How Do You Use Stop Loss Order on MT5?
How Do You Use XAUUSD TP Orders and Use Stop-Loss Order on MT5?
A stoploss order is an order used in xauusd to close an open trade if the trade transaction moves against trader's position by a certain number of pips.
Once stop-loss is set at a specified level, this stop loss will automatically close the open trade once the chart gets to this stop loss price level. Stop Loss order is used in equity management so as to stop further losses if a trade position is going against direction of the trader's open trade position.
Set Stop Loss Setting When Opening New Order on Tools Menu on MetaTrader 5
To open new trade order to buy or sell a trade use the tools menu that's found in the MT5 Platform as shown below.
New order button for placing a new trade is displayed below. (MetaTrader 5 Short Cut Keyboard Keys 'F9')
How Do You Use Stop Loss Order in MT5 - How to Use Stop Loss Order in MT5?
Once you select new order button as illustrated above the following trade order popup window will appear & you as a trader can use this trade order popup window to set the Stop Loss Order Level for your new trade.
This pop up includes settings for placing new trading order as well as parameters for placing Stop-Loss Level.
How Do You Use XAUUSD TP Orders and Use Stop-Loss Order in MT5?
The Following Stop-Loss Parameters are specified for placing a new Stop-Loss trading order:
Stop Loss - Set Stop Loss, This option can be set after opening a trade transaction, or for pending orders
Open Buy or Sell Gold Trade by Clicking on the Following Buttons:
- Sell by Market - Open Sell XAUUSD Trade
- Buy by Market - Open Buy Trade
To Buy at ruling price & open new order select Buy by Market gold order button
To Sell at ruling price and open new order choose Sell by Market gold order button
After opening the new trades use the Stop-Loss Window Panel Above to Set Stop-Loss for the New Order
You also can get this window so as to modify an open buy or sell xauusd trade - To find and get this order panel for a buy trade, right-click on the opened buy or sell gold trade, then after that click on 'Modify Order' after you click on modify order button the above order settings button will pop-up and you can set Stop Loss using the step by step tutorial described above.
Interpret & Use Stop Loss Order in MT5?
