What's S L Commodity Order on MetaTrader 4 Platform?
What's a Set SL Order on MT4?
A SL order is an order used in commodity trading 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 set at a specific level, this SL order will automatically close-out the open trade once the chart gets to this SL order commodity price level. SL order is used in commodity trading money management so that to prevent further losses if a trade position is going against the direction of the trader's open trade position.
Set SL Setting When Opening New Order on Tools Menu in MetaTrader 4
To open a new commodity order to buy or sell a trade use tools menu within MT4 Commodity Trading Platform as shown below.
The New order button key for placing a new commodities trade is displayed below. (ShortCut "F9")
What is SL on MT4 Platform? - How to Set SL When Opening Commodity Orders on MetaTrader 4
Once you've selected the new order button key as illustrated above the following commodity trade order window pop up will appear and you as a trader can use this trade order window pop up to set the SL Level for your new commodity trade.
This pop up includes settings for placing a new commodity trade order as well as settings for setting SL Level.
How to Set Commodity Trading SL Orders in MT4 Platform - Set SL Order on MT4
Following SL Order Settings are specified for setting up and placing a new SL commodity order:
SL - Set SL, This option can also be set up after opening the trade, or for a pending commodity trading orders
Open the Buy or Sell Trade by Clicking the Following Buttons:
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy Trade
To Buy at current commodity price & open new commodity order select Buy by Market commodity order button
To Sell at current commodity price & open new commodity order select Sell by Market commodity order button
After opening the new commodities trades use the SL Window Above to Set the SL order for the New Commodity Trading Order
You can also get this window so that to modify an already open buy or sell commodity trade - To find this order panel for a buy commodity trade, right-click on the opened buy or sell commodity trade, then after that you click "Modify Order" after you click on the modify order button key the above trading order settings button key will pop up and appear & you can set SL Order using the method explained above.
