Trading CFD Set SL CFD Order in MT5
How Do You Set SL CFD Order in MT5?
A SL order is an order used in cfd to close an open trade if the trade moves against trader's position by a certain number of pips.
Once the SL order is placed at a specified level, this stoploss order will automatically close out the open trade once the trading chart gets to this SL order cfd price level. SL order is used in cfd trading money management so as to prevent further losses if a trade is going against the direction of the trader's open trade position.
Set SL Setting When Opening New CFD Order on Tools Menu in MT5
To open a new cfd order to buy or sell a trade use the tools menu found in MT5 CFD Trading Platform as shown below.
The New cfd order button key for placing a new cfds trade is displayed below. (MetaTrader 5 Short Cut Key-board Keys 'F9')
Set SL CFD Order in MetaTrader 5?
Once you select the new cfd order button key as illustrated above the following cfd trade order popup window will appear and as a trader you'll use this trade order popup window to set the SL Level for your new cfd trade.
This pop up includes settings for placing a new cfd trade order as well as settings for setting SL Level.
How Do You Set SL CFD Order in MetaTrader 5?
The Following SL Order Settings are specified for setting up a new SL cfd trading order:
SL - Set SL, This option can also be set after opening the trade, or for the pending cfd orders
Open the Buy or Sell CFD Trade by Clicking on the Following Buttons:
- Sell by Market - Open a Sell CFD Trade
- Buy by Market - Open a Buy CFD Trade
To Buy at current cfd price and open new cfd order choose the Buy by Market cfd order button
To Sell at current cfd price and open new cfd order select the Sell by Market cfd order button
After opening the new cfds trades use the SL Window Above to Set SL order for the New CFD Trading Order
You can also get this window so as to modify an already open buy or sell cfd trade - To find this order panel for a buy cfd trade, right click on the opened buy or sell cfd trade, then after that you click on the 'Modify Order' after you click the modify order button the above order settings button will appear & you can set the SL Order using the step by step procedure described above.
Set SL CFD Trading Order on CFD MT5 Trading Software?
