How to Set a Trailing Stop Loss Order on MetaTrader 5
How to Set a Trailing Stop Loss on MetaTrader 5
Gold trailing stop loss are stop loss orders in MT5 platform that will be adjusted by a number of gold pips once the gold trade has moved in favor of the direction of the traders trade position.
For a buy xauusd trading trade the trailing stop loss trails the upwards trend and automatically closes the buy gold trade once the gold price starts to drop and move in opposite direction of your gold trade. The buy gold trade will be automatically closed once the gold price reaches your trailing stop loss level.
For a sell xauusd trading trade the trailing stop loss trails the downward gold trend and automatically closes the sell gold trade once the gold price starts to rise & move in opposite direction of your gold trade. The sell gold trade will be automatically closed once the gold price reaches your trailing stop loss level.
The trailing stop-loss order will be adjusted by a number of gold pips once the gold price moves in the direction of the gold trade by a specified number of gold pips.
How to Set Gold Trailing Stop Loss Orders on MetaTrader 5
First open a new gold trade & once you've opened a new gold trade follow step by step guide described below to set a gold trailing stop loss order for this newly open gold trade in MT5 gold Trading Platform
- Right Click on the gold trade position
- Select Trailing Stop option from the popup menu that pops up
- Select your trailing stop-loss value for the gold trade order
- Click Ok to set the gold trailing stop loss order
You can also set this gold trailing stop-loss order from the MetaTrader4 gold transactions window
- Select the gold trade order you want to modify & set gold trailing stop loss
- Right click on this xauusd trading trade
- Select Modify Order
- Select Trailing Stop from the pop up menu
- Chose your trailing stop loss value for this gold order
- Click Ok to set the gold trailing stop loss order
How to Set a Gold Trailing Stop Loss Order in MT5
