Trade Bitcoin Trading

Trading Bitcoin Set SL Order in the MT5 Platform

What is the method for trading Bitcoin and setting a stop-loss order in the MT5 platform software?

A SL order is an order used in bitcoin trading to close-out an open trade if the trade transaction heads against the online trader's open trade position by a certain amount of pips.

A stop-loss order closes a trade automatically at a set price level. It protects against bigger losses in BTCUSD if the trade goes wrong. This helps with money management for online traders.

How to Set Stop Loss When Opening a New Order from Tools Menu in MetaTrader 5 Platform

To open a new btcusd cryptocurrency order to buy or sell a trade use tools menu within MT5 Software as is illustrated below.

The New bitcoin order button for opening a new bitcoin crypto trade is shown below. (MT5 Short-cut key board Keys 'F9')

Setting Stop Loss on Bitcoin Trades in MT5 - Placing SL Orders for BTCUSD in MT5

Trading Set SL Crypto Order in the MT5

Once you select the new bitcoin order button as high-lighted and shown above the following bitcoin order window popup will appear and you can use this trade order window popup to set SL Level for your new bitcoin trade.

This overlay window contains all the necessary configurations for initiating a new Bitcoin transaction, including the parameters for setting a Stop Loss limit.

Placing Stop Loss Orders in MT5 - Trade BTCUSD and Set SL in MT5

Set SL Crypto Order on the MT5 Platform?

Following StopLoss Order Settings are specified for setting up & placing a new SL bitcoin cryptocurrency order:

The StopLoss function allows for establishing a StopLoss Order, which can similarly be set after a trade is initiated or for pending Bitcoin crypto orders.

Open Buy or Sell BTCUSD Trade by Clicking the Following Button:

  1. Sell by Market - Open a Sell Bitcoin Trade
  2. Buy by Market - Open Buy Bitcoin Crypto Currency Trade

To Buy at prevailing bitcoin price and open a new bitcoin btcusd order select and choose the Buy by Market btcusd crypto order button

To Sell bitcoin crypto at the current price and start a new bitcoin crypto order, click the Sell by Market bitcoin order button.

After opening new trade positions, utilize the SL Window Above to set the SL order for the New Order.

You also can get this window so that to modify an open buy or sell bitcoin trade - To find and get this order panel window for a buy btcusd crypto trade, right-click on opened buy or sell btcusd trade, then after that you click 'Modify Order' after you click on modify order button key the above order settings button key will pop-up & appear & you can set StopLoss Order using the tutorial described above.

Set SL Order on MetaTrader 5 Software?

Examine More Lessons & Topics:

Bitcoin Broker