Strategy: Scaling out of a position

[NinjaTrader_Josh]

A common technique used by discretionary traders is scaling in and scaling out of a position. To scale out of a position refers to closing a portion of your position when you hit a profit target and then raising your stop to close your remaining portion later.

The attached reference sample demonstrates the following concepts:

Submitting Profit Target orders
Submitting Trailing Stop orders
Closing half of your position at a time

Important methods and properties include:

MarketPosition (http://www.ninjatrader.com/support/helpGuides/nt7/marketposition.htm)
SetProfitTarget() (http://www.ninjatrader.com/support/helpGuides/nt7/setprofittarget.htm)
SetTrailStop() (http://www.ninjatrader.com/support/helpGuides/nt7/settrailstop.htm)

Other methods and properties of interest include:

EntriesPerDirection (http://www.ninjatrader.com/support/helpGuides/nt7/entriesperdirection.htm)*
EntryHandling (http://www.ninjatrader.com/support/helpGuides/nt7/entryhandling.htm)*
SetStopLoss() (http://www.ninjatrader.com/support/helpGuides/nt7/setstoploss.htm)

* Entry handling properties can be either programmatically set or set through the Strategy dialog window

Import instructions:


Download the file contained in this thread to your PC desktop
From the Control Center window, select the menu File > Utilities > Import NinjaScript
Select the downloaded file