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Is there a way to rename an existing trade?


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Is there a way to rename an existing trade?

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 Sinatra Fan 
Orlando FL
 
Experience: Intermediate
Platform: MultiCharts, Ninja
Trading: Emini ES
 
Sinatra Fan's Avatar
 
Posts: 38 since May 2019
Thanks: 5 given, 6 received

So, I'm trying to develop my first strategy that scales in and out. I've been able to develop a signal that scales out with no problems but struggling to get one that scales in. One of the problems I have is that when you close out a trade... I believe it's always FIFO (First in first out). Which would mean that my first trade in will always be the first to close correct? Herein lies my problem.

Let's say that my initial entry for a long position is L1, with subsequent positions being L2, L3, L4, L5. I only want to have a maximum of 5 positions. So lets say I open up positions L1, L2 and L3. If I want to scale out, according to FIFO rules, I would have to close out L1 and L2 right? If I have to do this, then for me to scale in on the left over open position L3, I would have to keep adding numbers to this. How do I reconcile this? Do I simply don't name the positions? Can I close out L2 and L3 instead of L1?

Thanks for your help

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Last Updated on April 29, 2021


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