Short/Long Position tool with fixed levels option of SL & TP for market orders

Created at 27 May 2024, 21:29
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aleksandr.honcharov

Joined 29.04.2024

Short/Long Position tool with fixed levels option of SL & TP for market orders
27 May 2024, 21:29


Hello.

Problem:
Imagine I want to open a fixed-risk Long position placing a market order and I want to have Stop Loss & Take Profit levels be as I defined them by placing the Long Position tool on the chart.

Now, if I place the order and the price moves up when I set the size of the position, my Stop Loss will be placed higher then initial Stop Loss level, so it will be the same number of pips, but the levels will be different. Same with Take Profit.
The issue is that I would have to move Stop Loss lower as I initially planned when I placed the Long position tool on the chart, which increases the risk.

So if my risk was 1%, it can become 1.2% or more.

So I have to use the old way when I define the levels manually for Stop Loss & Take Profit, because the market open with the Long Position tool doesn't respect the graphical levels I placed.

Solution:
It would be nice to have a checkbox to lock the levels and not move them for market entry. In this case just the length of Stop Loss in pips will increase (which is fine for me), but the position levels will be the same as on the Long Position tool levels. Also, the risk will remain 1% and the tool will be usable for market entry.

Thank you.


cTrader
@aleksandr.honcharov