Chart Trader - Take profit & %risk per trade

[dmackay41]

Hi guys,

Can someone point me in the correct direction for what I want to do here please?

I want to trade via Chart Trader.....I have already set several ATM strategies for varying stop losses only (I have 10 individual strategies set, all for stop losses between 5 and 14 pips).

All good so far.

Via Chart Trader, I can set a Stop Order to buy above a candle for a long trade, and below a candle for a short trade. With the ATM strategy, I can work out the position size as stop goes 1 pip below (long) or above (short) the relevant candle, and I work out the position size between the stop and the order, and apply the relevant stop loss/ATM strategy.

Once a stop order is filled, I want to be able to take 50% profit on the position size at a certain level,which is variable depending on my other indicators and not on price level.

1) How do I do this from Chart Trader?

My other question is regarding the position size for every trade I do. I want it to be a percentage of my account size per trade, ie 0.5%.

2) Can I automatically set a 0.5% position size for every trade?

3) and if I can, do the 10 ATM strategies I have, automatically adjust, or would I have to re-do them?

Thank you.

[NinjaTrader_EricB]

Hello dmackay41,

Thank you for your post. While orders can be attached to indicators, setting ATM or Chart Trader items based on account value or percentage would not be possible via default order entry settings, but may be possible via a custom, automated NinjScript strategy. If you're a programmer, let me know and I can have our NinjaScript team follow up with tips on creating the strategy.

See the below section of our help guide for more regarding attaching orders to indicators.

https://ninjatrader.com/support/help...indicators.htm

We look forward to assisting further.

[dmackay41]

Thanks...I am not a programmer..can you advise of another entry method (with the exception of the DOM) where I can add a Stop Market order with an appropriate ATM strategy, which I have mentioned, and where I can take a percentage profit at different exits?

Thanks

[NinjaTrader_PatrickG]

It is not possible to base profit target orders on percentage of account value/position size in any NinjaTrader window by default. You would need to create this via custom NinjaScript programming.

ATM's parameter type can be changed to 'percentage', but this is not a percentage of account value/position size. It is percentage away from the average entry, based on the average entry price. (Help Guide on Parameter Type)

Since you're not a programmer but are interested in this custom feature, we may be able to put you in contact with a third-party developer who could create what you want. Reach out to us via email at PlatformSupport[AT]NinjaTrader[DOT]com if you're interested in speaking with a developer.

[dmackay41]

I am possibly not wording myself correctly...i am not looking for anything complicated, i only wish to know if I can manually take part profit (variably), during a trade via Chart Trader, or if there are other means, I can take part profit while a trade is ongoing.

[NinjaTrader_PatrickG]

Yes, you can scale in and out of positions manually. Here is a link on how to perform this using Chart Trader:

https://ninjatrader.com/support/helpGuides/nt8/en-us/index.html?submitting_orders4.htm#HowToScaleInOrOutOfAnActiveATMStrategy

[dmackay41]

Thanks Patrick for all your help in other matters, however I am having a problem with this taking profit aspect.

Firstly I trade FX mainly and cannot see how to take profit manually and variably from the chart trader or any other of the execution methods.(I have seen it done with contracts via the SuperDOM)

I wish to elaborate on exactly what I require to do, as I have been doing this on ProRealTime/IG with ease, yet cannot find an uncomplicated method on NT (if there is one) to do this in a similar manner.

What I require to do is this, assuming a trade goes the way I want....

I set a Stop Market Order and a variable Stop Loss (it could be 7 pips, it could be 10, never less than 4, and never more than 15..all depends on the setup candle, and so varies trade by trade).

So, I set my Stop Order directly onto the chart ...the market moves the way I want and I am filled.

My first of 2 exits is when, for example in a long trade, I will manually take 50% profit when my Stochastic Indicator is in the "overbought" area at some resistance point on the chart.

My 2nd and final exit is at another higher resistance level.

At the moment when trying this out on NT, I can set a Stop Order with Chart Trader. Once filled I can manually set a stop loss with another Stop order with a right click using Chart Trader....a Stop Sell, if going long as above.

What I cannot do, is find any method of actively taking 50% profit within an active trade...this profit taking action can be extremely rapid and occur within a very short space of time.

Is there any way of taking profit manually and variably like this within an active trade?

As a comparison with what I can do on ProRealtime and IG......I set a Stop Order with a right mouse click directly on the PRT chart....a Stop Loss is automatically placed, and can be moved instantly in place with the mouse.

My trade is filled, and makes its way to where I want to take 50% profit.....I click on the active trade within the IG platform..it opens out a ticket..I manually divide the position size by 2 and click Sell (if going long).

The trade continues to where I want to exit completely to take the remaining profit, and I just click the chart at the entry point....which can also be moved manually with the mouse as a trailing stop.

If I could replicate something like this with relative ease on NT, I would be happy!

Thanks

[NinjaTrader_PatrickG]

I am confused by your statement regarding exiting at 50% profit. Specifically, these two statements seem to contradict each other:

...I will manually take 50% profit...

...What I cannot do, is find any method of actively taking 50% profit within an active trade...

In the first statement, what are you referring to? Manually placing an order for half your quantity manually? Or are you using an ATM strategy with multiple profit targets? See here for more information on using multiple targets in ATM strategies:

https://ninjatrader.com/support/helpGuides/nt8/en-us/index.html?atm_strategy_parameters.htm#UnderstandingStopLossAndProfitTargetParametershowToSetYourStopAndTargetValues

It is not possible to exactly mimic what the other platform(s) are doing, but ATM's strategies are comparable and if ATM strategies do not perform what you need, you could use custom NinjaScript to make an order entry tool or automated strategy to submit orders as you desire.

[dmackay41]

Thanks for your reply Patrick...just to clarify, for example....

I set a Stop Order with a position size of 10,000.......I find my first exit at a certain price level (eg Stochastic overbought at some resistance area).....I take 5,000 as profit...and allow the other 5,000 to run until the 2nd and final exit.

The ATM strategies depend on exiting at a certain target...in my case I never know exactly where that first exit will be.

I dont not use anything automated as I manage any trades at the time due to the rapid onset of that first target in particular at a level which will be variable.

If there is any addon which I can buy which will do exactly or as near to exactly as I want, or as similar to PRT/IG as possible... then that would be an ideal situation.

Thanks again Patrick.

[NinjaTrader_PatrickG]

I followed up via email as that is where your first reply went, but it looks like the clarification you posted here negates the information I sent via email.

It is not possible to do what you want to do without custom programming. Please respond to the email I sent you so that I can put you in touch with a vendor who has what you're looking for or could create it for you.

[dmackay41]

I found a work around for taking profit.

As my broker is FXCM UK, I access the FXCM phone app, find the Open Position I wish to modify, ie take profit, and the position change is reflected in the Positions area of the Control Centre.