How to Set Take Profit Order in MetaTrader 4 Software
How to Add & Modify Gold Take Profit Orders on MetaTrader 4
Gold Take Profit orders are orders used to automatically close the open trades in MetaTrader 4 platform. TP orders are used by traders to help to secure gold profits & close open trades once these trades heads in the direction of traders' position by a specified number of gold pips in profit.
TP orders can be set when opening a new gold trades and TP orders also can be set for already opened gold trades.
How to Set Take Profit Orders When Opening New Trades
- Open a XAUUSD chart for the instrument you want to trade
- RightClick the Chart
- Choose New Order button
- Choose the Set Take-Profit Option within this New Order trade window
- Specify your Take Profit level for the trade that you want to open
- Choose buy or sell to open a trade trade
For a buy gold trade the Take Profit order is placed above the price quote you want to buy at and for a sell trade the Take Profit order is placed below the price quote you want to sell at.
How to Set Take Profit Orders for Open Trades
Select trade you want to modify from MT4 trade transactions window panel
- Right-click on the trade order & select Modify Order
- Choose TP Field
- Specify the Take Profit level for the trade
- Click the Modify Order Button
How to Set Take Profit Order in MetaTrader 4 Software
