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Manage a position efficiently
Many experienced traders manage their open position by setting different profit targets for parts of the position. Traders who use multiple profit targets need a trading platform which can place these orders automatically.
This multi-target tool is designed and used by trader Hervé Lambert from Vega Traders. The tool uses a functionality which is unique to the NanoTrader Full: automated multi-target and multi-stop order management.
These are the advantages of this multi-target tool:
- Automatically places three profit target orders after you open the position.
- Automatically places a break-even stop order.
- Can be used on all instruments.
- Is available for FREE.
The NanoTrader Full is the only
platform in the world which can automatically handle more than
two profit targets and stops on the same position!
This multi-target tool has three profit targets. The targets are expressed in points and can be set by the trader. 70% of the position is sold when the first target (7-8 points) is reached. 20% of the position is sold when the second target (9-10 points) is reached. 10% of the position is sold when the third target (12 points or more) is reached.*
The platform will place these orders automatically when the TradeGuard is activated. Once the orders are live the trader can always click and slide the orders to different price levels. Particularly for the last 10% the Vega system requires the trader to use his own judgement to try and maximize the profit.
This example shows the three target orders and the break-even stop. The first numbers (8-10-12) indicates the profit target in points. The second number (7-2-1) indicates the percentage of the position which will be closed when the target is reached (e.g. 7 is 70%). The values can be changed by clicking on the numbers in the chart.
The Vega multi-target tool uses a
break-even stop. When the second target is reached, the
NanoTrader Full automatically moves the stop to the break-even
This example shows the CFD on the DAX market index. The range bars have a span of 30 points. The range bars viewer is therefore correctly set to 30 points. The price levels have a price label. The price levels go back four range bars in the chart.
* To trade according to the Vega system the trader needs to buy at least 10 CFDs or futures contracts. If the trader buys, for example, 5 CFDs only, the platform will put them all at the first profit target.
Open the chart of an instrument. In the WHS Proposals folder, select the study Multi-target tool.
The three targets are set for the DAX market index with a value of around 11.400 points. Traders must adapt the value for other instruments or when the DAX changes in value!
Activate TradeGuard + AutoOrder in the chart to place the three profit targets and the stop automatically after you open the position manually.