setting and modifying stop losses

[clam61]

my strategy is thus

i am trading forex. i enter with 2 lots. from then i manage my trade by setting two stop losses each with 1 lot.

during the trade i will be adjusting the stop levels.

i read over the docs...i cant figure out how to modify a stop order. can someone help. thanks!

[NinjaTrader_Bertrand]

Hi clam61, you want to check into this reference sample, it expains the needed concepts with sample code - http://www.ninjatrader-support2.com/...ead.php?t=3222

[clam61]

great example...but one thing.

in order to save on commission i want to always enter my trade with two lots using one order.

then i might exit a half at a time with two orders.

how can i set a stop loss for part of the position and not the whole thing?

[NinjaTrader_JoshP]

clam61,

Unfortunately to scale-out you have to scale-in first.

[clam61]

can i just use EnterLong(2) and ExitLong(1) to get out of half a position?

or what about using EnterLong(2) and then using ExitLongStop(1, price1) and ExitLongStop(1, price2)?

How can I readjust those stops?

[NinjaTrader_JoshP]

clam61,

No. You have to scale-in before you can scale-out. If you are trying to use a multi-step exit you have to use a multi-step entry to match the orders appropriately.

[clam61]

yikes...

so why does ExitLong have a quantity parameter if you can only exit the entire position?

[NinjaTrader_JoshP]

clam61,

It works in conjunction with stop/targets from Set().

[clam61]

i dont understand. is there a reference example for using ExitLong or ExitShort?

[clam61]

From the docs

http://www.ninjatrader-support.com/HelpGuideV6/helpguide.html?ExitLongStop

it says

If you do not specify a quantity the entire position is exited rendering your strategy flat

that seems to me that there is an option to exit part or all of your position

also found this post helpful

http://www.ninjatrader-support2.com/vb/showthread.php?t=15156&highlight=ExitLongStop

[NinjaTrader_Bertrand]

clam61, please check this sample on how to correctly scale out of a position, you will two entry orders being used to achieve that - this is what Josh meant by scale in to scale out - http://www.ninjatrader-support2.com/...ead.php?t=3751

In the other thread you posted, the issue was to change a stop loss order value that was already placed, this is different from the scale out you're looking for.

[clam61]

thanks for the reference.

but in the docs for ExitLongStop it says

If you do not specify a quantity the entire position is exited rendering your strategy flat

so it seems to me with ExitLongStop you have an option to exit part or all of the position. am i wrong?

[NinjaTrader_JoshP]

clam61,

As mentioned, you NEED to scale-in before you can scale-out. You will not have proper signal tracking if you do not do this.

If you want to keep going down this road just try it yourself. You will find on very very simple cases it may seem to work, but once you start adding complexity your signal tracking will be askew. If simple cases is all you want then go ahead and use it, but as stated, we do not support this and we only recommend you scale-in before scaling out.

[clam61]

as long as the orders get filled. i am not concerned about signal tracking

[clam61]

signal tracking aside...will my orders go through as i expect them too?

i am having rpoblems with my strategy and i dont know if it is my code or the fact that i am ignoring scaling in first before i scale out