How to Set a Trailing Stop Loss Order on MT5

How to Set a Trailing Stop Loss in MT5

Gold trailing stop loss are stop loss orders in MT5 platform that will be adjusted by a number of pips once the trade has moved in favor of the direction of the traders trade position.

For a buy trade the trailing stop loss trails the upward trend and automatically closes out the buy trade once the price starts to drop & move in opposite market direction of your trade. The buy trade will be automatically stopped out once the price gets-to your trailing stop loss level.

For a sell gold trade the trailing stop loss trails the downward trend and automatically closes out the sell trade once the price starts to rise & move in opposite market direction of your trade. The sell trade will be automatically stopped out once the price gets-to your trailing stop loss level.

The trailing stop loss order will be adjusted by a number of pips once the price moves in the direction of trade by a specified number of pips.

How to Put Trailing Stop Loss Orders on MT5

First open a new trade & once you have opened a new trade follow step by step lesson described below to set a trailing stop loss order for this newly open trade in MT5 Software

1. Right Click the trade position
2. Select Trailing Stop option from the pop up menu which pops up
3. Select your trailing stop loss value for the trading order
4. Click Ok to set trailing stop loss order

You also can set this trailing stop loss order from the MetaTrader4 transactions window

1. Choose the trade order you want to modify and set trailing stop loss
2. Right-click on this trade
3. Select Modify Order
4. Select Trailing Stop from the pop up menu
5. Chose your trailing stop loss value for this order
6. Click Ok to set trailing stop loss order

How to Put a Trailing Stop Loss Order on MT5