How to Partially Close an Order on MT4 Platform

Partial Closure of an Order on MT4 Forex

MT4, or MetaTrader 4, is an electronic trading platform used by forex traders for analyzing financial markets. MT4 allows traders to operate their accounts from any computer, opening and closing positions using expert advisors of their choice. One of the important functions of MT4 is the ability to partially close orders. By partially closing orders, traders can cut their losses and maximize their profits by managing their open positions.

In this guide, we are going to discuss the steps on how to close a trade partially on the MT4 forex platform.

Steps to Partial Close an Order on MT4

The process of partially closing an order on MT4 requires a few simple steps. Below we list them:

• Access your existing position by going to the MT4 ‘Terminal’ window.
• Identify the position you would like to partially close and right-click on it.
• In the pop-up window, select ‘Close Order’.
• In the resulting window, select the ‘Volume’ which corresponds to the number of lots you would like to close.
• After setting the volume, click the yellow ‘Modify’ button in the bottom right corner.

You must be aware that once you have chosen your ‘Volume’, your position is already partially closed. The volume should be as accurate as possible when entering or exiting the market.

Partial Close Using Expert Advisors

It is possible to automate the process of partially closing your trades by using Expert Advisors (EAs). With Expert Advisors, traders can set predetermined rules as to when the EA will automatically open and close trades. In this way, they can partially close their trades on the basis of their own criteria.

EAs are especially useful for scalpers, and other traders who engage in multiple day trades. With an Expert Advisor, they can automate the process and do not need to be at the computer all day to watch and monitor the markets.

Conclusion

Partial order closure on MT4 is a useful tool and should be utilized to maximize profits and minimize risks. It is easiest to do the closure manually from the MT4 ‘Terminal’ window. However, if you want to automate it, you can make use of Expert Advisors for trading, which will allow you to set predetermined rules for opening and partially closing orders.

Partial Closing Explained

Partial closing is an important tool available to traders in the Forex market. Partial closing allows traders to close a portion of a trade rather than the entire position. This allows traders to take profits, or cut their losses, without closing the entire position. Partial closing is an important strategy for limiting risk, as traders can close some of their position to limit losses, while leaving the other portion open to capitalize on potential potential profitable trends.

How to Partially Close an Order On MT4 – Step by Step Guide

Partially closing an order on the popular MetaTrader 4 platform is clearly outlined in six simple steps. Before beginning, it is important to note that partial closing is only available on a market order (instant order).

Step 1 – Open the Order Box. Begin by opening the order box. To do this, simply select ‘Tools’ and then ‘Options’ from the menu bar.

Step 2 – Select the ‘Trade’ Tab. This will open up the ‘Trade’ tab. From here, select the ‘Order Type’ option and select market orders or instant orders.

Step 3 – Opening the Position. Once the order type is selected, the next step is to open the position. This is done through the ‘New Order’ tab. Here, a trader would enter the size of the position, the current price of the asset, as well as the amount of the margin.

Step 4 – Setting The Partial Close. Once the position is open, traders can set the partial close by selecting the ‘Expert Properties’ tab. Here, they will select ‘Partial Closing’, then enter the percentage they would like to close out and whether they want to close the trade in profit or loss.

Step 5 – Dragging the Partial Close Line. Once the partial close is set, the next step is to drag the partial close line. This line appears directly on the chart. It can be moved up or down to set the desired take profit or stop loss levels.

Step 6 – Partial Close the Trade. The final step is to partially close the trade. To do this, simply select the ‘Partial Close’ tab, which is located in the same area as the ‘New Order’ tab in the ‘Trade’ box. The order will then be partially closed.

Conclusion

Partial closing is a powerful tool for traders, as it allows traders to take control of their position in the Forex market, and manage risk levels in a more effective way. With Partial Closing Expert, traders have the ability to enter predetermined partial close levels, as well as set trailing stop levels, allowing them to protect profits and limit losses. Ultimately, it’s important to note that partial closing should be a consideration in all trading strategies.