More ExitLongLimits in Managed

[Zapzap]

I would like to scale out a position using limit orders and Managed approach.

It would work well if I could issue more ExitLongLimits, but instead of placing more Limits, NT modifies the first issued Limit order.

Is there a workaround for this besides opting for unmanaged approach?

[NinjaTrader_PatrickH]

Hello Zapzap,

Thank you for your post.

Not necessarily. It would be benefit to use Unmanaged to scale out of any entry size using any exit size (reversal as well). However, Managed would not allow this unless you scaled into the position with separate entries and exit those same sizes while referencing the entrySignalNames. So it is not truly possible when using Managed and there is no true work around in the Managed Approach.

[Zapzap]

Patrick,
Thank you for your reply.

What is the use/difference of SetProfit vs ExitLongLimit if both are restricted to closing a full order only?

[NinjaTrader_PatrickH]

Hello Zapzap,

The SetProfitTarget and SetStopLoss will be tied to each other by the entrySignalName and will cancel when the other fills automatically. Where using Exit methods will not cancel each other when the other fills.

[Zapzap]

Patrick,

I'm trying to connect the dots:
You can't scale out from an entry.
This means that you need to close the whole entry by an exit.
This also means that exits are tied to entries.
Which also means that it doesn't really matter if two exits are tied to each other since you exit the whole entry thus the other exit order gets cancelled anyways.

So it is a difference on the surface , is it not?

I am just trying to understand managed approach.

[NinjaTrader_PatrickH]

Hello Zapzap,

Thank you for your post.

When using Set methods the exit orders SetStopLoss and SetProfitTarget will cancel each other when the other fills. However, Exit methods such as ExitLongStop and ExitLongLimit will not cancel each other but if one fills the other is invalid as there is no position to exit.

[Zapzap]

Patrick,

Thanks, that's an affirmative answer then from usage point of view.

I still can't see any practical use for ExitLongStop/Limit and friends without the ability of scaling out from a bigger entry.

[NinjaTrader_PatrickH]

Hello Zapzap,

Thank you for your response.

It would be used for those that enter and exit a full size.

[Zapzap]

Okay, but SetStopLoss and StProfit are a lot simplier since you don't have to care about choosing the right exit (Long or short, stop or limit).

Thanks for your responses Patrick, I appreciate it!