I often ask clients to close half of their position and move stop losses to breakeven. This locks in some profits and allows your trade to either go on to take profit or run with the trend if you like to trade without targets.
So how do you do it? How do you close half of your open position? It’s pretty cool. Check this out.
- Right click on your open/live trade.
- Select Close Order.
- In the pop-up box, choose the amount you want to close in the VOLUME field. For example, if you have a trade with 2 mini lots, you can change this figure to 0.10. That will close 1 mini lot or about $1/pip and leave 1 mini lot open to finish out the trade and hopefully take profit.
- Click the yellow Close button after you’ve selected the amount you want to close.
- VOILA! You are finished.
It really is that simple.
Trading Forex is like wrapping your body in fish guts and swimming amongst the sharks. If you can close half of your trade to lock-in profits and guarantee your account grows, then freakin’ do it! It is difficult to come out trading unscathed but you know what? By closing half of your position while leaving the other half in to run with the trend, you really CAN start packing on the profits!