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How do I scale out of a position?
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How do I scale out of a position?

  #1 (permalink)
Market Wizard
Reading UK
 
Futures Experience: None
Platform: Sierra
Broker/Data: Lmax
Favorite Futures: My 3 boys
 
Grantx's Avatar
 
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How do I scale out of a position?

Anyone know how to scale out of a position and having the stop and target orders automatically removed as well?

Check out the attachment maybe that clarifies what Im trying to say.

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Thanks.
(I have asked this on sierra forum but the question is more than likely going to confuse and enrage tech support )

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  #2 (permalink)
Determined
Lexington KY/USA
 
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LDog's Avatar
 
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If you submitted them all/both as attached orders, if you drag either the target or stop and allow that to close the trade, it should remove the other attached trade ... make sense?

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  #3 (permalink)
Market Wizard
Reading UK
 
Futures Experience: None
Platform: Sierra
Broker/Data: Lmax
Favorite Futures: My 3 boys
 
Grantx's Avatar
 
Posts: 1,063 since Oct 2016
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LDog View Post
If you submitted them all/both as attached orders, if you drag either the target or stop and allow that to close the trade, it should remove the other attached trade ... make sense?

Problem is that when they are all clustered together I dont know what stop belongs to which order.
Another user on the sierra forum was kind enough to answer. In case anyone else is wandering:


Quoting 
You could try a couple of approaches.

#1 - You can set your orders to link to the parent order on your chart so you can follow the link and see which one's are tied to which Parent order. You'll find them under GLobal Settings/Chart Trade Settings/Draw Order Association Lines.

#2 - You can turn on Scale In and Scale Out order settings which will combine your multiple entries into one Average Price Parent and your child orders for each subsequent order will add to the existing child orders. The advantage to this is you get the ability to get a true BreakEven for ALL your orders if you use the BE Button. In addition, you can move one profit target and/or stop that affects all your existing orders. If you sell a contract along the way (as long as Scale Out it turned on) your child and parent order will all be reduced by the amount of that sold value and the order you created to sell part of the position will not add child order brackets even with Use Attached Brackets selected until your position goes back to Flat.

The downside to this functionality though is that your orders remain on your client, not on the brokers servers if that's how you currently have your platform setup. Menu/Orders/Support Scale In (Out)


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