Definition SL Orders on MetaTrader 4 Explained with Examples
What's a Set SL Order on MetaTrader 4?
A SL order is an order used in cfd to close an open trade if the trade moves against the 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 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 Order on Tools Menu on MetaTrader 4
To open a new cfd order to buy or sell a trade use the tools menu found in MetaTrader 4 Platform as shown below.
The New order button key for placing a new cfds trade is illustrated below. (Short-Cut Key-board Keys 'F9')
What is SL on MT4 Platform? - How to Set SL When Opening CFDs Orders in MT4
Once you select the new order button 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 transaction.
This pop up includes settings for placing a new cfd trade order as well as settings for setting SL Level.
How to Set CFD SL Orders on MT4 Platform - Set SL Order in MT4
The Following SL Order Settings are specified for setting up a new SL cfd trade 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 Trade by Clicking on the Following Button Keys:
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy 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 CFDs 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.
