Pure Deal execution

[dod]

Can anyone tell me how to improve on my labour intensive Pure Deal execution? Basically, I want to be able to set up a pending trade, long or short, using a stop entry at a certain price, with a risk of so many points; and then have half the position close out at a target equal to the risk, and the other half close out at a target two times the risk; or both positions get stopped out. I don't want to move the stop at any time. I'd love to be able to do this with one click.

At the moment, I set up a ticket for, say, two contracts to go long, with a risk of 10 and a target of 20. As soon as my trade is open, I click on 'close trade', and then change the contract number from two to one, and wait until my 'half way price' is reached, and click on 'sell', and hope I get the price I've clicked on. That leaves the other contract to run on to the twice risk target, or else get stopped out.

This is prone to mistakes on my part, either from involuntary twitches of my finger ending the trade prematurely, or sudden impulse decisions to 'get out while I can' doing the same.

There doesn't seem to be any way of editing the position I'm in so I can change the target price of one contract to ten while leaving the target of twenty on the other contract.

The other option I've tried involves opening two deal tickets for one contract each and creating two separate trades, both with the same entry price, one with a target equalling the risk, the other with a target of double the risk; but it's a pain to do, especially when I often repeatedly change the criteria prior to entry.

 

[foredog]

I've asked Ig and they said you can't. Pain in the rear isn't it.

 

[dod]

I've asked Ig and they said you can't. Pain in the rear isn't it.

Pain is the word ... when it would be so simple to implement.

 

[donaldduke]

Can anyone tell me how to improve on my labour intensive Pure Deal execution? Basically, I want to be able to set up a pending trade, long or short, using a stop entry at a certain price, with a risk of so many points; and then have half the position close out at a target equal to the risk, and the other half close out at a target two times the risk; or both positions get stopped out. I don't want to move the stop at any time. I'd love to be able to do this with one click.

At the moment, I set up a ticket for, say, two contracts to go long, with a risk of 10 and a target of 20. As soon as my trade is open, I click on 'close trade', and then change the contract number from two to one, and wait until my 'half way price' is reached, and click on 'sell', and hope I get the price I've clicked on. That leaves the other contract to run on to the twice risk target, or else get stopped out.

This is prone to mistakes on my part, either from involuntary twitches of my finger ending the trade prematurely, or sudden impulse decisions to 'get out while I can' doing the same.

There doesn't seem to be any way of editing the position I'm in so I can change the target price of one contract to ten while leaving the target of twenty on the other contract.

The other option I've tried involves opening two deal tickets for one contract each and creating two separate trades, both with the same entry price, one with a target equalling the risk, the other with a target of double the risk; but it's a pain to do, especially when I often repeatedly change the criteria prior to entry.

Perhaps you should just use 1.5 times risk for both contracts, in the long run this will give similar results.

 

[dod]

Perhaps you should just use 1.5 times risk for both contracts, in the long run this will give similar results.

I suppose so; but I think it might be psychologically more difficult. It's an option I hadn't considered before, though.

I always used to insist on a RR ratio of 1:2, as I thought then I only needed to win 4 out of 10 trades to come out ahead; but there were enough times when a trade would almost reach its target, only to retrace and stop me out, for me to start intervening - getting out early, moving my stop to breakeven, etc, etc. So, I decided on a RR of 1:1.5 as I outlined. This way, I get a lot of breakevens, and it's still irritating when my target is almost but not quite reached, but it happens a lot less often, and it doesn't result in a loss. The main advantage is, my first target, if it's going to be met, is met pretty quickly, and then I am assured a flat or winning trade, which makes me feel better.

I'm not sure how I would find doing what you suggest. I'll give it a whirl, though. I can't believe I never even thought of trying it, before. It must be a lack of Edward de Bono style lateral thinking.