 contract at +10 (from the initial entry) and move my stop from 10 pts down to my initial entry.

Did that make sense? Feel free to ask questions and thanks for your help.

Marc

[NinjaTrader_Jessica]

Please see my screen shot and let me know if you have question or if I misunderstood you in anyway.

[is11mlo]

Jessica -

Thanks for the screen shots. I think I understand the stop loss part but I don't see where I'm setting an profit target of +5 on the 1st contract, +10 on the 2nd contract, and unlimited on the 3rd.

Sorry for being so slow at this!

Thanks,

Marc

[NinjaTrader_VinceB]

Hi,

You point this out here:
'I will close 1 contract at +5' and 'I will close 1 contract at +10'. There is no profit determined for your 3rd target, so that would be zero.