How to Place Stop Loss Order on MetaTrader 4

How to Add & Modify Gold Stop Loss Orders on MT4

Gold stop loss orders are orders used to automatically close open trades on the MetaTrader 4 software. Stop loss orders are used by traders to help reduce gold losses and close open transactions once these trade transactions go contrary the traders' position by a particular number of gold pips.

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

How to Place Gold Stop Loss When Opening New Trades

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

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

How to Place Gold Stop Loss for Open Trades

Select trade you want to modify from the MetaTrader 4 trade transactions window

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

How Do I Set Stop Loss Order on MT4