Reply To: When to exit?
Hi Keith, you’d have to manage your position in a pretty hands-on way i.e you’d need to be at the screen as the market traded into your target area. You’d have independent limit orders for your targets (you’d select them from the ‘pending orders’ tab once you were filled on your entry, or even have them in place before the market traded through your entry price) and you’d run a separate stop order covering the size of the current position. You’d cancel and resubmit the stop order as the limit orders got picked off e.g. you’d have a stop order for 50p per pip, your first 10p target is filled, you’d cancel your stop and resubmit for 40p per pip etc.
Another way you could do it is to place 5 independent entry orders for 10p per pip each to give you the overall 50p position and specify the separate target prices and stops attached to each entry order.