How to Set a Stop Loss Gold Order on MetaTrader 5
How to Add & Modify Gold Stop Loss Orders on MetaTrader 5
Gold stop loss orders are gold orders used to automatically close open gold trades in MT5 platform. Gold stop loss orders are used by traders to help reduce gold losses and close open gold trades once these gold trades moves against the traders' position by a specified number of gold pips.
Stop-Loss orders can be set when opening new gold trades and stop loss orders can also be set for already opened gold trades.
How to Set XAUUSD Stop Loss Orders When Opening New Gold Trades
- Open a Gold trading chart for the gold instrument you want to trade
- Right Click on the Gold Chart
- Select New Order button
- Choose the Set Stop-Loss Option within this New Order gold trading window
- Specify your Stop Loss level for the gold trade that you want to open
- Select buy or sell to open a xauusd trading trade
For a buy gold trade the gold stop loss order is set below the gold price quote you want to buy at and for a sell gold trade the gold stop loss order is set above the gold price quote you want to sell at.
How to Set XAUUSD Stop Loss Orders for Open Gold Trades
Select gold trade you want to modify from the MT5 gold trade transactions window
- Right click on the gold trade order & select Modify Order
- Select Stop Loss Field
- Specify the Stop Loss level for the xauusd trading trade
- Click the Modify Order Button Key
How to Set Stop Loss Gold Order in MT5
