How to Set a Stop Loss Order on MT5

How to Add & Modify Gold Stop Loss Orders on MT5

Gold stop loss orders are orders used to automatically close open trades in MT5 software. Gold stop loss orders are used by traders to help reduce losses and close open transactions once these trade transactions go contra the traders' position by a particular number of pips.

StopLoss orders can be set when executing new gold trades and stop loss orders can also be set for already opened trades.

How to Place XAUUSD Stop Loss When Opening New Trades

1. Open a chart for the instrument you want to trade
2. Right-Click the Chart
3. Select New Order button
4. Select the Set Stop-Loss Option within this New Order window
5. Specify your Stop Loss level for the trade that you want to open
6. Select buy or sell to open a xauusd trade

For a buy gold trade the stop loss order is set below the price quote you want to buy at and for a sell trade the stop loss order is set above the price quote you want to sell at.

How to Place XAUUSD Stop Loss for Open Trades

Select trade you want to modify from the MT5 gold trades window

1. Right-click the trade order and choose Modify Order
2. Select Stop-Loss Field
3. Specify the Stop Loss level for the trade
4. Click the Modify Order Button Key

How to Place Stop Loss Order on MT5