Gold Trading Set SL XAUUSD Order in MetaTrader 4 Platform
How to Set XAUUSD Stop Loss Order on MetaTrader 4
A SL order is an order used in xauusd to close an open trade if the trade moves against trader's position by a certain number of pips.
Once SL order is set at a specified level, this SL order will automatically close-out the open trade once the chart gets to this SL order gold price level. SL order is used in xauusd money management so as to prevent further losses if a trade position is going against direction of the trader's open trade position.
Set SL Setting When Opening New XAUUSD Order on Tools Menu in MetaTrader 4
To open a new xauusd order to buy or sell a trade use the tools menu that is found in the MetaTrader 4 XAUUSD Trading Platform as shown below.
The New xauusd order button for placing a new xauusd trade is shown below. (MetaTrader 4 Short Cut Keyboard Keys 'F9')
XAUUSD Trading Set SL XAUUSD Order on MetaTrader 4 - How to Set SL XAUUSD Order in MT4?
Once you select the new xauusd order button key as illustrated above the following xauusd trade order popup window will appear & you as a trader can use this trade order popup window to set the SL Level for your new gold trade transaction.
This pop up includes the settings for placing a new xauusd trade order as well as settings for setting Stop-Loss Level.
How to Set XAUUSD Stop Loss Order in MT4
The Following Stop Loss Order Settings are specified for setting a new SL gold trade order:
SL - Set SL, This option can be set after opening the trade, or for pending xauusd orders
Open the Buy or Sell XAUUSD Trade by Clicking on the Following Buttons:
- Sell by Market - Open a Sell XAUUSD Trade
- Buy by Market - Open a Buy XAUUSD Trade
To Buy at current gold price & open new xauusd order select Buy by Market xauusd order button
To Sell at current gold price & open new xauusd order select Sell by Market xauusd order button
After opening the new gold trades use SL Panel Above to Set SL order for the New XAUUSD Order
You can also get this window panel so as to modify an already open buy or sell xauusd trade - To find & get this order panel for a buy xauusd trade, right-click on the opened buy or sell xauusd trade, then after that click on 'Modify Order' after you click on modify order button the above order settings button will appear & you as a trader can use set the SL Order using the step by step procedure described above.
How to Set XAUUSD Stop Loss Order in MT4
